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UK retail sales growth muted as food sales dip

https://www.cnbc.com/2014/08/21/uk-july-retail-sales-01-month-on-month-26-year-on-year.html

2014-08-21T08:59:31+0000

Jenny Cosgrave

CNBC

U.K. retail sales grew at a slower pace than expected in July after a fall in the amount spent on food for the first time in 25 years when compared to the previous year, official data show. Read MoreSupermarket wars hit UK retail sales

cnbc, Articles, FTSE 100, DAX, CAC 40 Index, Europe News, Politics, Markets, Europe Markets, source:tagname:CNBC Europe Source

<div class="group"><p> U.K. retail sales grew at a slower pace than expected in July after a fall in the amount spent on food for the first time in 25 years when compared to the previous year, official data show.</p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/06/10/supermarkets-wars-hit-uk-retail-sales.html">Supermarket wars hit UK retail sales</a></p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p> Retail sales increased by 2.6 percent compared with July last year and were up 0.1 percent on the previous month, according to the Office for National Statistics (ONS).</p><p> Economists polled by Reuters had expected retail sales to grow 0.4 percent growth on the month, with weakness largely down to lower petrol and food sales.</p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/08/20/boe-minutes-show-mpc-voted-7-2-in-august-to-keep-rates-unchanged.html">Bank of England: Ranks finally broken on rates</a><br></p><p> The ONS said July 2014 marked the first fall in consumer spending in food stores since the food stores series began in 1989.</p><p> Figures for July follow a strong reading for the second quarter, when sales volume jumped 1.6 percent quarter- on-quarter, the fastest growth for a quarter in 10 years.</p><div style="height:100%" class="lazyload-placeholder"></div><p> The weaker data is likely to ease concerns of a Bank of England interest rate rise, after minutes from the <span>Monetary Policy Committee showed two </span><span>members of the </span>bank's interest rate-setting committee voted to raise interest rates in August.</p><p> <span>—</span><em>By CNBC's Jenny Cosgrave: Follow her on Twitter <a href="http://twitter.com/jenny_cosgrave" target="_blank">@jenny_cosgrave</a></em><br> </p></div>

U.K. retail sales grew at a slower pace than expected in July after a fall in the amount spent on food for the first time in 25 years when compared to the previous year, official data show. Read MoreSupermarket wars hit UK retail sales Retail sales increased by 2.6 percent compared with July last year and were up 0.1 percent on the previous month, according to the Office for National Statistics (ONS). Economists polled by Reuters had expected retail sales to grow 0.4 percent growth on the month, with weakness largely down to lower petrol and food sales. Read MoreBank of England: Ranks finally broken on rates The ONS said July 2014 marked the first fall in consumer spending in food stores since the food stores series began in 1989. Figures for July follow a strong reading for the second quarter, when sales volume jumped 1.6 percent quarter- on-quarter, the fastest growth for a quarter in 10 years. The weaker data is likely to ease concerns of a Bank of England interest rate rise, after minutes from the Monetary Policy Committee showed two members of the bank's interest rate-setting committee voted to raise interest rates in August. —By CNBC's Jenny Cosgrave: Follow her on Twitter @jenny_cosgrave

2021-10-30 14:11:37.202003

Shopping for a home? It will take a lot longer than you think because home prices are overheating

https://www.cnbc.com/2018/02/13/home-prices-are-overheating-so-buyers-are-shopping-longer.html

2018-02-13T05:00:00+0000

Diana Olick

CNBC

Homes today are selling in about 40 days on average, almost two weeks faster than a year ago. But it is taking a lot longer for shoppers to find a home to buy.Two-thirds of buyers are shopping for more than three months before signing a deal, according to a new survey from the National Association of Home Builders. Why so long? They can't find a home they can afford.Forty-two percent of buyers surveyed said prices were out of reach for the homes they wanted. Home prices have been rising at a fast clip in the past year – faster than income growth and inflation. The primary reason is a lack of homes for sale, especially lower-priced homes."It's the inventory problem that we're having out there that is causing these long delays in pulling the trigger," said Rose Quint, assistant vice president for survey research at the NAHB. "It's lack of affordability, although the other problems are serious as well."About a third of those surveyed said they couldn't find a home with features they wanted or in a neighborhood they wanted. Back to prices though, 27 percent said they kept getting outbid on their offers. Bidding wars are now the rule, not the exception, in most major U.S. markets.Home prices rose in 92 percent of the nation's measured housing markets at the end of last year, according to the National Association of Realtors. Twenty-six markets (15 percent) saw double-digit increases in prices. That was more than in the third quarter."These consistent, multiyear price gains have certainly been great news for homeowners, and especially for those who were at one time in a negative equity situation," said Lawrence Yun, chief economist for the Realtors. "However, the shortage of new homes being built over the past decade is really burdening local markets and making home buying less affordable."The lack of supply should benefit the homebuilders, and it may be already. Mortgage applications to purchase a newly built home jumped 18 percent in January compared with a year ago, according to the Mortgage Bankers Association."This complements other positive news on U.S. job growth suggesting that economic fundamentals are strong," said Lynn Fisher, MBA vice president of research and economics, in a release. "Based on applications, we estimate that new home sales were running at a pace of 700,000 on a seasonally adjusted annual basis – the highest such estimate in our survey which began in 2013."The jump in demand is sizable, but the number of new homes for sale is still below historical averages and far below the number needed to satisfy both new and pent-up demand. The largest generation, millennials, are now moving into their homebuying years in force, but clearly not finding what they can afford."The whole industry has been clamoring for builders to increase their production, but they're trying," said Quint. "The prices of lumber and labor and land are increasing so fast, they're constrained at the bottom, at how low a price they can really achieve."The NAHB is predicting a 5 percent increase in new home construction in 2018 compared with 2017. The market could absorb far more, not just in major metropolitan areas, but across the nation.

cnbc, Articles, Interest Rates, Mortgages, Real estate, Housing, Real Estate, US: News, Foreclosures, Business News, source:tagname:CNBC US Source

<div class="group"><p>Homes today are selling in about 40 days on average, almost two weeks faster than a year ago. But it is taking a lot longer for shoppers to find a home to buy.</p><p>Two-thirds of buyers are shopping for more than three months before signing a deal, according to a new survey from the National Association of Home Builders. Why so long? They can't find a home they can afford.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Forty-two percent of buyers surveyed said prices were out of reach for the homes they wanted. Home prices have been rising at a fast clip in the past year – faster than income growth and inflation. The primary reason is a lack of homes for sale, especially lower-priced homes.</p><p>"It's the inventory problem that we're having out there that is causing these long delays in pulling the trigger," said Rose Quint, assistant vice president for survey research at the NAHB. "It's lack of affordability, although the other problems are serious as well."</p><p>About a third of those surveyed said they couldn't find a home with features they wanted or in a neighborhood they wanted. Back to prices though, 27 percent said they kept getting outbid on their offers. Bidding wars are now the rule, not the exception, in most major U.S. markets.</p><p>Home prices rose in 92 percent of the nation's measured housing markets at the end of last year, according to the National Association of Realtors. Twenty-six markets (15 percent) saw double-digit increases in prices. That was more than in the third quarter.</p><p>"These consistent, multiyear price gains have certainly been great news for homeowners, and especially for those who were at one time in a negative equity situation," said Lawrence Yun, chief economist for the Realtors. "However, the shortage of new homes being built over the past decade is really burdening local markets and making home buying less affordable."</p><div style="height:100%" class="lazyload-placeholder"></div><p>The lack of supply should benefit the homebuilders, and it may be already. Mortgage applications to purchase a newly built home jumped 18 percent in January compared with a year ago, according to the Mortgage Bankers Association.</p><p>"This complements other positive news on U.S. job growth suggesting that economic fundamentals are strong," said Lynn Fisher, MBA vice president of research and economics, in a release. "Based on applications, we estimate that new home sales were running at a pace of 700,000 on a seasonally adjusted annual basis – the highest such estimate in our survey which began in 2013."</p><p>The jump in demand is sizable, but the number of new homes for sale is still below historical averages and far below the number needed to satisfy both new and pent-up demand. The largest generation, millennials, are now moving into their homebuying years in force, but clearly not finding what they can afford.</p><p>"The whole industry has been clamoring for builders to increase their production, but they're trying," said Quint. "The prices of lumber and labor and land are increasing so fast, they're constrained at the bottom, at how low a price they can really achieve."</p><p>The NAHB is predicting a 5 percent increase in new home construction in 2018 compared with 2017. The market could absorb far more, not just in major metropolitan areas, but across the nation.</p></div>

Homes today are selling in about 40 days on average, almost two weeks faster than a year ago. But it is taking a lot longer for shoppers to find a home to buy.Two-thirds of buyers are shopping for more than three months before signing a deal, according to a new survey from the National Association of Home Builders. Why so long? They can't find a home they can afford.Forty-two percent of buyers surveyed said prices were out of reach for the homes they wanted. Home prices have been rising at a fast clip in the past year – faster than income growth and inflation. The primary reason is a lack of homes for sale, especially lower-priced homes."It's the inventory problem that we're having out there that is causing these long delays in pulling the trigger," said Rose Quint, assistant vice president for survey research at the NAHB. "It's lack of affordability, although the other problems are serious as well."About a third of those surveyed said they couldn't find a home with features they wanted or in a neighborhood they wanted. Back to prices though, 27 percent said they kept getting outbid on their offers. Bidding wars are now the rule, not the exception, in most major U.S. markets.Home prices rose in 92 percent of the nation's measured housing markets at the end of last year, according to the National Association of Realtors. Twenty-six markets (15 percent) saw double-digit increases in prices. That was more than in the third quarter."These consistent, multiyear price gains have certainly been great news for homeowners, and especially for those who were at one time in a negative equity situation," said Lawrence Yun, chief economist for the Realtors. "However, the shortage of new homes being built over the past decade is really burdening local markets and making home buying less affordable."The lack of supply should benefit the homebuilders, and it may be already. Mortgage applications to purchase a newly built home jumped 18 percent in January compared with a year ago, according to the Mortgage Bankers Association."This complements other positive news on U.S. job growth suggesting that economic fundamentals are strong," said Lynn Fisher, MBA vice president of research and economics, in a release. "Based on applications, we estimate that new home sales were running at a pace of 700,000 on a seasonally adjusted annual basis – the highest such estimate in our survey which began in 2013."The jump in demand is sizable, but the number of new homes for sale is still below historical averages and far below the number needed to satisfy both new and pent-up demand. The largest generation, millennials, are now moving into their homebuying years in force, but clearly not finding what they can afford."The whole industry has been clamoring for builders to increase their production, but they're trying," said Quint. "The prices of lumber and labor and land are increasing so fast, they're constrained at the bottom, at how low a price they can really achieve."The NAHB is predicting a 5 percent increase in new home construction in 2018 compared with 2017. The market could absorb far more, not just in major metropolitan areas, but across the nation.

2021-10-30 14:11:37.236294

MegaFon says to launch London IPO

https://www.cnbc.com/2012/10/09/megafon-says-to-launch-london-ipo.html

2012-10-09T06:12:00+0000

CNBC

MOSCOW, Oct 8 (Reuters) - Russia's second-largest mobilephone operator MegaFon , in which Russia's richest manAlisher Usmanov took control in April, said on Monday it plansto launch an initial public offering on the London StockExchange. The IPO, to be completed in the fourth quarter, will giveinvestors the chance to buy into a Russian telecoms company thatis outpacing its peers in a growing home market, but unlikerivals is shielded from tricky overseas operations and complexcorporate disputes. MegaFon said it plans to use the proceeds of the offering ofits treasury stock to repay debts.(Reporting by Megan Davies; Editing by Maria Kiselyova)((megan.davies@thomsonreuters.com)(+7 916 391 8262))Keywords: RUSSIA MEGAFON/IPO

cnbc, Articles, Europe, Eastern Europe, Russia, Wires, source:tagname:Thomson Financial News

<div class="group"><p>MOSCOW, Oct 8 (Reuters) - Russia's second-largest mobilephone operator MegaFon , in which Russia's richest manAlisher Usmanov took control in April, said on Monday it plansto launch an initial public offering on the London StockExchange.</p><p> The IPO, to be completed in the fourth quarter, will giveinvestors the chance to buy into a Russian telecoms company thatis outpacing its peers in a growing home market, but unlikerivals is shielded from tricky overseas operations and complexcorporate disputes.</p><div style="height:100%" class="lazyload-placeholder"></div><p> MegaFon said it plans to use the proceeds of the offering ofits treasury stock to repay debts.</p><p>(Reporting by Megan Davies; Editing by Maria Kiselyova)</p><p>((<a href="mailto:megan.davies@thomsonreuters.com" target="_blank">megan.davies@thomsonreuters.com</a>)(+7 916 391 8262))</p><p>Keywords: RUSSIA MEGAFON/IPO</p></div>

MOSCOW, Oct 8 (Reuters) - Russia's second-largest mobilephone operator MegaFon , in which Russia's richest manAlisher Usmanov took control in April, said on Monday it plansto launch an initial public offering on the London StockExchange. The IPO, to be completed in the fourth quarter, will giveinvestors the chance to buy into a Russian telecoms company thatis outpacing its peers in a growing home market, but unlikerivals is shielded from tricky overseas operations and complexcorporate disputes. MegaFon said it plans to use the proceeds of the offering ofits treasury stock to repay debts.(Reporting by Megan Davies; Editing by Maria Kiselyova)((megan.davies@thomsonreuters.com)(+7 916 391 8262))Keywords: RUSSIA MEGAFON/IPO

2021-10-30 14:11:37.269185

Market Insider/Tuesday Look Ahead

https://www.cnbc.com/2008/03/17/market-insidertuesday-look-ahead.html

2008-03-18T01:15:41+0000

Patti Domm

CNBC

Stocks held their own Monday, even after the shocking demise of Bear Stearns. But the market no doubt benefited from the view of many investors that the Fed will deliver a hefty rate cut when it meets Tuesday. Right now, traders are betting on a full point rate cut by the Fed, which would take the target Fed funds rate to 2 percent. Just Friday, the Fed funds futures showed traders believed the Fed would cut by 0.75 percent. But the weekend rescue of Bear Stearns in a Fed-engineered buyout by JP Morgan and other extraordinary moves by the Fed changed that view. Two investment banks report earnings before the bell Tuesday, and that news will also be key in setting the course for markets. Other important news includes producer price inflation data, due at 8:30 a.m., and housing starts, also reported at 8:30 a.m. One of the most encouraging events for stocks in recent sessions is the pricing Tuesday afternoon of the giant $18 billion Visa IPO. The offering is expected to price after the bell Tuesday, and start trading Wednesday. There has been some real investor excitement about the offering, which is expected to price between $37 and $42 per share. Earnings CentralGoldman is expected to report first quarter earnings of $2.58 per share, a decline of 61 percent, on revenues of $7.47 billion, a 41 percent decline. Lehman is expected to report earnings per share of $0.72, a 63 percent decline, on revenues of $3.351 billion, a 34 percent decrease. The shares of financial institutions were under pressure Monday after the Bear Stearns news, with Wall Street's investment banks particularly hard hit. The S&P financial sector was down 1.5 percent. Lehman stock was the most tattered of all the firms as an uncomfortable level of rumors swirled around its shares. The stock at some points during the day was down more than a third, and it traded on volume of 224 million shares, nearly eight times its 10 day average of 33 million shares. Lehman battled back. CEO Richard Fuld said in a statement that the Fed's announcement Sunday that it would allow investment banks to use its discount window takes the liquidity issue "off the table for the entire industry." Previously, commercial banks were the only institutions that could use the Fed's short term borrowing window. Traders said the Fed's rule change was a big reason why stock trading was so orderly Monday. Lehman's CFO Erin Callan is expected to appear on "Closing Bell" Tuesday. Chop, ChopDeutsche Bank chief U.S. economist Joe LaVorgna is one who changed his view on the Fed and rate cuts over the weekend. He now expects a full point rate cut when the Fed announces its decision at 2:15 p.m. "The only way I could see the Fed not going 100 (a full point) is if they accompany the 75 cut with their intention to purchase GSE debt, Fannie and Freddie debt," he said. Speaking of Fannie Mae and Freddie Mac , the Wall Street Journal was reporting late Monday that the Office of Federal Housing Enterprise Oversight is close to reducing capital requirements for the two companies, a move that would give the firms more flexibility in buying mortgages. "Look at the Fed's action. They basically are telling you they are going to do something dramatic. I don't think 0.75 is particularly dramatic anymore. I think it has been priced into the market," he said. LaVorgna said the Fed's statement will likely note that there's still downside risk. "The Fed is not going to worry about inflation. It's going to worry about growth...we're not out of the woods yet," he said. Market MayhemThe Dow finished 21 points higher at 11,972, after a nearly 200 point swoon. The Dow is now down 9.9 percent since the start of the year and 2.1 percent from a year ago. The Nasdaq though was bloodied in Monday's trading, scoring a 1.6 percent, or 35 point decline. Nasdaq is down 18 percent year-to-date and is off 9.1 percent in the past 52 weeks. The S&P 500 slipped 11 points to 1276, a level 13 percent below where it started the year. The Bear Stearns story ratcheted up anxiety about risk in the market, despite equities relatively tame reaction. Treasury yields fell as buyer moved into the safety of Treasurys. The 10-year was yielding 3.314 percent, and the yield on the two-year slipped to 1.333 percent, its lowest level since July, 2003. The dollar continued its weakening trend, losing 0.5 percent against the Euro and 2 percent against the yen . Some of the real action though was in the commodities markets where sellers dumped energy, grains and metals (with the exception of gold). Gold finished at $1001.40 per troy ounce, up 0.3 percent.Crude oil fell 4.1 percent to $105.68 a barrel. Gasoline fell 6.9 percent and natural gas fell 7.8 percent. Silver fell 1.7 percent, copper fell 3.5 percent. Soybeans, corn and wheat all fell sharply and sugar and coffee fell more than 10 percent. Joseph Terranova, partner at Thelogicaltrader.net, said commodities prices could get a lift from the Fed's rate action Tuesday, but watch out Wednesday and Thursday. "When market conditions get like they did this morning, you need to pare back and take a fresh look," said Terranova. He said it's time to reduce some risk from portfolios, but investors should look to add to positions heading into the second quarter. He expects commodities to be flattish for a while. "I'm going to wait and see what Bernanke gives the street. I'll come back a week from today and we'll be putting stuff back in place ... But the oil story is not over," he said. Econorama 8:30   Producer prices, expected +0.3 percent 8:30   Housing starts, expected 999,000 8:30   Building permits Questions?  Comments?

cnbc, Articles, Federal National Mortgage Association, Federal Home Loan Mortgage Corp, Goldman Sachs Group Inc, JPMorgan Alerian MLP Index ETN, Bear Stearns, Markets, U.S. Markets, Market Insider, source:tagname:CNBC US Source

<div class="group"><p>Stocks held their own Monday, even after the shocking demise of <strong>Bear Stearns</strong>. But the market no doubt benefited from the view of many investors that the Fed will deliver a hefty rate cut when it meets Tuesday. </p><p>Right now, traders are betting on a full point rate cut by the Fed, which would take the target Fed funds rate to 2 percent. Just Friday, the Fed funds futures showed traders believed the Fed would cut by 0.75 percent. But the <a href="https://www.cnbc.com/bear-stearns/">weekend rescue of Bear Stearns</a> in a Fed-engineered buyout by JP Morgan and other extraordinary moves by the Fed changed that view. </p><div style="height:100%" class="lazyload-placeholder"></div><p>Two investment banks report earnings before the bell Tuesday, and that news will also be key in setting the course for markets. Other important news includes producer price inflation data, due at 8:30 a.m., and housing starts, also reported at 8:30 a.m. </p><p>One of the most encouraging events for stocks in recent sessions is the pricing Tuesday afternoon of the giant $18 billion Visa IPO. The offering is expected to price after the bell Tuesday, and start trading Wednesday. There has been some real investor excitement about the offering, which is expected to price between $37 and $42 per share. </p><p><strong>Earnings Central</strong></p><p>Goldman is expected to report first quarter earnings of $2.58 per share, a decline of 61 percent, on revenues of $7.47 billion, a 41 percent decline. Lehman is expected to report earnings per share of $0.72, a 63 percent decline, on revenues of $3.351 billion, a 34 percent decrease. </p><p>The shares of financial institutions were under pressure Monday after the Bear Stearns news, with Wall Street's investment banks particularly hard hit. The S&amp;P financial sector was down 1.5 percent. </p><div style="height:100%" class="lazyload-placeholder"></div><p>Lehman stock was the most tattered of all the firms as an uncomfortable level of rumors swirled around its shares. The stock at some points during the day was down more than a third, and it traded on volume of 224 million shares, nearly eight times its 10 day average of 33 million shares. </p><p>Lehman battled back. CEO Richard Fuld said in a statement that the Fed's announcement Sunday that it would allow investment banks to use its discount window takes the liquidity issue "off the table for the entire industry." Previously, commercial banks were the only institutions that could use the Fed's short term borrowing window. Traders said the Fed's rule change was a big reason why stock trading was so orderly Monday. </p><p>Lehman's CFO Erin Callan is expected to appear on "Closing Bell" Tuesday. </p><p><strong>Chop, Chop</strong></p><p>Deutsche Bank chief U.S. economist Joe LaVorgna is one who changed his view on the Fed and rate cuts over the weekend. He now expects a full point rate cut when the Fed announces its decision at 2:15 p.m. "The only way I could see the Fed not going 100 (a full point) is if they accompany the 75 cut with their intention to purchase GSE debt, Fannie and Freddie debt," he said. </p><p>Speaking of Fannie Mae and Freddie Mac , the Wall Street Journal was reporting late Monday that the Office of Federal Housing Enterprise Oversight is close to reducing capital requirements for the two companies, a move that would give the firms more flexibility in buying mortgages. </p><p>"Look at the Fed's action. They basically are telling you they are going to do something dramatic. I don't think 0.75 is particularly dramatic anymore. I think it has been priced into the market," he said. </p><p>LaVorgna said the Fed's statement will likely note that there's still downside risk. "The Fed is not going to worry about inflation. It's going to worry about growth...we're not out of the woods yet," he said. </p><p><strong>Market Mayhem</strong></p><p>The Dow finished 21 points higher at 11,972, after a nearly 200 point swoon. The Dow is now down 9.9 percent since the start of the year and 2.1 percent from a year ago. The Nasdaq though was bloodied in Monday's trading, scoring a 1.6 percent, or 35 point decline. Nasdaq is down 18 percent year-to-date and is off 9.1 percent in the past 52 weeks. The S&amp;P 500 slipped 11 points to 1276, a level 13 percent below where it started the year. </p><p>The Bear Stearns story ratcheted up anxiety about risk in the market, despite equities relatively tame reaction. Treasury yields fell as buyer moved into the safety of Treasurys. The 10-year was yielding 3.314 percent, and the yield on the two-year slipped to 1.333 percent, its lowest level since July, 2003. </p><p>The dollar continued its weakening trend, losing 0.5 percent against the Euro and 2 percent against the yen . </p><p>Some of the real action though was in the commodities markets where sellers dumped energy, grains and metals (with the exception of gold). Gold finished at $1001.40 per troy ounce, up 0.3 percent.</p><p>Crude oil fell 4.1 percent to $105.68 a barrel. Gasoline fell 6.9 percent and natural gas fell 7.8 percent. Silver fell 1.7 percent, copper fell 3.5 percent. Soybeans, corn and wheat all fell sharply and sugar and coffee fell more than 10 percent. </p><p>Joseph Terranova, partner at Thelogicaltrader.net, said commodities prices could get a lift from the Fed's rate action Tuesday, but watch out Wednesday and Thursday. </p><p>"When market conditions get like they did this morning, you need to pare back and take a fresh look," said Terranova. He said it's time to reduce some risk from portfolios, but investors should look to add to positions heading into the second quarter. He expects commodities to be flattish for a while. </p><p>"I'm going to wait and see what Bernanke gives the street. I'll come back a week from today and we'll be putting stuff back in place ... But the oil story is not over," he said. </p><p><strong>Econorama </strong></p><p>8:30   Producer prices, expected +0.3 percent <br>8:30   Housing starts, expected 999,000 <br>8:30   Building permits <br></p><p><em>Questions?  Comments?  </em></p></div>

Stocks held their own Monday, even after the shocking demise of Bear Stearns. But the market no doubt benefited from the view of many investors that the Fed will deliver a hefty rate cut when it meets Tuesday. Right now, traders are betting on a full point rate cut by the Fed, which would take the target Fed funds rate to 2 percent. Just Friday, the Fed funds futures showed traders believed the Fed would cut by 0.75 percent. But the weekend rescue of Bear Stearns in a Fed-engineered buyout by JP Morgan and other extraordinary moves by the Fed changed that view. Two investment banks report earnings before the bell Tuesday, and that news will also be key in setting the course for markets. Other important news includes producer price inflation data, due at 8:30 a.m., and housing starts, also reported at 8:30 a.m. One of the most encouraging events for stocks in recent sessions is the pricing Tuesday afternoon of the giant $18 billion Visa IPO. The offering is expected to price after the bell Tuesday, and start trading Wednesday. There has been some real investor excitement about the offering, which is expected to price between $37 and $42 per share. Earnings CentralGoldman is expected to report first quarter earnings of $2.58 per share, a decline of 61 percent, on revenues of $7.47 billion, a 41 percent decline. Lehman is expected to report earnings per share of $0.72, a 63 percent decline, on revenues of $3.351 billion, a 34 percent decrease. The shares of financial institutions were under pressure Monday after the Bear Stearns news, with Wall Street's investment banks particularly hard hit. The S&P financial sector was down 1.5 percent. Lehman stock was the most tattered of all the firms as an uncomfortable level of rumors swirled around its shares. The stock at some points during the day was down more than a third, and it traded on volume of 224 million shares, nearly eight times its 10 day average of 33 million shares. Lehman battled back. CEO Richard Fuld said in a statement that the Fed's announcement Sunday that it would allow investment banks to use its discount window takes the liquidity issue "off the table for the entire industry." Previously, commercial banks were the only institutions that could use the Fed's short term borrowing window. Traders said the Fed's rule change was a big reason why stock trading was so orderly Monday. Lehman's CFO Erin Callan is expected to appear on "Closing Bell" Tuesday. Chop, ChopDeutsche Bank chief U.S. economist Joe LaVorgna is one who changed his view on the Fed and rate cuts over the weekend. He now expects a full point rate cut when the Fed announces its decision at 2:15 p.m. "The only way I could see the Fed not going 100 (a full point) is if they accompany the 75 cut with their intention to purchase GSE debt, Fannie and Freddie debt," he said. Speaking of Fannie Mae and Freddie Mac , the Wall Street Journal was reporting late Monday that the Office of Federal Housing Enterprise Oversight is close to reducing capital requirements for the two companies, a move that would give the firms more flexibility in buying mortgages. "Look at the Fed's action. They basically are telling you they are going to do something dramatic. I don't think 0.75 is particularly dramatic anymore. I think it has been priced into the market," he said. LaVorgna said the Fed's statement will likely note that there's still downside risk. "The Fed is not going to worry about inflation. It's going to worry about growth...we're not out of the woods yet," he said. Market MayhemThe Dow finished 21 points higher at 11,972, after a nearly 200 point swoon. The Dow is now down 9.9 percent since the start of the year and 2.1 percent from a year ago. The Nasdaq though was bloodied in Monday's trading, scoring a 1.6 percent, or 35 point decline. Nasdaq is down 18 percent year-to-date and is off 9.1 percent in the past 52 weeks. The S&P 500 slipped 11 points to 1276, a level 13 percent below where it started the year. The Bear Stearns story ratcheted up anxiety about risk in the market, despite equities relatively tame reaction. Treasury yields fell as buyer moved into the safety of Treasurys. The 10-year was yielding 3.314 percent, and the yield on the two-year slipped to 1.333 percent, its lowest level since July, 2003. The dollar continued its weakening trend, losing 0.5 percent against the Euro and 2 percent against the yen . Some of the real action though was in the commodities markets where sellers dumped energy, grains and metals (with the exception of gold). Gold finished at $1001.40 per troy ounce, up 0.3 percent.Crude oil fell 4.1 percent to $105.68 a barrel. Gasoline fell 6.9 percent and natural gas fell 7.8 percent. Silver fell 1.7 percent, copper fell 3.5 percent. Soybeans, corn and wheat all fell sharply and sugar and coffee fell more than 10 percent. Joseph Terranova, partner at Thelogicaltrader.net, said commodities prices could get a lift from the Fed's rate action Tuesday, but watch out Wednesday and Thursday. "When market conditions get like they did this morning, you need to pare back and take a fresh look," said Terranova. He said it's time to reduce some risk from portfolios, but investors should look to add to positions heading into the second quarter. He expects commodities to be flattish for a while. "I'm going to wait and see what Bernanke gives the street. I'll come back a week from today and we'll be putting stuff back in place ... But the oil story is not over," he said. Econorama 8:30   Producer prices, expected +0.3 percent 8:30   Housing starts, expected 999,000 8:30   Building permits Questions?  Comments?

2021-10-30 14:11:37.428801

In The Red For '07

https://www.cnbc.com/2007/08/16/in-the-red-for-07.html

2007-08-16T21:27:50+0000

Lee Brodie

CNBC

IN THE RED FOR '07The headline: Stock Market Rolls Over Today on Credit Crisis, Erasing S&P 500's Gain For the Year.Dylan Ratigan explains that the S&P 500 is down 6.1% over 5 days. It’s the biggest drop since January 2003. Also, he says, with the Dow below 13,000; it’s down more than 1,000 points from a record high set in July.

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<div class="group"><p><strong>IN THE RED FOR '07</strong></p><p><em>The headline:</em> Stock Market Rolls Over Today on Credit Crisis, Erasing S&amp;P 500's Gain For the Year.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Dylan Ratigan explains that the S&amp;P 500 is down 6.1% over 5 days. It’s the biggest drop since January 2003. Also, he says, with the Dow below 13,000; it’s down more than 1,000 points from a record high set in July.</p></div>,<div class="group"><p>Jeff Macke says the last hour of trading has become a dangerous hour lately, because traders don’t want to hold stocks overnight.</p></div>,<div class="group"><p><strong>COUNTRY FRIED FINANCIAL:</strong></p><p><em>The headline: </em><strong>Countrywide (CFC)</strong> Plummets 13% On Merrill Downgrade, Bankruptcy Speculation; </p><p>Pete Najarian says the Countrywide sell-off worsened on reports of a significant jump in its borrowing costs. Pete also says options volume suggests to him that CFC has further to drop.  Pete tells the panel he’s short CFC.</p><div style="height:100%" class="lazyload-placeholder"></div><p>On a related note, Pete Najarian says the bank stocks rolled over Wednesday as countrywide plummeted. If Goldman Sachs and Morgan Stanley are having problems, it will likely ripple through the entire space, says Pete. He sees a lot of put buying in the <strong>Financial Select Sector SPDR</strong><strong>(XLF)</strong>.</p><p>Finally, Pete recommends investors buy the volatility. In other words if you buy stock in this environment, buy a put spread as protection.</p><p>Guy Adami adds that Warren Buffett sees something in <strong>Bank of America (BAC)</strong>. Guy suggests that BAC might not have much exposure to the subprime slime.</p><p>Tim Seymour reveals he bought materials companies today. He also says that as liquidity dries up, the dollar benefits. Consequently, he recommends buying <strong>CurrencyShares Canadian Dollar Trust (FXC).</strong></p></div>,<div class="group"><p><strong>AFTER HOURS ACTION:  AMGEN AFTER HOURS: </strong></p><p><em>The headline: </em><strong>Amgen (AMGN)</strong>, the Biggest Biotech, Rises After Hours On Job Cut Plans; </p><p>Pete Najarian explains that the pop stems from an announcement that Amgen intend to reduce its work force by as much as 14%. On a related note, Pete doesn’t feel the stock will move until late 2008.</p></div>,<div class="group"><p><strong>DEERE IN THE SPOTLIGHT: </strong></p><p><em>The headline: </em>Ag Trade Still Going Strong As <strong>Deere (DE)</strong> Reports 23% Surge In Profit; </p><p>Guy Adami says Deere &amp; Co. beat earnings, but the news was swept under the carpet because of the distress in the market. </p></div>,<div class="group"><p><strong>BUFFETT'S DOW WOW: </strong></p><p><em>The headline: </em><strong>Berkshire Hathaway (BRK)</strong> Bought 3% Stake In <strong>Dow Jones (DJ) </strong>In Winning Bet On News Corp. Takeover; </p><p>Dylan Ratigan corrects an error made on the show Tuesday. He says a 2-for-1 stock split caused Berkshire's <strong>Nike (NKE)</strong> holdings to double; Buffett may not have changed his stake. He adds that Buffett did not disclose his stake in Union Pacific.</p></div>,<div class="group"><p>______________________________________________________<br>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 Aug 152007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money Macke Owns (EMC), (JWN) Najarian Is Short (CFC), (GS), Seymour Owns (X), (EEM),  Seymour Is Short (LEH), Red Star Asset Management Owns (MBT), Red Star Asset Management Is Short (EEM)</em></p></div>

IN THE RED FOR '07The headline: Stock Market Rolls Over Today on Credit Crisis, Erasing S&P 500's Gain For the Year.Dylan Ratigan explains that the S&P 500 is down 6.1% over 5 days. It’s the biggest drop since January 2003. Also, he says, with the Dow below 13,000; it’s down more than 1,000 points from a record high set in July.Jeff Macke says the last hour of trading has become a dangerous hour lately, because traders don’t want to hold stocks overnight.COUNTRY FRIED FINANCIAL:The headline: Countrywide (CFC) Plummets 13% On Merrill Downgrade, Bankruptcy Speculation; Pete Najarian says the Countrywide sell-off worsened on reports of a significant jump in its borrowing costs. Pete also says options volume suggests to him that CFC has further to drop.  Pete tells the panel he’s short CFC.On a related note, Pete Najarian says the bank stocks rolled over Wednesday as countrywide plummeted. If Goldman Sachs and Morgan Stanley are having problems, it will likely ripple through the entire space, says Pete. He sees a lot of put buying in the Financial Select Sector SPDR(XLF).Finally, Pete recommends investors buy the volatility. In other words if you buy stock in this environment, buy a put spread as protection.Guy Adami adds that Warren Buffett sees something in Bank of America (BAC). Guy suggests that BAC might not have much exposure to the subprime slime.Tim Seymour reveals he bought materials companies today. He also says that as liquidity dries up, the dollar benefits. Consequently, he recommends buying CurrencyShares Canadian Dollar Trust (FXC).AFTER HOURS ACTION:  AMGEN AFTER HOURS: The headline: Amgen (AMGN), the Biggest Biotech, Rises After Hours On Job Cut Plans; Pete Najarian explains that the pop stems from an announcement that Amgen intend to reduce its work force by as much as 14%. On a related note, Pete doesn’t feel the stock will move until late 2008.DEERE IN THE SPOTLIGHT: The headline: Ag Trade Still Going Strong As Deere (DE) Reports 23% Surge In Profit; Guy Adami says Deere & Co. beat earnings, but the news was swept under the carpet because of the distress in the market. BUFFETT'S DOW WOW: The headline: Berkshire Hathaway (BRK) Bought 3% Stake In Dow Jones (DJ) In Winning Bet On News Corp. Takeover; Dylan Ratigan corrects an error made on the show Tuesday. He says a 2-for-1 stock split caused Berkshire's Nike (NKE) holdings to double; Buffett may not have changed his stake. He adds that Buffett did not disclose his stake in Union Pacific.______________________________________________________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 Aug 152007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money Macke Owns (EMC), (JWN) Najarian Is Short (CFC), (GS), Seymour Owns (X), (EEM),  Seymour Is Short (LEH), Red Star Asset Management Owns (MBT), Red Star Asset Management Is Short (EEM)

2021-10-30 14:11:37.585686

General Mills to release 10 boxes of marshmallow-only Lucky Charms

https://www.cnbc.com/2015/10/16/general-mills-to-release-10-boxes-of-marshmallow-only-lucky-charms.html

2015-10-16T17:21:29+0000

Sarah Whitten

CNBC

Tired of plucking all the marshmallows out of your Lucky Charms cereal? Then this could be your lucky day. General Mills is giving 10 people the chance to win a box of its "magically delicious" cereal without the toasted oat pieces. The company devised the sweepstakes after receiving countless emails, tweets, posts and calls from fans begging for a box of just the hearts, stars, horseshoes, clovers, blue moons, pots of gold, rainbows and red balloons.

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<div class="group"><p> Tired of plucking all the marshmallows out of your Lucky Charms cereal? Then this could be your lucky day.</p><p><a href="//www.cnbc.com/quotes/GIS" target="_blank"> General Mills</a> is giving 10 people the <a href="http://www.blog.generalmills.com/2015/10/win-a-box-of-marshmallow-only-lucky-charms/" target="_blank">chance to win</a> a box of its "magically delicious" cereal without the toasted oat pieces.</p><div style="height:100%" class="lazyload-placeholder"></div><p> The company devised the sweepstakes after receiving countless emails, tweets, posts and calls from fans begging for a box of just the hearts, stars, horseshoes, clovers, blue moons, pots of gold, rainbows and red balloons.</p></div>,<div class="group"><p> Social media users who post a photo of themselves holding an imaginary box of the cereal on <a href="//www.cnbc.com/quotes/FB" target="_blank">Facebook</a>, <a href="//www.cnbc.com/quotes/TWTR" target="_blank">Twitter</a> or Instragram between Oct. 14 and 18 using the hashtag #Lucky10Sweepstakes will be eligible for the grand prize.</p><p> "Lucky Charms is one of the most Instagrammed cereals and these platforms are the right place to ignite and connect to the passion we hear about," Amanda Hill, associate marketing manager of Lucky Charms, <a href="http://www.blog.generalmills.com/2015/10/win-a-box-of-marshmallow-only-lucky-charms/#sthash.CNaFGq4G.dpuf" target="_blank">said in a statement.</a><br></p><p> The company tapped rapper Biz Markie for the social media advertising campaign. The entertainer remixes his 1989 hit "Just a Friend" with new marshmallow-themed lyrics.</p><p>General Mills is one of several companies that has recently released—or re-released—products to appease social media users. <a href="//www.cnbc.com/quotes/COKE" target="_blank">Coca-Cola</a> reintroduced it's citrus-flavored soda Surge to the market last month and <a href="//www.cnbc.com/quotes/VCX-DE" target="_blank">Viacom</a>-owned Nickelodeon launched a new TV channel devoted to show from the '90s in early October. </p><div style="height:100%" class="lazyload-placeholder"></div></div>,<div class="group"><p><br> </p></div>

Tired of plucking all the marshmallows out of your Lucky Charms cereal? Then this could be your lucky day. General Mills is giving 10 people the chance to win a box of its "magically delicious" cereal without the toasted oat pieces. The company devised the sweepstakes after receiving countless emails, tweets, posts and calls from fans begging for a box of just the hearts, stars, horseshoes, clovers, blue moons, pots of gold, rainbows and red balloons. Social media users who post a photo of themselves holding an imaginary box of the cereal on Facebook, Twitter or Instragram between Oct. 14 and 18 using the hashtag #Lucky10Sweepstakes will be eligible for the grand prize. "Lucky Charms is one of the most Instagrammed cereals and these platforms are the right place to ignite and connect to the passion we hear about," Amanda Hill, associate marketing manager of Lucky Charms, said in a statement. The company tapped rapper Biz Markie for the social media advertising campaign. The entertainer remixes his 1989 hit "Just a Friend" with new marshmallow-themed lyrics.General Mills is one of several companies that has recently released—or re-released—products to appease social media users. Coca-Cola reintroduced it's citrus-flavored soda Surge to the market last month and Viacom-owned Nickelodeon launched a new TV channel devoted to show from the '90s in early October.

2021-10-30 14:11:37.624201

Despite what you've heard, annuities aren't all bad

https://www.cnbc.com/2017/11/07/despite-what-youve-heard-annuities-arent-all-bad.html

2017-11-08T12:52:00+0000

Andrew Osterland

CNBC

It's not just investment analyst Ken Fisher who hates annuities. On the list of financial products that fiduciary advisors love to bash, annuities — particularly variable annuities — are somewhere near the top.They are an easy target. The insurance contracts are expensive, difficult to understand (for both consumers and financial advisors), hard to get out of and arguably not in the interests of the millions of consumers who have bought them. Indeed, the sale of high-commission annuities has been flagged as one of the more egregious ways that financial advisors fail to act in their clients' best interests.

cnbc, Articles, S&P 500 Index, Annuities, Investment management, Investor Toolkit, Taxes and Stocks, Special Reports, Investing, Financial Advisors, source:tagname:CNBC US Source

<div class="group"><p>It's not just investment analyst Ken Fisher who hates annuities. On the list of financial products that fiduciary advisors love to bash, annuities — particularly variable annuities — are somewhere near the top.</p><p>They are an easy target. The insurance contracts are expensive, difficult to understand (for both consumers and financial advisors), hard to get out of and arguably not in the interests of the millions of consumers who have bought them. Indeed, the sale of high-commission annuities has been flagged as one of the more egregious ways that financial advisors fail to act in their clients' best interests.</p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p>Since the Department of Labor finalized its fiduciary rule (now in limbo) last year, annuity sales have fallen dramatically as brokerage firms and advisors anticipate that the products may not pass muster under a tighter regulatory standard.</p><p>"Companies have been canceling products left and right because they don't live up to the standard of meeting clients' best interests," said Ric Edelman, executive chairman and founder of Edelman Financial Services. Like many advisors, Edelman helps clients undertake tax-free Section 1035 transactions that allow consumers to switch out of high-cost annuity contracts into less costly ones. "With that exception, I never advise clients to purchase annuities," he said.</p><p>Most fee-based financial advisors regulated as fiduciaries appear to feel the same way. David Yeske, managing director of registered investment advisory firm Yeske Buie, said that variable annuities have fallen out of favor with the fee-based advisors he regularly surveys for the Financial Planning Association.</p><p>"The use of variable annuities has been declining for years, and that's probably representative of the fiduciary side of the advisory world," said Yeske.</p><p><strong>More from Investor Toolkit:</strong><br> <a href="https://www.cnbc.com/id/104783339">How to set up a special needs trust</a><br> <a href="https://www.cnbc.com/id/104752591">Health costs an ever bigger part of retirement planning</a><br> <a href="https://www.cnbc.com/id/104630937">5 risks that can crack your nest egg</a></p><div style="height:100%" class="lazyload-placeholder"></div><p>For his part, Yeske is not categorically against fixed or immediate annuities that guarantee income streams for investors, but he has never used them for his own clients. He thinks the adverse tax treatment of variable annuities — the gains in all distributions from the contracts are taxed as ordinary income — makes them a bad idea for savers.</p><p>"Variable annuities are a perfect machine for converting capital gains to ordinary income," he said. While the gains within a variable annuity portfolio are tax-deferred, they are ultimately taxed at up to 39.6 percent, versus the 15 percent capital gains tax rate. "It's hard to find scenarios where the benefits of tax deferral justify getting taxed at the higher rate."</p><p>Not all fiduciary financial advisors pan annuities, however. Harold Evensky, head of Evensky &amp; Katz and a trailblazer in the RIA industry, believes that low-cost immediate annuities offered by companies such as Vanguard will be crucial for retirees at risk of outliving their assets. </p><p>Mark Cortazzo, senior partner of fee-based advisor Macro Consulting Group, thinks there are situations where annuity products are an effective solution for risk-averse consumers. While he has steered very few of his clients toward annuities recently, because of low interest rates and higher prices since the financial crisis, he thinks advisors who ignore all annuity offerings are failing their clients.</p></div>,<div class="group"><p>"We have to get past the rhetoric," said Cortazzo. "If you're a fiduciary and you don't consider annuity solutions, you're not doing your job."</p><p>There is currently about $2 trillion invested in variable annuity products alone, according to research firm Morningstar. With the oldest baby boomers now in retirement, those numbers may rise much higher. Like all investment product offerings, annuities have positive and negative aspects to them. Here are a few of the more prominent pros and cons.</p></div>,<div class="group"><p><strong>Guaranteed income.</strong> In their simplest form, annuities guarantee an income stream for buyers either now (immediate annuities) or beginning at a later date (deferred annuities). While diversified investment portfolios have a potential for higher growth and cost far less to create, there is no guarantee that the assets will retain their value.</p><p>"Strategies to manage risk are not guarantees against catastrophes," said Cortazzo. "If a portfolio account goes to zero, the insurance company still keeps sending out the checks."</p><p><strong>Protection against longevity risk.</strong> People are living longer and there's a good chance that many people will outlive their investment portfolios. What's more, retirees who are drawing on their investments to support themselves run a market "sequence of return risk."</p><p>In adverse markets, it can be very difficult to recover from losses if you're withdrawing from your account. Cortazzo points out that an investor who put $1 million into the <!-- --> at the beginning of 2000 and began taking $5,000 out per month ran out of money this year.</p></div>,<div class="group"><p>"If I'm drawing out 6 percent of my portfolio annually and the market drops 50 percent, I'm suddenly withdrawing 12 percent," said Cortazzo. "An annuity takes the sequence risk and the longevity risk off the table."</p><p><strong>Market upside participation with downside protection.</strong> Variable annuity contracts offer the insurance component of an income guarantee with the possibility of increasing the payout if markets do well. Most of the products have a reset provision that allows payouts to increase if markets go up.</p><p>The terms of the contract reset to higher values but do not decrease if the market subsequently drops. Since the financial crisis, insurance companies have been paying customers billions to walk away from guarantees they priced prior to the crisis.</p></div>,<div class="group"><p><strong>High cost.</strong> Annuity products can be expensive. Simple immediate annuities and deferred-income annuities generally have upfront commission rates that range from 1 percent to 4 percent. More complicated products, such as variable annuities and fixed index annuities, can have upfront commissions of 7 percent or more.</p><p>Between insurance charges (also called mortality and expense fees), underlying sub-account fees for variable contracts and administrative fees, overall annual costs can be more than 2 percent.</p><p><strong>Hard to understand. </strong>While immediate annuities are easy enough to understand, more complicated variable annuity contracts or fixed index contracts that offer the potential for participation in market upside can get very complicated. Contract riders that offer additional benefits at additional costs make things more confusing still. Disclosures have improved but are still difficult to fathom.</p></div>,<div class="group"><p><strong>Limited investment options.</strong> Variable annuity contracts limit the options you have for investing the portfolio. That can handicap your ability to grow the account and your payouts. The fees charged for the underlying investments — usually mutual funds — can be high.</p><p><strong>Surrender penalties. </strong>Annuities are long-term contracts, and it can be very costly to break the terms of the deal. Buyers of annuities have to wait until they are 59½ years old before they can withdraw money without a 10 percent penalty.</p><p>They also have to wait six, eight or even 10 years after entering the contract before they can withdraw money from the account without additional surrender charges. The surrender charge period typically mirrors the commission level on the product: the higher the commission, the longer the surrender penalty period. While many insurers now offer contract terms that will allow for early withdrawals from annuities without surrender penalties, it will cost you up front.</p><p><strong>Tax hit.</strong> While the investment gains in a variable annuity are tax-deferred, when the money is eventually withdrawn, the gains are taxed as ordinary income, not capital gains. For most people, that will result in a bigger tax hit. Withdrawals that are not part of a planned annuitization of the account per the terms of the contract will also be fully taxed as ordinary income until all the gains from the portfolio are distributed. Normally, annuity payments are comprised of taxable gains and non-taxable return of the principal invested.</p><p><em>— By Andrew Osterland, special to CNBC.com</em></p></div>

It's not just investment analyst Ken Fisher who hates annuities. On the list of financial products that fiduciary advisors love to bash, annuities — particularly variable annuities — are somewhere near the top.They are an easy target. The insurance contracts are expensive, difficult to understand (for both consumers and financial advisors), hard to get out of and arguably not in the interests of the millions of consumers who have bought them. Indeed, the sale of high-commission annuities has been flagged as one of the more egregious ways that financial advisors fail to act in their clients' best interests.Since the Department of Labor finalized its fiduciary rule (now in limbo) last year, annuity sales have fallen dramatically as brokerage firms and advisors anticipate that the products may not pass muster under a tighter regulatory standard."Companies have been canceling products left and right because they don't live up to the standard of meeting clients' best interests," said Ric Edelman, executive chairman and founder of Edelman Financial Services. Like many advisors, Edelman helps clients undertake tax-free Section 1035 transactions that allow consumers to switch out of high-cost annuity contracts into less costly ones. "With that exception, I never advise clients to purchase annuities," he said.Most fee-based financial advisors regulated as fiduciaries appear to feel the same way. David Yeske, managing director of registered investment advisory firm Yeske Buie, said that variable annuities have fallen out of favor with the fee-based advisors he regularly surveys for the Financial Planning Association."The use of variable annuities has been declining for years, and that's probably representative of the fiduciary side of the advisory world," said Yeske.More from Investor Toolkit: How to set up a special needs trust Health costs an ever bigger part of retirement planning 5 risks that can crack your nest eggFor his part, Yeske is not categorically against fixed or immediate annuities that guarantee income streams for investors, but he has never used them for his own clients. He thinks the adverse tax treatment of variable annuities — the gains in all distributions from the contracts are taxed as ordinary income — makes them a bad idea for savers."Variable annuities are a perfect machine for converting capital gains to ordinary income," he said. While the gains within a variable annuity portfolio are tax-deferred, they are ultimately taxed at up to 39.6 percent, versus the 15 percent capital gains tax rate. "It's hard to find scenarios where the benefits of tax deferral justify getting taxed at the higher rate."Not all fiduciary financial advisors pan annuities, however. Harold Evensky, head of Evensky & Katz and a trailblazer in the RIA industry, believes that low-cost immediate annuities offered by companies such as Vanguard will be crucial for retirees at risk of outliving their assets. Mark Cortazzo, senior partner of fee-based advisor Macro Consulting Group, thinks there are situations where annuity products are an effective solution for risk-averse consumers. While he has steered very few of his clients toward annuities recently, because of low interest rates and higher prices since the financial crisis, he thinks advisors who ignore all annuity offerings are failing their clients."We have to get past the rhetoric," said Cortazzo. "If you're a fiduciary and you don't consider annuity solutions, you're not doing your job."There is currently about $2 trillion invested in variable annuity products alone, according to research firm Morningstar. With the oldest baby boomers now in retirement, those numbers may rise much higher. Like all investment product offerings, annuities have positive and negative aspects to them. Here are a few of the more prominent pros and cons.Guaranteed income. In their simplest form, annuities guarantee an income stream for buyers either now (immediate annuities) or beginning at a later date (deferred annuities). While diversified investment portfolios have a potential for higher growth and cost far less to create, there is no guarantee that the assets will retain their value."Strategies to manage risk are not guarantees against catastrophes," said Cortazzo. "If a portfolio account goes to zero, the insurance company still keeps sending out the checks."Protection against longevity risk. People are living longer and there's a good chance that many people will outlive their investment portfolios. What's more, retirees who are drawing on their investments to support themselves run a market "sequence of return risk."In adverse markets, it can be very difficult to recover from losses if you're withdrawing from your account. Cortazzo points out that an investor who put $1 million into the at the beginning of 2000 and began taking $5,000 out per month ran out of money this year."If I'm drawing out 6 percent of my portfolio annually and the market drops 50 percent, I'm suddenly withdrawing 12 percent," said Cortazzo. "An annuity takes the sequence risk and the longevity risk off the table."Market upside participation with downside protection. Variable annuity contracts offer the insurance component of an income guarantee with the possibility of increasing the payout if markets do well. Most of the products have a reset provision that allows payouts to increase if markets go up.The terms of the contract reset to higher values but do not decrease if the market subsequently drops. Since the financial crisis, insurance companies have been paying customers billions to walk away from guarantees they priced prior to the crisis.High cost. Annuity products can be expensive. Simple immediate annuities and deferred-income annuities generally have upfront commission rates that range from 1 percent to 4 percent. More complicated products, such as variable annuities and fixed index annuities, can have upfront commissions of 7 percent or more.Between insurance charges (also called mortality and expense fees), underlying sub-account fees for variable contracts and administrative fees, overall annual costs can be more than 2 percent.Hard to understand. While immediate annuities are easy enough to understand, more complicated variable annuity contracts or fixed index contracts that offer the potential for participation in market upside can get very complicated. Contract riders that offer additional benefits at additional costs make things more confusing still. Disclosures have improved but are still difficult to fathom.Limited investment options. Variable annuity contracts limit the options you have for investing the portfolio. That can handicap your ability to grow the account and your payouts. The fees charged for the underlying investments — usually mutual funds — can be high.Surrender penalties. Annuities are long-term contracts, and it can be very costly to break the terms of the deal. Buyers of annuities have to wait until they are 59½ years old before they can withdraw money without a 10 percent penalty.They also have to wait six, eight or even 10 years after entering the contract before they can withdraw money from the account without additional surrender charges. The surrender charge period typically mirrors the commission level on the product: the higher the commission, the longer the surrender penalty period. While many insurers now offer contract terms that will allow for early withdrawals from annuities without surrender penalties, it will cost you up front.Tax hit. While the investment gains in a variable annuity are tax-deferred, when the money is eventually withdrawn, the gains are taxed as ordinary income, not capital gains. For most people, that will result in a bigger tax hit. Withdrawals that are not part of a planned annuitization of the account per the terms of the contract will also be fully taxed as ordinary income until all the gains from the portfolio are distributed. Normally, annuity payments are comprised of taxable gains and non-taxable return of the principal invested.— By Andrew Osterland, special to CNBC.com

2021-10-30 14:11:37.838466

Sears is working with Amazon to deliver and install car tires

https://www.cnbc.com/2018/05/09/sears-is-working-with-amazon-to-deliver-and-install-car-tires.html

2018-05-09T14:37:57+0000

Lauren Thomas

CNBC

Sears Holdings is taking its relationship with Amazon one step further. The department store chain announced Wednesday at its annual shareholders meeting in Hoffman Estates, Illinois, that it will offer full-service tire installation for orders from all tire brands on Amazon, including its own DieHard. News of the partnership sent Sears' stock soaring as much as 22 percent in early trading. The shares were last up 24 percent.

cnbc, Articles, Automobile parts retailers, Retail e-commerce sales, E-commerce, Shopping malls, Department store operators, Retail industry, Amazon.com Inc, Sears Holdings Corp, Retail, US: News, DO NOT USE Consumer, e-commerce, Department Stores, Technology, Business News, source:tagname:CNBC US Source

<div class="group"><p><a href="//www.cnbc.com/quotes/SHLDQ" target="_blank">Sears Holdings</a> is taking its relationship with <a href="//www.cnbc.com/quotes/AMZN" target="_blank">Amazon</a> one step further. </p><p>The department store chain announced Wednesday at its annual shareholders meeting in Hoffman Estates, Illinois, that it will offer full-service tire installation for orders from all tire brands on Amazon, including its own DieHard. </p><div style="height:100%" class="lazyload-placeholder"></div><p>News of the partnership sent Sears' stock soaring as much as 22 percent in early trading. The shares were last up 24 percent. </p></div>,<div class="group"><p>The rollout will begin in the coming weeks for those customers who live within range of 47 Sears Auto Centers in eight metropolitan areas: Atlanta, Chicago, Dallas, Los Angeles, Miami, New York, San Francisco and Washington, D.C. The service will eventually go live at Sears' more than 400 Auto Centers across the U.S., to reach more of Amazon's customers. </p><p>The checkout process will look something like this, a Sears spokesman explained to CNBC: </p><ol><li>A customer selects the tires he or she wants, from any brand, on Amazon. </li><li>He or she selects "Yes, I want these tires shipped to and installed at Sears Auto Center." (The shipment of the tires to the Sears Auto Center would be handled by Amazon, not Sears.) </li><li>The customer then provides three appointment times that are convenient for the installation. </li><li>The chosen Sears Auto Center will then match the customer's schedule preferences with its appointment openings. </li><li>Sears Auto Center then emails a confirmation through Amazon to the customer ahead of the appointment, which can still be altered. </li></ol><p>With any appointment, there will be a "standard installation fee" paid to Sears that covers installation, balancing, under hood/under car evaluation, a road safety test and other precautionary steps, the spokesman said. </p><p>Sears <a href="https://www.cnbc.com/2017/07/20/sears-shares-jump-after-launching-kenmore-products-on-amazon-including-alexa-enabled-appliances.html">kicked off its relationship with Amazon</a> last summer when it announced it would begin selling Kenmore-branded appliances on Amazon, some of which are integrated with Amazon's Alexa platform. Shares of the department store chain had surged more than 25 percent on the news. </p><div style="height:100%" class="lazyload-placeholder"></div><p>Then, in December, <a href="https://www.cnbc.com/2017/12/14/sears-lands-another-deal-with-amazon-to-sell-car-batteries-tires.html">Sears said it would begin selling merchandise from its DieHard brand</a> on Amazon, including car batteries and now tires. </p><p>"Kenmore is now distributed nationally on Amazon with over 250 products and we are exceeding customer service level expectations," Tom Park, president of Kenmore, Craftsman and DieHard brands at Sears Holdings, said in a statement. </p><p>The company said it has about 2,100 technicians at its Auto Centers across the country to perform tire installations. </p><p>Sears is meanwhile looking for ways to monetize other assets, as its sales are in a steep decline overall and the company has more than $1 billion of debt coming due within the year, according to financial statements. </p><p>Sears CEO <a href="https://www.cnbc.com/eddie-lampert/">Eddie Lampert</a>'s hedge fund, ESL Investments, <a href="https://www.cnbc.com/2018/04/23/eddie-lamperts-hedge-fund-esl-proposes-to-buy-kenmore-brand-sears-real-estate.html">has made a proposal</a> to buy Kenmore, Sears' home improvement business, its PartsDirect division and some of the chain's real estate. Lampert has said he's been shopping some of those assets for years, but hasn't been able to find a serious buyer. </p><p>In a blog post Wednesday, prior to Sears' shareholders meeting, Lampert said: "We're still not where we need to be, and Sears continues to face significant challenges in a tough retail environment. ... The reality is transformation is an ongoing process and we are not done. I still firmly believe that, together, we can transform this company." </p><p>Sears Holdings shares are down nearly 70 percent from a year ago. </p></div>,<div class="group"></div>,<div class="group"></div>

Sears Holdings is taking its relationship with Amazon one step further. The department store chain announced Wednesday at its annual shareholders meeting in Hoffman Estates, Illinois, that it will offer full-service tire installation for orders from all tire brands on Amazon, including its own DieHard. News of the partnership sent Sears' stock soaring as much as 22 percent in early trading. The shares were last up 24 percent. The rollout will begin in the coming weeks for those customers who live within range of 47 Sears Auto Centers in eight metropolitan areas: Atlanta, Chicago, Dallas, Los Angeles, Miami, New York, San Francisco and Washington, D.C. The service will eventually go live at Sears' more than 400 Auto Centers across the U.S., to reach more of Amazon's customers. The checkout process will look something like this, a Sears spokesman explained to CNBC: A customer selects the tires he or she wants, from any brand, on Amazon. He or she selects "Yes, I want these tires shipped to and installed at Sears Auto Center." (The shipment of the tires to the Sears Auto Center would be handled by Amazon, not Sears.) The customer then provides three appointment times that are convenient for the installation. The chosen Sears Auto Center will then match the customer's schedule preferences with its appointment openings. Sears Auto Center then emails a confirmation through Amazon to the customer ahead of the appointment, which can still be altered. With any appointment, there will be a "standard installation fee" paid to Sears that covers installation, balancing, under hood/under car evaluation, a road safety test and other precautionary steps, the spokesman said. Sears kicked off its relationship with Amazon last summer when it announced it would begin selling Kenmore-branded appliances on Amazon, some of which are integrated with Amazon's Alexa platform. Shares of the department store chain had surged more than 25 percent on the news. Then, in December, Sears said it would begin selling merchandise from its DieHard brand on Amazon, including car batteries and now tires. "Kenmore is now distributed nationally on Amazon with over 250 products and we are exceeding customer service level expectations," Tom Park, president of Kenmore, Craftsman and DieHard brands at Sears Holdings, said in a statement. The company said it has about 2,100 technicians at its Auto Centers across the country to perform tire installations. Sears is meanwhile looking for ways to monetize other assets, as its sales are in a steep decline overall and the company has more than $1 billion of debt coming due within the year, according to financial statements. Sears CEO Eddie Lampert's hedge fund, ESL Investments, has made a proposal to buy Kenmore, Sears' home improvement business, its PartsDirect division and some of the chain's real estate. Lampert has said he's been shopping some of those assets for years, but hasn't been able to find a serious buyer. In a blog post Wednesday, prior to Sears' shareholders meeting, Lampert said: "We're still not where we need to be, and Sears continues to face significant challenges in a tough retail environment. ... The reality is transformation is an ongoing process and we are not done. I still firmly believe that, together, we can transform this company." Sears Holdings shares are down nearly 70 percent from a year ago.

2021-10-30 14:11:38.281493

Deal to avert government shutdown is 'pretty much done,' Democratic senator says

https://www.cnbc.com/2017/04/27/deal-to-avert-government-shutdown-is-pretty-much-done-democratic-senator-says.html

2017-04-27T19:23:42+0000

Michelle Fox

CNBC

A deal between Republicans and Democrats on Capitol Hill to avert a government shutdown is "pretty much done," Sen. Heidi Heitkamp, D-N.D., told CNBC on Thursday."They're putting pen to paper, and it's just a matter of how long it will take to get the deal kind of finalized," she said in an interview with "Power Lunch."Earlier Thursday, Sen. Mitch McConnell said the Senate expects to pass a short-term funding bill ahead of the late Friday deadline to keep the government open.Heitkamp said after a couple of big concessions were made, the path for a deal become clear."Once … the Democrats were willing to do more on defense and the Republicans were willing to fulfill the commitment under the Affordable Care Act and not waste money throwing something at a border-security provision that wasn't actually going to enhance security — I think those were the two big things that needed to happen," she explained.On Wednesday, the Trump administration dropped its opposition to an Affordable Care Act subsidy for low-income people. The White House previously stopped insisting on funding for a wall on the southern border as part of a bill to keep the government funded.While the solution right now is expected to be a short-term extension, Heitkamp is optimistic about a long-term solution."If we didn't think that we were there with a negotiated deal, I don't think we'd be agreeing on an extension. It's just a matter of getting the paperwork done so that all the t's are crossed and the i's are dotted," she said.—CNBC's Jacob Pramuk contributed to this report.

cnbc, Articles, Donald Trump, Mitch McConnell, Politics, White House, Power Lunch, US: News, source:tagname:CNBC US Source

<div class="group"><p>A deal between Republicans and Democrats on Capitol Hill to avert a government shutdown is "pretty much done," Sen. Heidi Heitkamp, D-N.D., told CNBC on Thursday.</p><p>"They're putting pen to paper, and it's just a matter of how long it will take to get the deal kind of finalized," she said in an interview with "<a href="https://www.cnbc.com/power-lunch/">Power Lunch</a>."</p><div style="height:100%" class="lazyload-placeholder"></div><p>Earlier Thursday, Sen. <a href="https://www.cnbc.com/mitch-mcconnell/">Mitch McConnell</a> said the<a href="https://www.cnbc.com/2017/04/27/mcconnell-senate-expects-to-pass-short-term-funding-bill-before-shutdown-deadline.html"> Senate expects to pass a short-term funding bill</a> ahead of the late Friday deadline to keep the government open.</p><p>Heitkamp said after a couple of big concessions were made, the path for a deal become clear.</p><p>"Once … the Democrats were willing to do more on defense and the Republicans were willing to fulfill the commitment under the Affordable Care Act and not waste money throwing something at a border-security provision that wasn't actually going to enhance security — I think those were the two big things that needed to happen," she explained.</p><p>On Wednesday, the <a href="https://www.cnbc.com/donald-trump/">Trump</a> administration dropped its opposition to an Affordable Care Act subsidy for low-income people. The White House previously stopped insisting on funding for a wall on the southern border as part of a bill to keep the government funded.</p><p>While the solution right now is expected to be a short-term extension, Heitkamp is optimistic about a long-term solution.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"If we didn't think that we were there with a negotiated deal, I don't think we'd be agreeing on an extension. It's just a matter of getting the paperwork done so that all the t's are crossed and the i's are dotted," she said.</p><p><em>—CNBC's Jacob Pramuk contributed to this report.</em></p></div>

A deal between Republicans and Democrats on Capitol Hill to avert a government shutdown is "pretty much done," Sen. Heidi Heitkamp, D-N.D., told CNBC on Thursday."They're putting pen to paper, and it's just a matter of how long it will take to get the deal kind of finalized," she said in an interview with "Power Lunch."Earlier Thursday, Sen. Mitch McConnell said the Senate expects to pass a short-term funding bill ahead of the late Friday deadline to keep the government open.Heitkamp said after a couple of big concessions were made, the path for a deal become clear."Once … the Democrats were willing to do more on defense and the Republicans were willing to fulfill the commitment under the Affordable Care Act and not waste money throwing something at a border-security provision that wasn't actually going to enhance security — I think those were the two big things that needed to happen," she explained.On Wednesday, the Trump administration dropped its opposition to an Affordable Care Act subsidy for low-income people. The White House previously stopped insisting on funding for a wall on the southern border as part of a bill to keep the government funded.While the solution right now is expected to be a short-term extension, Heitkamp is optimistic about a long-term solution."If we didn't think that we were there with a negotiated deal, I don't think we'd be agreeing on an extension. It's just a matter of getting the paperwork done so that all the t's are crossed and the i's are dotted," she said.—CNBC's Jacob Pramuk contributed to this report.

2021-10-30 14:11:38.432875

Money In Motion: Euro Vs. Dollar

https://www.cnbc.com/2011/06/13/money-in-motion-euro-vs-dollar.html

2011-06-13T21:32:25+0000

Lee Brodie

CNBC

Eurozone leaders meet in Brussels tomorrow with Greece in the spotlight given its massive debt problems. So how do you play it from the FX perspective?Get all the details from Amelia Bourdeau of Westpac Institutional Bank. Watch the video now!

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

<div class="group"><p>Eurozone leaders meet in Brussels tomorrow with Greece in the spotlight given its massive debt problems. </p><p>So how do you play it from the FX perspective?</p><div style="height:100%" class="lazyload-placeholder"></div><p>Get all the details from Amelia Bourdeau of Westpac Institutional Bank. Watch the video now!<br><br></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 June 13, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Grasso Owns (AKS); Grasso Owns (AMD); Grasso Owns (ASTM); Grasso Owns (BA); Grasso Owns (BAC); Grasso Owns (C); Grasso Owns (D); Grasso Owns (HOV); Grasso Owns (JPM); Grasso Owns (LIT); Grasso Owns (LPX); Grasso Owns (MHY); Grasso Owns (NDAQ); Grasso Owns (PFE); Grasso Owns (PRST); Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Finerman's Firm Is Short (IWM); Finerman's Firm Is Short (MDY); Finerman's Firm Is Short (SPY); Finerman's Firm Is Long S&amp;P 500 Puts; Finerman's Firm Is Long Russell 2000 Puts; Finerman's Firm And Finerman Own (AAPL); Finerman's Firm And Finerman Own (MSFT); Finerman Owns (UNG); Finerman Owns (USO); Finerman's Firm Owns (HPQ), (HPQ) Puts; Finerman's Firm Owns (YUM); <em>Terranova Owns (VRTS); Terranova Owns (IBM); Terranova Owns (AAPL); Terranova Owns (CAT); Terranova Owns (BX); Terranova Owns (HPQ); Terranova Owns (MA); Terranova Owns (PEP); Terranova Owns (MCD); Terranova Owns (TM); Terranova Owns (DAR); Terranova Owns (BJ); Terranova Owns (XOM); Terranova Is Short (DELL); Nathan Owns (LNKD) Put Spreads; Nathan Owns (GOOG) Put Spreads; Nathan Owns (AAPL) Put Spreads; Nathan Owns (BBY) Puts</em></p><p><em>For Steve Grasso<br>Stuart Frankel &amp; Its Partners Own (ABX)<br>Stuart Frankel &amp; Its Partners Own (CSCO)<br>Stuart Frankel &amp; Its Partners Own (CUBA)<br>Stuart Frankel &amp; Its Partners Own (FDX)<br>Stuart Frankel &amp; Its Partners Own (GERN)<br>Stuart Frankel &amp; Its Partners Own (HPQ)<br>Stuart Frankel &amp; Its Partners Own (HSPO)<br>Stuart Frankel &amp; Its Partners Own (MU)<br>Stuart Frankel &amp; Its Partners Own (MSFT)<br>Stuart Frankel &amp; Its Partners Own (NYX)<br>Stuart Frankel &amp; Its Partners Own (PFE)<br>Stuart Frankel &amp; Its Partners Own (PRST)<br>Stuart Frankel &amp; Its Partners Own (RDC)<br>Stuart Frankel &amp; Its Partners Own (SDS)<br>Stuart Frankel &amp; Its Partners Own (UAL)<br>Stuart Frankel &amp; Its Partners Own (XRX)<br>Stuart Frankel &amp; Its Partners Are Short (QQQQ)<br>Stuart Frankel &amp; Its Partners Are Short (AAPL) </em></p><p><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 (LHO)<br>Virtus Investment Partners Owns More Than 1% Of (NRCI)<br>Virtus Investment Partners Owns More Than 1% Of Sun Pharmaceutical Industries Ltd.<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 DOMINO'S PIZZA UK &amp; URL PLC</em></p><p><em>For Brian Kelly<br>Accounts Managed By Brian Kelly Capital Are Long U.S. Dollar<br>Accounts Managed By Brian Kelly Capital Are Long New Zealand Dollar<br>Accounts Managed By Brian Kelly Capital Are Long (USO) Puts<br>Accounts Managed By Brian Kelly Capital Are Long (MON)<br>Accounts Managed By Brian Kelly Capital Are Long (DBA)<br>Accounts Managed By Brian Kelly Capital Are Long (IWM) Puts<br>Accounts Managed By Brian Kelly Capital Are Long Hong Kong Dollar<br>Accounts Managed By Brian Kelly Capital Are Long (MUB) Puts<br>Accounts Managed By Brian Kelly Capital Are Short Australian Dollar<br>Accounts Managed By Brian Kelly Capital Are Short Euro<br>Accounts Managed By Brian Kelly Capital Are Short (JJC)<br>Accounts Managed By Brian Kelly Capital Own Hong Kong Stock Exchange</em></p><p><em>For Gina Sanchez<br>***No Disclosures</em></p><p><em>For Dennis Gartman<br>Funds Managed By Dennis Gartman Own Canadian Dollars, Australian Dollars, Swiss Franc<br>Funds Managed By Dennis Gartman Own Gold<br>Funds Managed By Dennis Gartman Own Wheat<br>Funds Managed By Dennis Gartman Own Corn<br>Funds Managed By Dennis Gartman Own Soybeans<br>Funds Managed By Dennis Gartman Own Crude Oil<br>Funds Managed By Dennis Gartman Are Short Yen<br>Funds Managed By Dennis Gartman Are Short Euro<br>Funds Managed By Dennis Gartman Are Short British Pound Sterling<br>Funds Managed By Dennis Gartman Are Short Natural Gas</em></p><p><em>For Andy McOrmond<br>***No Disclosures</em></p><p><em>For Doug Kass<br>***No Dislcosures</em></p><p><em>For Amelia Bourdeau<br>***No Disclosures</em></p><p><em>Fast Fire SOT: Joe Terranova 5/9/11<br></em><em>***No Disclosures</em></p><p><em>Comcast Is The Parent Company Of NBCUniversal<br>Comcast Is The Parent Company Of CNBC<br>GE Owns 49% Of NBCUniversal<br>GE Owns 49% CNBC</em></p><p>CNBC.com with wires. </p></div>

Eurozone leaders meet in Brussels tomorrow with Greece in the spotlight given its massive debt problems. So how do you play it from the FX perspective?Get all the details from Amelia Bourdeau of Westpac Institutional Bank. 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 June 13, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Grasso Owns (AKS); Grasso Owns (AMD); Grasso Owns (ASTM); Grasso Owns (BA); Grasso Owns (BAC); Grasso Owns (C); Grasso Owns (D); Grasso Owns (HOV); Grasso Owns (JPM); Grasso Owns (LIT); Grasso Owns (LPX); Grasso Owns (MHY); Grasso Owns (NDAQ); Grasso Owns (PFE); Grasso Owns (PRST); Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Finerman's Firm Is Short (IWM); Finerman's Firm Is Short (MDY); Finerman's Firm Is Short (SPY); Finerman's Firm Is Long S&P 500 Puts; Finerman's Firm Is Long Russell 2000 Puts; Finerman's Firm And Finerman Own (AAPL); Finerman's Firm And Finerman Own (MSFT); Finerman Owns (UNG); Finerman Owns (USO); Finerman's Firm Owns (HPQ), (HPQ) Puts; Finerman's Firm Owns (YUM); Terranova Owns (VRTS); Terranova Owns (IBM); Terranova Owns (AAPL); Terranova Owns (CAT); Terranova Owns (BX); Terranova Owns (HPQ); Terranova Owns (MA); Terranova Owns (PEP); Terranova Owns (MCD); Terranova Owns (TM); Terranova Owns (DAR); Terranova Owns (BJ); Terranova Owns (XOM); Terranova Is Short (DELL); Nathan Owns (LNKD) Put Spreads; Nathan Owns (GOOG) Put Spreads; Nathan Owns (AAPL) Put Spreads; Nathan Owns (BBY) PutsFor Steve GrassoStuart Frankel & Its Partners Own (ABX)Stuart Frankel & Its Partners Own (CSCO)Stuart Frankel & Its Partners Own (CUBA)Stuart Frankel & Its Partners Own (FDX)Stuart Frankel & Its Partners Own (GERN)Stuart Frankel & Its Partners Own (HPQ)Stuart Frankel & Its Partners Own (HSPO)Stuart Frankel & Its Partners Own (MU)Stuart Frankel & Its Partners Own (MSFT)Stuart Frankel & Its Partners Own (NYX)Stuart Frankel & Its Partners Own (PFE)Stuart Frankel & Its Partners Own (PRST)Stuart Frankel & Its Partners Own (RDC)Stuart Frankel & Its Partners Own (SDS)Stuart Frankel & Its Partners Own (UAL)Stuart Frankel & Its Partners Own (XRX)Stuart Frankel & Its Partners Are Short (QQQQ)Stuart Frankel & Its Partners Are Short (AAPL) For 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 (LHO)Virtus Investment Partners Owns More Than 1% Of (NRCI)Virtus Investment Partners Owns More Than 1% Of Sun Pharmaceutical Industries Ltd.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 DOMINO'S PIZZA UK & URL PLCFor Brian KellyAccounts Managed By Brian Kelly Capital Are Long U.S. DollarAccounts Managed By Brian Kelly Capital Are Long New Zealand DollarAccounts Managed By Brian Kelly Capital Are Long (USO) PutsAccounts Managed By Brian Kelly Capital Are Long (MON)Accounts Managed By Brian Kelly Capital Are Long (DBA)Accounts Managed By Brian Kelly Capital Are Long (IWM) PutsAccounts Managed By Brian Kelly Capital Are Long Hong Kong DollarAccounts Managed By Brian Kelly Capital Are Long (MUB) PutsAccounts Managed By Brian Kelly Capital Are Short Australian DollarAccounts Managed By Brian Kelly Capital Are Short EuroAccounts Managed By Brian Kelly Capital Are Short (JJC)Accounts Managed By Brian Kelly Capital Own Hong Kong Stock ExchangeFor Gina Sanchez***No DisclosuresFor Dennis GartmanFunds Managed By Dennis Gartman Own Canadian Dollars, Australian Dollars, Swiss FrancFunds Managed By Dennis Gartman Own GoldFunds Managed By Dennis Gartman Own WheatFunds Managed By Dennis Gartman Own CornFunds Managed By Dennis Gartman Own SoybeansFunds Managed By Dennis Gartman Own Crude OilFunds Managed By Dennis Gartman Are Short YenFunds Managed By Dennis Gartman Are Short EuroFunds Managed By Dennis Gartman Are Short British Pound SterlingFunds Managed By Dennis Gartman Are Short Natural GasFor Andy McOrmond***No DisclosuresFor Doug Kass***No DislcosuresFor Amelia Bourdeau***No DisclosuresFast Fire SOT: Joe Terranova 5/9/11***No DisclosuresComcast Is The Parent Company Of NBCUniversalComcast Is The Parent Company Of CNBCGE Owns 49% Of NBCUniversalGE Owns 49% CNBCCNBC.com with wires.

2021-10-30 14:11:38.477338

Mike Pence saved the Republican party after that Cruz disaster

https://www.cnbc.com/2016/07/21/mike-pence-saved-the-republican-party-after-that-cruz-disaster-larry-kudlow-commentary.html

2016-07-21T18:59:41+0000

CNBC

Ted Cruz essentially gave a career-ending speech at the GOP convention on Wednesday night. Cruz's speech was a slap in the face to GOP nominee Donald Trump. This whole business about "vote your conscience" — that's a wonderful-sounding phrase. But we all know what he meant: Don't vote for Donald Trump. I was in the convention hall and the crowd's reaction was unbelievable. It started out as a few hands waving in the air and some booing and then it just grew and grew throughout the entire convention hall. And then boom! It was absolute bedlam. I've been to most of the GOP conventions since 1980, and I've never seen anything like it. These people stood on their feet and booed. These are Republicans! They don't do this. They don't know how to stand up and boo! And yet, Cruz so divided them and worked them into such a frenzy that it happened. Cruz tried to pass it off as just the New York delegation acting up. But that is wrong. The whole hall was in an uproar. You couldn't even hear the last two paragraphs of Cruz's speech because the booing had reached such a crescendo! Cruz left an absolute disaster in his wake when he finished that speech. Everyone was dispirited — as you might expect. And then came Trump running mate Mike Pence. Pence delivered a terrific speech. He touched on all the major themes — the economy, shaking up Washington and Trump being an outsider. He talked about how Trump understands that middle class wage earners have been hurt — they haven't had a raise in 15 years. That's something that Cruz, in all of his years of political experience, still doesn't understand!

cnbc, Articles, Politics, Elections, Mike Pence, Ted Cruz, Bitcoin, Hillary Clinton, Federal Reserve System, Donald Trump, The Fed, US Economy, Commentary, Kudlow's Corner, US: News, Republicans, CNBC TV, Video and TV, U.S. Business Day, source:tagname:CNBC US Source

<div class="group"><p> <span><a href="https://www.cnbc.com/ted-cruz/">Ted Cruz</a></span> essentially gave a <a href="https://www.cnbc.com/2016/07/21/ted-cruz-just-crushed-his-political-career-with-that-gop-convention-speech-commentary.html">career-ending speech</a> at the GOP convention on Wednesday night. </p><p> Cruz's speech was a slap in the face to GOP nominee <a href="https://www.cnbc.com/donald-trump/">Donald Trump</a>. This whole business about "vote your conscience" — that's a wonderful-sounding phrase. But we all know what he meant: Don't vote for Donald Trump. </p><div style="height:100%" class="lazyload-placeholder"></div><p> I was in the convention hall and the crowd's reaction was unbelievable. It started out as a few hands waving in the air and some booing and then it just grew and grew throughout the entire convention hall. And then boom! It was absolute bedlam.</p><p> I've been to most of the GOP conventions since 1980, and I've never seen anything like it. These people stood on their feet and booed. These are Republicans! They don't do this. They don't know how to stand up and boo! And yet, Cruz so divided them and worked them into such a frenzy that it happened.</p><p> Cruz tried to pass it off as just the New York delegation acting up. But that is wrong. The whole hall was in an uproar. You couldn't even hear the last two paragraphs of Cruz's speech because the booing had reached such a crescendo!</p><p> Cruz left an absolute disaster in his wake when he finished that speech. Everyone was dispirited — as you might expect.</p><p> And then came Trump running mate <a href="https://www.cnbc.com/mike-pence/">Mike Pence</a>.</p><div style="height:100%" class="lazyload-placeholder"></div><p> Pence delivered a terrific speech. He touched on all the major themes — the economy, shaking up Washington and Trump being an outsider. He talked about how Trump understands that middle class wage earners have been hurt — they haven't had a raise in 15 years. That's something that Cruz, in all of his years of political experience, still doesn't understand!</p></div>,<div class="group"><p> Really, in the space of about 10 or 12 minutes, Mike Pence turned a demoralized, dispirited, depressed, negative convention into an upbeat, optimistic, united convention. He hit all the right notes and had a lot of optimism in his speech. The Cruz disaster, that had left the convention hall spinning just moments before, was suddenly swept away.</p><p> The entire hall started applauding Pence. Then they started cheering for Pence. And they got on their feet and cheered for Pence. Amazing.</p><p> Trump couldn't have made a better choice. Mike Pence single-handedly pulled that convention back together and united them with an optimistic message. He gave great support to Donald Trump and the ticket. He basically snatched victory from the jaws of defeat. He turned destruction into positive hope.</p><p> I've never seen anything like that.</p><p> Ted Cruz will never politically recover from this. His delegation from Texas wanted him to play ball with Trump — and he wouldn't. He was freelancing in that speech. And that is why his political career is over. He's finished.</p><p> But Donald Trump and Mike Pence are just beginning.</p><p> We have to wait and see what Trump does tonight in his speech — it could make or break his presidential campaign. I personally hope that he puts a lot of focus on optimistic, positive changes for America. I want to see a lot of growth in that speech. I want to hear him talk about lowering taxes and curbing regulations. </p><p> But here's what I want to see most of all: a follow-through from what Pence started. One of Pence's messages on Wednesday night was that we, meaning the ticket, can turn this nation around. It's an American malaise right now — from the economy, to civil unrest, violence and the threat of terrorism. And that is what Trump must prove to the nation and the world — that he can turn it around. He's got to convince them.</p><p> It's kind of like Reagan redux. Ronald Reagan was able to do this. He proved that he could do the job. That's what Trump needs to do.</p><p> That's huge. That's more important than any policy detail.</p><p> That's the spirit that Pence started on Wednesday night. Let's hope Trump does the same. </p><p> <em>Commentary by Larry Kudlow, a senior contributor at CNBC and economics editor of the National Review. He is also an unofficial economic advisor to GOP presidential nominee Donald Trump. Follow him on Twitter <a href="http://www.twitter.com/Larry_Kudlow" target="_blank">@Larry_Kudlow</a>.</em><br></p><p> <em><strong>For more insight from CNBC contributors, follow <a href="http://www.twitter.com/CNBCopinion" target="_blank">@CNBCopinion</a> </strong></em><em><strong>on Twitter.</strong></em></p></div>

Ted Cruz essentially gave a career-ending speech at the GOP convention on Wednesday night. Cruz's speech was a slap in the face to GOP nominee Donald Trump. This whole business about "vote your conscience" — that's a wonderful-sounding phrase. But we all know what he meant: Don't vote for Donald Trump. I was in the convention hall and the crowd's reaction was unbelievable. It started out as a few hands waving in the air and some booing and then it just grew and grew throughout the entire convention hall. And then boom! It was absolute bedlam. I've been to most of the GOP conventions since 1980, and I've never seen anything like it. These people stood on their feet and booed. These are Republicans! They don't do this. They don't know how to stand up and boo! And yet, Cruz so divided them and worked them into such a frenzy that it happened. Cruz tried to pass it off as just the New York delegation acting up. But that is wrong. The whole hall was in an uproar. You couldn't even hear the last two paragraphs of Cruz's speech because the booing had reached such a crescendo! Cruz left an absolute disaster in his wake when he finished that speech. Everyone was dispirited — as you might expect. And then came Trump running mate Mike Pence. Pence delivered a terrific speech. He touched on all the major themes — the economy, shaking up Washington and Trump being an outsider. He talked about how Trump understands that middle class wage earners have been hurt — they haven't had a raise in 15 years. That's something that Cruz, in all of his years of political experience, still doesn't understand! Really, in the space of about 10 or 12 minutes, Mike Pence turned a demoralized, dispirited, depressed, negative convention into an upbeat, optimistic, united convention. He hit all the right notes and had a lot of optimism in his speech. The Cruz disaster, that had left the convention hall spinning just moments before, was suddenly swept away. The entire hall started applauding Pence. Then they started cheering for Pence. And they got on their feet and cheered for Pence. Amazing. Trump couldn't have made a better choice. Mike Pence single-handedly pulled that convention back together and united them with an optimistic message. He gave great support to Donald Trump and the ticket. He basically snatched victory from the jaws of defeat. He turned destruction into positive hope. I've never seen anything like that. Ted Cruz will never politically recover from this. His delegation from Texas wanted him to play ball with Trump — and he wouldn't. He was freelancing in that speech. And that is why his political career is over. He's finished. But Donald Trump and Mike Pence are just beginning. We have to wait and see what Trump does tonight in his speech — it could make or break his presidential campaign. I personally hope that he puts a lot of focus on optimistic, positive changes for America. I want to see a lot of growth in that speech. I want to hear him talk about lowering taxes and curbing regulations. But here's what I want to see most of all: a follow-through from what Pence started. One of Pence's messages on Wednesday night was that we, meaning the ticket, can turn this nation around. It's an American malaise right now — from the economy, to civil unrest, violence and the threat of terrorism. And that is what Trump must prove to the nation and the world — that he can turn it around. He's got to convince them. It's kind of like Reagan redux. Ronald Reagan was able to do this. He proved that he could do the job. That's what Trump needs to do. That's huge. That's more important than any policy detail. That's the spirit that Pence started on Wednesday night. Let's hope Trump does the same. Commentary by Larry Kudlow, a senior contributor at CNBC and economics editor of the National Review. He is also an unofficial economic advisor to GOP presidential nominee Donald Trump. Follow him on Twitter @Larry_Kudlow. For more insight from CNBC contributors, follow @CNBCopinion on Twitter.

2021-10-30 14:11:38.513969

Small businesses that pulled outrageous publicity stunts

https://www.cnbc.com/2013/05/20/Small-businesses-that-pulled-outrageous-publicity-stunts.html

2013-05-20T17:39:16+0000

Daniel Bukszpan

CNBC

Anyone running a small business knows that one of the most difficult challenges is effective publicity. If people don't know the business exists, they won't walk through the doors—and a business location, staff and start-up capital become irrelevant points. Publicity can be acquired with billboard space or TV commercials, but many small businesses just don't have that kind of money. For mom and pops, a little creativity and a flair for the theatrical can go a long way. In short, they need to rely on good old-fashioned, attention-grabbing publicity stunts. Some businesses have seen stunts become catalysts that take them to the next level. Others see efforts fizzle out, and in some cases turn into horrific disasters. But while there's no guarantee a publicity stunt will accomplish what it's designed to do, many businesses take that route anyway, always hoping for the best. Here's a list of businesses that engaged in noteworthy plays for the public's attention. Some of these businesses used promotions that exceeded expectations. Other businesses made headlines and were soon forgotten, and others were unmitigated calamities. But whatever the case, all these businesses deserve credit for trying to do something a little different. Read ahead to see our list of outrageous publicity stunts engaged in by small businesses over the years.By Daniel BukszpanUpdated 06 June 2013

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<div class="group"><p> Anyone running a <a href="http://www.cnbc.com/id/44877279" class="webresource" target="_blank">small business</a> knows that one of the most difficult challenges is effective publicity. If people don't know the business exists, they won't walk through the doors—and a business location, staff and start-up capital become irrelevant points.<br></p><p> Publicity can be acquired with billboard space or TV commercials, but many small businesses just don't have that kind of money. For mom and pops, a little creativity and a flair for the theatrical can go a long way. In short, they need to rely on good old-fashioned, attention-grabbing publicity stunts.<br></p><div style="height:100%" class="lazyload-placeholder"></div><p> Some businesses have seen stunts become catalysts that take them to the next level. Others see efforts fizzle out, and in some cases turn into horrific disasters. But while there's no guarantee a publicity stunt will accomplish what it's designed to do, many businesses take that route anyway, always hoping for the best.<br></p><p> Here's a list of businesses that engaged in noteworthy plays for the public's attention. Some of these businesses used promotions that exceeded expectations. Other businesses made headlines and were soon forgotten, and others were unmitigated calamities. But whatever the case, all these businesses deserve credit for trying to do something a little different.<br></p><p> Read ahead to see our list of outrageous publicity stunts engaged in by <a href="http://www.cnbc.com/id/44877279" class="webresource" target="_blank">small businesses</a> over the years.</p><p><em>By Daniel Bukszpan</em><br><em>Updated 06 June 2013</em></p></div>,<div class="group"><p>Every January, select New Yorkers brave the elements to participate in the No Pants Subway Ride, an event staged by the <a href="http://improveverywhere.com/" target="_blank">Improv Everywhere</a> prank collective. Participants board the subway in the middle of winter <em>sans </em>pants, to the great amusement of surprised onlookers.<br></p><div style="height:100%" class="lazyload-placeholder"></div><p>This event presented the hair removal salon <a href="http://myshobha.com/index.html" target="_blank">Shobha</a> with a unique opportunity to publicize their service. In January, The Manhattan-based salon sent a team of pants-free participants to the event in underwear proudly bearing the Shobha name.</p></div>,<div class="group"><p>Many small businesses promote their services with prizes and giveaways. Dating services are no exception, including <a href="http://www.gothamdatingpartners.com/" target="_blank">Gotham Dating Partners,</a> which offers a unique promotional item to new clients purchasing an annual membership—a handgun.<br></p><p>"We direct them to online sites and pay for the purchase," Gotham Dating Partners CEO Aaron Fraser said in an e-mail. While clients are required to pass background checks in order to be eligible for weapons, the site proudly matches gun enthusiasts.<br></p></div>,<div class="group"><p>Rotterdam tattoo artist <a href="http://www.tattoodex.nl/" target="_blank">Dex Moelker</a> caused a stir in 2011, when she gave a client a unique tattoo. The client got the profile pictures of all 152 of her Facebook friends tattooed on her right arm, a process documented in a YouTube <a href="http://www.youtube.com/watch?v=ApOWWb7Mqdo" target="_blank">video</a> that went viral.<br></p><p>Disappointingly, <a href="http://www.dutchnews.nl/news/archives/2011/06/facebook_friends_tattoo_is_an.php" target="_blank">it was revealed</a> by the Dutch newspaper <em>Telegraaf</em> to be nothing more than a temporary tattoo. "It is a try out tattoo, a transfer that washes off in a couple of days," Moelker told the <em>Telegraaf</em>. However, the video has been viewed more than 3.7 million times and is linked to from Moekler's website, a testament to its publicity value two years after the fact.<br></p></div>,<div class="group"><p> One of the most profitable movies ever made is 1999's "The Blair Witch Project," which had a production budget of $60,000 and a worldwide box office take of over $248 million, according to <a href="http://boxofficemojo.com/movies/?id=blairwitchproject.htm" target="_blank">Box Office Mojo.</a> The film was <a href="http://www.cnn.com/SHOWBIZ/Movies/9907/27/blair.witch/" target="_blank">a fictional account</a> of three film students' experience investigating a centuries-old tale about a witch.<br></p><p> "The film was intended to be a fake documentary," co-director Daniel Myrick told <em><a href="http://popwatch.ew.com/2009/07/09/blair-witch/" target="_blank">Entertainment Weekly.</a></em> The movie was publicized a year in advance by its <a href="http://www.blairwitch.com/mythology.html" target="_blank">website</a>, which featured faked police reports and staged interviews with ornery townsfolk. The advance publicity fueled a widespread public perception and confusion that the film was comprised of real footage, which only led both horror fans and curiosity-seekers to purchase tickets in droves.<br></p></div>,<div class="group"><p>Cashtomato.com was a short-lived Internet video site whose founder allegedly intended that it compete with YouTube. A tall order, and one that was addressed in a 2008 publicity stunt. It involved dressing up three representatives as tomatoes and having them distribute $4,000 in cash to a packed mid-afternoon crowd in Manhattan's Union Square. What could go wrong?<br></p><p>The representatives were besieged by a seething mob of 100 people, who grabbed at the cash, injuring someone in the process, according to the <a href="http://www.nydailynews.com/news/crime/cashtomato-money-giveaway-turns-rotten-union-square-riot-article-1.306399" target="_blank"><em>New York Daily News</em>.</a> Ultimately, the publicity stunt did not have the desired effect, and the Cashtomato.com domain name is available for purchase today.<br></p></div>,<div class="group"><p>The German publishing house Eichborn Verlag performed an attention-getting stunt at the 2009 Frankfurt Bookfair. Their logo features a housefly, and the company harnessed the power of the insect by attaching promotional banners to real live ones and letting them loose in the venue.<br></p><p>A video of the publicity event can be seen on <a href="http://www.youtube.com/watch?feature=player_embedded&amp;amp;v=ldC7FQiUJ6s" target="_blank">YouTube.</a> Witness the looks of simultaneous delight and irritation among attendees.<br></p></div>,<div class="group"><p><a href="http://www.lifelock.com/" target="_blank">LifeLock</a> is an identity theft prevention company that used an audacious tactic to publicize its services in 2007. It ran television commercials in which CEO Todd Davis disclosed his real social security number, a dare to identity thieves to try their luck against the company. <br></p><p>One year later, <a href="http://abclocal.go.com/kgo/story?section=news/7_on_your_side&amp;amp;id=6053674" target="_blank">ABC News</a> reported that criminals did exactly that by taking out a $500 payday loan in the CEO's name. It wasn't the only time either. In 2010, the <a href="http://web.archive.org/web/20100515054603/http://www.phoenixnewtimes.com/2010-05-13/news/cracking-life-lock-even-after-a-12-million-penalty-for-deceptive-advertising-the-tempe-company-can-t-be-honest-about-its-identity-theft-protection-service" target="_blank"><em>Phoenix New Times</em></a> reported that his identity had been stolen a whopping 13 times.<br></p></div>,<div class="group"><p><a href="http://www.half.ebay.com/" target="_blank">Half.com</a> is an online seller of new and used goods founded in 1999 and purchased in 2000 by<em> </em>eBay<em>. </em>Unlike its parent company, Half.com is not the place to outbid others for rare collectibles, but rather a place to buy goods outright at fixed prices.<br></p><p>In order to attract attention during its pre-eBay days, the company paid the city of Halfway, Ore. $100,000 to <a href="http://www.nytimes.com/2000/01/11/us/city-weighs-price-of-its-good-name.html" target="_blank">change its name</a> to Half.com for one year. It also donated 20 new computers to the city to sweeten the deal for its 362 citizens.<br></p></div>,<div class="group"><p> Syracuse, N.Y. is home to an ice hockey team known as The Crunch. In December 2011, the team offered a <a href="http://sports.yahoo.com/nhl/blog/puck_daddy/post/kris-humphries-offered-a-spot-on-the-ahls-syracuse-crunch?urn=nhl,wp19978" target="_blank">spot on their roster</a> to NBA player Kris Humphries, who is perhaps best known as the man who was Kim Kardashian's husband for all of 72 days.<br></p><p> As a tribute to Humphries' recently collapsed nuptials, the team offered fans the chance to buy six tickets for $72, and Syracuse Crunch General Manager Vance Lederman made a <a href="http://syracusecrunch.com/news/2011/12/14/Humphries.aspx" target="_blank">statement</a> on the team's official website to make the athlete feel welcome. "Being from Minnesota, Humphries will surely enjoy the hockey and feel right at home in the cold, gray, dismal weather we experience this time of year in Central New York," he said.<br></p><p> <em>Tune in to "<!-- -->" on CNBC Prime, Tuesdays at 9 p.m. ET</em><br></p></div>,<div class="group"><p> When Marcus Lemonis isn't running his multi-billion dollar company, Camping World, he goes on the hunt for struggling businesses that are desperate for cash and ripe for a deal. In the past 10 years, he's successfully turned around over 100 companies. Now he's bringing those skills to CNBC and doing something no one has ever done on TV before … he's putting over $2 million of his own money on the line. In each episode, Lemonis makes an offer that's impossible to refuse; his cash for a piece of the business and a percentage of the profits. And once inside these companies, he'll do almost anything to save the business and make himself a profit; even if it means firing the president, promoting the secretary or doing the work himself. <br></p><p> <em><a href="https://www.cnbc.com/the-profit/">The Profit</a> on CNBC Prime premieres Tuesday, July 30 at 10p ET/PT</em>.<br></p></div>

Anyone running a small business knows that one of the most difficult challenges is effective publicity. If people don't know the business exists, they won't walk through the doors—and a business location, staff and start-up capital become irrelevant points. Publicity can be acquired with billboard space or TV commercials, but many small businesses just don't have that kind of money. For mom and pops, a little creativity and a flair for the theatrical can go a long way. In short, they need to rely on good old-fashioned, attention-grabbing publicity stunts. Some businesses have seen stunts become catalysts that take them to the next level. Others see efforts fizzle out, and in some cases turn into horrific disasters. But while there's no guarantee a publicity stunt will accomplish what it's designed to do, many businesses take that route anyway, always hoping for the best. Here's a list of businesses that engaged in noteworthy plays for the public's attention. Some of these businesses used promotions that exceeded expectations. Other businesses made headlines and were soon forgotten, and others were unmitigated calamities. But whatever the case, all these businesses deserve credit for trying to do something a little different. Read ahead to see our list of outrageous publicity stunts engaged in by small businesses over the years.By Daniel BukszpanUpdated 06 June 2013Every January, select New Yorkers brave the elements to participate in the No Pants Subway Ride, an event staged by the Improv Everywhere prank collective. Participants board the subway in the middle of winter sans pants, to the great amusement of surprised onlookers.This event presented the hair removal salon Shobha with a unique opportunity to publicize their service. In January, The Manhattan-based salon sent a team of pants-free participants to the event in underwear proudly bearing the Shobha name.Many small businesses promote their services with prizes and giveaways. Dating services are no exception, including Gotham Dating Partners, which offers a unique promotional item to new clients purchasing an annual membership—a handgun."We direct them to online sites and pay for the purchase," Gotham Dating Partners CEO Aaron Fraser said in an e-mail. While clients are required to pass background checks in order to be eligible for weapons, the site proudly matches gun enthusiasts.Rotterdam tattoo artist Dex Moelker caused a stir in 2011, when she gave a client a unique tattoo. The client got the profile pictures of all 152 of her Facebook friends tattooed on her right arm, a process documented in a YouTube video that went viral.Disappointingly, it was revealed by the Dutch newspaper Telegraaf to be nothing more than a temporary tattoo. "It is a try out tattoo, a transfer that washes off in a couple of days," Moelker told the Telegraaf. However, the video has been viewed more than 3.7 million times and is linked to from Moekler's website, a testament to its publicity value two years after the fact. One of the most profitable movies ever made is 1999's "The Blair Witch Project," which had a production budget of $60,000 and a worldwide box office take of over $248 million, according to Box Office Mojo. The film was a fictional account of three film students' experience investigating a centuries-old tale about a witch. "The film was intended to be a fake documentary," co-director Daniel Myrick told Entertainment Weekly. The movie was publicized a year in advance by its website, which featured faked police reports and staged interviews with ornery townsfolk. The advance publicity fueled a widespread public perception and confusion that the film was comprised of real footage, which only led both horror fans and curiosity-seekers to purchase tickets in droves.Cashtomato.com was a short-lived Internet video site whose founder allegedly intended that it compete with YouTube. A tall order, and one that was addressed in a 2008 publicity stunt. It involved dressing up three representatives as tomatoes and having them distribute $4,000 in cash to a packed mid-afternoon crowd in Manhattan's Union Square. What could go wrong?The representatives were besieged by a seething mob of 100 people, who grabbed at the cash, injuring someone in the process, according to the New York Daily News. Ultimately, the publicity stunt did not have the desired effect, and the Cashtomato.com domain name is available for purchase today.The German publishing house Eichborn Verlag performed an attention-getting stunt at the 2009 Frankfurt Bookfair. Their logo features a housefly, and the company harnessed the power of the insect by attaching promotional banners to real live ones and letting them loose in the venue.A video of the publicity event can be seen on YouTube. Witness the looks of simultaneous delight and irritation among attendees.LifeLock is an identity theft prevention company that used an audacious tactic to publicize its services in 2007. It ran television commercials in which CEO Todd Davis disclosed his real social security number, a dare to identity thieves to try their luck against the company. One year later, ABC News reported that criminals did exactly that by taking out a $500 payday loan in the CEO's name. It wasn't the only time either. In 2010, the Phoenix New Times reported that his identity had been stolen a whopping 13 times.Half.com is an online seller of new and used goods founded in 1999 and purchased in 2000 by eBay. Unlike its parent company, Half.com is not the place to outbid others for rare collectibles, but rather a place to buy goods outright at fixed prices.In order to attract attention during its pre-eBay days, the company paid the city of Halfway, Ore. $100,000 to change its name to Half.com for one year. It also donated 20 new computers to the city to sweeten the deal for its 362 citizens. Syracuse, N.Y. is home to an ice hockey team known as The Crunch. In December 2011, the team offered a spot on their roster to NBA player Kris Humphries, who is perhaps best known as the man who was Kim Kardashian's husband for all of 72 days. As a tribute to Humphries' recently collapsed nuptials, the team offered fans the chance to buy six tickets for $72, and Syracuse Crunch General Manager Vance Lederman made a statement on the team's official website to make the athlete feel welcome. "Being from Minnesota, Humphries will surely enjoy the hockey and feel right at home in the cold, gray, dismal weather we experience this time of year in Central New York," he said. Tune in to "" on CNBC Prime, Tuesdays at 9 p.m. ET When Marcus Lemonis isn't running his multi-billion dollar company, Camping World, he goes on the hunt for struggling businesses that are desperate for cash and ripe for a deal. In the past 10 years, he's successfully turned around over 100 companies. Now he's bringing those skills to CNBC and doing something no one has ever done on TV before … he's putting over $2 million of his own money on the line. In each episode, Lemonis makes an offer that's impossible to refuse; his cash for a piece of the business and a percentage of the profits. And once inside these companies, he'll do almost anything to save the business and make himself a profit; even if it means firing the president, promoting the secretary or doing the work himself. The Profit on CNBC Prime premieres Tuesday, July 30 at 10p ET/PT.

2021-10-30 14:11:38.559615

100,000 march in Minsk to demand Belarus leader resigns

https://www.cnbc.com/2020/09/06/100000-march-in-minsk-to-demand-belarus-leader-resigns.html

2020-09-06T18:58:46+0000

CNBC

Tens of thousands of demonstrators marched Sunday to the outskirts of the presidential residence in the capital of Belarus, calling for the country's authoritarian leader to resign as protests against President Alexander Lukashenko entered their fifth week.Protests also took place in major cities throughout Belarus, said Interior Ministry spokeswoman Olga Chemodanova. Crowd sizes for those protests were not immediately reported, but Ales Bialiatski, head of the Viasna human rights organization, said the demonstration in Minsk attracted more than 100,000 people.The protests, unprecedented in Belarus for their size and duration, began after the Aug. 9 presidential vote that election officials said gave Lukashenko a sixth term in office with 80% support. Protesters say the results were rigged, and some have explained to Associated Press journalists exactly how the fraud took place in their districts.Lukashenko has ruled the country with an iron fist since 1994, regularly repressing dissent and press freedom.Police violently cracked down on demonstrators in the first days of the protests, arresting some 7,000 people and beating hundreds. Although they have scaled back, detentions continue; Viasna reported scores of people were arrested in Minsk and in the city of Grodno on Sunday.Police and army troops blocked off the center of Minsk on Sunday, but demonstrators marched to the outskirts of the Palace of Independence, the president's working residence 3 kilometers (2 miles) outside the city center. The palace grounds were blocked off by phalanxes of shield-bearing riot police and water cannon."This sea of ​​people cannot be stopped by military equipment, water cannons, propaganda and arrests. Most Belarusians want a peaceful change of power and we will not get tired of demanding this," said Maria Kolesnikova, a leader of the Coordination Council set up by the opposition to try to arrange a dialogue with the 66-year-old Lukashenko about a transition of power.She spoke with The Associated Press by telephone.Lukashenko has rejected any discussion with the council and some of its top members have been jailed. One of them, Olga Kovalova, was expelled from the country over the weekend, driven to Poland by police.Despite the stalemate between Lukashenko and the opposition, protesters say they are determined not to tire. Some of the placards they carried Sunday showed a lively sense of humor.

cnbc, Articles, Politics, US: News, Europe News, source:tagname:The Associated Press

<div class="group"><p>Tens of thousands of demonstrators marched Sunday to the outskirts of the presidential residence in the capital of Belarus, calling for the country's authoritarian leader to resign as protests against President Alexander Lukashenko entered their fifth week.</p><p>Protests also took place in major cities throughout Belarus, said Interior Ministry spokeswoman Olga Chemodanova. Crowd sizes for those protests were not immediately reported, but Ales Bialiatski, head of the Viasna human rights organization, said the demonstration in Minsk attracted more than 100,000 people.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The protests, unprecedented in Belarus for their size and duration, began after the Aug. 9 presidential vote that election officials said gave Lukashenko a sixth term in office with 80% support. Protesters say the results were rigged, and <a href="https://apnews.com/72e43a8b9e4c56362d4c1d6393bd54fb" target="_blank">some have explained to Associated Press journalists exactly how the fraud took place in their districts.</a></p><p>Lukashenko has ruled the country with an iron fist since 1994, regularly repressing dissent and press freedom.</p><p>Police violently cracked down on demonstrators in the first days of the protests, arresting some 7,000 people and beating hundreds. Although they have scaled back, detentions continue; Viasna reported scores of people were arrested in Minsk and in the city of Grodno on Sunday.</p><p>Police and army troops blocked off the center of Minsk on Sunday, but demonstrators marched to the outskirts of the Palace of Independence, the president's working residence 3 kilometers (2 miles) outside the city center. The palace grounds were blocked off by phalanxes of shield-bearing riot police and water cannon.</p><p>"This sea of ​​people cannot be stopped by military equipment, water cannons, propaganda and arrests. Most Belarusians want a peaceful change of power and we will not get tired of demanding this," said Maria Kolesnikova, a leader of the Coordination Council set up by the opposition to try to arrange a dialogue with the 66-year-old Lukashenko about a transition of power.</p><div style="height:100%" class="lazyload-placeholder"></div><p>She spoke with The Associated Press by telephone.</p><p>Lukashenko has rejected any discussion with the council and some of its top members have been jailed. One of them, Olga Kovalova, was expelled from the country over the weekend, driven to Poland by police.</p><p>Despite the stalemate between Lukashenko and the opposition, protesters say they are determined not to tire. Some of the placards they carried Sunday showed a lively sense of humor.</p></div>,<div class="group"><p>"Lukashenka, start building a house near Yanukovych," read one, referring to former Ukrainian President Viktor Yanukovych who fled to Russia in 2014 after months of anti-government protests.</p><p>"The collective farm went bankrupt," said another, evoking Lukashenko's former position as a collective farm director and his retention of largely state-controlled Soviet-style economy for Belarus, an Eastern European nation of 9.5 million.</p><p>Authorities also have revoked the accreditation of many Belarusian journalists and deported some foreign journalists, including two Moscow-based Associated Press journalists. AP's Belarusian journalists were among those told their press credentials had been revoked.</p></div>

Tens of thousands of demonstrators marched Sunday to the outskirts of the presidential residence in the capital of Belarus, calling for the country's authoritarian leader to resign as protests against President Alexander Lukashenko entered their fifth week.Protests also took place in major cities throughout Belarus, said Interior Ministry spokeswoman Olga Chemodanova. Crowd sizes for those protests were not immediately reported, but Ales Bialiatski, head of the Viasna human rights organization, said the demonstration in Minsk attracted more than 100,000 people.The protests, unprecedented in Belarus for their size and duration, began after the Aug. 9 presidential vote that election officials said gave Lukashenko a sixth term in office with 80% support. Protesters say the results were rigged, and some have explained to Associated Press journalists exactly how the fraud took place in their districts.Lukashenko has ruled the country with an iron fist since 1994, regularly repressing dissent and press freedom.Police violently cracked down on demonstrators in the first days of the protests, arresting some 7,000 people and beating hundreds. Although they have scaled back, detentions continue; Viasna reported scores of people were arrested in Minsk and in the city of Grodno on Sunday.Police and army troops blocked off the center of Minsk on Sunday, but demonstrators marched to the outskirts of the Palace of Independence, the president's working residence 3 kilometers (2 miles) outside the city center. The palace grounds were blocked off by phalanxes of shield-bearing riot police and water cannon."This sea of ​​people cannot be stopped by military equipment, water cannons, propaganda and arrests. Most Belarusians want a peaceful change of power and we will not get tired of demanding this," said Maria Kolesnikova, a leader of the Coordination Council set up by the opposition to try to arrange a dialogue with the 66-year-old Lukashenko about a transition of power.She spoke with The Associated Press by telephone.Lukashenko has rejected any discussion with the council and some of its top members have been jailed. One of them, Olga Kovalova, was expelled from the country over the weekend, driven to Poland by police.Despite the stalemate between Lukashenko and the opposition, protesters say they are determined not to tire. Some of the placards they carried Sunday showed a lively sense of humor."Lukashenka, start building a house near Yanukovych," read one, referring to former Ukrainian President Viktor Yanukovych who fled to Russia in 2014 after months of anti-government protests."The collective farm went bankrupt," said another, evoking Lukashenko's former position as a collective farm director and his retention of largely state-controlled Soviet-style economy for Belarus, an Eastern European nation of 9.5 million.Authorities also have revoked the accreditation of many Belarusian journalists and deported some foreign journalists, including two Moscow-based Associated Press journalists. AP's Belarusian journalists were among those told their press credentials had been revoked.

2021-10-30 14:11:38.597174

Former Obama speechwriter: This is the one question you have to ask to be an effective communicator

https://www.cnbc.com/2017/06/26/obama-speechwriter-david-litt-how-to-be-an-effective-communicator.html

2017-06-26T15:12:46+0000

Cat Clifford

CNBC

Whether you are writing a presidential speech, sending a quick email to a colleague or getting your employees on board with a new initiative at work, the way you deliver your message can make or break the outcome.David Litt, former speechwriter for President Barack Obama, says there should be one question you think about as you're writing that email, planning your presentation or strategizing the team meeting:"All communication boils down to: What's the goal here?" says Litt, who landed his job as a speechwriter at the White House at 24 years old."Too often people get into a room, everyone's very eager, and they say, 'Okay, what do we say?' rather than, 'What do we hope to accomplish with what we're saying?'"

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2021-10-30 14:11:38.750312

Draghi could leave investors in the dark with QE exit delayed

https://www.cnbc.com/2017/09/06/draghi-could-leave-investors-in-dark-qe-exit-delayed.html

2017-09-06T07:25:38+0000

Annette Weisbach

CNBC

The European Central Bank (ECB) is likely to hold off on making any announcements on its stimulus program when it meets this week, instead opting to push new developments to October in the face of a strong euro.President Mario Draghi said at the last ECB press conference that the Governing Council would discuss the future of its QE (quantitative easing) program in "the fall" - prompting many to speculate that he could detail a reduction of stimulus in September.However, with the fall technically only starting only at the end of September, these market participants may have gotten ahead of themselves. "The stronger euro could lead to such a heated debate that the ECB could postpone fall until the Indian summer period in late October," said Carsten Brzeski, chief economist for Germany and Austria at ING Diba, in a research note."Either way, the big question for this week's meeting is whether Draghi will shed some light on the ECB's game plan for tapering," he added.

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<div class="group"><p>The <a href="https://www.cnbc.com/2011/10/20/european-central-bank-cnbc-explains.html">European Central Bank (ECB)</a> is likely to hold off on making any announcements on its stimulus program when it meets this week, instead opting to push new developments to October in the face of a strong <a href="https://www.cnbc.com/quotes/EUR=">euro</a>.</p><p>President Mario Draghi said at the last ECB press conference that the Governing Council would discuss the future of its <a href="https://www.cnbc.com/2012/10/03/quantitative-easing-cnbc-explains.html">QE (quantitative easing)</a> program in "the fall" - prompting many to speculate that he could detail a reduction of stimulus in September.</p><div style="height:100%" class="lazyload-placeholder"></div><p>However, with the fall technically only starting only at the end of September, these market participants may have gotten ahead of themselves.<br> <br> "The stronger euro could lead to such a heated debate that the ECB could postpone fall until the Indian summer period in late October," said Carsten Brzeski, chief economist for Germany and Austria at ING Diba, in a research note.</p><p>"Either way, the big question for this week's meeting is whether Draghi will shed some light on the ECB's game plan for tapering," he added.</p></div>,<div class="group"><p>The euro has appreciated by around 2.4 percent against the greenback since the last meeting of the bank in July and concerns are growing that the strong euro might dampen the recovery and weaken inflation prospects. The higher the euro, the more expensive products and services get for non-euro customers, which might affect exports from the currency union. At the same time it dampens inflation as imported goods get cheaper.</p><p>"Putting more effort into explaining why the euro is rising on it and on how the balance sheet will continue to deliver stimulus even after tapering could allow for gradual tapering," said ECB watcher Anatoli Annenkov of Societe Generale in a note.</p><p>"(The) core inflation forecast for 2019 is thus crucial," he added.</p><div style="height:100%" class="lazyload-placeholder"></div><p>On Thursday the ECB also will publish a new round of forecasts for inflation and growth. Given the higher euro, there could be a downward correction for inflation with possible market-moving effects.</p></div>,<div class="group"><p>"Between the June and September projections, the euro has appreciated by some 4.2 percent, implying that the 2018 headline inflation forecast could be cut by some 0.2 percentage points to around 1.1 percent," said Annenkov.<br> <br> So it will be up to ECB President Mario Draghi to explain why the ECB, despite the inflation outlook, thinks it is right to taper (gradually reduce stimulus).<br> <br> A poll conducted by Reuters among 66 economists says that the majority expect the ECB to announce a scaling back of its QE program in October and to shut down the program altogether by the end of next year.</p><p>"Tapering is (almost) unavoidable. In the discussion on the game plan, let us not forget that, due to bond scarcity, some kind of tapering in 2018 is almost unavoidable," added Brzeski.</p></div>

The European Central Bank (ECB) is likely to hold off on making any announcements on its stimulus program when it meets this week, instead opting to push new developments to October in the face of a strong euro.President Mario Draghi said at the last ECB press conference that the Governing Council would discuss the future of its QE (quantitative easing) program in "the fall" - prompting many to speculate that he could detail a reduction of stimulus in September.However, with the fall technically only starting only at the end of September, these market participants may have gotten ahead of themselves. "The stronger euro could lead to such a heated debate that the ECB could postpone fall until the Indian summer period in late October," said Carsten Brzeski, chief economist for Germany and Austria at ING Diba, in a research note."Either way, the big question for this week's meeting is whether Draghi will shed some light on the ECB's game plan for tapering," he added.The euro has appreciated by around 2.4 percent against the greenback since the last meeting of the bank in July and concerns are growing that the strong euro might dampen the recovery and weaken inflation prospects. The higher the euro, the more expensive products and services get for non-euro customers, which might affect exports from the currency union. At the same time it dampens inflation as imported goods get cheaper."Putting more effort into explaining why the euro is rising on it and on how the balance sheet will continue to deliver stimulus even after tapering could allow for gradual tapering," said ECB watcher Anatoli Annenkov of Societe Generale in a note."(The) core inflation forecast for 2019 is thus crucial," he added.On Thursday the ECB also will publish a new round of forecasts for inflation and growth. Given the higher euro, there could be a downward correction for inflation with possible market-moving effects."Between the June and September projections, the euro has appreciated by some 4.2 percent, implying that the 2018 headline inflation forecast could be cut by some 0.2 percentage points to around 1.1 percent," said Annenkov. So it will be up to ECB President Mario Draghi to explain why the ECB, despite the inflation outlook, thinks it is right to taper (gradually reduce stimulus). A poll conducted by Reuters among 66 economists says that the majority expect the ECB to announce a scaling back of its QE program in October and to shut down the program altogether by the end of next year."Tapering is (almost) unavoidable. In the discussion on the game plan, let us not forget that, due to bond scarcity, some kind of tapering in 2018 is almost unavoidable," added Brzeski.

2021-10-30 14:11:38.837354

World’s Most Popular Business Cities

https://www.cnbc.com/2011/08/15/Worlds-Most-Popular-Business-Cities.html

2011-08-16T01:13:41+0000

Rajeshni Naidu-Ghelani

CNBC

A shift in economic growth from the West to emerging markets over the past decade has led to the emergence of new business hubs across the world.Regions such as Asia, the Middle East and South America have seen rapid economic growth, coupled with improved infrastructure, and in some cases, lighter regulation. Multinational organizations have rushed to capitalize on this, increasing the number of people they hire in these countries and setting up new offices in emerging markets. For example, banks including HSBC and Barclays have said they will increase hiring in Asia, while cutting staff in developed markets. GE, for example, has moved the headquarters of its X-ray business to Beijing from the U.S.The emergence of these new business centers has sometimes come at the expense of the traditional centers such as New York, Frankfurt and London. But it hasn't always been smooth. Dubai, which experienced huge investments in real estate over the past decade, faced a property bust in 2009.We decided to look at the top business hubs in the world based on research by global real estate firm CB Richard Ellis, which surveyed 300 of the world's largest companies, including Fortune 500 firms and other non-listed entities, such as law firms. The ranking is based on what percentage of these companies have offices in these cities.We've matched that with the cost of renting office space in the central business districts (CBDs) of these hubs from real estate firm Cushman & Wakefield. Office rent cost is measured in square meter per year.The results might surprise you with some of the largest North American cities absent. So which cities are the world's most popular business hubs? Click ahead to find out.By: Rajeshni Naidu-Ghelani(Posted: August 16, 2011)

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<div class="group"><p>A shift in economic growth from the West to emerging markets over the past decade has led to the emergence of new business hubs across the world.<br><br>Regions such as Asia, the Middle East and South America have seen rapid economic growth, coupled with improved infrastructure, and in some cases, lighter regulation. Multinational organizations have rushed to capitalize on this, increasing the number of people they hire in these countries and setting up new offices in emerging markets. For example, banks including HSBC and Barclays have said they will increase hiring in Asia, while cutting staff in developed markets. GE, for example, has moved the headquarters of its X-ray business to Beijing from the U.S.<br><br>The emergence of these new business centers has sometimes come at the expense of the traditional centers such as New York, Frankfurt and London. But it hasn't always been smooth. Dubai, which experienced huge investments in real estate over the past decade, faced a property bust in 2009.<br><br>We decided to look at the top business hubs in the world based on research by global real estate firm CB Richard Ellis, which surveyed 300 of the world's largest companies, including Fortune 500 firms and other non-listed entities, such as law firms. The ranking is based on what percentage of these companies have offices in these cities.<br><br>We've matched that with the cost of renting office space in the central business districts (CBDs) of these hubs from real estate firm Cushman &amp; Wakefield. Office rent cost is measured in square meter per year.<br><br>The results might surprise you with some of the largest North American cities absent. So which cities are the world's most popular business hubs? Click ahead to find out.<br><br>By: <a href="http://www.cnbc.com/default.aspx?id=15837548&amp;cid=228813&amp;pgn=1&amp;sh=3&amp;Rajeshni" target="_blank">Rajeshni Naidu-Ghelani</a><em>(Posted: August 16, 2011)</em></p></div>,<div class="group"><p>Companies Present: 55.7 percent<br>Office Rental Cost: $1,093 per sq. meter<br><br>Paris, one of the world's major cultural centers, is one of only three Western European cities to make the list of the world's top 10 business centers. France comes in third among European countries with the most international companies present.<br><br>Paris, like its other Western counterparts, plays host to offices of many front-office business functions because of its advanced economy and high skills base. Professional services and the insurance sector have a large representation in Paris, while automobile and mining firms are the least represented. The city is home to French banking giant BNP Paribas and insurer AXA. In fact, the Paris region accounts for almost 30 percent of France's economy.<br><br>Rents for office space rose 9 percent in 2010, despite ongoing economic debt worries in France and the wider Euro region. That's because a lack of new supply pushed commercial rents higher.</p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p>Companies Present: 56.1 percent<br>Office Rental Cost: $524 per sq. meter<br><br>Dubai is the top business hub in the Middle East and African region, reflecting the success of its government's strategy to promote it as a regional center. The city has also benefited as a "safe haven" for foreign companies amid political unrest in the Arab world.<br><br>Dubai attracted more than 70 percent of the firms polled by CB Richard Ellis in the industrial goods and services sectors. Given its strategic location—halfway between Europe and Asia—it often serves as the head office for higher-level decision-making.<br><br>Incentives such as tax breaks and a more liberal attitude toward Western culture, such as women not having to cover their heads in public, have made Dubai a popular city for expatriate staff. The Dubai International Financial Centre, the firm running the emirate's tax-free business park, said 64 companies joined its free zone in the first half of 2011—an 8 percent increase from last year.<br><br>But, there are some government restrictions that make it difficult for international companies to operate in the local market. For example, businesses must be 51 percent owned by a citizen of the United Arab Emirates.<br><br>Dubai's property market has still not fully recovered from the Gulf state's property bust and debt crisis in 2009. In 2010, the Middle East and Africa were the only regions in the world that saw a continuing decline in office rental costs. Dubai saw rents go down by as much as 20 percent, as significant oversupply and high vacancy rates plagued the domestic market.</p></div>,<div class="group"><p>Companies Present: 59.6 percent<br>Office Rental Cost: $484 per sq. meter<br><br>Madrid is home to more than 75 percent of companies in the media, technology and telecommunications sector, about the same level as New York, giving Madrid equal bragging rights as a media capital. The city is also home to Telefonica—Europe's second-largest phone company.<br><br>Madrid is the third largest city in the European Union (EU) after London and Paris, and accounted for more than 12 percent of Spain's gross domestic product in 2009. The city has held up better than the rest of the country, which has been facing a property bust and debt crisis. Its unemployment rate was 4.5 percentage points lower than the national average of 21.3 percent in the first quarter of 2011. Office rental prices have suffered though, dropping 7 percent in 2010 due to low demand.<br><br>As the capital of the country, Madrid also benefits from Spain's popularity among foreign companies. In fact, Spain is among the top five countries in the world when it comes to attracting international companies. In all, Europe accounts for five of the top 10 nations in terms of hosting offices of the biggest international firms. A big draw for these companies is the size of the European consumer market and the ease with which companies in the EU can expand into neighboring countries.</p></div>,<div class="group"><p>Companies Present: 60.4 percent<br>Office Rental Cost: $735 per sq. meter<br><br>Beijing is one of the world's most heavily populated cities, with nearly 20 million residents. It's among five Asian cities that make the Top 10 list.<br><br>The city has a high concentration of mining, construction, and agricultural companies. Firms that have a high level of interaction with government agencies and state-owned companies, as well as those in highly regulated sectors such as energy and mining, tend to set up an office in China's political center.<br><br>Companies trying to access the growing local consumer markets also have a big presence in the city. Beijing's automobile sector has boomed in recent years, as China has become the world's largest car market by volume sales. German automaker Daimler opened a Mercedes-Benz design center in the city last month, while U.S. carmaker General Motors runs ventures with state auto groups SAIC Motor and FAW Group.<br><br>Beijing has been rapidly developing prime office space following a government push to develop the central business district. Office rents went up by a whopping 48 percent in 2010 because of increased domestic demand for high-quality office space and limited supply.</p></div>,<div class="group"><p>Companies Present: 60.7 percent<br>Office Rental Cost: $850 per sq. meter<br><br>Moscow's ranking as the sixth most popular business hub, and the second most popular in Europe, shows Russia's importance as an emerging market.<br><br>International firms find it difficult to do business in Russia without a domestic office, given high levels of bureaucracy and corruption, which is one reason why the city is so important for foreign companies. The fact the Moscow has better infrastructure and much higher levels of development than other large cities is another reason.<br><br>The city of 13 million has a high concentration of companies in the professional services sector given its highly skilled labor force and the fact that it often acts as a hub for operations in Central and Eastern Europe.<br><br>A redevelopment of Moscow's city center and the construction of the Moscow International Business Center have also helped cement the city's reputation as a hub.</p></div>,<div class="group"><p>Companies Present: 61.4 percent<br>Office Rental Cost: $812 per sq. meter<br><br>Shanghai is home to China's major financial institutions and mainland stock exchange, receiving significant capital inflows from Hong Kong.<br><br>Its position on the Yangtze River Delta also gives companies easy access to China's large manufacturing base, research and development, and back office operations in the region. These factors have resulted in a concentration of mining, construction, and commodity companies being based in the city. Many firms are starting to move west, however, to access cheaper labor.<br><br>Government initiatives to reduce economic disparity between cities has led to better infrastructure in other regions, with the plan that Shanghai and Beijing will likely become service-based cities and the inland markets will manage the manufacturing and distribution functions.<br><br>Shanghai has also becoming a key regional center in Asia. U.S. technology and manufacturing firm Honeywell moved its Singapore-based Asia-Pacific headquarters to the city in 2003, while German chip giant Infineon relocated its Hong Kong-based regional head office to Shanghai. As a result of growing demand, the city saw annual office rents rise by as much as 28 percent in 2010.</p><div style="height:100%" class="lazyload-placeholder"></div></div>,<div class="group"><p>Companies Present: 63.2 percent<br>Office Rental Cost: $1,683 per sq. meter (West End) or $974 per sq. meter (City)<br><br>London has a long history as one of the world's top business centers, but in recent years a number of emerging markets have challenged its global ranking.<br><br>The city still attracts the highest number of international companies in Europe and dominates in the banking, financial, and professional services sectors worldwide. London has more than 480 overseas banks and is home to multinational heavyweights such as Rio Tinto. The city has the most international visitors in the world and accounts for over 20 percent of the U.K.'s economy.<br><br>Prime rents rebounded in London in 2010 after the global financial crisis. The city's West End saw annual rental growth top 27 percent due to limited supply of new construction. In comparison, rents in Ireland, Spain, and Greece fell by 19 percent, 7 percent, and 3 percent, respectively, in the same period.</p></div>,<div class="group"><p>Companies Present: 63.9 percent<br>Office Rental Cost: $20,469 per sq. meter<br><br>Tokyo is home to 47 Japanese Fortune 500 companies, including Honda, Sony, and Mitsubishi. The city is also headquarters to several of the world's largest investment banks and insurance companies. It is also known as one of the three command centers of the world economy, along with New York and London. Often at the top of the world's most expensive cities list, Tokyo has faced several setbacks in recent years with stagnant economic growth and natural disasters crippling the Japanese economy.<br><br>Tokyo slipped two places in 2010 to number three from being the most expensive office location in the world in 2009. Rents fell by more than 11 percent from the previous year as the city became a "tenants market" with vacancy rates rising and rental levels decreasing.</p></div>,<div class="group"><p>Companies Present: 67.5 percent<br>Office Rental Cost: $850 per sq. meter<br><br>Singapore is the highest ranked Asian city on the list. It has become a gateway for businesses and investors trying to access to world's fastest growing consumer markets in China.<br><br>Being in the same time zone as key Asian markets, such as mainland China, Hong Kong, Malaysia, and Indonesia, has been a major factor. The city is also home to two Fortune 500 companies—contract electronics manufacturer Flextronics and commodities trader Wilmar International.<br><br>The island nation's high-quality infrastructure, efficient administration, low taxes, as well as its busy shipping port and airport, have made it a top choice for many international companies and their expatriate employees.<br><br>The city is also home to many companies in the banking and financial services sector, and comes in fourth behind London, New York, and Hong Kong in terms of the number of financial services firms with offices there.<br><br>Office rents went up as much as 16 percent in 2010, with further increases expected this year as corporations expand and demand continues to rise.</p></div>,<div class="group"><p>Companies Present: 68.2 percent<br>Office Rental Cost: $2,297 per sq. meter<br><br>Hong Kong is the world's most popular city for international businesses, reflecting a shift in economic power to Asia in recent years.<br><br>Hong Kong holds a unique position because of its location and lack of foreign ownership restrictions, which allow companies to operate globally and still have access to a highly skilled and low-cost workforce. Cities such as Hong Kong and Singapore are seen as key business hubs, with access to the anticipated growth in surrounding emerging markets. Leading financial multinationals headquartered in Hong Kong include Morgan Stanley, Deutsche Bank, and Credit Suisse.<br><br>Annual rents for office space jumped 51 percent in 2010 from the year before, and high demand and limited supply is expected to push up rents by a further 15 to 20 percent this year.</p></div>

A shift in economic growth from the West to emerging markets over the past decade has led to the emergence of new business hubs across the world.Regions such as Asia, the Middle East and South America have seen rapid economic growth, coupled with improved infrastructure, and in some cases, lighter regulation. Multinational organizations have rushed to capitalize on this, increasing the number of people they hire in these countries and setting up new offices in emerging markets. For example, banks including HSBC and Barclays have said they will increase hiring in Asia, while cutting staff in developed markets. GE, for example, has moved the headquarters of its X-ray business to Beijing from the U.S.The emergence of these new business centers has sometimes come at the expense of the traditional centers such as New York, Frankfurt and London. But it hasn't always been smooth. Dubai, which experienced huge investments in real estate over the past decade, faced a property bust in 2009.We decided to look at the top business hubs in the world based on research by global real estate firm CB Richard Ellis, which surveyed 300 of the world's largest companies, including Fortune 500 firms and other non-listed entities, such as law firms. The ranking is based on what percentage of these companies have offices in these cities.We've matched that with the cost of renting office space in the central business districts (CBDs) of these hubs from real estate firm Cushman & Wakefield. Office rent cost is measured in square meter per year.The results might surprise you with some of the largest North American cities absent. So which cities are the world's most popular business hubs? Click ahead to find out.By: Rajeshni Naidu-Ghelani(Posted: August 16, 2011)Companies Present: 55.7 percentOffice Rental Cost: $1,093 per sq. meterParis, one of the world's major cultural centers, is one of only three Western European cities to make the list of the world's top 10 business centers. France comes in third among European countries with the most international companies present.Paris, like its other Western counterparts, plays host to offices of many front-office business functions because of its advanced economy and high skills base. Professional services and the insurance sector have a large representation in Paris, while automobile and mining firms are the least represented. The city is home to French banking giant BNP Paribas and insurer AXA. In fact, the Paris region accounts for almost 30 percent of France's economy.Rents for office space rose 9 percent in 2010, despite ongoing economic debt worries in France and the wider Euro region. That's because a lack of new supply pushed commercial rents higher.Companies Present: 56.1 percentOffice Rental Cost: $524 per sq. meterDubai is the top business hub in the Middle East and African region, reflecting the success of its government's strategy to promote it as a regional center. The city has also benefited as a "safe haven" for foreign companies amid political unrest in the Arab world.Dubai attracted more than 70 percent of the firms polled by CB Richard Ellis in the industrial goods and services sectors. Given its strategic location—halfway between Europe and Asia—it often serves as the head office for higher-level decision-making.Incentives such as tax breaks and a more liberal attitude toward Western culture, such as women not having to cover their heads in public, have made Dubai a popular city for expatriate staff. The Dubai International Financial Centre, the firm running the emirate's tax-free business park, said 64 companies joined its free zone in the first half of 2011—an 8 percent increase from last year.But, there are some government restrictions that make it difficult for international companies to operate in the local market. For example, businesses must be 51 percent owned by a citizen of the United Arab Emirates.Dubai's property market has still not fully recovered from the Gulf state's property bust and debt crisis in 2009. In 2010, the Middle East and Africa were the only regions in the world that saw a continuing decline in office rental costs. Dubai saw rents go down by as much as 20 percent, as significant oversupply and high vacancy rates plagued the domestic market.Companies Present: 59.6 percentOffice Rental Cost: $484 per sq. meterMadrid is home to more than 75 percent of companies in the media, technology and telecommunications sector, about the same level as New York, giving Madrid equal bragging rights as a media capital. The city is also home to Telefonica—Europe's second-largest phone company.Madrid is the third largest city in the European Union (EU) after London and Paris, and accounted for more than 12 percent of Spain's gross domestic product in 2009. The city has held up better than the rest of the country, which has been facing a property bust and debt crisis. Its unemployment rate was 4.5 percentage points lower than the national average of 21.3 percent in the first quarter of 2011. Office rental prices have suffered though, dropping 7 percent in 2010 due to low demand.As the capital of the country, Madrid also benefits from Spain's popularity among foreign companies. In fact, Spain is among the top five countries in the world when it comes to attracting international companies. In all, Europe accounts for five of the top 10 nations in terms of hosting offices of the biggest international firms. A big draw for these companies is the size of the European consumer market and the ease with which companies in the EU can expand into neighboring countries.Companies Present: 60.4 percentOffice Rental Cost: $735 per sq. meterBeijing is one of the world's most heavily populated cities, with nearly 20 million residents. It's among five Asian cities that make the Top 10 list.The city has a high concentration of mining, construction, and agricultural companies. Firms that have a high level of interaction with government agencies and state-owned companies, as well as those in highly regulated sectors such as energy and mining, tend to set up an office in China's political center.Companies trying to access the growing local consumer markets also have a big presence in the city. Beijing's automobile sector has boomed in recent years, as China has become the world's largest car market by volume sales. German automaker Daimler opened a Mercedes-Benz design center in the city last month, while U.S. carmaker General Motors runs ventures with state auto groups SAIC Motor and FAW Group.Beijing has been rapidly developing prime office space following a government push to develop the central business district. Office rents went up by a whopping 48 percent in 2010 because of increased domestic demand for high-quality office space and limited supply.Companies Present: 60.7 percentOffice Rental Cost: $850 per sq. meterMoscow's ranking as the sixth most popular business hub, and the second most popular in Europe, shows Russia's importance as an emerging market.International firms find it difficult to do business in Russia without a domestic office, given high levels of bureaucracy and corruption, which is one reason why the city is so important for foreign companies. The fact the Moscow has better infrastructure and much higher levels of development than other large cities is another reason.The city of 13 million has a high concentration of companies in the professional services sector given its highly skilled labor force and the fact that it often acts as a hub for operations in Central and Eastern Europe.A redevelopment of Moscow's city center and the construction of the Moscow International Business Center have also helped cement the city's reputation as a hub.Companies Present: 61.4 percentOffice Rental Cost: $812 per sq. meterShanghai is home to China's major financial institutions and mainland stock exchange, receiving significant capital inflows from Hong Kong.Its position on the Yangtze River Delta also gives companies easy access to China's large manufacturing base, research and development, and back office operations in the region. These factors have resulted in a concentration of mining, construction, and commodity companies being based in the city. Many firms are starting to move west, however, to access cheaper labor.Government initiatives to reduce economic disparity between cities has led to better infrastructure in other regions, with the plan that Shanghai and Beijing will likely become service-based cities and the inland markets will manage the manufacturing and distribution functions.Shanghai has also becoming a key regional center in Asia. U.S. technology and manufacturing firm Honeywell moved its Singapore-based Asia-Pacific headquarters to the city in 2003, while German chip giant Infineon relocated its Hong Kong-based regional head office to Shanghai. As a result of growing demand, the city saw annual office rents rise by as much as 28 percent in 2010.Companies Present: 63.2 percentOffice Rental Cost: $1,683 per sq. meter (West End) or $974 per sq. meter (City)London has a long history as one of the world's top business centers, but in recent years a number of emerging markets have challenged its global ranking.The city still attracts the highest number of international companies in Europe and dominates in the banking, financial, and professional services sectors worldwide. London has more than 480 overseas banks and is home to multinational heavyweights such as Rio Tinto. The city has the most international visitors in the world and accounts for over 20 percent of the U.K.'s economy.Prime rents rebounded in London in 2010 after the global financial crisis. The city's West End saw annual rental growth top 27 percent due to limited supply of new construction. In comparison, rents in Ireland, Spain, and Greece fell by 19 percent, 7 percent, and 3 percent, respectively, in the same period.Companies Present: 63.9 percentOffice Rental Cost: $20,469 per sq. meterTokyo is home to 47 Japanese Fortune 500 companies, including Honda, Sony, and Mitsubishi. The city is also headquarters to several of the world's largest investment banks and insurance companies. It is also known as one of the three command centers of the world economy, along with New York and London. Often at the top of the world's most expensive cities list, Tokyo has faced several setbacks in recent years with stagnant economic growth and natural disasters crippling the Japanese economy.Tokyo slipped two places in 2010 to number three from being the most expensive office location in the world in 2009. Rents fell by more than 11 percent from the previous year as the city became a "tenants market" with vacancy rates rising and rental levels decreasing.Companies Present: 67.5 percentOffice Rental Cost: $850 per sq. meterSingapore is the highest ranked Asian city on the list. It has become a gateway for businesses and investors trying to access to world's fastest growing consumer markets in China.Being in the same time zone as key Asian markets, such as mainland China, Hong Kong, Malaysia, and Indonesia, has been a major factor. The city is also home to two Fortune 500 companies—contract electronics manufacturer Flextronics and commodities trader Wilmar International.The island nation's high-quality infrastructure, efficient administration, low taxes, as well as its busy shipping port and airport, have made it a top choice for many international companies and their expatriate employees.The city is also home to many companies in the banking and financial services sector, and comes in fourth behind London, New York, and Hong Kong in terms of the number of financial services firms with offices there.Office rents went up as much as 16 percent in 2010, with further increases expected this year as corporations expand and demand continues to rise.Companies Present: 68.2 percentOffice Rental Cost: $2,297 per sq. meterHong Kong is the world's most popular city for international businesses, reflecting a shift in economic power to Asia in recent years.Hong Kong holds a unique position because of its location and lack of foreign ownership restrictions, which allow companies to operate globally and still have access to a highly skilled and low-cost workforce. Cities such as Hong Kong and Singapore are seen as key business hubs, with access to the anticipated growth in surrounding emerging markets. Leading financial multinationals headquartered in Hong Kong include Morgan Stanley, Deutsche Bank, and Credit Suisse.Annual rents for office space jumped 51 percent in 2010 from the year before, and high demand and limited supply is expected to push up rents by a further 15 to 20 percent this year.

2021-10-30 14:11:39.002825

White House considers tax cuts, extra Fed pressure in coronavirus response, report says

https://www.cnbc.com/2020/02/28/trump-aides-weigh-tax-cuts-fed-pressure-in-coronavirus-response-report.html

2020-02-28T20:36:23+0000

Kevin Breuninger

CNBC

Trump administration officials are considering a tax cut package as part of the White House's economic response to the coronavirus outbreak, The Washington Post reported Friday, citing five people with knowledge of the planning.Those people also discussed whether the White House should ramp up pressure on the Federal Reserve to cut interest rates, according to the Post.Fears about the spread of the deadly virus have sent the stock market spiraling downward in recent trading sessions.Federal Reserve Chairman Jerome Powell said in a note Friday that the central bank is monitoring the coronavirus for risks it poses to the U.S. economy and pledged it would take action if necessary. He offered no specifics on whether the Fed was considering a rate cut.Vice President Mike Pence's office is involved in the discussions about the possible economic responses to the coronavirus, according to the Post.The White House didn't immediately respond to CNBC's request for comment.The newspaper reported that the economic proposals were not intended to stop the spread of the virus, but rather to ease the economic fears that have gripped global markets.The administration's ideas for an economic response are in the early stages, the Post reported.White House officials, including President Donald Trump himself, have worked to inject some calm into the economy, which is in the midst of a massive sell-off.The fast-spreading disease has killed more than 2,800 people around the world and infected more than 83,000. But only 61 cases have been confirmed in the U.S., and no U.S. deaths have been reported.National Economic Council Director Larry Kudlow said in a television interview Friday that investors should not "rule out more optimistic options.""Stocks look pretty cheap to me," Kudlow added.Read the full report from The Washington Post.

cnbc, Articles, Larry Kudlow, Economic events, Federal Reserve System, Donald Trump, Jerome Powell, Interest Rates, Breaking News: Politics, Coronavirus, Elections, Politics, US: News, White House, 2020 Elections, The Fed, source:tagname:CNBC US Source

<div class="group"><p>Trump administration officials are considering a tax cut package as part of the White House's economic response to the coronavirus outbreak, <a href="https://www.washingtonpost.com/business/2020/02/28/trump-coronavirus-tax-cuts/" target="_blank">The Washington Post reported Friday</a>, citing five people with knowledge of the planning.</p><p>Those people also discussed whether the White House should ramp up pressure on the Federal Reserve to cut interest rates, according to the Post.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Fears about the spread of the deadly virus have sent the stock market spiraling downward in recent trading sessions.</p><p><a href="https://www.cnbc.com/2020/02/28/feds-powell-says-coronavirus-poses-evolving-risks-pledges-to-act-as-appropriate-for-economy.html">Federal Reserve Chairman Jerome Powell said in a note Friday</a> that the central bank is monitoring the coronavirus for risks it poses to the U.S. economy and pledged it would take action if necessary. He offered no specifics on whether the Fed was considering a rate cut.</p><p>Vice President Mike Pence's office is involved in the discussions about the possible economic responses to the coronavirus, according to the Post.</p><p>The White House didn't immediately respond to CNBC's request for comment.</p><p>The newspaper reported that the economic proposals were not intended to stop the spread of the virus, but rather to ease the economic fears that have gripped global markets.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The administration's ideas for an economic response are in the early stages, the Post reported.</p><p>White House officials, including President Donald Trump himself, have worked to <a href="https://www.cnbc.com/2020/02/27/dow-futures-fall-100-points-after-another-massive-rout-amid-coronavirus-fears.html">inject some calm into the economy, which is in the midst of a massive sell-off</a>.</p><p>The fast-spreading disease has killed more than 2,800 people around the world and infected more than 83,000. But only 61 cases have been confirmed in the U.S., and no U.S. deaths have been reported.</p><p>National Economic Council Director Larry Kudlow <a href="https://www.cnbc.com/2020/02/28/trump-aide-kudlow-urges-calm-on-coronavirus-stocks-look-pretty-cheap.html">said in a television interview Friday that investors should not "rule out more optimistic options."</a></p><p>"Stocks look pretty cheap to me," Kudlow added.</p><p><a href="https://www.washingtonpost.com/business/2020/02/28/trump-coronavirus-tax-cuts/" target="_blank"><strong>Read the full report from The Washington Post.</strong></a></p></div>,<div class="group"><p><strong>This is breaking news. Please check back for updates.</strong></p></div>

Trump administration officials are considering a tax cut package as part of the White House's economic response to the coronavirus outbreak, The Washington Post reported Friday, citing five people with knowledge of the planning.Those people also discussed whether the White House should ramp up pressure on the Federal Reserve to cut interest rates, according to the Post.Fears about the spread of the deadly virus have sent the stock market spiraling downward in recent trading sessions.Federal Reserve Chairman Jerome Powell said in a note Friday that the central bank is monitoring the coronavirus for risks it poses to the U.S. economy and pledged it would take action if necessary. He offered no specifics on whether the Fed was considering a rate cut.Vice President Mike Pence's office is involved in the discussions about the possible economic responses to the coronavirus, according to the Post.The White House didn't immediately respond to CNBC's request for comment.The newspaper reported that the economic proposals were not intended to stop the spread of the virus, but rather to ease the economic fears that have gripped global markets.The administration's ideas for an economic response are in the early stages, the Post reported.White House officials, including President Donald Trump himself, have worked to inject some calm into the economy, which is in the midst of a massive sell-off.The fast-spreading disease has killed more than 2,800 people around the world and infected more than 83,000. But only 61 cases have been confirmed in the U.S., and no U.S. deaths have been reported.National Economic Council Director Larry Kudlow said in a television interview Friday that investors should not "rule out more optimistic options.""Stocks look pretty cheap to me," Kudlow added.Read the full report from The Washington Post.This is breaking news. Please check back for updates.

2021-10-30 14:11:39.297042

Greenberg: Momentum King’s Next Big Move

https://www.cnbc.com/2011/03/30/greenberg-momentum-kings-next-big-move.html

2011-03-30T20:25:57+0000

Herb Greenberg

CNBC

Over the years, when the market has gotten really wacky, tense and emotional, I have tended to always check in with the king of momentum investing: William O’Neil — or at least his organization, which includes Investors Business Daily. I’ve actually never talked to O’Neil, but I’ve often been surprised to hear they were long gone from (or certainly cautious on) some of the biggest momentum names when the market — or at least a cluster of names — has appeared to have gotten out of control. That’s when companies go from being just companies to being stocks. With that in mind, what’s the current state of momentum? Depends when you ask. “The first thing we always look at is the direction of the market, and it’s unclear at this point.” Chris Gessel, executive editor of IBD, has worked with O’Neil for 15 years and serves as the front man to people like me. We were talking late Tuesday morning — and at that point he was saying: Enter later in the afternoon, after the market closed. I checked back with Gessel and (surprise!) he had an update – proving just how unpredictable this market has become: “We’re changing our outlook back to an uptrend because of the action of the leaders,” he said. Does that mean the choppy and unclear nature of the market — with indexes in conflict with the leaders — is moot? “It’s not entirely resolved” Gessel said. “But the leaders are acting very well and the market is okay. Today’s positive reversal and close right near the high after last week’s positive action is getting hard to ignore.” What about the hottest stocks? Some of the big movers like Netflix, OpenTable, Chipotle and Apple are at points where Gessel says the O’Neil model might not commit new money “at this point.” (It tends to wait for the stock to start moving again with confirming volume.) "The big easier gains have passed and a lot more diligence and disciplined trading is required. You need to buy at the right point." On the other hand, AthenaHealthis starting to show up on the O’Neil radar, thanks to accelerating sales and earnings. “It’s a fairly new stock for us,” Gessel says. “But it had been going sideways for four years.” Even though it’s nearly double its summer lows, Gesssel says, “You wouldn’t look at this and call this a momentum stock.” Not yet, at least. My take: Never forget the part about growth stocks and their exaggerated ties to the market. The markets may come and go but that never changes – both ways! Questions? Comments? Write to HerbOnTheStreet@cnbc.comFollow Herb on Twitter: _____________________________ CNBC Data Pages:______________________________Disclaimer

cnbc, Articles, Commodity markets, Currency markets, Bonds, Athenahealth Inc, Chipotle Mexican Grill Inc, Netflix Inc, OpenTable Inc, Apple Inc, Futures & Commodities, Currencies, DOW 30, Markets, stocks, Stock Blog, source:tagname:CNBC US Source

<div class="group"><p>Over the years, when the market has gotten really wacky, tense and emotional, I have tended to always check in with the king of momentum investing: <a href="http://www.williamoneil.com/About/WilliamJONeil.aspx" target="_blank">William O’Neil</a> — or at least his organization, which includes Investors Business Daily. </p><p>I’ve actually never talked to O’Neil, but I’ve often been surprised to hear they were long gone from (or certainly cautious on) some of the biggest momentum names when the market — or at least a cluster of names — has appeared to have gotten out of control. </p><div style="height:100%" class="lazyload-placeholder"></div><p>That’s when companies go from being just companies to being stocks. </p><p>With that in mind, what’s the current state of momentum? </p><p>Depends <em>when</em> you ask. </p><p>“The first thing we always look at is the direction of the market, and it’s unclear at this point.” Chris Gessel, executive editor of <strong>IBD</strong>, has worked with O’Neil for 15 years and serves as the front man to people like me. </p><p>We were talking late Tuesday morning — and at that point he was saying: </p><div style="height:100%" class="lazyload-placeholder"></div><ul><li>It’s a good time to be cautious buying stocks. “There are some opportunities, but we’re heading into a market that isn’t as clear as we’d like.” But that shouldn’t be surprising: Historically, according to the O’Neil archives, the third year of a recovery after a major bear market tends to be choppy. </li><li>Growth stocks tend to be more exaggerated in their ties to the market. If the market is down 10%, they’ll be down 20% and 30%. (And vice-versa.) </li><li>This is a very news-driven market, but even that statement is confusing. “In a strong bull market, no matter what the news, the market goes higher.” Yet in the world of O’Neil, the market is in an intermediate correction. “Historically, you would expect to see choppy sideways action, and that’s what we’re getting.” </li><li>The indexes are not looking well – certainly not as good as the leading stocks. “Either the market has to catch up or the stocks have to give up gains.” </li><li>Looming earnings adds another dimension of uncertainty. “If the market were much stronger, you wouldn’t have to worry about earnings, but we have the mixed message of the market indexes and leading stocks. You don’t see leading stocks run for prolonged periods without the market supporting them.” </li></ul><p>Enter later in the afternoon, after the market closed. I checked back with Gessel and (surprise!) he had an update – proving just how unpredictable this market has become: </p><p>“We’re changing our outlook back to an uptrend because of the action of the leaders,” he said. </p><p>Does that mean the choppy and unclear nature of the market — with indexes in conflict with the leaders — is moot? </p><p>“It’s not entirely resolved” Gessel said. “But the leaders are acting very well and the market is okay. Today’s positive reversal and close right near the high after last week’s positive action is getting hard to ignore.” </p><p>What about the hottest stocks? Some of the big movers like Netflix, OpenTable, Chipotle and Apple are at points where Gessel says the O’Neil model might not commit new money “at this point.” (It tends to wait for the stock to start moving again with confirming volume.) "The big easier gains have passed and a lot more diligence and disciplined trading is required. You need to buy at the right point." </p><p>On the other hand, AthenaHealthis starting to show up on the O’Neil radar, thanks to accelerating sales and earnings. “It’s a fairly new stock for us,” Gessel says. “But it had been going sideways for four years.” Even though it’s nearly double its summer lows, Gesssel says, “You wouldn’t look at this and call this a momentum stock.” </p><p>Not yet, at least. </p><p><strong>My take:</strong> Never forget the part about growth stocks and their exaggerated ties to the market. The markets may come and go but that never changes – both ways! </p><p><strong><em>Questions? Comments? Write to </em></strong><a href="mailto:HerbOnTheStreet@cnbc.com" class="webresource" target="_blank">HerbOnTheStreet@cnbc.com</a></p><p><strong>Follow Herb on Twitter: </strong></p><p>_____________________________ </p><p><strong><em>CNBC Data Pages:</em></strong></p><ul><li><a href="https://www.cnbc.com/dow-30/">Dow 30 Stocks—In Real Time </a></li><li><a href="https://www.cnbc.com/futures-and-commodities/">Oil, Gold, Natural Gas Prices Now </a></li><li><a href="https://www.cnbc.com/currencies/">Where's the US Dollar Today?</a></li><li><a href="https://www.cnbc.com/bonds/">Track Treasury Prices Here</a></li></ul><p>______________________________</p><p><strong><em><a href="https://www.cnbc.com/stocks-disclaimer.html">Disclaimer</a></em></strong></p></div>

Over the years, when the market has gotten really wacky, tense and emotional, I have tended to always check in with the king of momentum investing: William O’Neil — or at least his organization, which includes Investors Business Daily. I’ve actually never talked to O’Neil, but I’ve often been surprised to hear they were long gone from (or certainly cautious on) some of the biggest momentum names when the market — or at least a cluster of names — has appeared to have gotten out of control. That’s when companies go from being just companies to being stocks. With that in mind, what’s the current state of momentum? Depends when you ask. “The first thing we always look at is the direction of the market, and it’s unclear at this point.” Chris Gessel, executive editor of IBD, has worked with O’Neil for 15 years and serves as the front man to people like me. We were talking late Tuesday morning — and at that point he was saying: It’s a good time to be cautious buying stocks. “There are some opportunities, but we’re heading into a market that isn’t as clear as we’d like.” But that shouldn’t be surprising: Historically, according to the O’Neil archives, the third year of a recovery after a major bear market tends to be choppy. Growth stocks tend to be more exaggerated in their ties to the market. If the market is down 10%, they’ll be down 20% and 30%. (And vice-versa.) This is a very news-driven market, but even that statement is confusing. “In a strong bull market, no matter what the news, the market goes higher.” Yet in the world of O’Neil, the market is in an intermediate correction. “Historically, you would expect to see choppy sideways action, and that’s what we’re getting.” The indexes are not looking well – certainly not as good as the leading stocks. “Either the market has to catch up or the stocks have to give up gains.” Looming earnings adds another dimension of uncertainty. “If the market were much stronger, you wouldn’t have to worry about earnings, but we have the mixed message of the market indexes and leading stocks. You don’t see leading stocks run for prolonged periods without the market supporting them.” Enter later in the afternoon, after the market closed. I checked back with Gessel and (surprise!) he had an update – proving just how unpredictable this market has become: “We’re changing our outlook back to an uptrend because of the action of the leaders,” he said. Does that mean the choppy and unclear nature of the market — with indexes in conflict with the leaders — is moot? “It’s not entirely resolved” Gessel said. “But the leaders are acting very well and the market is okay. Today’s positive reversal and close right near the high after last week’s positive action is getting hard to ignore.” What about the hottest stocks? Some of the big movers like Netflix, OpenTable, Chipotle and Apple are at points where Gessel says the O’Neil model might not commit new money “at this point.” (It tends to wait for the stock to start moving again with confirming volume.) "The big easier gains have passed and a lot more diligence and disciplined trading is required. You need to buy at the right point." On the other hand, AthenaHealthis starting to show up on the O’Neil radar, thanks to accelerating sales and earnings. “It’s a fairly new stock for us,” Gessel says. “But it had been going sideways for four years.” Even though it’s nearly double its summer lows, Gesssel says, “You wouldn’t look at this and call this a momentum stock.” Not yet, at least. My take: Never forget the part about growth stocks and their exaggerated ties to the market. The markets may come and go but that never changes – both ways! Questions? Comments? Write to HerbOnTheStreet@cnbc.comFollow Herb on Twitter: _____________________________ CNBC Data Pages:Dow 30 Stocks—In Real Time Oil, Gold, Natural Gas Prices Now Where's the US Dollar Today?Track Treasury Prices Here______________________________Disclaimer

2021-10-30 14:11:39.453463

'Ex-sector' ETFs offer new way to bet on stocks

https://www.cnbc.com/2015/09/24/ex-sector-etfs-offer-new-way-to-bet-on-stocks.html

2015-09-25T10:00:00+0000

Alex Rosenberg

CNBC

"I'll take the S&P, but hold the energy." A new set of exchange-traded funds offered by ProShares allows investors to get exposure to the entire , save for one or another given sector. Specifically, the company now offers ETFs tracking the S&P 500 ex-energy (trading under the ticker symbol SPXE), ex-financials (SPXN), ex-health care (SPXV) and ex-technology (SPXT). In a Thursday interview with CNBC's "Trading Nation," ProShares' head of investment strategy, Simeon Hyman, highlighted two anticipated uses for the ETFs: diversification and tactical decision-making. Hyman provides the example of an investor who already has high exposure to a given sector—such as an executive compensated in a company's stock, or an inheritor who has received a large number of shares—and does not want to take on excess exposure. "Previously you'd have to maybe call up a trust company or find someone to run a custom strategy for you to avoid that sector, and here it's just very straightforward: Buy an ETF. The sector's out, it's redistributed across the other names on a market-cap-weighted basis, you don't have to worry about it," Hyman said. Second, the ETFs are designed for those who believe a given sector, such as energy, is set to underperform the rest of the market. "If you have that conviction, this is a very straightforward and easy way to effect that view," he said. Read More Stocks setting up for big upside reversal: Technician

cnbc, Articles, Investment strategy, ProShares S&P 500 Ex-Energy ETF, ProShares S&P 500 Ex-Financials ETF, ProShares S&P 500 Ex-Health Care ETF, ProShares S&P 500 Ex Technology ETF, S&P 500 Index, Investing, Trading Nation, source:tagname:CNBC US Source

<div class="group"><p> "I'll take the S&amp;P, but hold the energy."</p><p> A new set of exchange-traded funds offered by ProShares allows investors to get exposure to the entire <!-- -->, save for one or another given sector. Specifically, the company now offers ETFs tracking the S&amp;P 500 ex-energy (trading under the ticker symbol <a href="https://www.cnbc.com/quotes/SPXE">SPXE</a>), ex-financials (<a href="https://www.cnbc.com/quotes/SPXN">SPXN</a>), ex-health care (<a href="https://www.cnbc.com/quotes/SPXV">SPXV</a>) and ex-technology (<a href="https://www.cnbc.com/quotes/SPXT">SPXT</a>). </p><div style="height:100%" class="lazyload-placeholder"></div><p> In a Thursday interview with CNBC's "<a href="https://www.cnbc.com/trading-nation/">Trading Nation</a>," ProShares' head of investment strategy, Simeon Hyman, highlighted two anticipated uses for the ETFs: diversification and tactical decision-making.</p><p> Hyman provides the example of an investor who already has high exposure to a given sector—such as an executive compensated in a company's stock, or an inheritor who has received a large number of shares—and does not want to take on excess exposure.</p><p> "Previously you'd have to maybe call up a trust company or find someone to run a custom strategy for you to avoid that sector, and here it's just very straightforward: Buy an ETF. The sector's out, it's redistributed across the other names on a market-cap-weighted basis, you don't have to worry about it," Hyman said. </p><p> Second, the ETFs are designed for those who believe a given sector, such as energy, is set to underperform the rest of the market. "If you have that conviction, this is a very straightforward and easy way to effect that view," he said. </p><p><span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2015/09/24/stocks-setting-up-for-big-upside-reversal-technician.html"> Stocks setting up for big upside reversal: Technician</a><br></p><div style="height:100%" class="lazyload-placeholder"></div></div>,<div class="group"><p> Yet given that retail investors are often considered to be best served by buying into the overall market and avoiding tactical calls, some say these ETFs might be an inferior play compared to, say, SPDR's popular S&amp;P 500 ETF (<a href="https://www.cnbc.com/quotes/SPY">SPY</a>).</p><p> "As a core holding, you are far less diversified," Eric Mustin, vice president of ETF trading solutions at WallachBeth Capital, wrote to CNBC. "You are implicitly overweight the other sectors versus the S&amp;P 500 weightings."</p><p> The expense ratio, at 0.27 percent, also irks Mustin.</p><p> "You are paying nearly 200 percent to 300 percent the management fees" compared to a product like the (SPY), he pointed out. "I think it's a product that may find some success among a retail audience, but sophisticated investors probably won't have an appetite for it." </p><p> Still, that extra 0.18 or so percent would have been a small price to pay for avoiding energy over the past year, as the sector has lost a third of its value.</p><p> When there is a "pronounced discrepancy in attractiveness," such as the clear unattractiveness of energy at the beginning of the year given dismal earnings expectations and high valuations, "it would seem logical to exclude that sector," S&amp;P Capital IQ's equity chief investment officer, Erin Gibbs, wrote to CNBC. </p><p> "However, these clear-cut unattractive sector events do not happen that often, and therefore these products could have limited appeal," she added.</p><p> Yet on the bright side, "the risk of making a really bad bet isn't as large as compared to, say, I simply took a narrow short position in that sector compared to nothing else," Hyman said. "Simply excluding a sector is an opportunity to perhaps make some reasonable outperformance without betting the farm."</p><p> And for those who are already overexposed to a given sector, finding a way to invest in most of the market while increasing diversification does indeed seem prudent, even if it means a slightly higher expense ratio.</p><p><span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2015/09/22/bummer-stocks-badly-missing-strategists-mark.html"> Bummer: Stocks badly missing strategists' mark</a><br></p></div>

"I'll take the S&P, but hold the energy." A new set of exchange-traded funds offered by ProShares allows investors to get exposure to the entire , save for one or another given sector. Specifically, the company now offers ETFs tracking the S&P 500 ex-energy (trading under the ticker symbol SPXE), ex-financials (SPXN), ex-health care (SPXV) and ex-technology (SPXT). In a Thursday interview with CNBC's "Trading Nation," ProShares' head of investment strategy, Simeon Hyman, highlighted two anticipated uses for the ETFs: diversification and tactical decision-making. Hyman provides the example of an investor who already has high exposure to a given sector—such as an executive compensated in a company's stock, or an inheritor who has received a large number of shares—and does not want to take on excess exposure. "Previously you'd have to maybe call up a trust company or find someone to run a custom strategy for you to avoid that sector, and here it's just very straightforward: Buy an ETF. The sector's out, it's redistributed across the other names on a market-cap-weighted basis, you don't have to worry about it," Hyman said. Second, the ETFs are designed for those who believe a given sector, such as energy, is set to underperform the rest of the market. "If you have that conviction, this is a very straightforward and easy way to effect that view," he said. Read More Stocks setting up for big upside reversal: Technician Yet given that retail investors are often considered to be best served by buying into the overall market and avoiding tactical calls, some say these ETFs might be an inferior play compared to, say, SPDR's popular S&P 500 ETF (SPY). "As a core holding, you are far less diversified," Eric Mustin, vice president of ETF trading solutions at WallachBeth Capital, wrote to CNBC. "You are implicitly overweight the other sectors versus the S&P 500 weightings." The expense ratio, at 0.27 percent, also irks Mustin. "You are paying nearly 200 percent to 300 percent the management fees" compared to a product like the (SPY), he pointed out. "I think it's a product that may find some success among a retail audience, but sophisticated investors probably won't have an appetite for it." Still, that extra 0.18 or so percent would have been a small price to pay for avoiding energy over the past year, as the sector has lost a third of its value. When there is a "pronounced discrepancy in attractiveness," such as the clear unattractiveness of energy at the beginning of the year given dismal earnings expectations and high valuations, "it would seem logical to exclude that sector," S&P Capital IQ's equity chief investment officer, Erin Gibbs, wrote to CNBC. "However, these clear-cut unattractive sector events do not happen that often, and therefore these products could have limited appeal," she added. Yet on the bright side, "the risk of making a really bad bet isn't as large as compared to, say, I simply took a narrow short position in that sector compared to nothing else," Hyman said. "Simply excluding a sector is an opportunity to perhaps make some reasonable outperformance without betting the farm." And for those who are already overexposed to a given sector, finding a way to invest in most of the market while increasing diversification does indeed seem prudent, even if it means a slightly higher expense ratio.Read More Bummer: Stocks badly missing strategists' mark

2021-10-30 14:11:39.495894

What to Expect From Apple: Analyst

https://www.cnbc.com/2013/04/09/what-to-expect-from-apple-analyst.html

2013-04-09T21:52:09+0000

Bruno J. Navarro

CNBC

For its stock to perform once again, Apple needs to provide investors with some level of confidence in its future, BTIG analyst Walter Piecyk said Tuesday. "I'm a little surprised by the lack of capital allocation," he said. "A lot of people were expecting something to happen in March, and when it didn't, then the fear started to creep in." On CNBC's "Fast Money," Piecyk issued a "buy" rating for Apple on March 14 with a price target of $540 per share. Piecyk said that the upgrade was based on a belief that Apple was en route to grow its earnings nominally. "They've got all these people staring at these screens on their iPhones, and there's a lot of ways to monetize that, whether it's through payment systems or ecommerce," he said. "I think the problem with Apple right now is people are just questioning whether they can ever return to growth, whether they had a peak earnings year last year that they'll never get back to. If you can just return some level of confidence that they can return to growth, then the stock will do very well, very quickly." Piecyk took a balanced view of Apple's performance. "What we're looking for is a bad March quarter, frankly, that's below where the consensus is now, even though you've had massive cuts continually. Every week, you've got a different cut," he said. "But more importantly, the June guide is the real risk here, and that June guide is going to be a down revenue quarter, perhaps earnings under 8. Consensus is still over 9 for earnings for the June quarter." Trader disclosure: On April 9, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Brian Kelly is long TREASURIES; Brian Kelly is long GOLD; Brian Kelly is long SILVER; Brian Kelly is short SPX; Brian Kelly is short DAX; Brian Kelly is short CAC40; Brian Kelly is short COPPER; Steve Grasso is long AAPL; Steve Grasso is long ACI; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long GDX; Steve Grasso is long HPQ; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is funds long AAPL; Steve Grasso is funds long MSFT; Steve Grasso is funds long T; Steve Grasso is funds long HPQ; Steve Grasso is funds long ZNGA; Steve Grasso is funds long PG; Steve Grasso is funds long UAL; Dan Nathan is long GS MAY 145/135 PUT SPREAD; Dan Nathan is short XHB MAY 28/30 CALL SPREAD; Dan Nathan is long FB APR 26 WEEKLY PUTS; Dan Nathan is long MSFT APR 28 PUTS; Dan Nathan is long AMZN APR 240/200/160 PUT FLY; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU.

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

<div class="group"><p> For its stock to perform once again, <a href="//www.cnbc.com/quotes/AAPL" target="_blank">Apple</a> needs to provide investors with some level of confidence in its future, BTIG analyst Walter Piecyk said Tuesday.</p><p> "I'm a little surprised by the lack of capital allocation," he said. "A lot of people were expecting something to happen in March, and when it didn't, then the fear started to creep in."</p><div style="height:100%" class="lazyload-placeholder"></div><p> On CNBC's "<a href="https://www.cnbc.com/fast-money/">Fast Money</a>," Piecyk issued a "buy" rating for Apple on March 14 with a price target of $540 per share.</p><p> Piecyk said that the upgrade was based on a belief that Apple was en route to grow its earnings nominally.</p><p> "They've got all these people staring at these screens on their iPhones, and there's a lot of ways to monetize that, whether it's through payment systems or ecommerce," he said.</p><p> "I think the problem with Apple right now is people are just questioning whether they can ever return to growth, whether they had a peak earnings year last year that they'll never get back to. If you can just return some level of confidence that they can return to growth, then the stock will do very well, very quickly."</p><p> Piecyk took a balanced view of Apple's performance.</p><div style="height:100%" class="lazyload-placeholder"></div><p> "What we're looking for is a bad March quarter, frankly, that's below where the consensus is now, even though you've had massive cuts continually. Every week, you've got a different cut," he said. "But more importantly, the June guide is the real risk here, and that June guide is going to be a down revenue quarter, perhaps earnings under 8. Consensus is still over 9 for earnings for the June quarter."</p><p><em> Trader disclosure: On April 9, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Brian Kelly is long TREASURIES; Brian Kelly is long GOLD; Brian Kelly is long SILVER; Brian Kelly is short SPX; Brian Kelly is short DAX; Brian Kelly is short CAC40; Brian Kelly is short COPPER; Steve Grasso is long AAPL; Steve Grasso is long ACI; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long GDX; Steve Grasso is long HPQ; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is funds long AAPL; Steve Grasso is funds long MSFT; Steve Grasso is funds long T; Steve Grasso is funds long HPQ; Steve Grasso is funds long ZNGA; Steve Grasso is funds long PG; Steve Grasso is funds long UAL; Dan Nathan is long GS MAY 145/135 PUT SPREAD; Dan Nathan is short XHB MAY 28/30 CALL SPREAD; Dan Nathan is long FB APR 26 WEEKLY PUTS; Dan Nathan is long MSFT APR 28 PUTS; Dan Nathan is long AMZN APR 240/200/160 PUT FLY; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU.</em><br></p></div>,<div class="group"></div>

For its stock to perform once again, Apple needs to provide investors with some level of confidence in its future, BTIG analyst Walter Piecyk said Tuesday. "I'm a little surprised by the lack of capital allocation," he said. "A lot of people were expecting something to happen in March, and when it didn't, then the fear started to creep in." On CNBC's "Fast Money," Piecyk issued a "buy" rating for Apple on March 14 with a price target of $540 per share. Piecyk said that the upgrade was based on a belief that Apple was en route to grow its earnings nominally. "They've got all these people staring at these screens on their iPhones, and there's a lot of ways to monetize that, whether it's through payment systems or ecommerce," he said. "I think the problem with Apple right now is people are just questioning whether they can ever return to growth, whether they had a peak earnings year last year that they'll never get back to. If you can just return some level of confidence that they can return to growth, then the stock will do very well, very quickly." Piecyk took a balanced view of Apple's performance. "What we're looking for is a bad March quarter, frankly, that's below where the consensus is now, even though you've had massive cuts continually. Every week, you've got a different cut," he said. "But more importantly, the June guide is the real risk here, and that June guide is going to be a down revenue quarter, perhaps earnings under 8. Consensus is still over 9 for earnings for the June quarter." Trader disclosure: On April 9, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Brian Kelly is long TREASURIES; Brian Kelly is long GOLD; Brian Kelly is long SILVER; Brian Kelly is short SPX; Brian Kelly is short DAX; Brian Kelly is short CAC40; Brian Kelly is short COPPER; Steve Grasso is long AAPL; Steve Grasso is long ACI; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long GDX; Steve Grasso is long HPQ; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is funds long AAPL; Steve Grasso is funds long MSFT; Steve Grasso is funds long T; Steve Grasso is funds long HPQ; Steve Grasso is funds long ZNGA; Steve Grasso is funds long PG; Steve Grasso is funds long UAL; Dan Nathan is long GS MAY 145/135 PUT SPREAD; Dan Nathan is short XHB MAY 28/30 CALL SPREAD; Dan Nathan is long FB APR 26 WEEKLY PUTS; Dan Nathan is long MSFT APR 28 PUTS; Dan Nathan is long AMZN APR 240/200/160 PUT FLY; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU.

2021-10-30 14:11:39.646033

Analysts See Subprime Losses Reaching $400 Billion

https://www.cnbc.com/2007/11/12/analysts-see-subprime-losses-reaching-400-billion.html

2007-11-12T14:23:23+0000

CNBC

Banks worldwide may lose as much as $400 billion from subprime mortgages, as at least one in four of the risky home loans go into default, analysts said on Monday. Mike Mayo, an analyst at Deutsche Bank Securities, estimated $150 billion to $250 billion of losses based on $1.2 trillion of U.S. subprime loans, and an additional $150 billion of losses on derivatives linked to subprime debt. David Hilder, a Bear Stearns analyst, also estimated a $150 billion to $250 billion loss on subprime home loans, in what he called a $2 trillion market. "Given our fundamental outlook, which is for rising inflows of non-performing loans in both mortgage and commercial loan portfolios, we believe the odds are in favor of the write-downs getting worse, rather than better," this year, Hilder wrote. Banks including Citigroup,Merrill Lynch and Wachovia have announced more than $40 billion of write-offs this year as U.S. foreclosures set records and after investors stopped buying many kinds of risky debt. Mayo said large banks and brokerages may suffer $100 billion to $130 billion of the subprime losses. He said this could include $60 billion to $70 billion by year end, including $43 billion already reported. In the fourth quarter alone, he said Barclays, HSBC Holdings, Royal Bank of Scotland Group and UBS might each need to write off $5 billion, while Merrill Lynch might write off $4 billion and Bank of America Corp $1 billion. Mayo's forecast assumes a 30 percent to 40 percent default rate and 40 percent to 50 percent loss rate. Hilder assumes a 25 percent to 30 percent default rate and 30 percent to 40 percent loss rate.

cnbc, Articles, Citigroup Inc, Barclays PLC, HSBC Holdings PLC, UBS ETF (CH) - SBI Domestic Govt 1-3 (CHF) A-dis, Markets, Bonds, Credit Market, source:tagname:Reuters

<div class="group"><p>Banks worldwide may lose as much as $400 billion from subprime mortgages, as at least one in four of the risky home loans go into default, analysts said on Monday. </p><p>Mike Mayo, an analyst at Deutsche Bank Securities, estimated $150 billion to $250 billion of losses based on $1.2 trillion of U.S. subprime loans, and an additional $150 billion of losses on derivatives linked to subprime debt. </p><div style="height:100%" class="lazyload-placeholder"></div><p>David Hilder, a Bear Stearns analyst, also estimated a $150 billion to $250 billion loss on subprime home loans, in what he called a $2 trillion market. </p><p>"Given our fundamental outlook, which is for rising inflows of non-performing loans in both mortgage and commercial loan portfolios, we believe the odds are in favor of the write-downs getting worse, rather than better," this year, Hilder wrote. </p><p>Banks including <strong>Citigroup,</strong><strong>Merrill Lynch </strong>and <strong>Wachovia </strong>have announced more than $40 billion of write-offs this year as U.S. foreclosures set records and after investors stopped buying many kinds of risky debt. </p><p>Mayo said large banks and brokerages may suffer $100 billion to $130 billion of the subprime losses. He said this could include $60 billion to $70 billion by year end, including $43 billion already reported. </p><p>In the fourth quarter alone, he said <strong>Barclays</strong>, <strong>HSBC Holdings</strong>,<strong> Royal Bank of Scotland Group </strong>and <strong>UBS </strong>might each need to write off $5 billion, while Merrill Lynch might write off $4 billion and Bank of America Corp $1 billion. </p><p>Mayo's forecast assumes a 30 percent to 40 percent default rate and 40 percent to 50 percent loss rate. Hilder assumes a 25 percent to 30 percent default rate and 30 percent to 40 percent loss rate. </p></div>

Banks worldwide may lose as much as $400 billion from subprime mortgages, as at least one in four of the risky home loans go into default, analysts said on Monday. Mike Mayo, an analyst at Deutsche Bank Securities, estimated $150 billion to $250 billion of losses based on $1.2 trillion of U.S. subprime loans, and an additional $150 billion of losses on derivatives linked to subprime debt. David Hilder, a Bear Stearns analyst, also estimated a $150 billion to $250 billion loss on subprime home loans, in what he called a $2 trillion market. "Given our fundamental outlook, which is for rising inflows of non-performing loans in both mortgage and commercial loan portfolios, we believe the odds are in favor of the write-downs getting worse, rather than better," this year, Hilder wrote. Banks including Citigroup,Merrill Lynch and Wachovia have announced more than $40 billion of write-offs this year as U.S. foreclosures set records and after investors stopped buying many kinds of risky debt. Mayo said large banks and brokerages may suffer $100 billion to $130 billion of the subprime losses. He said this could include $60 billion to $70 billion by year end, including $43 billion already reported. In the fourth quarter alone, he said Barclays, HSBC Holdings, Royal Bank of Scotland Group and UBS might each need to write off $5 billion, while Merrill Lynch might write off $4 billion and Bank of America Corp $1 billion. Mayo's forecast assumes a 30 percent to 40 percent default rate and 40 percent to 50 percent loss rate. Hilder assumes a 25 percent to 30 percent default rate and 30 percent to 40 percent loss rate.

2021-10-30 14:11:39.685505

Bloomberg botches tax return question in Democratic debate: 'I can't go to TurboTax'

https://www.cnbc.com/2020/02/19/nevada-democratic-debate-bloomberg-botches-tax-return-question-i-cant-go-to-turbotax.html

2020-02-20T03:08:38+0000

Christina Wilkie

CNBC

WASHINGTON – Former New York Mayor Michael Bloomberg stumbled in Wednesday night's Democratic debate in response to a question about when he planned to release his tax returns."It just takes us a long time," Bloomberg said."Unfortunately, or fortunately, I make a lot of money and we do business all around the world, and we are preparing it. The number of pages will probably be thousands of pages. I can't go to TurboTax," Bloomberg added.The remarks, which gave the impression that he was bragging about his wealth, drew boos from the audience in Las Vegas. Nevada holds its Democratic caucus on Saturday. He was already taking a beating from his rivals, including Sens. Elizabeth Warren and Bernie Sanders."But I put out my tax return every year for 12 years in City Hall," he said. "We will put out this one, it tells everybody everything they need to know about every investment that I make and where the money goes and the biggest item is all the money I give away."Bloomberg is the wealthiest candidate in modern times to mount a viable campaign for president, and has so far spent more than $400 million of his own fortune on ads, despite not appearing on any ballots so far. He is worth about $60 billion.But the question of his taxes is one that could haunt Bloomberg if he were to be the Democratic nominee in a general election. President Donald Trump long vowed to release his tax returns, but has yet to do so, claiming that he is under a constant state of audit that prevents him from making the returns public.In 2016 Trump was the first major party candidate in nearly 50 years not to release tax returns to the public.

cnbc, Articles, Government taxation and revenue, Joe Biden, Primary elections, 2020 United States Presidential Election, Donald Trump, Michael Bloomberg, Politics, White House, Congress, Economy, 2020 Elections, Taxes, source:tagname:CNBC US Source

<div class="group"><p>WASHINGTON – Former New York Mayor Michael Bloomberg stumbled in <a href="https://www.cnbc.com/2020/02/19/2020-democratic-debate-recap-highlights-from-nevada.html">Wednesday night's Democratic debate</a> in response to a question about when he planned to release his tax returns.</p><p>"It just takes us a long time," Bloomberg said.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"Unfortunately, or fortunately, I make a lot of money and we do business all around the world, and we are preparing it. The number of pages will probably be thousands of pages. I can't go to TurboTax," Bloomberg added.</p><p>The remarks, which gave the impression that he was bragging about his wealth, drew boos from the audience in Las Vegas. Nevada holds its Democratic caucus on Saturday. <a href="https://www.cnbc.com/2020/02/19/nevada-democratic-debate-bloomberg-takes-beating-from-sanders-and-warren.html">He was already taking a beating from his rivals</a>, including Sens. Elizabeth Warren and Bernie Sanders.</p><p>"But I put out my tax return every year for 12 years in City Hall," he said. "We will put out this one, it tells everybody everything they need to know about every investment that I make and where the money goes and the biggest item is all the money I give away."</p><p>Bloomberg is the wealthiest candidate in modern times to mount a viable campaign for president, and has so far spent more than $400 million of his own fortune on ads, despite not appearing on any ballots so far. He is worth about $60 billion.</p><p>But the question of his taxes is one that could haunt Bloomberg if he were to be the Democratic nominee in a general election. President Donald Trump long vowed to release his tax returns, but has yet to do so, claiming that he is under a constant state of audit that prevents him from making the returns public.</p><p>In 2016 Trump was the first major party candidate in nearly 50 years not to release tax returns to the public.</p></div>

WASHINGTON – Former New York Mayor Michael Bloomberg stumbled in Wednesday night's Democratic debate in response to a question about when he planned to release his tax returns."It just takes us a long time," Bloomberg said."Unfortunately, or fortunately, I make a lot of money and we do business all around the world, and we are preparing it. The number of pages will probably be thousands of pages. I can't go to TurboTax," Bloomberg added.The remarks, which gave the impression that he was bragging about his wealth, drew boos from the audience in Las Vegas. Nevada holds its Democratic caucus on Saturday. He was already taking a beating from his rivals, including Sens. Elizabeth Warren and Bernie Sanders."But I put out my tax return every year for 12 years in City Hall," he said. "We will put out this one, it tells everybody everything they need to know about every investment that I make and where the money goes and the biggest item is all the money I give away."Bloomberg is the wealthiest candidate in modern times to mount a viable campaign for president, and has so far spent more than $400 million of his own fortune on ads, despite not appearing on any ballots so far. He is worth about $60 billion.But the question of his taxes is one that could haunt Bloomberg if he were to be the Democratic nominee in a general election. President Donald Trump long vowed to release his tax returns, but has yet to do so, claiming that he is under a constant state of audit that prevents him from making the returns public.In 2016 Trump was the first major party candidate in nearly 50 years not to release tax returns to the public.

2021-10-30 14:11:39.788818

Trade School: Think Global, Trade Local

https://www.cnbc.com/2008/06/11/trade-school-think-global-trade-local.html

2008-06-11T16:42:59+0000

Lee Brodie

CNBC

______________________________________________________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 your e-mail to .

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

<div class="group"><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 your e-mail to <!-- -->.</p></div>

______________________________________________________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 your e-mail to .

2021-10-30 14:11:40.143987

Islamic financing package supports development of wind farm in Jordan

https://www.cnbc.com/2018/11/07/islamic-financing-package-supports-development-of-wind-farm-in-jordan.html

2018-11-07T10:46:58+0000

Anmar Frangoul

CNBC

The International Finance Corporation (IFC) has set up a financing package to fund the construction of a wind farm in Jordan, it announced Tuesday. The package, of up to $80 million, will support the 51.75-megawatt (MW) Arbour Wind Farm in the south of the country. The facility is being built by the Abour Energy Company, a joint venture between Xenel International and AMEA Power. A development institution that focuses on the private sector in emerging markets, the IFC is a sister organization of the World Bank and a member of the World Bank Group. To date, it has invested over $300 million in Jordan to support clean energy. The financing package for the Arbour facility is made up of a $28 million loan for the IFC's own account and mobilized parallel loans from the Islamic Development Bank. "Jordan's energy sector has been on a steady path of reform," Mouayed Makhlouf, the IFC's director for the Middle East and North Africa, said in a statement Tuesday. "Supporting renewable energy projects and opening the sector to private investments is a pillar of our work in Jordan and the region," Makhlouf added. The IFC said it had structured the deal in the form of an Islamic finance Ijara transaction. According to the World Bank, an Ijara transaction involves a bank purchasing an asset on behalf of a client, and then allowing use of that asset for a fixed rental fee. The Bank adds that ownership of the asset "remains with the financier but may gradually transfer to the client who eventually becomes the owner." The director general of Jordan's National Electric Power Company, Amjad Rawashdeh, said in a statement Tuesday that its focus was on continuing to diversify energy sources. "IFC's work and investment has been crucial in helping the development of... renewables in the country," Rawashdeh added. In April, GE Renewable Energy announced it would provide turbines for the development of a 100 MW wind farm in Jordan. The Mass Wind project is due to be operational by the end of 2019 and will meet the power needs of more than 150,000 homes.

cnbc, Articles, World Bank, Middle East, Jordan, Renewable power generation, Wind power generation, Wind power, Environment, Alternative and sustainable energy, Energy, Renewable Energy, Green, Economic Development, Business News, Sustainable Energy, source:tagname:CNBC Europe Source

<div class="group"><p>The International Finance Corporation (IFC) has set up a financing package to fund the construction of a wind farm in Jordan, it announced Tuesday. <br> <br> The package, of up to $80 million, will support the 51.75-megawatt (MW) Arbour Wind Farm in the south of the country. The facility is being built by the Abour Energy Company, a joint venture between Xenel International and AMEA Power. <br> <br> A development institution that focuses on the private sector in emerging markets, the IFC is a sister organization of the World Bank and a member of the World Bank Group. <br> <br> To date, it has invested over $300 million in Jordan to support clean energy. The financing package for the Arbour facility is made up of a $28 million loan for the IFC's own account and mobilized parallel loans from the Islamic Development Bank. <br> <br> "Jordan's energy sector has been on a steady path of reform," Mouayed Makhlouf, the IFC's director for the Middle East and North Africa, said in a statement Tuesday. "Supporting renewable energy projects and opening the sector to private investments is a pillar of our work in Jordan and the region," Makhlouf added. <br> <br> The IFC said it had structured the deal in the form of an Islamic finance Ijara transaction. According to the World Bank, an Ijara transaction involves a bank purchasing an asset on behalf of a client, and then allowing use of that asset for a fixed rental fee. <br> <br> The Bank adds that ownership of the asset "remains with the financier but may gradually transfer to the client who eventually becomes the owner." <br> <br> The director general of Jordan's National Electric Power Company, Amjad Rawashdeh, said in a statement Tuesday that its focus was on continuing to diversify energy sources. "IFC's work and investment has been crucial in helping the development of... renewables in the country," Rawashdeh added. <br> <br> In April, GE Renewable Energy announced it would provide turbines for the development of a 100 MW wind farm in Jordan. The Mass Wind project is due to be operational by the end of 2019 and will meet the power needs of more than 150,000 homes.</p></div>

The International Finance Corporation (IFC) has set up a financing package to fund the construction of a wind farm in Jordan, it announced Tuesday. The package, of up to $80 million, will support the 51.75-megawatt (MW) Arbour Wind Farm in the south of the country. The facility is being built by the Abour Energy Company, a joint venture between Xenel International and AMEA Power. A development institution that focuses on the private sector in emerging markets, the IFC is a sister organization of the World Bank and a member of the World Bank Group. To date, it has invested over $300 million in Jordan to support clean energy. The financing package for the Arbour facility is made up of a $28 million loan for the IFC's own account and mobilized parallel loans from the Islamic Development Bank. "Jordan's energy sector has been on a steady path of reform," Mouayed Makhlouf, the IFC's director for the Middle East and North Africa, said in a statement Tuesday. "Supporting renewable energy projects and opening the sector to private investments is a pillar of our work in Jordan and the region," Makhlouf added. The IFC said it had structured the deal in the form of an Islamic finance Ijara transaction. According to the World Bank, an Ijara transaction involves a bank purchasing an asset on behalf of a client, and then allowing use of that asset for a fixed rental fee. The Bank adds that ownership of the asset "remains with the financier but may gradually transfer to the client who eventually becomes the owner." The director general of Jordan's National Electric Power Company, Amjad Rawashdeh, said in a statement Tuesday that its focus was on continuing to diversify energy sources. "IFC's work and investment has been crucial in helping the development of... renewables in the country," Rawashdeh added. In April, GE Renewable Energy announced it would provide turbines for the development of a 100 MW wind farm in Jordan. The Mass Wind project is due to be operational by the end of 2019 and will meet the power needs of more than 150,000 homes.

2021-10-30 14:11:40.323045

Midday Movers: GNW, C & More

https://www.cnbc.com/2013/03/11/midday-movers-gnw-c-more.html

2013-03-11T16:59:38+0000

Lori Spechler

CNBC

Take a look at some of Monday's midday movers: Momentum continued to favor winners today with 299 stocks on the S&P 500 in the green and 196 lower. The financial sector was the best performing S&P large cap sector. In that group, Genworth Financial was the leader, hitting its 52-week high after a Barron's article Sunday suggested that the mortgage insurer's stock could almost double in the next year. Citigroup also hit a 52-week high.

cnbc, Articles, Market Insider, Genworth Financial Inc, Citigroup Inc, Walt Disney Co, Johnson & Johnson, Raytheon Technologies Corp, Outerwall Inc, Zynga Inc, Electronic Arts, Capri Holdings Ltd, Markets, U.S. Markets, source:tagname:CNBC US Source

<div class="group"><p> <em>Take a look at some of Monday's midday movers:</em></p><p> Momentum continued to favor winners today with 299 stocks on the S&amp;P 500 in the green and 196 lower. </p><div style="height:100%" class="lazyload-placeholder"></div><p> The <strong>financial sector</strong> was the best performing S&amp;P large cap sector.</p><p> In that group, <a href="//www.cnbc.com/quotes/GNW" target="_blank">Genworth Financial</a> was the leader, hitting its 52-week high after a Barron's article Sunday suggested that the mortgage insurer's stock could almost double in the next year.</p><p><a href="//www.cnbc.com/quotes/C" target="_blank"> Citigroup</a> also hit a 52-week high.<br></p></div>,<div class="group"><p><a href="//www.cnbc.com/quotes/JNJ" target="_blank"> Johnson &amp; Johnson</a>, <a href="//www.cnbc.com/quotes/RTX" target="_blank">United Technologies</a> and <a href="//www.cnbc.com/quotes/DIS" target="_blank">Walt Disney</a> were among Dow stocks at historic highs. </p><p><a href="//www.cnbc.com/quotes/.AD.IXIC" target="_blank">Coinstar</a> continued to build on its gains from last week as the automated retailer of Redbox kiosks seeks to evolve beyond DVDs. </p><div style="height:100%" class="lazyload-placeholder"></div><p><a href="//www.cnbc.com/quotes/ZNGA" target="_blank"> Zynga</a> rose sharply on heavy volume.</p><p><a href="//www.cnbc.com/quotes/EA" target="_blank"> Electronic Arts</a> gapped higher to hit a 52-week high on hopes that connectivity issues related to the launch of its online game, "SimCity" will be resolved.</p><p><a href="//www.cnbc.com/quotes/CPRI" target="_blank"> Michael Kors</a> traded lower on analysts concerns about slowing momentum at the retailer.</p><p> And the <a href="https://www.cnbc.com/search/?query=Vix%20volatility%20index">CBOE Market Volatility index</a>, better known as the VIX traded with an 11-handle, its lowest level since April, 2007.</p><p> <em>—By CNBC's Lori Spechler</em></p><p> <em>Questions? Comments? Email us at marketinsider@cnbc.com</em></p></div>

Take a look at some of Monday's midday movers: Momentum continued to favor winners today with 299 stocks on the S&P 500 in the green and 196 lower. The financial sector was the best performing S&P large cap sector. In that group, Genworth Financial was the leader, hitting its 52-week high after a Barron's article Sunday suggested that the mortgage insurer's stock could almost double in the next year. Citigroup also hit a 52-week high. Johnson & Johnson, United Technologies and Walt Disney were among Dow stocks at historic highs. Coinstar continued to build on its gains from last week as the automated retailer of Redbox kiosks seeks to evolve beyond DVDs. Zynga rose sharply on heavy volume. Electronic Arts gapped higher to hit a 52-week high on hopes that connectivity issues related to the launch of its online game, "SimCity" will be resolved. Michael Kors traded lower on analysts concerns about slowing momentum at the retailer. And the CBOE Market Volatility index, better known as the VIX traded with an 11-handle, its lowest level since April, 2007. —By CNBC's Lori Spechler Questions? Comments? Email us at marketinsider@cnbc.com

2021-10-30 14:11:40.371703

JPMorgan tops investment bank table again, top five all US banks

https://www.cnbc.com/2016/09/23/jpmorgan-tops-investment-bank-table-again-top-five-all-us-banks.html

2016-09-23T09:16:52+0000

CNBC

JPMorgan retained its place at the top of the global investment bank rankings in the first half of this year despite a fall in revenues, while Deutsche Bank's troubles ensured the top five were all U.S. banks, new data on Friday showed.JPMorgan's revenue from trading, mergers and acquisitions and other investment banking activity was $12.5 billion in the six months to June, down 5.3 percent from the same period a year ago, according to data compiled by industry analytics firm Coalition.Deutsche has warned it may need deeper cost cuts to turn itself around after revenue fell sharply in the second quarter due to challenging markets and low interest rates. It fell to sixth place from third, allowing Bank of America Merrill Lynch to move up into the top five.

cnbc, Articles, JPMorgan Chase & Co, Banks, Business News, Finance, Financials, source:tagname:Reuters

<div class="group"><p><a href="//www.cnbc.com/quotes/JPM" target="_blank"> JPMorgan</a> retained its place at the top of the global investment bank rankings in the first half of this year despite a fall in revenues, while Deutsche Bank's troubles ensured the top five were all U.S. banks, new data on Friday showed.</p><p>JPMorgan's revenue from trading, mergers and acquisitions and other investment banking activity was $12.5 billion in the six months to June, down 5.3 percent from the same period a year ago, according to data compiled by industry analytics firm Coalition.<br></p><div style="height:100%" class="lazyload-placeholder"></div><p>Deutsche has warned it may need deeper cost cuts to turn itself around after revenue fell sharply in the second quarter due to challenging markets and low interest rates. It fell to sixth place from third, allowing <a href="//www.cnbc.com/quotes/BAC" target="_blank">Bank of America Merrill Lynch</a> to move up into the top five.<br></p></div>,<div class="group"><p> Investment banks suffered their worst first half year performance since the 2008 financial crisis as revenues for the top 12 players fell 15 percent from the same period a year ago, the data showed.</p><p> Looming U.S. elections, Britain's vote to leave the European Union in June, near-zero interest rates and worries about China's economy have spooked markets this year and curbed investors' appetite to take risks.</p><p> Last week, Citigroup said it expects to post better results in fixed income trading for the third quarter compared with a year ago.</p><p> Most of JPMorgan's revenue, some $6.9 billion, was accrued on its home turf but the $3.9 billion generated in its Europe, Middle East and Africa (EMEA) operations was enough to dislodge Deutsche from the top place in that region.</p><div style="height:100%" class="lazyload-placeholder"></div><p> In the same period last year, Deutsche was number one in EMEA with revenue of $4.3 billion. Its slide to number two, even on its home turf highlights how difficult a year it has been for Germany's biggest lender.</p><p> JPMorgan also dislodged Deutsche Bank in the Asia Pacific (APAC region) to take top spot with revenue of $1.7 billion in the first half of the year. That was 15 percent lower than the $2 billion Deutsche Bank earned in the same period last year in the region.</p><p> JPMorgan retained its crown in fixed income, currencies and commodities (FICC) trading, its position solidified by its dominance in G10 rates and foreign exchange trading. The U.S. bank slipped a place to third in the equities ranking, however.</p><p> Coalition tracks Bank of America Merrill Lynch, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, Societe Generale and UBS.</p></div>

JPMorgan retained its place at the top of the global investment bank rankings in the first half of this year despite a fall in revenues, while Deutsche Bank's troubles ensured the top five were all U.S. banks, new data on Friday showed.JPMorgan's revenue from trading, mergers and acquisitions and other investment banking activity was $12.5 billion in the six months to June, down 5.3 percent from the same period a year ago, according to data compiled by industry analytics firm Coalition.Deutsche has warned it may need deeper cost cuts to turn itself around after revenue fell sharply in the second quarter due to challenging markets and low interest rates. It fell to sixth place from third, allowing Bank of America Merrill Lynch to move up into the top five. Investment banks suffered their worst first half year performance since the 2008 financial crisis as revenues for the top 12 players fell 15 percent from the same period a year ago, the data showed. Looming U.S. elections, Britain's vote to leave the European Union in June, near-zero interest rates and worries about China's economy have spooked markets this year and curbed investors' appetite to take risks. Last week, Citigroup said it expects to post better results in fixed income trading for the third quarter compared with a year ago. Most of JPMorgan's revenue, some $6.9 billion, was accrued on its home turf but the $3.9 billion generated in its Europe, Middle East and Africa (EMEA) operations was enough to dislodge Deutsche from the top place in that region. In the same period last year, Deutsche was number one in EMEA with revenue of $4.3 billion. Its slide to number two, even on its home turf highlights how difficult a year it has been for Germany's biggest lender. JPMorgan also dislodged Deutsche Bank in the Asia Pacific (APAC region) to take top spot with revenue of $1.7 billion in the first half of the year. That was 15 percent lower than the $2 billion Deutsche Bank earned in the same period last year in the region. JPMorgan retained its crown in fixed income, currencies and commodities (FICC) trading, its position solidified by its dominance in G10 rates and foreign exchange trading. The U.S. bank slipped a place to third in the equities ranking, however. Coalition tracks Bank of America Merrill Lynch, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, Societe Generale and UBS.

2021-10-30 14:11:40.522566

5 things to know before the stock market opens Thursday

https://www.cnbc.com/2021/09/09/5-things-to-know-before-the-stock-market-opens-thursday-sept-9.html

2021-09-09T11:40:58+0000

Matthew J. Belvedere

CNBC

Here are the most important news, trends and analysis that investors need to start their trading day:

cnbc, Articles, Health care industry, Investment strategy, Economy, Interest Rates, Federal Reserve System, Markets, Politics, Technology, Business, Lululemon Athletica Inc, Joe Biden, Delta Air Lines Inc, United Airlines Holdings Inc, NetEase Inc, GameStop Corp, NASDAQ Composite, S&P 500 Index, Dow Jones Industrial Average, Bitcoin/USD Coin Metrics, Business News, 5 Things to Know, Investing, Health & Science, Coronavirus, source:tagname:CNBC US Source

<div class="group"><p><em>Here are the most important news, trends and analysis that investors need to start their trading day:</em></p><ul><li><a href="#iK8KGlrzP">Dow set to open lower after closing down for third straight session</a></li><li><a href="#4xn-shnaDS">GameStop sinks on lack of guidance; Lululemon soars on strong outlook</a></li><li><a href="#67ojmSQJ7B">United staff with religious exemptions to Covid shot must take unpaid leave</a></li><li><a href="#t-zqNbnUPQ">Biden to unveil drive to boost Covid vaccinations, fight delta variant</a></li><li><a href="#Hy-G9z2UQq">Ukraine to become latest country to legalize bitcoin as it goes global</a></li></ul></div>,<div class="group"><p><a href="https://www.cnbc.com/2021/09/08/stock-market-futures-open-to-close-news.html">U.S. stock futures</a> were under some pressure Thursday after the <a href="https://www.cnbc.com/quotes/.DJI">Dow Jones Industrial Average</a> and <a href="https://www.cnbc.com/quotes/.SPX">S&amp;P 500</a> closed <a href="https://www.cnbc.com/2021/09/07/stock-market-futures-open-to-close-news.html">lower for the third straight session</a>. Investors get another report on the labor market before the bell that could go into the Federal Reserve's thinking about when to start tapering Covid-era bond purchases. Rising inflation and the delta variant are also wildcards. The <a href="https://www.cnbc.com/quotes/.IXIC">Nasdaq</a>, which had been on a run of record closes, broke a four-session winning streak on Wednesday as tech stocks faltered.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Chinese stocks that trade in the U.S. were lower in premarket trading after Chinese regulators called <a href="//www.cnbc.com/quotes/9999-HK" target="_blank">NetEase</a> and others for an interview <a href="https://www.cnbc.com/2021/09/09/tencent-stock-falls-after-chinese-regulators-summon-gaming-firms.html">to remind them</a> of video-game restrictions on kids.</p></div>,<div class="group"><div id="SpecialReportArticle-DataWrapperChart" class="DataWrapperChart-dataWrapperContainer"><iframe title="Initial claims for unemployment insurance" aria-label="Column Chart" id="datawrapper-chart-7truh" src="https://datawrapper.dwcdn.net/7truh/2/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="400"></iframe><script type="text/javascript">!function(){"use strict";window.addEventListener("message",(function(e){if(void 0!==e.data["datawrapper-height"]){var t=document.querySelectorAll("iframe");for(var a in e.data["datawrapper-height"])for(var r=0;r<t.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data["datawrapper-height"][a]+"px"}}}))}(); </script></div></div>,<div class="group"><p>The U.S. government reported Thursday <a href="https://www.cnbc.com/2021/09/09/weekly-jobless-claims-.html">310,000 initial jobless claims</a> for the week ending Sept. 4. That's lower than estimates and a pandemic low all the way back to the week ending March 14, 2020, when new claims totaled 256,000. That was just before Covid caused historic business closures and job losses, leading to a rush for unemployment benefits. For the week ending Aug. 28, new claims were revised higher to 345,000.</p><p>The <a href="https://www.cnbc.com/european-central-bank/">European Central Bank</a> kept interest rates unchanged Thursday but <a href="https://www.cnbc.com/2021/09/09/european-central-bank-announces-a-slowing-of-its-pandemic-bond-buying.html">opted to slow down</a> the pace of net asset purchases under its pandemic emergency purchase program.</p></div>,<div class="group"><p>Shares of <a href="//www.cnbc.com/quotes/GME" target="_blank">GameStop</a>, the original meme stock, lost 7% in Thursday's premarket, the morning after the video-game retailer reported its <a href="https://www.cnbc.com/2021/09/08/gamestop-gme-2q-2021-earnings.html">second-quarter loss narrowed</a> on a year-over-year basis. GameStop, whose stock was still up more than 900% in 2021, did not provide an outlook for the coming quarters or take questions during its post-results conference call. The company also said the SEC has requested additional documents for a probe into GameStop and other companies' trading activity, which the company had disclosed in May.</p></div>,<div class="group"><p><a href="//www.cnbc.com/quotes/LULU" target="_blank">Lululemon</a> shares soared roughly 12% in the premarket after the athletic and leisure apparel maker late Wednesday reported second-quarter profit and revenue that <a href="https://www.cnbc.com/2021/09/08/lululemon-lulu-q2-2021-earnings.html">topped expectations</a>. The company has benefited from consumers buying its clothes for their stay-at-home wardrobes. But now, many people are also seeking out stretchy pants and other comfort pieces for their return to the office. Lululemon offered a better-than-expected outlook for the third quarter and fiscal 2021.</p><div style="height:100%" class="lazyload-placeholder"></div></div>,<div class="group"><p><a href="//www.cnbc.com/quotes/UAL" target="_blank">United</a> employees granted exemptions to the company's vaccination mandate for religious reasons <a href="https://www.cnbc.com/2021/09/08/united-airlines-staff-granted-religious-exemptions-to-vaccine-mandate-will-be-put-on-unpaid-leave.html">will be put on temporary unpaid leave</a> starting next month, the airline told staff Wednesday, citing the recent rise in Covid cases. United also said that if an employee's request for a religious exemption is denied, they must be vaccinated within five weeks of the denial notice and get the first shot by Sept. 27, or they will be terminated. Airline approaches to boost staff vaccination rates have varied. <a href="//www.cnbc.com/quotes/DAL" target="_blank">Delta Air Lines</a>, for example, is imposing a $200 per month surcharge on unvaccinated employees' company health-care premiums.</p></div>,<div class="group"><p>President <a href="https://www.cnbc.com/joe-biden/">Joe Biden</a> <a href="https://apnews.com/article/business-health-pandemics-coronavirus-pandemic-philippines-b6148c0c4817d80049d72edb6ae5a024" target="_blank">is set to outline</a> a six-pronged federal effort Thursday to boost Covid vaccinations and curb the surging delta variant, which is killing thousands in the U.S. each week and jeopardizing the nation's economic recovery. Biden is expected to push vaccine mandates for workforces and schools. He'll talk about new ways to increase testing and promote mask requirements. The president will emphasize steps to help the economy as well as moves to improve treatment for those with Covid.</p></div>,<div class="group"><p><a href="https://www.cnbc.com/bitcoin/">Bitcoin</a> was steadier Thursday after <a href="https://www.cnbc.com/2021/09/08/ukraine-legalizes-bitcoin-and-cryptocurrencies.html">Ukraine became the fifth country</a> in as many weeks to lay down some ground rules for cryptocurrencies, a further sign governments around the world are realizing that digital coins are here to stay. In a nearly unanimous vote, the Ukrainian Parliament adopted a law that legalizes and regulates crypto. The bill, set in motion in 2020, goes to the desk of Ukraine's president. <a href="https://www.cnbc.com/quotes/BTC.CM=">Bitcoin</a> was trading around $46,200 on Thursday, two days after a flash crash ended up knocking it down 10%. Bitcoin hit an all-time high over $64,000 in April but sold off in June and July, even falling briefly below $30,000. But since mid-July, bitcoin has largely moved higher.</p><p><em>— The Associated Press contributed to this report. Follow all the market action like a pro on </em><a href="https://www.cnbc.com/pro/"><em>CNBC Pro</em></a><em>. Get the latest on the pandemic with </em><a href="https://www.cnbc.com/coronavirus/"><em>CNBC's coronavirus coverage</em></a><em>.</em></p></div>

Here are the most important news, trends and analysis that investors need to start their trading day:Dow set to open lower after closing down for third straight sessionGameStop sinks on lack of guidance; Lululemon soars on strong outlookUnited staff with religious exemptions to Covid shot must take unpaid leaveBiden to unveil drive to boost Covid vaccinations, fight delta variantUkraine to become latest country to legalize bitcoin as it goes globalU.S. stock futures were under some pressure Thursday after the Dow Jones Industrial Average and S&P 500 closed lower for the third straight session. Investors get another report on the labor market before the bell that could go into the Federal Reserve's thinking about when to start tapering Covid-era bond purchases. Rising inflation and the delta variant are also wildcards. The Nasdaq, which had been on a run of record closes, broke a four-session winning streak on Wednesday as tech stocks faltered.Chinese stocks that trade in the U.S. were lower in premarket trading after Chinese regulators called NetEase and others for an interview to remind them of video-game restrictions on kids.The U.S. government reported Thursday 310,000 initial jobless claims for the week ending Sept. 4. That's lower than estimates and a pandemic low all the way back to the week ending March 14, 2020, when new claims totaled 256,000. That was just before Covid caused historic business closures and job losses, leading to a rush for unemployment benefits. For the week ending Aug. 28, new claims were revised higher to 345,000.The European Central Bank kept interest rates unchanged Thursday but opted to slow down the pace of net asset purchases under its pandemic emergency purchase program.Shares of GameStop, the original meme stock, lost 7% in Thursday's premarket, the morning after the video-game retailer reported its second-quarter loss narrowed on a year-over-year basis. GameStop, whose stock was still up more than 900% in 2021, did not provide an outlook for the coming quarters or take questions during its post-results conference call. The company also said the SEC has requested additional documents for a probe into GameStop and other companies' trading activity, which the company had disclosed in May.Lululemon shares soared roughly 12% in the premarket after the athletic and leisure apparel maker late Wednesday reported second-quarter profit and revenue that topped expectations. The company has benefited from consumers buying its clothes for their stay-at-home wardrobes. But now, many people are also seeking out stretchy pants and other comfort pieces for their return to the office. Lululemon offered a better-than-expected outlook for the third quarter and fiscal 2021.United employees granted exemptions to the company's vaccination mandate for religious reasons will be put on temporary unpaid leave starting next month, the airline told staff Wednesday, citing the recent rise in Covid cases. United also said that if an employee's request for a religious exemption is denied, they must be vaccinated within five weeks of the denial notice and get the first shot by Sept. 27, or they will be terminated. Airline approaches to boost staff vaccination rates have varied. Delta Air Lines, for example, is imposing a $200 per month surcharge on unvaccinated employees' company health-care premiums.President Joe Biden is set to outline a six-pronged federal effort Thursday to boost Covid vaccinations and curb the surging delta variant, which is killing thousands in the U.S. each week and jeopardizing the nation's economic recovery. Biden is expected to push vaccine mandates for workforces and schools. He'll talk about new ways to increase testing and promote mask requirements. The president will emphasize steps to help the economy as well as moves to improve treatment for those with Covid.Bitcoin was steadier Thursday after Ukraine became the fifth country in as many weeks to lay down some ground rules for cryptocurrencies, a further sign governments around the world are realizing that digital coins are here to stay. In a nearly unanimous vote, the Ukrainian Parliament adopted a law that legalizes and regulates crypto. The bill, set in motion in 2020, goes to the desk of Ukraine's president. Bitcoin was trading around $46,200 on Thursday, two days after a flash crash ended up knocking it down 10%. Bitcoin hit an all-time high over $64,000 in April but sold off in June and July, even falling briefly below $30,000. But since mid-July, bitcoin has largely moved higher.— The Associated Press contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC's coronavirus coverage.

2021-10-30 14:11:40.570480

Energy Falls Despite 'Above Average' Hurricane Forecast

https://www.cnbc.com/2011/05/19/energy-falls-despite-above-average-hurricane-forecast.html

2011-05-19T17:45:37+0000

Sharon Epperson

CNBC

The federal government’s main weather forecasting agency warns of an “above average” hurricane season this summer.Yet, the energy market yawns.

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

<div class="group"><p>The federal government’s main weather forecasting agency warns of an “above average” hurricane season this summer.</p><p>Yet, the energy market yawns.</p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p>That's because the pre-season hurricane forecasts are too early, too broad and do not indicate where a storm will actually hit, according to traders.</p><p>The National Oceanic and Atmospheric Administration dialed back its Atlantic hurricane season forecast a little from last year. NOAA is predicting there will be 12 to 18 named storms, and six to 10 hurricanes. Three to six of those will be major hurricanes — Category 3, 4 or 5 — with winds of 111 miles per hour or more. The Atlantic hurricane season typically lasts from June 1 to November 30.</p><p>NOAA is predicting this season we’ll see one less storm than last year. But so did Colorado State University in their 2011 forecast that was released in the beginning of April. CSU predicted the 2011 Atlantic Hurricane season would see 16 named storms, including five major hurricanes (Category 3 or higher). So NOAA’s forecast wasn’t much different.</p><p>Energy traders also point out that while there were five major hurricanes — in line with NOAA’s range of forecasts — none of them made landfall near any key U.S. oil or gas facilities. But that’s not the only reason this year’s NOAA forecast hasn’t had any immediate impact on energy prices today.</p></div>,<div class="group"><p>NOAA's pre-season hurricane forecasts are much broader than the closely watched outlook's from Colorado State University and some private forecasters. As a result, these hurricane forecasts have a greater chance of making their mark. Last May, NOAA forecast there would be a 70 percent chance that we'd have between 14 and 23 named storms and  three to seven would be major hurricanes. That's a huge range. It’s hard to miss that. The season ended with a total of 19 named storms and five reached hurricanes of Category 3 or higher.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The real impact, of course, comes when a storm or hurricane makes landfall in a major metro area or near a key refinery complex. Last year was the third most active on record and no storm made landfall on the continental U.S. Unlike some private forecasters, NOAA does not issue forecasts on how many storms will make landfall or where they could make landfall in its pre-season outlook.</p><p>So what more do traders know today about this year’s hurricane season than they did yesterday? Not much.</p><ul><li><a href="https://www.cnbc.com/2011/05/10/Scenes-From-The-2011-Floods.html">Slideshow: Scenes from the 2011 Floods</a></li></ul></div>

The federal government’s main weather forecasting agency warns of an “above average” hurricane season this summer.Yet, the energy market yawns.That's because the pre-season hurricane forecasts are too early, too broad and do not indicate where a storm will actually hit, according to traders.The National Oceanic and Atmospheric Administration dialed back its Atlantic hurricane season forecast a little from last year. NOAA is predicting there will be 12 to 18 named storms, and six to 10 hurricanes. Three to six of those will be major hurricanes — Category 3, 4 or 5 — with winds of 111 miles per hour or more. The Atlantic hurricane season typically lasts from June 1 to November 30.NOAA is predicting this season we’ll see one less storm than last year. But so did Colorado State University in their 2011 forecast that was released in the beginning of April. CSU predicted the 2011 Atlantic Hurricane season would see 16 named storms, including five major hurricanes (Category 3 or higher). So NOAA’s forecast wasn’t much different.Energy traders also point out that while there were five major hurricanes — in line with NOAA’s range of forecasts — none of them made landfall near any key U.S. oil or gas facilities. But that’s not the only reason this year’s NOAA forecast hasn’t had any immediate impact on energy prices today.NOAA's pre-season hurricane forecasts are much broader than the closely watched outlook's from Colorado State University and some private forecasters. As a result, these hurricane forecasts have a greater chance of making their mark. Last May, NOAA forecast there would be a 70 percent chance that we'd have between 14 and 23 named storms and  three to seven would be major hurricanes. That's a huge range. It’s hard to miss that. The season ended with a total of 19 named storms and five reached hurricanes of Category 3 or higher.The real impact, of course, comes when a storm or hurricane makes landfall in a major metro area or near a key refinery complex. Last year was the third most active on record and no storm made landfall on the continental U.S. Unlike some private forecasters, NOAA does not issue forecasts on how many storms will make landfall or where they could make landfall in its pre-season outlook.So what more do traders know today about this year’s hurricane season than they did yesterday? Not much.Slideshow: Scenes from the 2011 Floods

2021-10-30 14:11:40.604799

Banking stem cells in the hope of a lifesaving cure

https://www.cnbc.com/2013/07/28/banking-stem-cells-in-the-hope-of-a-lifesaving-cure.html

2013-07-28T11:00:00+0000

Dan Mangan

CNBC

Forget about cash—start banking your body. Using a technology that echoes science fiction movies, a French company is offering people a "bank" to store their own stem cells for years in a bet that those cells may be used to grow replacement organs and possibly save their lives someday. "It's a personal deposit of your cell," said Dr. André Choulika, CEO of the biotech company Cellectis, which is launching the stem-cell bank known as Scéil this month. Given the rate of developments in stem-cell research and their potential for curbing health costs, Choulika thinks Scéil's model of creating and storing stem cells one day will become so cheap that it will become mandatory for people with medical insurance. "This pace of science currently goes so fast, probably in a few years, less than 10 years, everyone will have their own cell backup, and it will be a requirement," said Choulika, whose company is named after the Gaelic word for "story," and is pronounced "sail" by Choulika. "We believe that regenerative medicine is the future," he said. In the present, though, it is anything but cheap. Scéil's services cost $60,000, Choulika said, adding that it is "a one-time payment, for your life." (Read more: Hot biotech IPOs) Choulika said he expects enthusiastic adoption by wealthy clients, as has been seen with other new technologies. Then, system improvements and competition could drive the initial price down considerably. "It's expensive, or it seems expensive, for one reason," Choulika said. "We don't know how many people are going to sign up, and it's a very complex and sophisticated technology," he said. The number of people now who could both afford the process and be interested in trying it might top 1 million.

cnbc, Articles, Health care industry, Biotech and Pharmaceuticals, Pisani Biotech IPOs Hot 130724, We Americans are Healthy, Really! MANGAN 061329, High Medical Bills 61325 Mangan EC, Health & Science, Business News, source:tagname:CNBC US Source

<div class="group"><p> Forget about cash—start banking your body.</p><p> Using a technology that echoes science fiction movies, a French company is offering people a "bank" to store their own stem cells for years in a bet that those cells may be used to grow replacement organs and possibly save their lives someday.<br></p><div style="height:100%" class="lazyload-placeholder"></div><p> "It's a personal deposit of your cell," said Dr. André Choulika, CEO of the biotech company <a href="http://www.cellectis.com/" target="_blank">Cellectis</a>, which is launching the stem-cell bank known as Scéil this month.<br></p><p> Given the rate of developments in stem-cell research and their potential for curbing health costs, Choulika thinks Scéil's model of creating and storing stem cells one day will become so cheap that it will become mandatory for people with medical insurance.<br></p><p> "This pace of science currently goes so fast, probably in a few years, less than 10 years, everyone will have their own cell backup, and it will be a requirement," said Choulika, whose company is named after the Gaelic word for "story," and is pronounced "sail" by Choulika. </p><p> "We believe that regenerative medicine is the future," he said. </p><p> In the present, though, it is anything but cheap. Scéil's services cost $60,000, Choulika said, adding that it is "a one-time payment, for your life."</p><div style="height:100%" class="lazyload-placeholder"></div><p> (<em>Read more</em>: <a href="https://www.cnbc.com/2013/07/24/why-biotech-ipos-are-suddenly-hot.html">Hot biotech IPOs</a>)<br></p><p> Choulika said he expects enthusiastic adoption by wealthy clients, as has been seen with other new technologies. Then, system improvements and competition could drive the initial price down considerably.</p><p> "It's expensive, or it seems expensive, for one reason," Choulika said. "We don't know how many people are going to sign up, and it's a very complex and sophisticated technology," he said. The number of people now who could both afford the process and be interested in trying it might top 1 million.</p></div>,<div class="group"><p>The company says it has already signed customers, though it doesn't wish to reveal details about them. Those clients will be putting down a hefty sum on a bet that that outlay will be more than offset by the benefits realized from scientific breakthroughs in coming decades.</p><p> A depositor at Scéil will make an appointment with a dermatologist, who will take "a small puncture out of your skin, under the arm, 3 millimeters in diameter," Choulika said. "Then the sample is shipped to our treatment center, which is located in Singapore." (He was visiting Scéil's facility there when he spoke to CNBC.com in a phone interview.)</p><p> (<em>Read more</em>: <a href="https://www.cnbc.com/2013/06/29/americans-less-healthy-than-they-think-study.html">We Americans are healthy, really!</a>)</p><p> The skin cells are grown in the lab and genetically manipulated with enzymes in a way that reverts them to a stem-cell state. </p><p> "It's like a computer that you want to reboot, and you want to rewrite the hard drive all in zeros," Choulika said. "The cells totally forget what they are, and go back to 'stage zero' in life."</p><p> Then those stem cells are themselves grown in "a very large sample," he said. Afterward, the cultivated stem cells are split into three "very large" batches and stored in Scéil locations in Singapore, Switzerland and Dubai. The separation acts as a fail-safe measure.</p><p> Because of the accumulation of mutations in a person's DNA, the earlier a deposit in a stem-cell bank is made, the better, though "it's never too late," Choulika said.</p></div>,<div class="group"><p> The technology that Scéil uses is based on research that won Japanese physician Shinya Yamanaka the 2012 Nobel Prize for Medicine.<br></p><p> (<em>Read more</em>: <a href="https://www.cnbc.com/2013/06/25/medical-bills-are-the-biggest-cause-of-us-bankruptcies-study.html">High medical bills drive bankruptcy</a>)<br></p><p> For years, scientists believed that embryonic stem cells—the cells that can generate all the types of cells in a person's body—could be obtained only from embryos or blood in the umbilical cord. That meant that unless umbilical blood was collected at birth, there was no way to use existing cells to cultivate new ones that later technologies might be able to grow into full organs, blood or bones.</p><p> "That was the paradigm," Choulika said. "You could never go back to the stage of stemness, like an embryonic cell, the first stage of life," "The stem cell, from the beginning of life, gives you any kind of tissue. However, you can never go back from there. ... Once you have a skin cell, the skin cell remains a skin cell."</p><p> But Yamanaka shattered that paradigm when he discovered in 2006 that "intact mature cells in mice could be reprogrammed to become immature stem cells" when a cocktail of several genes were introduced into the mature cells, the Nobel Committee noted in announcing the award last year.</p><p>"With any cell of a person, then, you can rebuild any kind of tissue," Choulika said. "You can rebuild neurons; you can rebuild blood. You can rebuild anything."</p><p>At the moment, the technology of building tissue on a large scale is in its infancy, and years away from being able to grow so-called pluripotent stem cells into full organs for transplant into their donors.</p><p> Movement toward that goal was seen earlier this month, when the Japanese government approved the world's first clinical trials using such stem cells for treating age-related blindness. </p><p>That conjures images of the 1982 dystopian cult classic "Blade Runner," in which a memorable scene involves a scientist working in a lab where human eyes are grown.<br></p><p> The cultivated stem cells also could be used to test drugs' efficacy and risks.</p></div>,<div class="group"><p>—<em>By CNBC's Dan Mangan</em><em>. Follow him on Twitter <a href="http://twitter.com/_DanMangan" target="_blank">@_DanMangan</a>.</em><br></p></div>

Forget about cash—start banking your body. Using a technology that echoes science fiction movies, a French company is offering people a "bank" to store their own stem cells for years in a bet that those cells may be used to grow replacement organs and possibly save their lives someday. "It's a personal deposit of your cell," said Dr. André Choulika, CEO of the biotech company Cellectis, which is launching the stem-cell bank known as Scéil this month. Given the rate of developments in stem-cell research and their potential for curbing health costs, Choulika thinks Scéil's model of creating and storing stem cells one day will become so cheap that it will become mandatory for people with medical insurance. "This pace of science currently goes so fast, probably in a few years, less than 10 years, everyone will have their own cell backup, and it will be a requirement," said Choulika, whose company is named after the Gaelic word for "story," and is pronounced "sail" by Choulika. "We believe that regenerative medicine is the future," he said. In the present, though, it is anything but cheap. Scéil's services cost $60,000, Choulika said, adding that it is "a one-time payment, for your life." (Read more: Hot biotech IPOs) Choulika said he expects enthusiastic adoption by wealthy clients, as has been seen with other new technologies. Then, system improvements and competition could drive the initial price down considerably. "It's expensive, or it seems expensive, for one reason," Choulika said. "We don't know how many people are going to sign up, and it's a very complex and sophisticated technology," he said. The number of people now who could both afford the process and be interested in trying it might top 1 million.The company says it has already signed customers, though it doesn't wish to reveal details about them. Those clients will be putting down a hefty sum on a bet that that outlay will be more than offset by the benefits realized from scientific breakthroughs in coming decades. A depositor at Scéil will make an appointment with a dermatologist, who will take "a small puncture out of your skin, under the arm, 3 millimeters in diameter," Choulika said. "Then the sample is shipped to our treatment center, which is located in Singapore." (He was visiting Scéil's facility there when he spoke to CNBC.com in a phone interview.) (Read more: We Americans are healthy, really!) The skin cells are grown in the lab and genetically manipulated with enzymes in a way that reverts them to a stem-cell state. "It's like a computer that you want to reboot, and you want to rewrite the hard drive all in zeros," Choulika said. "The cells totally forget what they are, and go back to 'stage zero' in life." Then those stem cells are themselves grown in "a very large sample," he said. Afterward, the cultivated stem cells are split into three "very large" batches and stored in Scéil locations in Singapore, Switzerland and Dubai. The separation acts as a fail-safe measure. Because of the accumulation of mutations in a person's DNA, the earlier a deposit in a stem-cell bank is made, the better, though "it's never too late," Choulika said. The technology that Scéil uses is based on research that won Japanese physician Shinya Yamanaka the 2012 Nobel Prize for Medicine. (Read more: High medical bills drive bankruptcy) For years, scientists believed that embryonic stem cells—the cells that can generate all the types of cells in a person's body—could be obtained only from embryos or blood in the umbilical cord. That meant that unless umbilical blood was collected at birth, there was no way to use existing cells to cultivate new ones that later technologies might be able to grow into full organs, blood or bones. "That was the paradigm," Choulika said. "You could never go back to the stage of stemness, like an embryonic cell, the first stage of life," "The stem cell, from the beginning of life, gives you any kind of tissue. However, you can never go back from there. ... Once you have a skin cell, the skin cell remains a skin cell." But Yamanaka shattered that paradigm when he discovered in 2006 that "intact mature cells in mice could be reprogrammed to become immature stem cells" when a cocktail of several genes were introduced into the mature cells, the Nobel Committee noted in announcing the award last year."With any cell of a person, then, you can rebuild any kind of tissue," Choulika said. "You can rebuild neurons; you can rebuild blood. You can rebuild anything."At the moment, the technology of building tissue on a large scale is in its infancy, and years away from being able to grow so-called pluripotent stem cells into full organs for transplant into their donors. Movement toward that goal was seen earlier this month, when the Japanese government approved the world's first clinical trials using such stem cells for treating age-related blindness. That conjures images of the 1982 dystopian cult classic "Blade Runner," in which a memorable scene involves a scientist working in a lab where human eyes are grown. The cultivated stem cells also could be used to test drugs' efficacy and risks.—By CNBC's Dan Mangan. Follow him on Twitter @_DanMangan.

2021-10-30 14:11:40.641141

Fitch cuts Turkey rating outlook to negative in wake of failed coup attempt

https://www.cnbc.com/2016/08/20/fitch-cuts-turkey-rating-outlook-to-negative-in-wake-of-failed-coup-attempt.html

2016-08-20T08:11:46+0000

CNBC

Ratings agency Fitch affirmed its sovereign rating on Turkey at 'BBB-', the lowest investment grade, on Friday but lowered its outlook to negative from stable in a review after last month's attempted military coup. Investors have been rattled by both the failed July 15 putsch, when a group of rogue soldiers attempted to overthrow the government, and the widespread crackdown that has followed, with the arrests or dismissals of tens of thousands of people. "An unsuccessful coup attempt in July confirms heightened risks to political stability," the Fitch statement said, saying a purge of some 70,000 public sector workers "generates uncertainty over capacity and continuity." "Political uncertainty is expected to impact economic performance and poses risks to economic policy," it added. Both Fitch and Moody's rate Turkey at the lowest investment-grade rung, allowing its bonds to be bought by more conservative funds that require a country to be classed as investment grade by at least two agencies. Moody's said on July 18 it was putting Turkey's credit rating on review for a possible downgrade to junk status. Standard & Poor's cut its unsolicited rating on Turkey further into junk territory last month and changed its outlook to negative, also citing concerns following the coup. In Friday's statement, Fitch said the overwhelming public opposition to the coup attempt and subsequent unity of most political parties could lessen political fractures. But security conditions have worsened, it said, referring to militant attacks which it said were having a material impact on the tourism sector. It did not expect the fiscal stance to weaken in response to the coup attempt, though "the central bank and commercial banks are facing renewed political pressure on interest rates," it said. A downgrade could be triggered by prolonged or deepened political instability, insecurity or geopolitical stresses that undermine economic performance or economic policy credibility, it added.

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<div class="group"><p>Ratings agency Fitch affirmed its sovereign rating on <a href="https://www.cnbc.com/id/10000307">Turkey</a> at 'BBB-', the lowest investment grade, on Friday but lowered its outlook to negative from stable in a review after last month's attempted military coup. </p><p> Investors have been rattled by both the failed July 15 putsch, when a group of rogue soldiers attempted to overthrow the government, and the widespread crackdown that has followed, with the arrests or dismissals of tens of thousands of people. </p><div style="height:100%" class="lazyload-placeholder"></div><p> "An unsuccessful coup attempt in July confirms heightened risks to political stability," the Fitch statement said, saying a purge of some 70,000 public sector workers "generates uncertainty over capacity and continuity." </p><p> "Political uncertainty is expected to impact economic performance and poses risks to economic policy," it added. </p><p> Both Fitch and Moody's rate Turkey at the lowest investment-grade rung, allowing its bonds to be bought by more conservative funds that require a country to be classed as investment grade by at least two agencies. </p><p><a href="//www.cnbc.com/quotes/MCO" target="_blank"> Moody's</a> said on July 18 it was putting Turkey's credit rating on review for a possible downgrade to junk status. </p><p> Standard &amp; Poor's cut its unsolicited rating on Turkey further into junk territory last month and changed its outlook to negative, also citing concerns following the coup. </p><div style="height:100%" class="lazyload-placeholder"></div><p> In Friday's statement, Fitch said the overwhelming public opposition to the coup attempt and subsequent unity of most political parties could lessen political fractures. </p><p> But security conditions have worsened, it said, referring to militant attacks which it said were having a material impact on the tourism sector. </p><p> It did not expect the fiscal stance to weaken in response to the coup attempt, though "the central bank and commercial banks are facing renewed political pressure on interest rates," it said. </p><p> A downgrade could be triggered by prolonged or deepened political instability, insecurity or geopolitical stresses that undermine economic performance or economic policy credibility, it added. </p><p> <br></p></div>,<div class="group"><p> <br></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>.<br></p></div>

Ratings agency Fitch affirmed its sovereign rating on Turkey at 'BBB-', the lowest investment grade, on Friday but lowered its outlook to negative from stable in a review after last month's attempted military coup. Investors have been rattled by both the failed July 15 putsch, when a group of rogue soldiers attempted to overthrow the government, and the widespread crackdown that has followed, with the arrests or dismissals of tens of thousands of people. "An unsuccessful coup attempt in July confirms heightened risks to political stability," the Fitch statement said, saying a purge of some 70,000 public sector workers "generates uncertainty over capacity and continuity." "Political uncertainty is expected to impact economic performance and poses risks to economic policy," it added. Both Fitch and Moody's rate Turkey at the lowest investment-grade rung, allowing its bonds to be bought by more conservative funds that require a country to be classed as investment grade by at least two agencies. Moody's said on July 18 it was putting Turkey's credit rating on review for a possible downgrade to junk status. Standard & Poor's cut its unsolicited rating on Turkey further into junk territory last month and changed its outlook to negative, also citing concerns following the coup. In Friday's statement, Fitch said the overwhelming public opposition to the coup attempt and subsequent unity of most political parties could lessen political fractures. But security conditions have worsened, it said, referring to militant attacks which it said were having a material impact on the tourism sector. It did not expect the fiscal stance to weaken in response to the coup attempt, though "the central bank and commercial banks are facing renewed political pressure on interest rates," it said. A downgrade could be triggered by prolonged or deepened political instability, insecurity or geopolitical stresses that undermine economic performance or economic policy credibility, it added. Follow CNBC International on Twitter and Facebook.

2021-10-30 14:11:40.820696

Biden ramps up Latino outreach with appeal to Puerto Rican voters in Florida

https://www.cnbc.com/2020/09/15/biden-ramps-up-latino-outreach-with-appeal-to-puerto-rican-voters-in-florida.html

2020-09-16T03:07:16+0000

Christina Wilkie

CNBC

WASHINGTON – Democratic presidential nominee Joe Biden visited South Florida on Tuesday, seeking to shore up support among Hispanic voters in this crucial swing state.Biden's trip came after a poll of Florida voters was released last week that sent shockwaves through the Democratic Party. The poll, by NBC News and Marist, found President Donald Trump leading Biden among Latino voters by four points, 50-46.Four years ago, Democrat Hillary Clinton won Hispanic voters in Florida by 25 points, 60-35, although she lost the state overall. According to the NBC poll, Biden is underperforming Clinton by 29 points with a key demographic in a key state.Historically, Republicans tend to do better with Hispanic voters in Florida than they do elsewhere, owing to the state's large concentration of Cuban Americans who lean Republican.Nonetheless, the NBC survey results coming just 50 days before Election Day set off alarm bells at the Biden campaign.On Saturday, the Biden campaign unveiled a trio of new Spanish-language ads that will run in Florida, each one directed at a specific group of Hispanic voters.On Sunday, aides to billionaire Michael Bloomberg announced that the former Democratic primary candidate will spend $100 million to support Biden in Florida, essentially freeing up the campaign to put money allocated for Florida into other battleground states such as Pennsylvania.Tuesday night was Biden's first major speech aimed directly at Hispanic voters in Florida. But not just any Hispanic voters: Puerto Rican voters.

cnbc, Articles, Politics, White House, Congress, Economy, Joe Biden, Puerto Rico, 2020 Elections, Race for the White House, source:tagname:CNBC US Source

<div class="group"><p>WASHINGTON – Democratic presidential nominee Joe Biden visited South Florida on Tuesday, seeking to shore up support among Hispanic voters in this crucial swing state.</p><p>Biden's trip came after a poll of Florida voters was released last week that sent shockwaves through the Democratic Party. The <a href="https://www.nbcnews.com/politics/meet-the-press/poll-trump-biden-are-tied-battleground-florida-n1239510" target="_blank">poll, by NBC News and Marist</a>, found President Donald Trump leading Biden among Latino voters by four points, 50-46.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Four years ago, Democrat Hillary Clinton won Hispanic voters in Florida by 25 points, 60-35, although she lost the state overall. According to the NBC poll, Biden is underperforming Clinton by 29 points with a key demographic in a key state.</p><p>Historically, Republicans tend to do better with Hispanic voters in Florida than they do elsewhere, owing to the state's large concentration of Cuban Americans who lean Republican.</p><p>Nonetheless, the NBC survey results coming just 50 days before Election Day set off alarm bells at the Biden campaign.</p><p>On Saturday, the Biden campaign unveiled a trio of new Spanish-language ads that will run in Florida, each one directed at a specific group of Hispanic voters.</p><p>On Sunday, aides to billionaire Michael Bloomberg announced that the former Democratic primary candidate will spend $100 million to support Biden in Florida, essentially freeing up the campaign to put money allocated for Florida into other battleground states such as Pennsylvania.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Tuesday night was Biden's first major speech aimed directly at Hispanic voters in Florida. But not just any Hispanic voters: Puerto Rican voters.</p></div>,<div class="group"><p>The former vice president delivered his speech at a Hispanic Heritage month celebration in Kissimmee. While there were no crowds, the location reflected his campaign's effort to court Puerto Rican voters. Kissimmee is the seat of Osceola County, the only county in America where Puerto Ricans outnumber all other ancestral groups. </p><p>Before he took the stage, Biden was introduced by two world-famous Puerto Rican performers, Ricky Martin and Luis Fonsi, and by Hispanic American actress and activist Eva Longoria. </p></div>,<div class="group"><p>In prepared remarks, the former vice president ripped Trump's approach to the U.S. territory. </p><p>"Even after being president for four years, Donald Trump does not seem to grasp that the people of Puerto Rico are American citizens already," he said.</p><p>"I'm running to be president of all Americans, including 3 million American citizens living in Puerto Rico. I'm not going to steal the money that is desperately needed to reconstruct the island, in order to build a wall that does nothing to keep Americans safe. I'm not going to suggest that we sell or trade Puerto Rico. I'm not going to throw paper towels whose lives have been devastated by the hurricane," said Biden. </p><p>Last fall, <a href="https://archive.thinkprogress.org/trump-fema-dorian-puerto-rico-border-wall-672a5384474a/" target="_blank">Trump shifted $300 million</a> away from cash-strapped disaster relief agencies to fund border security projects, including his "wall" project on the southern border. In the aftermath of Hurricane Maria in 2017, Trump allegedly wondered aloud whether the United States could "sell" the island or "divest" from it. And during a rare visit to Puerto Rico shortly after the hurricanes, Trump <a href="https://www.washingtonpost.com/politics/it-totally-belittled-the-moment-many-look-back-in-anger-at-trumps-tossing-of-paper-towels-in-puerto-rico/2018/09/13/8a3647d2-b77e-11e8-a2c5-3187f427e253_story.html" target="_blank">tossed rolls of paper towels</a> into a crowd of survivors at a relief center. </p><p>Biden also said Tuesday that while he personally supports adding Puerto Rico as a state, he will work with both sides of what is a bitter debate on the island, and let voters there ultimately decide their course. </p></div>,<div class="group"><p>Along with Biden's visit, the campaign released a multi-pronged plan Tuesday afternoon to help rebuild and revitalize Puerto Rico, which is home to 3 million American citizens. Two devastating hurricanes in 2017 left millions of Puerto Ricans without power for months, prompting <a href="https://centropr.hunter.cuny.edu/sites/default/files/data_briefs/Hurricane_maria_1YR.pdf" target="_blank">more than one hundred thousand</a> to move to the mainland.</p></div>,<div class="group"><p>Today, Florida is home to more than a million people who identify as Puerto Rican. Nationwide, Puerto Ricans represent the second largest pool of Hispanic voters in the country, after Mexican Americans. In Florida, more than one in four Latino voters identifies as Puerto Rican. </p><p>Key elements of Biden's Puerto Rico plan:</p><p> - Provide direct federal investment in infrastructure projects and forgive federal disaster aid</p><p> - Offer Puerto Ricans more access to community-based health care and SNAP food assistance</p><p> - Ease Puerto Rico's massive debt burden by reversing austerity measures and restructuring some of the debt</p><p>In a statement accompanying the new plan, the Biden campaign criticized Trump's response to the 2017 hurricanes in Puerto Rico. </p><p>They also brought up the account of Elaine Duke, a former top official at the Department of Homeland Security. Earlier this year Duke told <a href="https://www.nytimes.com/2020/07/10/us/politics/elaine-duke-homeland-security-trump.html" target="_blank">The New York Times that</a> in the aftermath of the Hurricane Maria, Trump mused about whether the United States could sell Puerto Rico.</p><p>Taken together, Biden's plan for Puerto Rico and his direct appeal on Tuesday to Puerto Rican voters represent the best example so far of what the Biden campaign says is an ultra-targeted strategy with Hispanic voters. </p></div>,<div class="group"><p>In response to the concerns raised by the NBC poll last week, Biden campaign aides over the weekend emphasized that their outreach to Hispanic voters has expanded dramatically in recent weeks, and now includes full-time Hispanic-focused mobilization efforts in Arizona, Colorado, Florida, New Mexico, Nevada and Texas.</p><p>"The pathway to victory includes winning key battleground states and we're going to do that by building a culturally competent campaign that targets states with heavy Hispanic populations," senior political adviser Jorge Neri said on a conference call with reporters Sunday.</p><p>Biden aides also stressed how carefully targeted their Spanish language outreach is, up to and including using different Spanish accents in multiple versions of each campaign ad, accents that are tailored to the geographic origins of the Hispanic population in different markets.</p><p>Below is one of the Spanish language ads Biden launched over the weekend.</p><div class="withOneTrustPlaceholder-placeholderDimensions OneTrustLoadingPlaceholder-container"><div class="DynamicLoadingIndicator-spinnerParent" data-test="DynamicLoadingIndicator"><div class="DynamicLoadingIndicator-spinner" style="width:40px;height:40px"></div></div></div><p>Currently, Biden ads appearing in the Miami and Tampa media markets are voiced with Cuban-accented Spanish. In and around Orlando, voters hear a Puerto Rican accent. And in West Palm, Fort Myers, and across Arizona, the narrator has a Mexican accent.</p><p>"That is indispensable because we know that our communities, we share a language, but we have a tremendous diversity of experiences and from those experiences we have similar priorities, but we also have many unique interests," Democratic National Committee chairman Tom Perez told reporters. </p><p>It's impossible to tell at this stage whether Biden's play for Puerto Rican voters will bear fruit. But already this week there are signs that perhaps the NBC/Marist poll was merely an outlier, and that Biden is actually doing better with Latino voters in Florida than it seemed he was last week.</p><p>On Tuesday, <a href="https://www.monmouth.edu/polling-institute/reports/monmouthpoll_fl_091520/" target="_blank">Monmouth University released a new poll of Florida</a> that showed Biden winning Latino voters 58 to 32 over Trump, a number that's much closer to Clinton's 2016 margin.</p></div>

WASHINGTON – Democratic presidential nominee Joe Biden visited South Florida on Tuesday, seeking to shore up support among Hispanic voters in this crucial swing state.Biden's trip came after a poll of Florida voters was released last week that sent shockwaves through the Democratic Party. The poll, by NBC News and Marist, found President Donald Trump leading Biden among Latino voters by four points, 50-46.Four years ago, Democrat Hillary Clinton won Hispanic voters in Florida by 25 points, 60-35, although she lost the state overall. According to the NBC poll, Biden is underperforming Clinton by 29 points with a key demographic in a key state.Historically, Republicans tend to do better with Hispanic voters in Florida than they do elsewhere, owing to the state's large concentration of Cuban Americans who lean Republican.Nonetheless, the NBC survey results coming just 50 days before Election Day set off alarm bells at the Biden campaign.On Saturday, the Biden campaign unveiled a trio of new Spanish-language ads that will run in Florida, each one directed at a specific group of Hispanic voters.On Sunday, aides to billionaire Michael Bloomberg announced that the former Democratic primary candidate will spend $100 million to support Biden in Florida, essentially freeing up the campaign to put money allocated for Florida into other battleground states such as Pennsylvania.Tuesday night was Biden's first major speech aimed directly at Hispanic voters in Florida. But not just any Hispanic voters: Puerto Rican voters.The former vice president delivered his speech at a Hispanic Heritage month celebration in Kissimmee. While there were no crowds, the location reflected his campaign's effort to court Puerto Rican voters. Kissimmee is the seat of Osceola County, the only county in America where Puerto Ricans outnumber all other ancestral groups. Before he took the stage, Biden was introduced by two world-famous Puerto Rican performers, Ricky Martin and Luis Fonsi, and by Hispanic American actress and activist Eva Longoria. In prepared remarks, the former vice president ripped Trump's approach to the U.S. territory. "Even after being president for four years, Donald Trump does not seem to grasp that the people of Puerto Rico are American citizens already," he said."I'm running to be president of all Americans, including 3 million American citizens living in Puerto Rico. I'm not going to steal the money that is desperately needed to reconstruct the island, in order to build a wall that does nothing to keep Americans safe. I'm not going to suggest that we sell or trade Puerto Rico. I'm not going to throw paper towels whose lives have been devastated by the hurricane," said Biden. Last fall, Trump shifted $300 million away from cash-strapped disaster relief agencies to fund border security projects, including his "wall" project on the southern border. In the aftermath of Hurricane Maria in 2017, Trump allegedly wondered aloud whether the United States could "sell" the island or "divest" from it. And during a rare visit to Puerto Rico shortly after the hurricanes, Trump tossed rolls of paper towels into a crowd of survivors at a relief center. Biden also said Tuesday that while he personally supports adding Puerto Rico as a state, he will work with both sides of what is a bitter debate on the island, and let voters there ultimately decide their course. Along with Biden's visit, the campaign released a multi-pronged plan Tuesday afternoon to help rebuild and revitalize Puerto Rico, which is home to 3 million American citizens. Two devastating hurricanes in 2017 left millions of Puerto Ricans without power for months, prompting more than one hundred thousand to move to the mainland.Today, Florida is home to more than a million people who identify as Puerto Rican. Nationwide, Puerto Ricans represent the second largest pool of Hispanic voters in the country, after Mexican Americans. In Florida, more than one in four Latino voters identifies as Puerto Rican. Key elements of Biden's Puerto Rico plan: - Provide direct federal investment in infrastructure projects and forgive federal disaster aid - Offer Puerto Ricans more access to community-based health care and SNAP food assistance - Ease Puerto Rico's massive debt burden by reversing austerity measures and restructuring some of the debtIn a statement accompanying the new plan, the Biden campaign criticized Trump's response to the 2017 hurricanes in Puerto Rico. They also brought up the account of Elaine Duke, a former top official at the Department of Homeland Security. Earlier this year Duke told The New York Times that in the aftermath of the Hurricane Maria, Trump mused about whether the United States could sell Puerto Rico.Taken together, Biden's plan for Puerto Rico and his direct appeal on Tuesday to Puerto Rican voters represent the best example so far of what the Biden campaign says is an ultra-targeted strategy with Hispanic voters. In response to the concerns raised by the NBC poll last week, Biden campaign aides over the weekend emphasized that their outreach to Hispanic voters has expanded dramatically in recent weeks, and now includes full-time Hispanic-focused mobilization efforts in Arizona, Colorado, Florida, New Mexico, Nevada and Texas."The pathway to victory includes winning key battleground states and we're going to do that by building a culturally competent campaign that targets states with heavy Hispanic populations," senior political adviser Jorge Neri said on a conference call with reporters Sunday.Biden aides also stressed how carefully targeted their Spanish language outreach is, up to and including using different Spanish accents in multiple versions of each campaign ad, accents that are tailored to the geographic origins of the Hispanic population in different markets.Below is one of the Spanish language ads Biden launched over the weekend.Currently, Biden ads appearing in the Miami and Tampa media markets are voiced with Cuban-accented Spanish. In and around Orlando, voters hear a Puerto Rican accent. And in West Palm, Fort Myers, and across Arizona, the narrator has a Mexican accent."That is indispensable because we know that our communities, we share a language, but we have a tremendous diversity of experiences and from those experiences we have similar priorities, but we also have many unique interests," Democratic National Committee chairman Tom Perez told reporters. It's impossible to tell at this stage whether Biden's play for Puerto Rican voters will bear fruit. But already this week there are signs that perhaps the NBC/Marist poll was merely an outlier, and that Biden is actually doing better with Latino voters in Florida than it seemed he was last week.On Tuesday, Monmouth University released a new poll of Florida that showed Biden winning Latino voters 58 to 32 over Trump, a number that's much closer to Clinton's 2016 margin.

2021-10-30 14:11:41.109251

JD.com wants a network of 5 million stores as e-commerce battle heats up

https://www.cnbc.com/2020/11/12/jdcom-wants-network-of-5-million-physical-stores-in-china.html

2020-11-12T00:23:38+0000

Sumathi Bala

CNBC

Chinese retailer JD.com plans to aggressively expand its brick-and-mortar reach— aiming for a network of 5 million physical stores in the next 3 years — as China's e-commerce companies sharpen their competition for consumers in smaller Chinese cities.Xu Lei, chief executive of JD Retail, said the company is "aware that China's retail market is huge." But he added that JD's business model can have limitations and he therefore wants to "build offline stores on our own and partner with existing players."

cnbc, Articles, Alibaba Group Holding Ltd, China, JD.Com Inc, Retail industry, Technology, Arjun Kharpal, Internet, E-commerce, Asia Economy, Retail, e-commerce, China Economy, East Tech West, source:tagname:CNBC Asia Source

<div class="group"><p>Chinese retailer <a href="//www.cnbc.com/quotes/9618-HK" target="_blank">JD.com</a> plans to aggressively expand its brick-and-mortar reach— aiming for a network of 5 million physical stores in the next 3 years — as China's e-commerce companies sharpen their competition for consumers in smaller Chinese cities.</p><p>Xu Lei, chief executive of JD Retail, said the company is "aware that China's retail market is huge." But he added that JD's business model can have limitations and he therefore wants to "build offline stores on our own and partner with existing players."</p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p>The company's online model "can only service certain number of consumers. We want to apply our years of experience, including logistics, merchandising and technology to a much wider context," Xu told CNBC's <a href="https://www.cnbc.com/arjun-kharpal/">Arjun Kharpal</a>. "Therefore, last year, we determined to position JD as an all-channel retail platform."</p><p>"In addition to our centralized online app, we also have a lot of de-centralized offline platforms. The offline market is very important to us," Xu said, speaking to CNBC as part of the annual East Tech West conference, which is being held this year both remotely and in Guangzhou, China.</p></div>,<div class="group"><p>As part of the strategy to build its retail presence, JD opened its biggest physical store, called the JD E-Space, on Singles Day in Chongqing in November last year. But the company does not plan to build 5 million stores itself.</p></div>,<div class="group"><p>"What's more important is to make good use of our partner stores," Xu said. "So far we have linked up with over 2-and-a-half million stores, including our own stores. In three years, our projection is to have a network linking up to five million stores."</p><p>This year JD put $100 million of backing into appliance store operator Gome Retail Holding — one of China's largest appliance chains. The joint venture lets customers examine items at Gome's roughly 2,600 stores and then purchase the products through JD.com.</p><div style="height:100%" class="lazyload-placeholder"></div></div>,<div class="group"><p>JD's moves underline the fierce competition among China's leading e-commerce retailers to get more consumers in the country's smaller cities. <a href="//www.cnbc.com/quotes/BABA" target="_blank">Alibaba</a> – JD's biggest rival — recently acquired a 19.9% stake in <a href="https://urldefense.com/v3/__https:/asia.nikkei.com/Companies/Suning.com-Co.-Ltd__;!!PIZeeW5wscynRQ!59HVgcQWZacqvT8P3-sVGoT9GfrVgFcmXVZ-GmOvFpdZr-Rnw7wGNdQoo2peKrAw%24" target="_blank">Suning.com</a>, with the intention of boosting its market share in China's smaller cities.</p><p>Small cities are important not only for internet-based merchants, but also traditional retailers across China, which is the world's second-biggest economy. </p><p>"What happens to consumers from fourth- to sixth-tier cities, when they want to buy some big-branded products, they either find out that the products are not available locally or they are sold at a much higher price than those in the upper-tier cities," said Xu. "JD is providing consumers in lower-tier markets the same kind access to products and pricing through our nation-wide logistics network. "</p><p>Going forward, the company intends to work with popular brands to tailor products from region to region.</p><p>"Many brands have come to realize the huge size of the Chinese market, so they customize products for lower-tier cities by leveraging JD's data and our supply chain capabilities," he said. "They have had great results. We've seen sales orders from lower-tier markets growing by over 100% so far this year."</p><p><em>— CNBC's Arjun Kharpal contributed to this report.</em></p></div>

Chinese retailer JD.com plans to aggressively expand its brick-and-mortar reach— aiming for a network of 5 million physical stores in the next 3 years — as China's e-commerce companies sharpen their competition for consumers in smaller Chinese cities.Xu Lei, chief executive of JD Retail, said the company is "aware that China's retail market is huge." But he added that JD's business model can have limitations and he therefore wants to "build offline stores on our own and partner with existing players."The company's online model "can only service certain number of consumers. We want to apply our years of experience, including logistics, merchandising and technology to a much wider context," Xu told CNBC's Arjun Kharpal. "Therefore, last year, we determined to position JD as an all-channel retail platform.""In addition to our centralized online app, we also have a lot of de-centralized offline platforms. The offline market is very important to us," Xu said, speaking to CNBC as part of the annual East Tech West conference, which is being held this year both remotely and in Guangzhou, China.As part of the strategy to build its retail presence, JD opened its biggest physical store, called the JD E-Space, on Singles Day in Chongqing in November last year. But the company does not plan to build 5 million stores itself."What's more important is to make good use of our partner stores," Xu said. "So far we have linked up with over 2-and-a-half million stores, including our own stores. In three years, our projection is to have a network linking up to five million stores."This year JD put $100 million of backing into appliance store operator Gome Retail Holding — one of China's largest appliance chains. The joint venture lets customers examine items at Gome's roughly 2,600 stores and then purchase the products through JD.com.JD's moves underline the fierce competition among China's leading e-commerce retailers to get more consumers in the country's smaller cities. Alibaba – JD's biggest rival — recently acquired a 19.9% stake in Suning.com, with the intention of boosting its market share in China's smaller cities.Small cities are important not only for internet-based merchants, but also traditional retailers across China, which is the world's second-biggest economy. "What happens to consumers from fourth- to sixth-tier cities, when they want to buy some big-branded products, they either find out that the products are not available locally or they are sold at a much higher price than those in the upper-tier cities," said Xu. "JD is providing consumers in lower-tier markets the same kind access to products and pricing through our nation-wide logistics network. "Going forward, the company intends to work with popular brands to tailor products from region to region."Many brands have come to realize the huge size of the Chinese market, so they customize products for lower-tier cities by leveraging JD's data and our supply chain capabilities," he said. "They have had great results. We've seen sales orders from lower-tier markets growing by over 100% so far this year."— CNBC's Arjun Kharpal contributed to this report.

2021-10-30 14:11:41.152731

Maui Close to Averaging $4 for Gas

https://www.cnbc.com/2008/03/14/maui-close-to-averaging-4-for-gas.html

2008-03-14T09:54:35+0000

CNBC

"Maui No Kai Oi" is a popular Hawaiian saying that means Maui is the best. Mike Sweeney recently moved to this idyllic island from Denver and was hit with the other side of living in paradise with his first visit to the gas pump: Maui is also No. 1 in gas prices.

cnbc, Articles, Tesoro Corp, Chevron Corp, Business News, Energy, Oil and Gas, source:tagname:The Associated Press

<div class="group"><p>"Maui No Kai Oi" is a popular Hawaiian saying that means Maui is the best. Mike Sweeney recently moved to this idyllic island from Denver and was hit with the other side of living in paradise with his first visit to the gas pump: Maui is also No. 1 in gas prices. </p></div>,<div class="group"><p>"After seeing the total, I won't be smiling," Sweeney said as he watched the numbers on the Chevron pump spin faster than a slot machine. </p><div style="height:100%" class="lazyload-placeholder"></div><p>The pump finally stopped at $97.20, which put 24.5 gallons in his Chevrolet Avalanche. </p><p>He was elated about living on Maui and being reunited with his black, super-size pickup truck, which just arrived from Colorado, but he wasn't so thrilled about paying nearly $4 for a gallon of regular. </p><p>While the price of oil climbs above $110 a barrel, most Americans dread the day they will have to pay $4. On this tropical island and a few stations in California, $4 gas has already arrived, straining the pocketbooks of residents and businesses. </p><p>Maui is on the verge of becoming first area in the nation to average $4 for a gallon of regular. The average price in Wailuku reached $3.934 on Thursday, the highest price in AAA's Daily Fuel Gauge Report. At several stations, it was a penny shy of $4. In the remote coastal town of Hana, it was around $4.40 a gallon. </p><p>"Outrageous. Completely outrageous," said Janet Carone, of Wailuku. </p><div style="height:100%" class="lazyload-placeholder"></div><p>The high price to get around has hurt many families, like the Carones. They're coping by driving less, carpooling or working more. </p><p>"It has a big effect because our housing is high, our food is high, and the gas prices just make it worse," she said. </p><p>Other than AAA, perhaps no one on Maui tracks local gas prices better than Deok Lee, owner of Airport Taxi. He maintains a detailed record of gas expenses using Excel spreadsheets on his laptop. </p><p>In just nine days, Lee had spent $300 to fuel his Toyota Sienna van. Like his drivers, the more Lee pays for gas, the less money he brings home. His pay shrinks by the day -- and by the gallon. </p><p>"Crazy," he said about the prices. "Ridiculous." </p><p>Fuel cost has more than tripled since he took over the business in 1999, and it's forcing him to consider trading his van, which costs $80 to fill, for a smaller four-cylinder car. </p><p>"Unfortunately, it's going to take away some comfort for the customers. But you gotta do what you gotta do," he said. </p><p>Lee expects many cabbies will be forced out of business if fuel prices keep rising. </p><p>Chuck Gamarata, who operates the only limousine taxi on the island, is forced to work longer hours to compensate for the gas prices. He's still taking home about $10 less each day. </p><p>"You add that up over a year's period, that's thousands of dollars," he said. "It hurts. It hurts bad." </p><p>Other businesses are also feeling pinched. </p><p>Todd Winn, co-owner of North Shore Explorers, has been hit hard since launching the tour company in September. It takes 150 gallons of diesel, at $4.20 a gallon, to fill up his 30-foot rigid hull inflatable boat, which gets about a mile per gallon. It also costs more than $100 to fill up the Ford F-350 to tow it. </p><p>While the new company is trying to build up clientele, it may be forced to raise rates or add a fuel surcharge. </p><p>"It's been dramatic enough that we've actually seen our original business model blown out the window," Winn said. "It's been quite costly and we've had to cut costs in other areas to make it work." </p><p>He shakes his head when hearing about people in other states complaining about gas prices. Maui residents remember the good ol' days of $3 gas. </p><p>"It's just the price of living here," Winn said. "I'm not sure it's fair. But at the same time, it's not going to get me to move back to the mainland to pay a buck less for a gallon of gasoline." </p><p>Hawaii is the most oil-dependent state in the nation, with more than 90 percent of its energy coming from imported oil. The state's economy is also extremely sensitive to oil prices globally because it depends on airplanes and ships to bring in tourists and all of its goods. </p><p>Marie Montgomery, spokeswoman for AAA Hawaii, said it's a little comfort for islanders that gas prices haven't risen as fast as in other states, such as California. </p></div>,<div class="group"><p>On Thursday, California hit another record with an average of $3.609, overtaking Hawaii ($3.587) for the nation's highest gas prices. Meanwhile, the national average has risen to a record $3.267, according to the auto club. </p><p>But Maui, which doesn't have a major public transportation system, now has all the California cities beat by at least a quarter a gallon. </p></div>,<div class="group"><p>Residents here have long wondered why gas prices on the island are so much higher than on neighboring Oahu, where Honolulu gas is about 50 cents less. </p><p>"It's like we work just to pay gas," resident Yolanda Ellis said. "Funny how our gas goes up but our pay stays the same." </p><p>Hawaii, which imports most of its crude oil from Alaska and Indonesia, has two refineries on Oahu operated by Chevron and Tesoro Hawaii . </p><p>Both companies blame the Maui price on higher transportation costs, even though islands further away, such as the Big Island, have lower prices. They also cite several other factors, such as volume, competition and higher local taxes on Maui. </p><p>Chevron spokesman Albert Chee said the price, in most cases, is set by the station operators and owners. The company sets the retail prices for only six stations it owns out of the 63 Chevron-branded outlets in Hawaii. </p><p>The company wouldn't disclose the difference in wholesale price between Maui and Oahu. However, Chee said: "It's not 50 cents. It's not even half." </p><p>"The difference between Oahu and Maui of 50 cents is not flowing into my pocket," he said. </p><p>Chevron noted that the cost of crude oil has spiked 20 percent in the past 30 days, while gasoline has increased 9 percent nationwide and only 5 percent in Hawaii. </p><p>Not everyone seemed upset with the pump prices on Maui. Tourists, who pay an average close to $300 a night for a hotel room, don't seem to mind. </p><p><br>"If the gas would've been higher, we still would've gone," said Jack Glisson, of Jacksonville, Ill. "It didn't make any difference." <br></p></div>

"Maui No Kai Oi" is a popular Hawaiian saying that means Maui is the best. Mike Sweeney recently moved to this idyllic island from Denver and was hit with the other side of living in paradise with his first visit to the gas pump: Maui is also No. 1 in gas prices. "After seeing the total, I won't be smiling," Sweeney said as he watched the numbers on the Chevron pump spin faster than a slot machine. The pump finally stopped at $97.20, which put 24.5 gallons in his Chevrolet Avalanche. He was elated about living on Maui and being reunited with his black, super-size pickup truck, which just arrived from Colorado, but he wasn't so thrilled about paying nearly $4 for a gallon of regular. While the price of oil climbs above $110 a barrel, most Americans dread the day they will have to pay $4. On this tropical island and a few stations in California, $4 gas has already arrived, straining the pocketbooks of residents and businesses. Maui is on the verge of becoming first area in the nation to average $4 for a gallon of regular. The average price in Wailuku reached $3.934 on Thursday, the highest price in AAA's Daily Fuel Gauge Report. At several stations, it was a penny shy of $4. In the remote coastal town of Hana, it was around $4.40 a gallon. "Outrageous. Completely outrageous," said Janet Carone, of Wailuku. The high price to get around has hurt many families, like the Carones. They're coping by driving less, carpooling or working more. "It has a big effect because our housing is high, our food is high, and the gas prices just make it worse," she said. Other than AAA, perhaps no one on Maui tracks local gas prices better than Deok Lee, owner of Airport Taxi. He maintains a detailed record of gas expenses using Excel spreadsheets on his laptop. In just nine days, Lee had spent $300 to fuel his Toyota Sienna van. Like his drivers, the more Lee pays for gas, the less money he brings home. His pay shrinks by the day -- and by the gallon. "Crazy," he said about the prices. "Ridiculous." Fuel cost has more than tripled since he took over the business in 1999, and it's forcing him to consider trading his van, which costs $80 to fill, for a smaller four-cylinder car. "Unfortunately, it's going to take away some comfort for the customers. But you gotta do what you gotta do," he said. Lee expects many cabbies will be forced out of business if fuel prices keep rising. Chuck Gamarata, who operates the only limousine taxi on the island, is forced to work longer hours to compensate for the gas prices. He's still taking home about $10 less each day. "You add that up over a year's period, that's thousands of dollars," he said. "It hurts. It hurts bad." Other businesses are also feeling pinched. Todd Winn, co-owner of North Shore Explorers, has been hit hard since launching the tour company in September. It takes 150 gallons of diesel, at $4.20 a gallon, to fill up his 30-foot rigid hull inflatable boat, which gets about a mile per gallon. It also costs more than $100 to fill up the Ford F-350 to tow it. While the new company is trying to build up clientele, it may be forced to raise rates or add a fuel surcharge. "It's been dramatic enough that we've actually seen our original business model blown out the window," Winn said. "It's been quite costly and we've had to cut costs in other areas to make it work." He shakes his head when hearing about people in other states complaining about gas prices. Maui residents remember the good ol' days of $3 gas. "It's just the price of living here," Winn said. "I'm not sure it's fair. But at the same time, it's not going to get me to move back to the mainland to pay a buck less for a gallon of gasoline." Hawaii is the most oil-dependent state in the nation, with more than 90 percent of its energy coming from imported oil. The state's economy is also extremely sensitive to oil prices globally because it depends on airplanes and ships to bring in tourists and all of its goods. Marie Montgomery, spokeswoman for AAA Hawaii, said it's a little comfort for islanders that gas prices haven't risen as fast as in other states, such as California. On Thursday, California hit another record with an average of $3.609, overtaking Hawaii ($3.587) for the nation's highest gas prices. Meanwhile, the national average has risen to a record $3.267, according to the auto club. But Maui, which doesn't have a major public transportation system, now has all the California cities beat by at least a quarter a gallon. Residents here have long wondered why gas prices on the island are so much higher than on neighboring Oahu, where Honolulu gas is about 50 cents less. "It's like we work just to pay gas," resident Yolanda Ellis said. "Funny how our gas goes up but our pay stays the same." Hawaii, which imports most of its crude oil from Alaska and Indonesia, has two refineries on Oahu operated by Chevron and Tesoro Hawaii . Both companies blame the Maui price on higher transportation costs, even though islands further away, such as the Big Island, have lower prices. They also cite several other factors, such as volume, competition and higher local taxes on Maui. Chevron spokesman Albert Chee said the price, in most cases, is set by the station operators and owners. The company sets the retail prices for only six stations it owns out of the 63 Chevron-branded outlets in Hawaii. The company wouldn't disclose the difference in wholesale price between Maui and Oahu. However, Chee said: "It's not 50 cents. It's not even half." "The difference between Oahu and Maui of 50 cents is not flowing into my pocket," he said. Chevron noted that the cost of crude oil has spiked 20 percent in the past 30 days, while gasoline has increased 9 percent nationwide and only 5 percent in Hawaii. Not everyone seemed upset with the pump prices on Maui. Tourists, who pay an average close to $300 a night for a hotel room, don't seem to mind. "If the gas would've been higher, we still would've gone," said Jack Glisson, of Jacksonville, Ill. "It didn't make any difference."

2021-10-30 14:11:41.347313

EU prolongs until September blacklist of Russians over Ukraine crisis

https://www.cnbc.com/2017/03/13/eu-prolongs-until-september-blacklist-of-russians-over-ukraine-crisis.html

2017-03-13T13:30:24+0000

CNBC

The European Union has prolonged for six months until Sept. 15 a blacklist of Russian and Crimean individuals and firms accused of undermining Ukraine's integrity and independence, an EU statement said on Monday."The assessment of the situation did not justify a change in the sanctions regime," the statement said. The sanctions were introduced in March 2014 following Russia's annexation of Crimea and its involvement in the revolt in eastern Ukraine.The list includes advisers and aides of President Vladimir Putin, parliamentarians, defense and intelligence officials, army and navy commanders, as well as Crimean separatists and rebels in east Ukraine.Two people were removed from the list because they have recently died, the statement said. The updated list covers 150 persons and 37 companies which remain subject to visa bans and an asset freeze in the EU.

cnbc, Articles, Middle East, Business News, Economy, World Economy, World News, source:tagname:Reuters

<div class="group"><p>The European Union has prolonged for six months until Sept. 15 a blacklist of Russian and Crimean individuals and firms accused of undermining Ukraine's integrity and independence, an EU statement said on Monday.</p><p>"The assessment of the situation did not justify a change in the sanctions regime," the statement said. The sanctions were introduced in March 2014 following Russia's annexation of Crimea and its involvement in the revolt in eastern Ukraine.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The list includes advisers and aides of President Vladimir Putin, parliamentarians, defense and intelligence officials, army and navy commanders, as well as Crimean separatists and rebels in east Ukraine.</p><p>Two people were removed from the list because they have recently died, the statement said. The updated list covers 150 persons and 37 companies which remain subject to visa bans and an asset freeze in the EU.<br></p></div>

The European Union has prolonged for six months until Sept. 15 a blacklist of Russian and Crimean individuals and firms accused of undermining Ukraine's integrity and independence, an EU statement said on Monday."The assessment of the situation did not justify a change in the sanctions regime," the statement said. The sanctions were introduced in March 2014 following Russia's annexation of Crimea and its involvement in the revolt in eastern Ukraine.The list includes advisers and aides of President Vladimir Putin, parliamentarians, defense and intelligence officials, army and navy commanders, as well as Crimean separatists and rebels in east Ukraine.Two people were removed from the list because they have recently died, the statement said. The updated list covers 150 persons and 37 companies which remain subject to visa bans and an asset freeze in the EU.

2021-10-30 14:11:41.389923

Investors on pace to plow a record amount of money into corporate bonds in March

https://www.cnbc.com/2019/03/27/investors-on-pace-to-plow-a-record-amount-of-money-into-bonds.html

2019-03-27T16:51:47+0000

Thomas Franck

CNBC

Investors are barreling toward the bond market as inflows look to break a new monthly record.Inflows to U.S. high-grade funds and exchange-traded funds have averaged $846 million per day in March, ahead of the $800 million average during the record month last year, according to research from Bank of America Merrill Lynch.The previous record for corporate bond inflows was $38.4 billion in January 2018."Based on daily fund and ETF inflows, March is on track to set a new monthly record," Bank of America credit strategists Yuri Seliger and Yunyi Zhang wrote Wednesday."Inflows this year have been delayed relative to earlier periods of strong bond price appreciation," the strategists added. "Given the more stable macro conditions currently flows catching up to the historical trend could provide another catalyst for stronger inflows."The iShares iBoxx Investment Grade Corporate Bond ETF, just one of many such funds, has alone seen inflows of more than $600 million in the past month and about $440 million since the start of March.The pivot into investment-grade debt comes as a growing number of economists and investors believe the U.S. economy is poised for a slowdown in the next year. Yields of ranging quality have been under pressure ever since the Federal Reserve downgraded its forecast for the American economy last week, when it decided to leave its overnight lending rate unchanged.Some investors may view corporate debt as a somewhat safer bet over a volatile equity market despite sharp gains in the S&P 500 this year. Though the broad, large-cap index is up more than 11 percent this year, fund flows have not kept pace. The SPDR S&P 500 ETF, one of the largest in the world with over $260 billion under management, has seen outflows of more than $10 billion since the year began."Data arriving since September suggest that growth is slowing somewhat more than expected," Fed Chairman Jerome Powell said last week. "While the U.S. economy showed little evidence of slowdown through the end of 2018, the limited data we have so far this year have been somewhat more mixed."The yield on the benchmark 10-year Treasury note is down more than 25 basis points since last Monday, falling under the rate on the 3-month Treasury bill. On the corporate side, companies in the U.S. have taken advantage of low interest rates both to grow business and reward shareholders, ballooning their own debt sums."Flows follow returns and the drop in interest rates since Monday of last week should encourage potentially even stronger inflows in April," Seliger and Zhang added.While companies have thus far been able to find buyers for their debt, many market participants are keeping a close eye for changes in the economy and confidence. Both February payrolls data and March consumer confidence disappointed investors recently, pressuring investors out of equities and into safer markets like debt.Total corporate debt has swelled from nearly $4.9 trillion in 2007 as the Great Recession was just starting to break out to nearly $9.1 trillion halfway through 2018, quietly surging 86 percent, according to Securities Industry and Financial Markets Association data.

cnbc, Articles, SPDR S&P 500 ETF Trust, iShares iBoxx $ Investment Grade Corporate Bond ETF, Interest Rates, Bonds, Wall Street, Business, Investment strategy, Breaking News: Markets, Markets, Stock markets, stocks, Investing, US: News, U.S. Markets Overview, Credit, source:tagname:CNBC US Source

<div class="group"><p>Investors are barreling toward the bond market as inflows look to break a new monthly record.</p><p>Inflows to U.S. high-grade funds and exchange-traded funds have averaged $846 million per day in March, ahead of the $800 million average during the record month last year, according to research from Bank of America Merrill Lynch.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The previous record for corporate bond inflows was $38.4 billion in January 2018.</p><p>"Based on daily fund and ETF inflows, March is on track to set a new monthly record," Bank of America credit strategists Yuri Seliger and Yunyi Zhang wrote Wednesday.</p><p>"Inflows this year have been delayed relative to earlier periods of strong bond price appreciation," the strategists added. "Given the more stable macro conditions currently flows catching up to the historical trend could provide another catalyst for stronger inflows."</p><p>The <a href="https://www.cnbc.com/quotes/LQD">iShares iBoxx Investment Grade Corporate Bond ETF</a>, just one of many such funds, has alone seen inflows of more than $600 million in the past month and about $440 million since the start of March.</p><p>The pivot into investment-grade debt comes as a growing number of economists and investors believe the U.S. economy is poised for a slowdown in the next year. Yields of ranging quality have been under pressure ever since the Federal Reserve downgraded its forecast for the American economy last week, when it decided to leave its overnight lending rate unchanged.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Some investors may view corporate debt as a somewhat safer bet over a volatile equity market despite sharp gains in the S&amp;P 500 this year. Though the broad, large-cap index is up more than 11 percent this year, fund flows have not kept pace. The <a href="https://www.cnbc.com/quotes/SPY">SPDR S&amp;P 500 ETF</a>, one of the largest in the world with over $260 billion under management, has seen outflows of more than $10 billion since the year began.</p><p>"Data arriving since September suggest that growth is slowing somewhat more than expected," Fed Chairman Jerome Powell said last week. "While the U.S. economy showed little evidence of slowdown through the end of 2018, the limited data we have so far this year have been somewhat more mixed."</p><p>The yield on the benchmark 10-year Treasury note is down more than 25 basis points since last Monday, falling under the rate on the 3-month Treasury bill. On the corporate side, companies in the U.S. have taken advantage of low interest rates both to grow business and reward shareholders, ballooning their own debt sums.</p><p>"Flows follow returns and the drop in interest rates since Monday of last week should encourage potentially even stronger inflows in April," Seliger and Zhang added.</p><p>While companies have thus far been able to find buyers for their debt, many market participants are keeping a close eye for changes in the economy and confidence. Both February payrolls data and March consumer confidence disappointed investors recently, pressuring investors out of equities and into safer markets like debt.</p><p>Total corporate debt has swelled from nearly $4.9 trillion in 2007 as the Great Recession was just starting to break out to <a href="https://www.cnbc.com/2018/11/21/theres-a-9-trillion-corporate-debt-bomb-bubbling-in-the-us-economy.html">nearly $9.1 trillion halfway through 2018</a>, quietly surging 86 percent, according to Securities Industry and Financial Markets Association data.</p></div>

Investors are barreling toward the bond market as inflows look to break a new monthly record.Inflows to U.S. high-grade funds and exchange-traded funds have averaged $846 million per day in March, ahead of the $800 million average during the record month last year, according to research from Bank of America Merrill Lynch.The previous record for corporate bond inflows was $38.4 billion in January 2018."Based on daily fund and ETF inflows, March is on track to set a new monthly record," Bank of America credit strategists Yuri Seliger and Yunyi Zhang wrote Wednesday."Inflows this year have been delayed relative to earlier periods of strong bond price appreciation," the strategists added. "Given the more stable macro conditions currently flows catching up to the historical trend could provide another catalyst for stronger inflows."The iShares iBoxx Investment Grade Corporate Bond ETF, just one of many such funds, has alone seen inflows of more than $600 million in the past month and about $440 million since the start of March.The pivot into investment-grade debt comes as a growing number of economists and investors believe the U.S. economy is poised for a slowdown in the next year. Yields of ranging quality have been under pressure ever since the Federal Reserve downgraded its forecast for the American economy last week, when it decided to leave its overnight lending rate unchanged.Some investors may view corporate debt as a somewhat safer bet over a volatile equity market despite sharp gains in the S&P 500 this year. Though the broad, large-cap index is up more than 11 percent this year, fund flows have not kept pace. The SPDR S&P 500 ETF, one of the largest in the world with over $260 billion under management, has seen outflows of more than $10 billion since the year began."Data arriving since September suggest that growth is slowing somewhat more than expected," Fed Chairman Jerome Powell said last week. "While the U.S. economy showed little evidence of slowdown through the end of 2018, the limited data we have so far this year have been somewhat more mixed."The yield on the benchmark 10-year Treasury note is down more than 25 basis points since last Monday, falling under the rate on the 3-month Treasury bill. On the corporate side, companies in the U.S. have taken advantage of low interest rates both to grow business and reward shareholders, ballooning their own debt sums."Flows follow returns and the drop in interest rates since Monday of last week should encourage potentially even stronger inflows in April," Seliger and Zhang added.While companies have thus far been able to find buyers for their debt, many market participants are keeping a close eye for changes in the economy and confidence. Both February payrolls data and March consumer confidence disappointed investors recently, pressuring investors out of equities and into safer markets like debt.Total corporate debt has swelled from nearly $4.9 trillion in 2007 as the Great Recession was just starting to break out to nearly $9.1 trillion halfway through 2018, quietly surging 86 percent, according to Securities Industry and Financial Markets Association data.

2021-10-30 14:11:41.423782

Morning six-pack: What we're reading Tuesday

https://www.cnbc.com/2014/03/18/morning-six-pack-what-were-reading-tuesday.html

2014-03-18T12:56:09+0000

Jeff Cox

CNBC

Happy Tuesday. Hangover anyone? Then have a little hair of the Irish dog that bit you in the form of a Morning Six-Pack. Wall Street sees something it likes in the words of Vladimir Putin, which is just weird. (New York Daily News) Gearing up for March Madness? Purely for amusement only, here are a few tips to help you fill out your brackets and win Warren Buffett's money. (Bleacher Report)

cnbc, Articles, CNBC's Net/Net, Warren Buffett, Janet Yellen, NetNet, US: News, CNBC EVENTS, source:tagname:CNBC US Source

<div class="group"><p> Happy Tuesday. Hangover anyone? Then have a little hair of the Irish dog that bit you in the form of a Morning Six-Pack.</p><p> Wall Street sees something it likes in <a href="http://www.nydailynews.com/opinion/putin-patsy-article-1.1724803" target="_blank">the words of Vladimir Putin</a>, which is just weird. (New York <em>Daily News</em>)</p><div style="height:100%" class="lazyload-placeholder"></div><p> Gearing up for March Madness? Purely for amusement only, <a href="http://bleacherreport.com/articles/1995942-march-madness-2014-bracket-easy-picks-to-make-on-your-printable-bracket" target="_blank">here are a few tips</a> to help you fill out your brackets and win <a href="https://www.cnbc.com/warren-buffett/">Warren Buffett</a>'s money. (Bleacher Report)</p></div>,<div class="group"><p> Also for your handy-dandy reference: an easy guide to all of <a href="http://www.marketwatch.com/story/new-doomsday-poll-999-risk-of-2014-crash-2014-03-15?mod=wsj_share_tweet" target="_blank">the biggest doomsday predictions</a> for the dour road ahead. (Paul Farrell/Marketwatch)</p><p> The chart that might keep Federal Reserve Chair <a href="https://www.cnbc.com/janet-yellen/">Janet Yellen</a> up at night: <a href="http://online.wsj.com/news/articles/SB10001424052702303287804579445311778530606?mod=WSJ_hp_LEFTWhatsNewsCollection&amp;amp;mg=reno64-wsj" target="_blank">Food prices are escalating</a> thanks to the drought in California and Texas, and it couldn't come at a worse time. (<em>Wall Street Journal</em>)</p><p> Kevin Trudeau used to be a hotshot TV pitchman, hawking <a href="http://www.chicagotribune.com/business/breaking/chi-kevin-trudeau-sentenced-20140317,0,832577.story" target="_blank">miracle diets and cancer cures</a>. Now he's a jailbird with 10 years to think about his misdeeds. (<em>Chicago Tribune</em>)</p><p> And finally ... <a href="https://www.cnbc.com/2014/03/18/geopolitical-uncertainty-clouds-view-on-fed-taper-cnbc-survey.html">the path for Yellen and her cohorts may seem clear now</a>, but things could get a lot more interesting once 2015 hits. CNBC's <a href="https://www.cnbc.com/steve-liesman/">Steve Liesman</a> uses results from our latest Fed survey to explain.</p><p> <em>—By CNBC's Jeff Cox. Follow him on Twitter </em><em><a href="https://twitter.com/JeffCoxCNBCcom" class="webresource" target="_blank">@JeffCoxCNBCcom</a></em><em>.</em></p></div>

Happy Tuesday. Hangover anyone? Then have a little hair of the Irish dog that bit you in the form of a Morning Six-Pack. Wall Street sees something it likes in the words of Vladimir Putin, which is just weird. (New York Daily News) Gearing up for March Madness? Purely for amusement only, here are a few tips to help you fill out your brackets and win Warren Buffett's money. (Bleacher Report) Also for your handy-dandy reference: an easy guide to all of the biggest doomsday predictions for the dour road ahead. (Paul Farrell/Marketwatch) The chart that might keep Federal Reserve Chair Janet Yellen up at night: Food prices are escalating thanks to the drought in California and Texas, and it couldn't come at a worse time. (Wall Street Journal) Kevin Trudeau used to be a hotshot TV pitchman, hawking miracle diets and cancer cures. Now he's a jailbird with 10 years to think about his misdeeds. (Chicago Tribune) And finally ... the path for Yellen and her cohorts may seem clear now, but things could get a lot more interesting once 2015 hits. CNBC's Steve Liesman uses results from our latest Fed survey to explain. —By CNBC's Jeff Cox. Follow him on Twitter @JeffCoxCNBCcom.

2021-10-30 14:11:41.500347

European stocks close higher amid earnings, US jobs report; Wirecard plummets 25%

https://www.cnbc.com/2019/02/01/european-markets-earnings-and-data-in-focus-amid-trade-talks.html

2019-02-01T07:02:21+0000

Ryan Browne,Sam Meredith

CNBC

European stocks closed higher Friday, as market participants monitored a flurry of corporate results and key economic reports.

cnbc, Articles, Wirecard AG, NASDAQ 100 Index, S&P 500 Index, Dow Jones Industrial Average, Caixabank SA, Electrolux AB, JCDecaux SA, STOXX 600, Deutsche Bank AG, Donald Trump, DAX, CAC 40 Index, FTSE 100, Earnings, Stock markets, Business, EU, Markets, Europe News, Politics, Europe Markets, Europe Economy, European Union, Business News, stocks, source:tagname:CNBC Europe Source

<div class="group"><p>European stocks closed higher Friday, as market participants monitored a flurry of corporate results and key economic reports.</p></div>,<div class="group"><p>The pan-European <a href="https://www.cnbc.com/quotes/.STOXX">Stoxx 600</a> closed provisionally up by 0.29 percent, with most sectors and major bourses in positive territory.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Household goods stocks were among the top gainers, led by Sweden's <a href="//www.cnbc.com/quotes/ELUX.B-SE" target="_blank">Electrolux</a>. The home appliances maker surged close to the top of the European benchmark after posting stronger-than-anticipated quarterly results and forecast easing cost headwinds over the coming months. Shares of the company were up over 10 percent.</p><p>Europe's banking index led the losses amid earnings news. <a href="//www.cnbc.com/quotes/.BBKA" target="_blank">Deutsche Bank</a> reported its first full-year net profit in four years on Friday. However, shares came under pressure, losing 0.59 percent<strong> </strong>as Germany's largest lender continues to face <a href="https://www.cnbc.com/2019/02/01/deutsche-bank-earnings-q4-2018.html">growing merger speculation</a> and a series of uphill struggles.</p><p>Germany's <a href="//www.cnbc.com/quotes/WDI-FF" target="_blank">Wirecard</a>, meanwhile, plummeted 25 percent after a <a href="https://www.ft.com/content/79f23db0-260d-11e9-8ce6-5db4543da632" target="_blank">Financial Times</a> report said an external firm commissioned by the payments firm to investigate its Singapore office found evidence indicating "serious offences or forgery and/or of falsification of accounts." Wirecard called the report "inaccurate, misleading and defamatory."</p><p>On the data front, euro zone inflation slipped as expected last month. Official data published Friday showed inflation in the 19 countries sharing the euro slowed to 1.4 percent in January, from 1.6 percent a month earlier. It provides another reason for the European Central Bank to ease off removing stimulus, as inflation falls further away from its target.</p></div>,<div class="group"><p>On Wall Street, the <a href="https://www.cnbc.com/quotes/.DJI">Dow Jones Industrial Average</a> rose 160 points while the <!-- --> and <a href="https://www.cnbc.com/quotes/.NDX">Nasdaq Composite</a> also saw gains.<br>Market focus was largely attuned to the <a href="https://www.cnbc.com/2019/02/01/nonfarm-payrolls-january-2019.html">latest jobs numbers</a> out of the U.S. Non-farm payrolls released by the Labor Department Friday showed that the U.S. economy added 304,000 jobs in January, beating an expected 170,000.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Analysts had been unsure what to expect in the wake of the recent government shutdown but stronger-than-expected jobs growth pointed to underlying strength in the U.S. economy.</p><p>Sentiment was shaken by concerns over global trade developments, especially<strong> </strong>after a survey on Chinese factory activity fell to its lowest level since February 2016.</p><p>The <a href="https://www.cnbc.com/2019/02/01/economy-china-reports-caixin-markit-manufacturing-pmi-for-january.html">downbeat data</a> exacerbated fears of an economic slowdown and dented optimism over a possible U.S.-China trade deal.</p><p>China's trade delegation reportedly said Washington and Beijing had made "important progress" after two days of trade negotiations.</p><p>President <a href="https://www.cnbc.com/donald-trump/">Donald Trump</a> also said he would <a href="https://www.cnbc.com/2019/01/31/chinas-xi-wants-to-meet-us-halfway-on-trade-deal-trump-says.html">soon meet with Chinese premier Xi Jinping</a> to try to reach a comprehensive trade deal. Stocks had taken heart from the possibility of top-level trade talks over the coming weeks, but the upbeat mood soon cooled when the White House insisted it sees March 1 as a hard deadline for a deal.</p></div>

European stocks closed higher Friday, as market participants monitored a flurry of corporate results and key economic reports.The pan-European Stoxx 600 closed provisionally up by 0.29 percent, with most sectors and major bourses in positive territory.Household goods stocks were among the top gainers, led by Sweden's Electrolux. The home appliances maker surged close to the top of the European benchmark after posting stronger-than-anticipated quarterly results and forecast easing cost headwinds over the coming months. Shares of the company were up over 10 percent.Europe's banking index led the losses amid earnings news. Deutsche Bank reported its first full-year net profit in four years on Friday. However, shares came under pressure, losing 0.59 percent as Germany's largest lender continues to face growing merger speculation and a series of uphill struggles.Germany's Wirecard, meanwhile, plummeted 25 percent after a Financial Times report said an external firm commissioned by the payments firm to investigate its Singapore office found evidence indicating "serious offences or forgery and/or of falsification of accounts." Wirecard called the report "inaccurate, misleading and defamatory."On the data front, euro zone inflation slipped as expected last month. Official data published Friday showed inflation in the 19 countries sharing the euro slowed to 1.4 percent in January, from 1.6 percent a month earlier. It provides another reason for the European Central Bank to ease off removing stimulus, as inflation falls further away from its target.On Wall Street, the Dow Jones Industrial Average rose 160 points while the and Nasdaq Composite also saw gains.Market focus was largely attuned to the latest jobs numbers out of the U.S. Non-farm payrolls released by the Labor Department Friday showed that the U.S. economy added 304,000 jobs in January, beating an expected 170,000.Analysts had been unsure what to expect in the wake of the recent government shutdown but stronger-than-expected jobs growth pointed to underlying strength in the U.S. economy.Sentiment was shaken by concerns over global trade developments, especially after a survey on Chinese factory activity fell to its lowest level since February 2016.The downbeat data exacerbated fears of an economic slowdown and dented optimism over a possible U.S.-China trade deal.China's trade delegation reportedly said Washington and Beijing had made "important progress" after two days of trade negotiations.President Donald Trump also said he would soon meet with Chinese premier Xi Jinping to try to reach a comprehensive trade deal. Stocks had taken heart from the possibility of top-level trade talks over the coming weeks, but the upbeat mood soon cooled when the White House insisted it sees March 1 as a hard deadline for a deal.

2021-10-30 14:11:41.536248

Forget the Brexit 'noise,' these are the real risks Europe faces

https://www.cnbc.com/2016/09/08/forget-the-brexit-noise-these-are-the-real-risks-europe-faces.html

2016-09-09T09:17:00+0000

Holly Ellyatt

CNBC

The political and economic "noise" created by the U.K.'s decision to leave the European Union is masking a "large number" of risks in Europe, according to the region's political experts."A large number of material political risks in southern and core Europe are being masked by the noise emanating from Brexit," Mujtaba Rahman, managing director of Europe at political risk consultancy Eurasia Group, said in a note Thursday.He and his team were not alone, with other political risk consultancies remarking on the fact that Brexit could in fact be the least of Europe's worries. Here's CNBC's collection of Europe's top ten upcoming risk events, according to analysts.

cnbc, Articles, source:tagname:CNBC Europe Source

<div class="group"><p>The political and economic "noise" created by the U.K.'s decision to leave the European Union is masking a "large number" of risks in Europe, according to the region's political experts.<br></p><p>"A large number of material political risks in southern and core Europe are being masked by the noise emanating from Brexit," Mujtaba Rahman, managing director of Europe at political risk consultancy Eurasia Group, said in a note Thursday.<br></p><div style="height:100%" class="lazyload-placeholder"></div><p>He and his team were not alone, with other political risk consultancies remarking on the fact that Brexit could in fact be the least of Europe's worries. Here's CNBC's collection of Europe's top ten upcoming risk events, according to analysts.</p></div>,<div class="group"><p>Greece's economic crisis reached a peak in the summer of 2015 when it was forced, by impending bankruptcy, to accept a third 86 billion euro ($96.9 billion) bailout package from international lenders.<br></p><p> A year on and Greece is facing an uphill struggle to meet the conditions of its latest bailout. "The economic and political challenges across southern Europe continue to increase," according to Eurasia Group's Rahman. (103880026) "While Greece will of course struggle, the debate between (main political party) Syriza and its creditors is no different to the one that took place last year. As such, Greece is in something of a Groundhog Day."</p></div>,<div class="group"><p>Spain's economy might be booming compared to its euro zone peers (it expanded more than Germany, France and Italy in the second quarter of this year). However, an ongoing political impasse in the country threatens to derail that growth, with the country potentially facing a third general election in 12 months by the end of the year.<br></p><p> "A third round of elections remains the most probable scenario (55 percent probability)," according to Antonio Barroso, deputy director of research at political risk consultancy Teneo Intelligence. "Short of an internal revolt within the PSOE (Socialist party) or a deal between the ruling People's Party (PP) and Basque nationalists (which would allow a government to be formed)."</p><div style="height:100%" class="lazyload-placeholder"></div></div>,<div class="group"><p>Aside from national political deadlock in Spain, the question of Catalonia's independence movement rumbles on. The separatist movement in the wealthy north Spanish state has long been a thorn in the side of Madrid and that clash is set to continue, Teneo's Barroso warned.<br></p><p> "Catalan authorities will likely approve again further measures to advance towards the creation of an independent state, which will promptly be challenged legally by Madrid. Therefore, the clash between Madrid and the Catalan authorities is likely to intensify in the coming months," he said.</p></div>,<div class="group"><p>Italy's banking system seems to have avoided going into meltdown this summer despite fears over the estimated 360 billion euros worth of non-performing loans on its banks' books. But it's the country's political system that is now at risk with Prime Minister Matteo Renzi facing a referendum on reforms in October which, if he loses, could see him resign. <a href="https://www.cnbc.com/2016/07/04/italy-could-be-on-a-collision-course-for-two-key-reasons.html">This would leave the country in limbo in terms of leadership</a> and economic reforms which Eurasia Group said had "lost momentum" ahead of the referendum. <br></p><p> "For now, we continue to believe the referendum will pass (with 60 percent confidence). But this means there's a non-negligible risk it will not. In this case, the government would collapse, despite Renzi's recent protestations to the contrary, paving the way for an ineffectual caretaker government," Eurasia Group said.</p></div>,<div class="group"><p>As Eurasia Group said in its note Thursday, "political mess in Athens, Lisbon, Madrid and Rome carry implications for Berlin and Frankfurt." German Chancellor Angela Merkel – seen widely as the euro zone's strongest leader -- can ill-afford problems in the rest of the single currency area given her own increasingly fragile grip on power. <br></p><p> Her handling of the region's refugee crisis (in sum, allowing over 1 million migrants into Germany in 2015 alone) has prompted a drop in her approval ratings, criticism from rivals both within Germany and the wider EU. Her own party, the Christian Democratic Union, has been <a href="https://www.cnbc.com/2016/09/05/rocked-by-defeat-could-germanys-merkel-step-down-before-2017-election.html">pummeled in local and state elections</a>, leading to questions over whether Merkel can stand for election again in 2017.</p></div>,<div class="group"><p>Like most of Europe, far-right parties (like the National Front in France or Pegida in Germany) have been gaining a foothold in the political scene, worrying the mainstream political establishment. Austria is no exception, Eurasia Group noted, stating that a presidential election on October 2 looked certain to "hand power to the EU's first far-right head of state - (Norbert Hofer)." <br></p><p> "While his powers as president would be limited, Hofer will use every opportunity to facilitate a victory for his party in 2018 or before, if any crisis (refugees, euro zone) gives him an excuse to dismiss the government. As Austria's main representative abroad, Hofer will seek to strengthen ties with central eastern European governments which are most critical of Brussels and Berlin. That would represent a particular challenge for Merkel," the group noted.</p></div>,<div class="group"><p>Europe's migrant crisis has exposed challenges in the region not only in terms of its ability to respond to a humanitarian crisis but also its political cohesion and ambitions. Overwhelmed by the influx of desperate migrants, the EU struck a deal with Turkey that would see it preventing migrants from reaching the continent, in return for money, visa liberalization for Turkish citizens visiting the EU and fast-tracked EU membership.<br></p><p> That deal was struck before Turkish President Recep Tayyip Erdogan led a crackdown on the opposition following a failed coup attempt, putting him at odds with EU values on freedom of speech and the rule of law, leading the EU to delay its part of the deal (in terms of visa liberalization). Eurasia Group noted that "in the aftermath of the failed coup attempt in Turkey, risks to the EU-Turkey refugee deal have increased" and although it thought the deal would stick the analysis firm said this would depend on Erdogan's reaction to the delayed visa liberalization.</p></div>,<div class="group"><p>The EU's deal with Turkey has not been enough to assuage the concerns of certain eastern European nations over migration to the EU. Hungary and its ruling, right-wing Fidesz government has been one of the more vociferous opponents of the EU's migrant policy response and it is holding a referendum on October 2 on whether it should reject the EU's migrant quota system (which would see the country have to accept a certain quota of migrants).<br></p><p> "Although the urgency of the refugee crisis has subsided, the government' hard and effective campaign will boost turnout and likely result in a rejection of the (European) Commission's scheme … This result will strengthen Fidesz domestically and cause more friction across Europe, since Hungary will now be pushed to take an even more vocal stance against the commission's current plans," Eurasia Group's team noted.</p></div>,<div class="group"><p>Terrorism has yet to be mentioned in the long list of risks facing Europe but France has had more than its fair share of terrorism-related events in the last year. After the Paris massacres last spring (on the Charlie Hebdo offices) and last November to the recent Bastille Day attack in Nice, the country has been forced to do some soul-searching over its policies towards migrants, integration and assimilation – and the government's response to the terrorism threat.<br></p><p> French President Francois Hollande's approval ratings are at a low ebb (around 18 percent as of the last Ipsos Mori poll for Le Point magazine in mid-August) and he has yet to say whether he will run for the presidency in elections in 2017. The dwindling of Hollande's authority – and resignation of Economy Minister Emmanuel Macron - has left the future of economic reforms in doubt.</p></div>,<div class="group"><p> Since Russia's annexation of Crimea in March 2014 and the alleged support for a pro-Russian uprising in Ukraine, the country has been on a collision course with its European neighbors with reciprocal sanctions now in place between the two bodies.</p><p> Despite its economic isolation, however, Russia has seen something of a resurgence on the global stage recently, particularly as a key part of the Western alliance fighting Islamic State in Syria – leaving the EU out in the cold, according to Marc Pierini from think tank Carnegie Europe.</p><p> "The Syrian war has left the EU in a second-tier position among international actors," Pierini said in a note last month. </p><p>"The EU's internal divisions have given the union little influence on the course of events in Syria. Yet the brunt of the war's humanitarian, economic, and security consequences falls on EU countries. The EU's future role in Syria will be a litmus test of a genuine common foreign and security policy."</p></div>,<div class="group"><p>Against such a minefield of potential problems in Europe, suddenly Britain's decision to leave the folds of the EU doesn't look too bad – not least of all because nothing has actually been done since the vote. Britain has yet to trigger the now-legendary "Article 50" of the Lisbon Treaty which would set in motion the formal process of leaving the EU, and could wait until mid-2017 to do so.<br></p><p> Europe's institutions and leaders have expressed their exasperation with the U.K. for its delay in starting the exit process but given the other issues on its plate, Brexit could be the least of its worries – especially if leaders like Germany's Merkel, France's Hollande and Italy's Renzi are soon faces of the past. As Eurasia Group concluded its note: "While Brexit is indeed serious, little or no substantive political risk is likely from this through year-end. But Brexit's noise seriously masks meaningful political and market risks in Portugal, Italy, Greece, Austria, Hungary and Turkey."</p></div>

The political and economic "noise" created by the U.K.'s decision to leave the European Union is masking a "large number" of risks in Europe, according to the region's political experts."A large number of material political risks in southern and core Europe are being masked by the noise emanating from Brexit," Mujtaba Rahman, managing director of Europe at political risk consultancy Eurasia Group, said in a note Thursday.He and his team were not alone, with other political risk consultancies remarking on the fact that Brexit could in fact be the least of Europe's worries. Here's CNBC's collection of Europe's top ten upcoming risk events, according to analysts.Greece's economic crisis reached a peak in the summer of 2015 when it was forced, by impending bankruptcy, to accept a third 86 billion euro ($96.9 billion) bailout package from international lenders. A year on and Greece is facing an uphill struggle to meet the conditions of its latest bailout. "The economic and political challenges across southern Europe continue to increase," according to Eurasia Group's Rahman. (103880026) "While Greece will of course struggle, the debate between (main political party) Syriza and its creditors is no different to the one that took place last year. As such, Greece is in something of a Groundhog Day."Spain's economy might be booming compared to its euro zone peers (it expanded more than Germany, France and Italy in the second quarter of this year). However, an ongoing political impasse in the country threatens to derail that growth, with the country potentially facing a third general election in 12 months by the end of the year. "A third round of elections remains the most probable scenario (55 percent probability)," according to Antonio Barroso, deputy director of research at political risk consultancy Teneo Intelligence. "Short of an internal revolt within the PSOE (Socialist party) or a deal between the ruling People's Party (PP) and Basque nationalists (which would allow a government to be formed)."Aside from national political deadlock in Spain, the question of Catalonia's independence movement rumbles on. The separatist movement in the wealthy north Spanish state has long been a thorn in the side of Madrid and that clash is set to continue, Teneo's Barroso warned. "Catalan authorities will likely approve again further measures to advance towards the creation of an independent state, which will promptly be challenged legally by Madrid. Therefore, the clash between Madrid and the Catalan authorities is likely to intensify in the coming months," he said.Italy's banking system seems to have avoided going into meltdown this summer despite fears over the estimated 360 billion euros worth of non-performing loans on its banks' books. But it's the country's political system that is now at risk with Prime Minister Matteo Renzi facing a referendum on reforms in October which, if he loses, could see him resign. This would leave the country in limbo in terms of leadership and economic reforms which Eurasia Group said had "lost momentum" ahead of the referendum. "For now, we continue to believe the referendum will pass (with 60 percent confidence). But this means there's a non-negligible risk it will not. In this case, the government would collapse, despite Renzi's recent protestations to the contrary, paving the way for an ineffectual caretaker government," Eurasia Group said.As Eurasia Group said in its note Thursday, "political mess in Athens, Lisbon, Madrid and Rome carry implications for Berlin and Frankfurt." German Chancellor Angela Merkel – seen widely as the euro zone's strongest leader -- can ill-afford problems in the rest of the single currency area given her own increasingly fragile grip on power. Her handling of the region's refugee crisis (in sum, allowing over 1 million migrants into Germany in 2015 alone) has prompted a drop in her approval ratings, criticism from rivals both within Germany and the wider EU. Her own party, the Christian Democratic Union, has been pummeled in local and state elections, leading to questions over whether Merkel can stand for election again in 2017.Like most of Europe, far-right parties (like the National Front in France or Pegida in Germany) have been gaining a foothold in the political scene, worrying the mainstream political establishment. Austria is no exception, Eurasia Group noted, stating that a presidential election on October 2 looked certain to "hand power to the EU's first far-right head of state - (Norbert Hofer)." "While his powers as president would be limited, Hofer will use every opportunity to facilitate a victory for his party in 2018 or before, if any crisis (refugees, euro zone) gives him an excuse to dismiss the government. As Austria's main representative abroad, Hofer will seek to strengthen ties with central eastern European governments which are most critical of Brussels and Berlin. That would represent a particular challenge for Merkel," the group noted.Europe's migrant crisis has exposed challenges in the region not only in terms of its ability to respond to a humanitarian crisis but also its political cohesion and ambitions. Overwhelmed by the influx of desperate migrants, the EU struck a deal with Turkey that would see it preventing migrants from reaching the continent, in return for money, visa liberalization for Turkish citizens visiting the EU and fast-tracked EU membership. That deal was struck before Turkish President Recep Tayyip Erdogan led a crackdown on the opposition following a failed coup attempt, putting him at odds with EU values on freedom of speech and the rule of law, leading the EU to delay its part of the deal (in terms of visa liberalization). Eurasia Group noted that "in the aftermath of the failed coup attempt in Turkey, risks to the EU-Turkey refugee deal have increased" and although it thought the deal would stick the analysis firm said this would depend on Erdogan's reaction to the delayed visa liberalization.The EU's deal with Turkey has not been enough to assuage the concerns of certain eastern European nations over migration to the EU. Hungary and its ruling, right-wing Fidesz government has been one of the more vociferous opponents of the EU's migrant policy response and it is holding a referendum on October 2 on whether it should reject the EU's migrant quota system (which would see the country have to accept a certain quota of migrants). "Although the urgency of the refugee crisis has subsided, the government' hard and effective campaign will boost turnout and likely result in a rejection of the (European) Commission's scheme … This result will strengthen Fidesz domestically and cause more friction across Europe, since Hungary will now be pushed to take an even more vocal stance against the commission's current plans," Eurasia Group's team noted.Terrorism has yet to be mentioned in the long list of risks facing Europe but France has had more than its fair share of terrorism-related events in the last year. After the Paris massacres last spring (on the Charlie Hebdo offices) and last November to the recent Bastille Day attack in Nice, the country has been forced to do some soul-searching over its policies towards migrants, integration and assimilation – and the government's response to the terrorism threat. French President Francois Hollande's approval ratings are at a low ebb (around 18 percent as of the last Ipsos Mori poll for Le Point magazine in mid-August) and he has yet to say whether he will run for the presidency in elections in 2017. The dwindling of Hollande's authority – and resignation of Economy Minister Emmanuel Macron - has left the future of economic reforms in doubt. Since Russia's annexation of Crimea in March 2014 and the alleged support for a pro-Russian uprising in Ukraine, the country has been on a collision course with its European neighbors with reciprocal sanctions now in place between the two bodies. Despite its economic isolation, however, Russia has seen something of a resurgence on the global stage recently, particularly as a key part of the Western alliance fighting Islamic State in Syria – leaving the EU out in the cold, according to Marc Pierini from think tank Carnegie Europe. "The Syrian war has left the EU in a second-tier position among international actors," Pierini said in a note last month. "The EU's internal divisions have given the union little influence on the course of events in Syria. Yet the brunt of the war's humanitarian, economic, and security consequences falls on EU countries. The EU's future role in Syria will be a litmus test of a genuine common foreign and security policy."Against such a minefield of potential problems in Europe, suddenly Britain's decision to leave the folds of the EU doesn't look too bad – not least of all because nothing has actually been done since the vote. Britain has yet to trigger the now-legendary "Article 50" of the Lisbon Treaty which would set in motion the formal process of leaving the EU, and could wait until mid-2017 to do so. Europe's institutions and leaders have expressed their exasperation with the U.K. for its delay in starting the exit process but given the other issues on its plate, Brexit could be the least of its worries – especially if leaders like Germany's Merkel, France's Hollande and Italy's Renzi are soon faces of the past. As Eurasia Group concluded its note: "While Brexit is indeed serious, little or no substantive political risk is likely from this through year-end. But Brexit's noise seriously masks meaningful political and market risks in Portugal, Italy, Greece, Austria, Hungary and Turkey."

2021-10-30 14:11:41.700078

Peloton shares rise as treadmill recall impact not as bad as feared

https://www.cnbc.com/2021/05/07/peloton-shares-rise-as-treadmill-recall-impact-not-as-bad-as-feared.html

2021-05-07T13:10:06+0000

Lauren Thomas

CNBC

Peloton shares climbed more than 9% Friday as investors realized the financial hit from the company's treadmill recall isn't as bad as some had feared.The exercise equipment maker said demand for its high-end cycles remains strong, despite people increasingly breaking free of stay-at-home routines and gyms seeing pandemic restrictions ease.Peloton is also still planning to launch in Australia later this year, and is ramping up marketing spending to try to reach new customers."While the recall will hit financials in the short term, and push back Tread financials a quarter or two, we think this was the prudent decision in the long term," Barclays analyst Mario Lu said in a note to clients. "We continue to view Peloton as the leading company in connected digital fitness."When Peloton reported its fiscal third-quarter results on Thursday, it said fourth-quarter sales will be $165 million lower due to the recall. That puts fourth-quarter revenue at about $915 million, short of analysts' estimates for $1.12 billion, according to Refinitiv data.The projected $165 million impact consists of a roughly $105 million dent from a lack of treadmills sales during the period, since all sales are halted, Peloton said. The company is also assuming about 10% of current treadmill owners will ask for a refund for their machines, which cost $4,300 apiece, and that would lower sales by an additional $50 million.Telsey Advisory Group analyst Dana Telsey had expected the recall to have a larger impact. She maintained her outperform rating on stock, but lowered her price target to $120 from $150, due to "uncertainty around the ultimate financial impact of the recalls and on Peloton's brand name."She noted, though, that demand for Peloton's Bike and Bike+ machines is still solid. And the more expensive fix will be for Peloton's Tread+ machine, rather than the less expensive Tread version, which represents a much smaller revenue stream overall, Telsey said.Peloton shares closed Thursday at $83.78. The stock is down about 45% year to date, bringing the company's market cap to about $24 billion. Shares had tumbled nearly 15% on Wednesday, the day the company announced its voluntary recall, wiping $4.1 billion from Peloton's market value.On a call, Chief Executive John Foley walked through the steps the company is taking with the U.S. Consumer Protection Safety Commission to launch the Tread in the United States later this year. It had been scheduled for May 27, but is being pushed back until Peloton and the CPSC can work on new safety protocols.That could potentially happen as early as July, Foley said.According to Telsey, that's also earlier than many people were anticipating."Somewhat lost amidst the Tread/+ recalls discussion was a very strong third quarter," JPMorgan analyst Doug Anmuth said. "Peloton beat across all metrics."—CNBC's Michael Bloom contributed to this reporting.

cnbc, Articles, Investment strategy, Shopping, Business, Retail industry, Peloton Interactive Inc, Earnings, Technology, Physical fitness, Michael Bloom, Business News, Retail, Investing, source:tagname:CNBC US Source

<div class="group"><p><a href="//www.cnbc.com/quotes/PTON" target="_blank">Peloton</a> shares climbed more than 9% Friday as investors realized the financial hit from the company's treadmill recall isn't as bad as some had feared.</p><p>The exercise equipment maker said demand for its high-end cycles remains strong, despite people increasingly breaking free of stay-at-home routines and gyms seeing pandemic restrictions ease.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Peloton is also still planning to launch in Australia later this year, and is ramping up marketing spending to try to reach new customers.</p><p>"While the recall will hit financials in the short term, and push back Tread financials a quarter or two, we think this was the prudent decision in the long term," Barclays analyst Mario Lu said in a note to clients. "We continue to view Peloton as the leading company in connected digital fitness."</p><p>When Peloton reported its <a href="https://www.cnbc.com/2021/05/06/peloton-pton-q3-2021-earnings.html">fiscal third-quarter results</a> on Thursday, it said fourth-quarter sales will be<a href="https://www.cnbc.com/2021/05/06/peloton-treadmill-recall-to-lower-fourth-quarter-sales-by-165-million.html"> $165 million lower</a> due to the recall. That puts fourth-quarter revenue at about $915 million, short of analysts' estimates for $1.12 billion, according to Refinitiv data.</p><p>The projected $165 million impact consists of a roughly $105 million dent from a lack of treadmills sales during the period, since all sales are halted, Peloton said. The company is also assuming about 10% of current treadmill owners will ask for a refund for their machines, which cost $4,300 apiece, and that would lower sales by an additional $50 million.</p><p>Telsey Advisory Group analyst Dana Telsey had expected the recall to have a larger impact. She maintained her outperform rating on stock, but lowered her price target to $120 from $150, due to "uncertainty around the ultimate financial impact of the recalls and on Peloton's brand name."</p><div style="height:100%" class="lazyload-placeholder"></div><p>She noted, though, that demand for Peloton's Bike and Bike+ machines is still solid. And the more expensive fix will be for Peloton's Tread+ machine, rather than the less expensive Tread version, which represents a much smaller revenue stream overall, Telsey said.</p><p>Peloton shares closed Thursday at $83.78. The stock is down about 45% year to date, bringing the company's market cap to about $24 billion. Shares had tumbled nearly 15% on Wednesday, the day the company announced its voluntary recall, <a href="https://www.cnbc.com/2021/05/05/peloton-sheds-4-billion-in-market-cap-in-1-day-over-treadmill-debacle.html">wiping $4.1 billion from Peloton's market value</a>.</p><p>On a call, Chief Executive John Foley walked through the steps the company is taking with the U.S. Consumer Protection Safety Commission to launch the Tread in the United States later this year. <a href="https://www.cnbc.com/2021/05/06/peloton-delays-may-launch-of-its-less-expensive-treadmill-in-the-us.html">It had been scheduled for May 27, but is being pushed back</a> until Peloton and the CPSC can work on new safety protocols.</p><p>That could potentially happen as early as July, Foley said.</p><p>According to Telsey, that's also earlier than many people were anticipating.</p><p>"Somewhat lost amidst the Tread/+ recalls discussion was a very strong third quarter," JPMorgan analyst Doug Anmuth said. "Peloton beat across all metrics."</p><p><em>—CNBC's </em><a href="https://www.cnbc.com/michael-bloom/"><em>Michael Bloom</em></a><em> contributed to this reporting.</em></p></div>

Peloton shares climbed more than 9% Friday as investors realized the financial hit from the company's treadmill recall isn't as bad as some had feared.The exercise equipment maker said demand for its high-end cycles remains strong, despite people increasingly breaking free of stay-at-home routines and gyms seeing pandemic restrictions ease.Peloton is also still planning to launch in Australia later this year, and is ramping up marketing spending to try to reach new customers."While the recall will hit financials in the short term, and push back Tread financials a quarter or two, we think this was the prudent decision in the long term," Barclays analyst Mario Lu said in a note to clients. "We continue to view Peloton as the leading company in connected digital fitness."When Peloton reported its fiscal third-quarter results on Thursday, it said fourth-quarter sales will be $165 million lower due to the recall. That puts fourth-quarter revenue at about $915 million, short of analysts' estimates for $1.12 billion, according to Refinitiv data.The projected $165 million impact consists of a roughly $105 million dent from a lack of treadmills sales during the period, since all sales are halted, Peloton said. The company is also assuming about 10% of current treadmill owners will ask for a refund for their machines, which cost $4,300 apiece, and that would lower sales by an additional $50 million.Telsey Advisory Group analyst Dana Telsey had expected the recall to have a larger impact. She maintained her outperform rating on stock, but lowered her price target to $120 from $150, due to "uncertainty around the ultimate financial impact of the recalls and on Peloton's brand name."She noted, though, that demand for Peloton's Bike and Bike+ machines is still solid. And the more expensive fix will be for Peloton's Tread+ machine, rather than the less expensive Tread version, which represents a much smaller revenue stream overall, Telsey said.Peloton shares closed Thursday at $83.78. The stock is down about 45% year to date, bringing the company's market cap to about $24 billion. Shares had tumbled nearly 15% on Wednesday, the day the company announced its voluntary recall, wiping $4.1 billion from Peloton's market value.On a call, Chief Executive John Foley walked through the steps the company is taking with the U.S. Consumer Protection Safety Commission to launch the Tread in the United States later this year. It had been scheduled for May 27, but is being pushed back until Peloton and the CPSC can work on new safety protocols.That could potentially happen as early as July, Foley said.According to Telsey, that's also earlier than many people were anticipating."Somewhat lost amidst the Tread/+ recalls discussion was a very strong third quarter," JPMorgan analyst Doug Anmuth said. "Peloton beat across all metrics."—CNBC's Michael Bloom contributed to this reporting.

2021-10-30 14:11:42.087318

Futures point to a lower open on Wall Street as investors eye economic data

https://www.cnbc.com/2017/01/30/futures-point-to-a-lower-open-on-wall-street-economic-data-eyed.html

2017-01-30T14:06:33+0000

Sam Meredith

CNBC

U.S. stock index futures pointed to a lower open on Monday amid a batch of earnings and economic data. On the data front, Monday will see pending home sales for December and Dallas Fed manufacturing for January at 10 a.m ET and 10:30 a.m ET, respectively. Personal income for December rose 0.3 percent, below an expected increase of 0.4 percent. On the earnings front, Enterprise Products and Booz Allen Hamilton reported before the bell. General Growth Properties, Leggett & Platt, Principal Financial, Reinsurance Group of America and UDR are all due to report after the market close.

cnbc, Articles, OPEC, Enterprise Group Inc, Markets, Dow Jones Fut (Dec'21), S&P 500 Fut (Dec'21), NASDAQ 100 Fut (Dec'21), Pre-markets, Pre-Markets, U.S. Markets, source:tagname:CNBC US Source

<div class="group"><p> <a href="https://www.cnbc.com/pre-markets/">U.S. stock index futures</a> pointed to a lower open on Monday amid a batch of earnings and economic data.</p><p> On the data front, Monday will see pending home sales for December and Dallas Fed manufacturing for January at 10 a.m ET and 10:30 a.m ET, respectively. Personal income for December rose 0.3 percent, below an expected increase of 0.4 percent.</p><div style="height:100%" class="lazyload-placeholder"></div><p> On the earnings front, <a href="//www.cnbc.com/quotes/E-CA" target="_blank">Enterprise Products</a> and <a href="//www.cnbc.com/quotes/BAH" target="_blank">Booz Allen Hamilton</a> reported before the bell. <a href="https://www.cnbc.com/quotes/A">General Growth Properties</a>, <a href="//www.cnbc.com/quotes/LEG" target="_blank">Leggett &amp; Platt</a>, <a href="//www.cnbc.com/quotes/PFG" target="_blank">Principal Financial</a>, <a href="//www.cnbc.com/quotes/RGA" target="_blank">Reinsurance Group of America</a> and <a href="https://www.cnbc.com/quotes/UDR">UDR</a> are all due to report after the market close. </p><br></div>,<div class="group"><p> In Europe, the pan-European Stoxx-600 index was around 0.63 percent lower on Monday. In Asia, the Shanghai Composite in China closed 0.31 percent higher, while the Nikkei in Japan closed 0.51 percent lower. </p><p> In oil markets, prices were dragged lower as investors grew increasingly concerned that rising production in the U.S. would offset output cuts pledged by <a href="https://www.cnbc.com/id/10000937">OPEC</a> and other producers.</p><p>Brent crude traded at around $55.43 a barrel on Monday, down 0.16 percent, while U.S. crude was around $53.16 a barrel, down 0.02 percent. </p></div>

U.S. stock index futures pointed to a lower open on Monday amid a batch of earnings and economic data. On the data front, Monday will see pending home sales for December and Dallas Fed manufacturing for January at 10 a.m ET and 10:30 a.m ET, respectively. Personal income for December rose 0.3 percent, below an expected increase of 0.4 percent. On the earnings front, Enterprise Products and Booz Allen Hamilton reported before the bell. General Growth Properties, Leggett & Platt, Principal Financial, Reinsurance Group of America and UDR are all due to report after the market close. In Europe, the pan-European Stoxx-600 index was around 0.63 percent lower on Monday. In Asia, the Shanghai Composite in China closed 0.31 percent higher, while the Nikkei in Japan closed 0.51 percent lower. In oil markets, prices were dragged lower as investors grew increasingly concerned that rising production in the U.S. would offset output cuts pledged by OPEC and other producers.Brent crude traded at around $55.43 a barrel on Monday, down 0.16 percent, while U.S. crude was around $53.16 a barrel, down 0.02 percent.

2021-10-30 14:11:42.124198

Luxury Motorbike Sales Accelerate in India

https://www.cnbc.com/2011/07/18/luxury-motorbike-sales-accelerate-in-india.html

2011-07-18T07:54:48+0000

CNBC

Every day India’s cities hum with the sound of hundreds of motorcycles precariously weaving their way through traffic. For most riders the two-wheeler is the cheaper and more flexible alternative to a car but for a growing band of more affluent Indians owning a customised superbike has become the ultimate symbol of the country’s new-found wealth.

cnbc, Articles, Harley-Davidson Inc, Business News, source:tagname:Financial Times

<div class="group"><p>Every day India’s cities hum with the sound of hundreds of motorcycles precariously weaving their way through traffic. For most riders the two-wheeler is the cheaper and more flexible alternative to a car but for a growing band of more affluent Indians owning a customised superbike has become the ultimate symbol of the country’s new-found wealth.</p></div>,<div class="group"><p>Sales of premium bikes made by the likes of Italy’s <strong>Ducati</strong>, Japan’s <strong>Suzuki</strong> and <strong>Harley-Davidson </strong>of the U.S. have grown steadily over the past few years after New Delhi in 2007 agreed to permit the import of bikes with a more than 800cc engine as long as they met certain emissions standards.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Foreign brands say they are attracted by India’s rising income levels, growing demand for luxury goods and evidence of an organic motorcycle culture.</p><p>Germany’s BMW recently started selling superbikes through two of its dealerships. And last month Triumph, the iconic British motorcycle manufacturer that collapsed in the 1980s and was later resuscitated by a property tycoon, said it would move into India. The group has tapped Ashish Joshi – the former European head of Royal Enfield, the British motorcycle marque that was revived by India’s Eicher Motors – to lead its Indian charge.</p><p>Fans of the Rocket III and Daytona 675 have been urging Triumph to enter the Indian market for some time but the group says its focus has been on increasing sales at home and in developed markets such as the US and Italy.</p><p>Triumph, which produces just 50,000 bikes a year, last year launched in Russia and says moving into India now is about “getting a toehold” in a market with lots of potential.</p><p>Analysts say that while India’s broader bike market has seen double-digit growth over the past few years, the premium segment is still just a niche market.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Foreign companies are required to pay hefty import taxes that in effect double the cost of the bikes, although some manufacturers have sought to reduce costs by assembling bikes in India. And with prices starting from $9,000-$20,000, they say performance bikes are still out of the reach of many middle-class professionals.</p><p>“We have entered the Indian market at a time when leisure riding is at a nascent stage and feel we can shape that,” says Anoop Prakash, managing director for Harley-Davidson India. “I’m quite bullish. In 2010 the market for premium bikes stood at 1,000 units a year. My view is that the market could see a 10-fold increase over the next five to seven years in India.”</p><p>Ducati, meanwhile, says it expects to double the number of bikes sold in India to 200 in the next 12 months.</p><p>The units sold may be low but auto experts calculate that the high profit margins on each bike mean premium manufacturers are making money out of India. They often reap extra sales from merchandising or from customers who just want to soak up the super bike experience in cafés connected to the showrooms or at sponsored rock concerts.</p><p>But analysts say foreign brands cannot expect a smooth ride. Mr Prakash says India’s regulatory environment is not always easy to predict. On the one hand the government was very “encouraging” about Harley’s initial investment. But he says the industry was surprised when the government decided to raise the duty on completed knocked down (CKD) kits for car and bike manufacturers, based on a revision of the definition of CKD in India, from 10 per cent to 60 per cent in the April Union Budget. The government settled on a 30 per cent rise but Mr Prakash says the move “caught everyone off guard”.</p><p>Harley absorbed the rise in duty and remains committed to the market. But Mr Prakash says such moves “may give some of our peers pause for thought”</p></div>

Every day India’s cities hum with the sound of hundreds of motorcycles precariously weaving their way through traffic. For most riders the two-wheeler is the cheaper and more flexible alternative to a car but for a growing band of more affluent Indians owning a customised superbike has become the ultimate symbol of the country’s new-found wealth.Sales of premium bikes made by the likes of Italy’s Ducati, Japan’s Suzuki and Harley-Davidson of the U.S. have grown steadily over the past few years after New Delhi in 2007 agreed to permit the import of bikes with a more than 800cc engine as long as they met certain emissions standards.Foreign brands say they are attracted by India’s rising income levels, growing demand for luxury goods and evidence of an organic motorcycle culture.Germany’s BMW recently started selling superbikes through two of its dealerships. And last month Triumph, the iconic British motorcycle manufacturer that collapsed in the 1980s and was later resuscitated by a property tycoon, said it would move into India. The group has tapped Ashish Joshi – the former European head of Royal Enfield, the British motorcycle marque that was revived by India’s Eicher Motors – to lead its Indian charge.Fans of the Rocket III and Daytona 675 have been urging Triumph to enter the Indian market for some time but the group says its focus has been on increasing sales at home and in developed markets such as the US and Italy.Triumph, which produces just 50,000 bikes a year, last year launched in Russia and says moving into India now is about “getting a toehold” in a market with lots of potential.Analysts say that while India’s broader bike market has seen double-digit growth over the past few years, the premium segment is still just a niche market.Foreign companies are required to pay hefty import taxes that in effect double the cost of the bikes, although some manufacturers have sought to reduce costs by assembling bikes in India. And with prices starting from $9,000-$20,000, they say performance bikes are still out of the reach of many middle-class professionals.“We have entered the Indian market at a time when leisure riding is at a nascent stage and feel we can shape that,” says Anoop Prakash, managing director for Harley-Davidson India. “I’m quite bullish. In 2010 the market for premium bikes stood at 1,000 units a year. My view is that the market could see a 10-fold increase over the next five to seven years in India.”Ducati, meanwhile, says it expects to double the number of bikes sold in India to 200 in the next 12 months.The units sold may be low but auto experts calculate that the high profit margins on each bike mean premium manufacturers are making money out of India. They often reap extra sales from merchandising or from customers who just want to soak up the super bike experience in cafés connected to the showrooms or at sponsored rock concerts.But analysts say foreign brands cannot expect a smooth ride. Mr Prakash says India’s regulatory environment is not always easy to predict. On the one hand the government was very “encouraging” about Harley’s initial investment. But he says the industry was surprised when the government decided to raise the duty on completed knocked down (CKD) kits for car and bike manufacturers, based on a revision of the definition of CKD in India, from 10 per cent to 60 per cent in the April Union Budget. The government settled on a 30 per cent rise but Mr Prakash says the move “caught everyone off guard”.Harley absorbed the rise in duty and remains committed to the market. But Mr Prakash says such moves “may give some of our peers pause for thought”

2021-10-30 14:11:42.157607

Traders on which travel stock they’re backing as Expedia reports earnings

https://www.cnbc.com/2021/02/11/airbnb-vs-expedia-traders-on-which-stock-theyre-backing.html

2021-02-11T21:53:14+0000

Keris Lahiff

CNBC

Expedia fell in extended trading Thursday after its quarterly release.The online travel booking site posted a 67% drop in revenue to $920 million in the three months to December, below analysts' estimates for more than $1 billion. A loss of $2.64 a share was wider than an expected $1.94.The company blazed into its earnings in comeback mode, though. The stock had rallied 268% from its March low, hitting its highest level since 2017 on Thursday, even with the travel industry still struggling amid the coronavirus pandemic.But, that performance still pales in comparison to Airbnb. Since going public on Dec. 10, that stock has surged more than 200%. Airbnb's market cap of $130 billion is larger than all the other online travel booking sites including Expedia, Booking and TripAdvisor.Katie Stockton, founder of Fairlead Strategies, broke down the Airbnb chart for CNBC's "Trading Nation" on Thursday."It's in an intermediate-term uptrend already just with history back to December, and with limited price history we don't really have any ways to discern how overbought the stock is, but there are no real signs of upside exhaustion as we come into [Airbnb] earnings," she said.Airbnb is scheduled to report earnings on Feb. 25 for the first time as a publicly traded company. While Airbnb has benefited from a consumer preference for vacation rentals over hotel chains during the pandemic, it has still suffered from lockdowns – analysts surveyed by FactSet anticipate a net loss of $8.42 a share for its December-ended quarter."If you look at Expedia on the other hand, that uptrend still very much has positive momentum across time horizons and I'm not really one to fight that. But what I would say is that the risk reward is not great from a technical perspective," Stockton said.She highlights a band of support at $135 and resistance at $161, level with its 2017 high. The stock closed at $149.91 on Thursday."That creates a bad imbalance between the downside and upside potential here in terms of those levels so I don't think it's very compelling especially with the broader market showing some signs of short-term upside exhaustion," she said.

cnbc, Articles, Tripadvisor Inc, Booking Holdings Inc, Airbnb Inc, Expedia Group Inc, Investment strategy, Investing, Trading Nation, Special Reports, source:tagname:CNBC US Source

<div class="group"><p><a href="//www.cnbc.com/quotes/EXPE" target="_blank">Expedia</a> fell in extended trading Thursday after its quarterly release.</p><p>The online travel booking site <a href="https://s27.q4cdn.com/708721433/files/doc_financials/2020/q4/Earnings-Release-Q4-2020_vF.pdf" target="_blank">posted a 67% drop in revenue to $920 million in the three months</a> to December, below analysts' estimates for more than $1 billion. A loss of $2.64 a share was wider than an expected $1.94.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The company blazed into its earnings in comeback mode, though. The stock had rallied 268% from its March low, hitting its highest level since 2017 on Thursday, even with the travel industry still struggling amid the <a href="https://www.cnbc.com/coronavirus/">coronavirus pandemic</a>.</p><p>But, that performance still pales in comparison to <a href="//www.cnbc.com/quotes/ABNB" target="_blank">Airbnb</a>. Since going public on Dec. 10, that stock has surged more than 200%. Airbnb's market cap of $130 billion is larger than all the other online travel booking sites including Expedia, <a href="//www.cnbc.com/quotes/BKNG" target="_blank">Booking</a> and <a href="//www.cnbc.com/quotes/TRIP" target="_blank">TripAdvisor</a>.</p><p>Katie Stockton, founder of Fairlead Strategies, broke down the Airbnb chart for CNBC's "<a href="https://www.cnbc.com/trading-nation/">Trading Nation</a>" on Thursday.</p><p>"It's in an intermediate-term uptrend already just with history back to December, and with limited price history we don't really have any ways to discern how overbought the stock is, but there are no real signs of upside exhaustion as we come into [Airbnb] earnings," she said.</p><p>Airbnb is scheduled to report earnings on Feb. 25 for the first time as a publicly traded company. While Airbnb has benefited from a consumer preference for vacation rentals over hotel chains during the pandemic, it has still suffered from lockdowns – analysts surveyed by FactSet anticipate a net loss of $8.42 a share for its December-ended quarter.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"If you look at Expedia on the other hand, that uptrend still very much has positive momentum across time horizons and I'm not really one to fight that. But what I would say is that the risk reward is not great from a technical perspective," Stockton said.</p><p>She highlights a band of support at $135 and resistance at $161, level with its 2017 high. The stock closed at $149.91 on Thursday.</p><p>"That creates a bad imbalance between the downside and upside potential here in terms of those levels so I don't think it's very compelling especially with the broader market showing some signs of short-term upside exhaustion," she said.</p></div>,<div class="group"><p>Expedia's next stock move depends on how well its investments in its vacation rental brand Vrbo have paid off, according to Boris Schlossberg, managing director of FX strategy at BK Asset Management.</p><p>"The market is really betting on a very, very specific type of travel which is that when we are released from the pandemic, most of us are going to go either to the beach or to the lake. We're not going to go to the cultural centers, the cities, the museums, the restaurants, the theaters. ... Airbnb excels in urban centers and Vrbo excels much more in vacation spots," Schlossberg said during the same interview.</p><p>Expedia generates 11% of its total revenue through Vrbo.</p><p><a href="https://www.cnbc.com/stocks-disclaimer.html">Disclaimer</a></p></div>

Expedia fell in extended trading Thursday after its quarterly release.The online travel booking site posted a 67% drop in revenue to $920 million in the three months to December, below analysts' estimates for more than $1 billion. A loss of $2.64 a share was wider than an expected $1.94.The company blazed into its earnings in comeback mode, though. The stock had rallied 268% from its March low, hitting its highest level since 2017 on Thursday, even with the travel industry still struggling amid the coronavirus pandemic.But, that performance still pales in comparison to Airbnb. Since going public on Dec. 10, that stock has surged more than 200%. Airbnb's market cap of $130 billion is larger than all the other online travel booking sites including Expedia, Booking and TripAdvisor.Katie Stockton, founder of Fairlead Strategies, broke down the Airbnb chart for CNBC's "Trading Nation" on Thursday."It's in an intermediate-term uptrend already just with history back to December, and with limited price history we don't really have any ways to discern how overbought the stock is, but there are no real signs of upside exhaustion as we come into [Airbnb] earnings," she said.Airbnb is scheduled to report earnings on Feb. 25 for the first time as a publicly traded company. While Airbnb has benefited from a consumer preference for vacation rentals over hotel chains during the pandemic, it has still suffered from lockdowns – analysts surveyed by FactSet anticipate a net loss of $8.42 a share for its December-ended quarter."If you look at Expedia on the other hand, that uptrend still very much has positive momentum across time horizons and I'm not really one to fight that. But what I would say is that the risk reward is not great from a technical perspective," Stockton said.She highlights a band of support at $135 and resistance at $161, level with its 2017 high. The stock closed at $149.91 on Thursday."That creates a bad imbalance between the downside and upside potential here in terms of those levels so I don't think it's very compelling especially with the broader market showing some signs of short-term upside exhaustion," she said.Expedia's next stock move depends on how well its investments in its vacation rental brand Vrbo have paid off, according to Boris Schlossberg, managing director of FX strategy at BK Asset Management."The market is really betting on a very, very specific type of travel which is that when we are released from the pandemic, most of us are going to go either to the beach or to the lake. We're not going to go to the cultural centers, the cities, the museums, the restaurants, the theaters. ... Airbnb excels in urban centers and Vrbo excels much more in vacation spots," Schlossberg said during the same interview.Expedia generates 11% of its total revenue through Vrbo.Disclaimer

2021-10-30 14:11:42.556464

20 Stocks With the Potential to Drop (Q1 2012)

https://www.cnbc.com/2012/01/11/20-Stocks-With-the-Potential-to-Drop-(Q1-2012).html

2012-01-11T14:38:47+0000

Paul Toscano

CNBC

It's the basic question when investing in a stock: is it on the way up or down? The street has developed numerous ways of attempting to predict what will happen, estimating various attributes tied to stock performance in order to determine what the future holds for a company's valuation. After dissecting the data, analysts following a particular stock produce a price target of where they believe the stock is headed. With data from Thomson Reuters, CNBC.com grouped stocks in the S&P 500 with average consensus estimates farthest below their stock prices. At the current levels, only 25 stocks have surpassed their respective target estimates by 4 percent or more. The prices and analysts’ estimates presented here are as of the market close on January 10, 2012. So, which stocks are analysts expecting to have the biggest drops? Click ahead to find out! By Giovanny Moreano & Paul Toscano Posted 10 Jan 2012

cnbc, Articles, Netflix Inc, Lexmark International Inc, Pultegroup Inc, Safeway Inc, Sherwin-Williams Co, Slide shows, source:tagname:CNBC US Source

<div class="group"><p>It's the basic question when investing in a stock: is it on the way up or down? <br><br>The street has developed numerous ways of attempting to predict what will happen, estimating various attributes tied to stock performance in order to determine what the future holds for a company's valuation. <br><br>After dissecting the data, analysts following a particular stock produce a price target of where they believe the stock is headed. With data from Thomson Reuters, CNBC.com grouped stocks in the S&amp;P 500 with average consensus estimates farthest below their stock prices. <br><br>At the current levels, only 25 stocks have surpassed their respective target estimates by 4 percent or more. The prices and analysts’ estimates presented here are as of the market close on January 10, 2012. <br><br>So, which stocks are analysts expecting to have the biggest drops? Click ahead to find out! <br><br><em>By Giovanny Moreano &amp; Paul Toscano <br>Posted 10 Jan 2012 </em></p></div>,<div class="group"><p>Potential to Drop: 5.25% <br>Mean Price Target: $73.50 <br>Closing Price (1/10): $77.57 <br><br>Number of Analysts: 6 <br>High Estimate: $82 <br>Low Estimate: $55 <br><br>Get DNB Real-Time Quote</p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p>Potential to Drop: 5.38% <br>Mean Price Target: $37.56 <br>Closing Price (1/10): $39.70 <br><br>Number of Analysts: 8 <br>High Estimate: $50 <br>Low Estimate: $27 <br><br>Get VMC Real-Time Quote</p></div>,<div class="group"><p>Potential to Drop: 5.45% <br>Mean Price Target: $90.61 <br>Closing Price (1/10): $95.83 <br><br>Number of Analysts: 23 <br>High Estimate: $245 <br>Low Estimate: $45 <br><br>Get NFLX Real-Time Quote</p></div>,<div class="group"><p>Potential to Drop: 5.81% <br>Mean Price Target: $55.89 <br>Closing Price (1/10): $59.34 <br><br>Number of Analysts: 14 <br>High Estimate: $63 <br>Low Estimate: $50 <br><br>Get ED Real-Time Quote</p></div>,<div class="group"><p>Potential to Drop: 6.23% <br>Mean Price Target: $38.54 <br>Closing Price (1/10): $41.10 <br><br>Number of Analysts: 13 <br>High Estimate: $44 <br>Low Estimate: $34 <br><br>Get HCP Real-Time Quote</p></div>,<div class="group"><p>Potential to Drop: 6.27% <br>Mean Price Target: $32.19 <br>Closing Price (1/10): $34.34 <br><br>Number of Analysts: 8 <br>High Estimate: $37 <br>Low Estimate: $24 <br><br>Get AN Real-Time Quote</p><div style="height:100%" class="lazyload-placeholder"></div></div>,<div class="group"><p>Potential to Drop: 6.43% <br>Mean Price Target: $23.92 <br>Closing Price (1/10): $25.56 <br><br>Number of Analysts: 12 <br>High Estimate: $29 <br>Low Estimate: $13 <br><br>Get MOLX Real-Time Quote</p></div>,<div class="group"><p>Potential to Drop: 6.50% <br>Mean Price Target: $124.94 <br>Closing Price (1/10): $133.63 <br><br>Number of Analysts: 17 <br>High Estimate: $140 <br>Low Estimate: $103 <br><br>Get PSA Real-Time Quote</p></div>,<div class="group"><p>Potential to Drop: 6.54% <br>Mean Price Target: $20 <br>Closing Price (1/10): $21.40 <br><br>Number of Analysts: 13 <br>High Estimate: $28 <br>Low Estimate: $16 <br><br>Get SWY Real-Time Quote</p></div>,<div class="group"><p>Potential to Drop: 6.57% <br>Mean Price Target: $37.68 <br>Closing Price (1/10): $40.33 <br><br>Number of Analysts: 14 <br>High Estimate: $43 <br>Low Estimate: $34 <br><br>Get LLY Real-Time Quote</p></div>,<div class="group"><p>Potential to Drop: 7.33% <br>Mean Price Target: $50.54 <br>Closing Price (1/10): $54.54 <br><br>Number of Analysts: 13 <br>High Estimate: $57 <br>Low Estimate: $43.5 <br><br>Get PGN Real-Time Quote</p></div>,<div class="group"><p>Potential to Drop: 7.37% <br>Mean Price Target: $81.67 <br>Closing Price (1/10): $88.16 <br><br>Number of Analysts: 6 <br>High Estimate: $93 <br>Low Estimate: $75 <br><br>Get OKE Real-Time Quote</p></div>,<div class="group"><p>Potential to Drop: 7.84% <br>Mean Price Target: $31.44 <br>Closing Price (1/10): $34.12 <br><br>Number of Analysts: 9 <br>High Estimate: $46 <br>Low Estimate: $25 <br><br>Get LXK Real-Time Quote</p></div>,<div class="group"><p>Potential to Drop: 8.04% <br>Mean Price Target: $6.75 <br>Closing Price (1/10): $7.34 <br><br>Number of Analysts: 16 <br>High Estimate: $8 <br>Low Estimate: $4 <br><br>Get PHM Real-Time Quote</p></div>,<div class="group"><p>Potential to Drop: 9.25% <br>Mean Price Target: $57 <br>Closing Price (1/10): $62.81 <br><br>Number of Analysts: 4 <br>High Estimate: $62 <br>Low Estimate: $53 <br><br>Get GPC Real-Time Quote</p></div>,<div class="group"><p>Potential to Drop: 9.28% <br>Mean Price Target: $40.83 <br>Closing Price (1/10): $45.01 <br><br>Number of Analysts: 6 <br>High Estimate: $44 <br>Low Estimate: $33 <br><br>Get FAST Real-Time Quote</p></div>,<div class="group"><p>Potential to Drop: 9.75% <br>Mean Price Target: $29.14 <br>Closing Price (1/10): $32.29<br><br>Number of Analysts: 7 <br>High Estimate: $32 <br>Low Estimate: $23 <br><br>Get AEE Real-Time Quote</p></div>,<div class="group"><p>Potential to Drop: 10.60% <br>Mean Price Target: $28 <br>Closing Price (1/10): $31.32 <br><br>Number of Analysts: 5 <br>High Estimate: $31 <br>Low Estimate: $25 <br><br>Get CINF Real-Time Quote</p></div>,<div class="group"><p>Potential to Drop: 12.47% <br>Mean Price Target: $10.03 <br>Closing Price (1/10): $11.46 <br><br>Number of Analysts: 8 <br>High Estimate: $14 <br>Low Estimate: $7 <br><br>Get MAS Real-Time Quote</p></div>

It's the basic question when investing in a stock: is it on the way up or down? The street has developed numerous ways of attempting to predict what will happen, estimating various attributes tied to stock performance in order to determine what the future holds for a company's valuation. After dissecting the data, analysts following a particular stock produce a price target of where they believe the stock is headed. With data from Thomson Reuters, CNBC.com grouped stocks in the S&P 500 with average consensus estimates farthest below their stock prices. At the current levels, only 25 stocks have surpassed their respective target estimates by 4 percent or more. The prices and analysts’ estimates presented here are as of the market close on January 10, 2012. So, which stocks are analysts expecting to have the biggest drops? Click ahead to find out! By Giovanny Moreano & Paul Toscano Posted 10 Jan 2012 Potential to Drop: 5.25% Mean Price Target: $73.50 Closing Price (1/10): $77.57 Number of Analysts: 6 High Estimate: $82 Low Estimate: $55 Get DNB Real-Time QuotePotential to Drop: 5.38% Mean Price Target: $37.56 Closing Price (1/10): $39.70 Number of Analysts: 8 High Estimate: $50 Low Estimate: $27 Get VMC Real-Time QuotePotential to Drop: 5.45% Mean Price Target: $90.61 Closing Price (1/10): $95.83 Number of Analysts: 23 High Estimate: $245 Low Estimate: $45 Get NFLX Real-Time QuotePotential to Drop: 5.81% Mean Price Target: $55.89 Closing Price (1/10): $59.34 Number of Analysts: 14 High Estimate: $63 Low Estimate: $50 Get ED Real-Time QuotePotential to Drop: 6.23% Mean Price Target: $38.54 Closing Price (1/10): $41.10 Number of Analysts: 13 High Estimate: $44 Low Estimate: $34 Get HCP Real-Time QuotePotential to Drop: 6.27% Mean Price Target: $32.19 Closing Price (1/10): $34.34 Number of Analysts: 8 High Estimate: $37 Low Estimate: $24 Get AN Real-Time QuotePotential to Drop: 6.43% Mean Price Target: $23.92 Closing Price (1/10): $25.56 Number of Analysts: 12 High Estimate: $29 Low Estimate: $13 Get MOLX Real-Time QuotePotential to Drop: 6.50% Mean Price Target: $124.94 Closing Price (1/10): $133.63 Number of Analysts: 17 High Estimate: $140 Low Estimate: $103 Get PSA Real-Time QuotePotential to Drop: 6.54% Mean Price Target: $20 Closing Price (1/10): $21.40 Number of Analysts: 13 High Estimate: $28 Low Estimate: $16 Get SWY Real-Time QuotePotential to Drop: 6.57% Mean Price Target: $37.68 Closing Price (1/10): $40.33 Number of Analysts: 14 High Estimate: $43 Low Estimate: $34 Get LLY Real-Time QuotePotential to Drop: 7.33% Mean Price Target: $50.54 Closing Price (1/10): $54.54 Number of Analysts: 13 High Estimate: $57 Low Estimate: $43.5 Get PGN Real-Time QuotePotential to Drop: 7.37% Mean Price Target: $81.67 Closing Price (1/10): $88.16 Number of Analysts: 6 High Estimate: $93 Low Estimate: $75 Get OKE Real-Time QuotePotential to Drop: 7.84% Mean Price Target: $31.44 Closing Price (1/10): $34.12 Number of Analysts: 9 High Estimate: $46 Low Estimate: $25 Get LXK Real-Time QuotePotential to Drop: 8.04% Mean Price Target: $6.75 Closing Price (1/10): $7.34 Number of Analysts: 16 High Estimate: $8 Low Estimate: $4 Get PHM Real-Time QuotePotential to Drop: 9.25% Mean Price Target: $57 Closing Price (1/10): $62.81 Number of Analysts: 4 High Estimate: $62 Low Estimate: $53 Get GPC Real-Time QuotePotential to Drop: 9.28% Mean Price Target: $40.83 Closing Price (1/10): $45.01 Number of Analysts: 6 High Estimate: $44 Low Estimate: $33 Get FAST Real-Time QuotePotential to Drop: 9.75% Mean Price Target: $29.14 Closing Price (1/10): $32.29Number of Analysts: 7 High Estimate: $32 Low Estimate: $23 Get AEE Real-Time QuotePotential to Drop: 10.60% Mean Price Target: $28 Closing Price (1/10): $31.32 Number of Analysts: 5 High Estimate: $31 Low Estimate: $25 Get CINF Real-Time QuotePotential to Drop: 12.47% Mean Price Target: $10.03 Closing Price (1/10): $11.46 Number of Analysts: 8 High Estimate: $14 Low Estimate: $7 Get MAS Real-Time Quote

2021-10-30 14:11:42.614410

This writer's tweet raised over $100,000 to wipe out students' school lunch debts

https://www.cnbc.com/2017/02/02/tweet-raised-thousands-to-pay-off-student-school-lunch-debts.html

2017-02-02T23:10:50+0000

Abigail Johnson Hess

CNBC

With a single tweet, New York City-based writer Ashley C. Ford sparked a movement that's raised thousands of dollars towards paying off student lunch debts across the country.

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

2021-10-30 14:11:42.698459

Gold slides as upbeat US economic data lifts dollar

https://www.cnbc.com/2016/11/28/gold-little-changed-as-dollar-holds-losses.html

2016-11-30T20:06:08+0000

CNBC

Gold slipped on Wednesday, adding to its deepest monthly losses in over three years as strong U.S. economic data buoyed the dollar and further cemented the case for hiking rates in December. U.S. private employers stepped up hiring in November much more than expected and consumer spending increased last month, giving more ammunition to the Federal Reserve for a rate increase. The data helped the dollar climb half a percent against a basket of major currencies after last week touching the highest levels for almost 14 years. Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced. Spot gold had dropped 1.1 percent to $1,174.96 an ounce by 3:06 p.m. EDT while U.S. gold future for December delivery settled at $1,170.80. Gold has shed nearly 8 percent in November, the biggest monthly fall since June 2013, hurt by a rally in the U.S. dollar on surging Treasury yields as investors believed President-elect Donald Trump's policies would invoke faster inflation.

cnbc, Articles, OPEC, Donald Trump, Federal Reserve System, European Central Bank, Commodity markets, SPDR Gold Shares, iShares Silver Trust, iShares Gold Trust, Futures & Commodities, The Fed, Gold, Bank of England, Gold Overview, Markets, Metal Commodities, source:tagname:Reuters

<div class="group"><p> Gold slipped on Wednesday, adding to its deepest monthly losses in over three years as strong U.S. economic data buoyed the dollar and further cemented the case for hiking rates in December. </p><p> U.S. private employers stepped up hiring in November much more than expected and consumer spending increased last month, giving more ammunition to the Federal Reserve for a rate increase. </p><div style="height:100%" class="lazyload-placeholder"></div><p> The data helped the dollar climb half a percent against a basket of major currencies after last week touching the highest levels for almost 14 years. </p><p> Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced. </p><p> <a href="https://www.cnbc.com/quotes/XAU=">Spot gold</a> had dropped 1.1 percent to $1,174.96 an ounce by 3:06 p.m. EDT while U.S. <a href="https://www.cnbc.com/quotes/@GC.12">gold future</a> for December delivery settled at $1,170.80.</p><p> Gold has shed nearly 8 percent in November, the biggest monthly fall since June 2013, hurt by a rally in the U.S. dollar on surging Treasury yields as investors believed President-elect Donald Trump's policies would invoke faster inflation. </p></div>,<div class="group"><p> "Recently there's been a perfect storm against gold with higher risk appetite, rising stock markets and bond yields, massive ETF (exchange traded fund) outflows and the withdrawal of speculative financial investors," said analyst Daniel Briesemann at Commerzbank in Frankfurt. </p><div style="height:100%" class="lazyload-placeholder"></div><p> "We don't think this is over yet. Normally lower prices should attract higher demand, but the Indian situation is putting the brakes on gold buying." </p><p> The shock withdrawal of high-value notes to fight "black money" in India, the world's second biggest consumer of gold, has hit gold demand there during the peak wedding season. </p><br></div>,<div class="group"><p> <a href="https://www.cnbc.com/quotes/XAG=">Silver</a> fell 0.7 percent to $16.48 an ounce while platinum shed 0.8 percent to $910. </p><p> Palladium climbed to an intraday high of $772.70 an ounce, its strongest since June 2015, paring gains to $770.25, up 1.3 percent. </p><p> <a href="https://www.cnbc.com/quotes/XPD=">Palladium</a> has risen over 23 percent this month, its best since February 2008, outperforming other metals. </p><p> That rise has been mostly driven by speculators, overshooting levels that are supported by supply/demand fundamentals, and so the metal was likely to see a correction of over $100, Briesemann said. </p><p> <em>— 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>.</em><br></p></div>

Gold slipped on Wednesday, adding to its deepest monthly losses in over three years as strong U.S. economic data buoyed the dollar and further cemented the case for hiking rates in December. U.S. private employers stepped up hiring in November much more than expected and consumer spending increased last month, giving more ammunition to the Federal Reserve for a rate increase. The data helped the dollar climb half a percent against a basket of major currencies after last week touching the highest levels for almost 14 years. Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced. Spot gold had dropped 1.1 percent to $1,174.96 an ounce by 3:06 p.m. EDT while U.S. gold future for December delivery settled at $1,170.80. Gold has shed nearly 8 percent in November, the biggest monthly fall since June 2013, hurt by a rally in the U.S. dollar on surging Treasury yields as investors believed President-elect Donald Trump's policies would invoke faster inflation. "Recently there's been a perfect storm against gold with higher risk appetite, rising stock markets and bond yields, massive ETF (exchange traded fund) outflows and the withdrawal of speculative financial investors," said analyst Daniel Briesemann at Commerzbank in Frankfurt. "We don't think this is over yet. Normally lower prices should attract higher demand, but the Indian situation is putting the brakes on gold buying." The shock withdrawal of high-value notes to fight "black money" in India, the world's second biggest consumer of gold, has hit gold demand there during the peak wedding season. Silver fell 0.7 percent to $16.48 an ounce while platinum shed 0.8 percent to $910. Palladium climbed to an intraday high of $772.70 an ounce, its strongest since June 2015, paring gains to $770.25, up 1.3 percent. Palladium has risen over 23 percent this month, its best since February 2008, outperforming other metals. That rise has been mostly driven by speculators, overshooting levels that are supported by supply/demand fundamentals, and so the metal was likely to see a correction of over $100, Briesemann said. — Follow CNBC International on Twitter and Facebook.

2021-10-30 14:11:42.734668

With a Triple Crown possible, TV viewership could surge

https://www.cnbc.com/2018/06/06/with-a-triple-crown-possible-tv-viewership-could-triple.html

2018-06-06T16:30:41+0000

Kellie Ell

CNBC

The stakes are high for this Saturday's 150th running of the Belmont Stakes — and not just for Justify, the undefeated horse that may ride take the Triple Crown, something only 12 horses have ever managed to do. The average television viewership for the last three non-Triple Crown races was about 5.9 million, according to NBC Sports Group, which owns the broadcast rights. Compare that with 19.6 million, the average number of viewers in 2014 and 2015 when a Triple Crown was a possibility. The Triple Crown is the very elusive title given to a 3-year-old thoroughbred horse that manages to win three races: The Kentucky Derby, the Preakness Stakes and the Belmont Stakes. Saturday's race is being held at Belmont Park in Elmont, New York.If Justify wins it will be No. 13. In May, the colt won the 144th Kentucky Derby by 2½ lengths in just more than 2 minutes. Justify also won the Preakness Stakes in May by a half-length. Bob Baffert, the legendary horse trainer who won the Triple Crown in 2015 with the horse American Pharoah, and who also trains Justify, can still remember the intensity of when American Pharoah won. "It's that kind of electricity in the air, when you're so glad you were there and part of it," Baffert said Wednesday on "Squawk on the Street.""That's why everybody goes out there," he said. "That's why it'll be packed, because you want to feel that excitement."

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<div class="group"><p>The stakes are high for this Saturday's 150th running of the Belmont Stakes — and not just for Justify, the undefeated horse that may ride take the Triple Crown, something only 12 horses have ever managed to do. </p><p>The average television viewership for the last three non-Triple Crown races was about 5.9 million, according to NBC Sports Group, which owns the broadcast rights. Compare that with 19.6 million, the average number of viewers in 2014 and 2015 when a Triple Crown was a possibility. </p><div style="height:100%" class="lazyload-placeholder"></div><p>The Triple Crown is the very elusive title given to a 3-year-old thoroughbred horse that manages to win three races: The Kentucky Derby, the Preakness Stakes and the Belmont Stakes. Saturday's race is being held at Belmont Park in Elmont, New York.</p><p>If Justify wins it will be No. 13. </p><p>In May, the colt won the 144th Kentucky Derby by 2½ lengths in just more than 2 minutes. Justify also won the Preakness Stakes in May by a half-length. </p><p>Bob Baffert, the legendary horse trainer who won the Triple Crown in 2015 with the horse American Pharoah, and who also trains Justify, can still remember the intensity of when American Pharoah won. </p><p>"It's that kind of electricity in the air, when you're so glad you were there and part of it," Baffert said Wednesday on "<a href="https://www.cnbc.com/squawk-on-the-street/">Squawk on the Street</a>."</p><div style="height:100%" class="lazyload-placeholder"></div><p>"That's why everybody goes out there," he said. "That's why it'll be packed, because you want to feel that excitement."</p></div>,<div class="group"><p>According to the The New York Racing Association, betting on the race will also likely increase. In 2015, when American Pharaoh was up for the Triple Crown, wagers on the race were about $75 million. The numbers fell to about $47 million the following year when there was no Triple Crown possibility. </p><p>Baffert said he'll have a front-row seat Saturday: in a box near the wire. </p><p>"I'm the guy that looks nervous as hell," he said. </p><p>"All you hope for is that the horse breaks cleanly and gets out there," Baffert said. "You don't want him to break poorly and be behind." </p><p><strong> Watch the race Saturday at 2 p.m. ET on NBC Sports, or 4 p.m. ET on NBC.<br><br> </strong><i>Disclosure: CNBC parent NBCUniversal owns NBC and NBC Sports.</i><strong><br> </strong></p></div>

The stakes are high for this Saturday's 150th running of the Belmont Stakes — and not just for Justify, the undefeated horse that may ride take the Triple Crown, something only 12 horses have ever managed to do. The average television viewership for the last three non-Triple Crown races was about 5.9 million, according to NBC Sports Group, which owns the broadcast rights. Compare that with 19.6 million, the average number of viewers in 2014 and 2015 when a Triple Crown was a possibility. The Triple Crown is the very elusive title given to a 3-year-old thoroughbred horse that manages to win three races: The Kentucky Derby, the Preakness Stakes and the Belmont Stakes. Saturday's race is being held at Belmont Park in Elmont, New York.If Justify wins it will be No. 13. In May, the colt won the 144th Kentucky Derby by 2½ lengths in just more than 2 minutes. Justify also won the Preakness Stakes in May by a half-length. Bob Baffert, the legendary horse trainer who won the Triple Crown in 2015 with the horse American Pharoah, and who also trains Justify, can still remember the intensity of when American Pharoah won. "It's that kind of electricity in the air, when you're so glad you were there and part of it," Baffert said Wednesday on "Squawk on the Street.""That's why everybody goes out there," he said. "That's why it'll be packed, because you want to feel that excitement."According to the The New York Racing Association, betting on the race will also likely increase. In 2015, when American Pharaoh was up for the Triple Crown, wagers on the race were about $75 million. The numbers fell to about $47 million the following year when there was no Triple Crown possibility. Baffert said he'll have a front-row seat Saturday: in a box near the wire. "I'm the guy that looks nervous as hell," he said. "All you hope for is that the horse breaks cleanly and gets out there," Baffert said. "You don't want him to break poorly and be behind." Watch the race Saturday at 2 p.m. ET on NBC Sports, or 4 p.m. ET on NBC. Disclosure: CNBC parent NBCUniversal owns NBC and NBC Sports.

2021-10-30 14:11:42.798625

Three ways to jump-start job growth

https://www.cnbc.com/2016/01/11/three-ways-to-jump-start-job-growth-commentary.html

2016-01-11T11:29:03-0500

CNBC

The economy is off to a rocky start in 2016. Investors and analysts are unhappy. But while many analysts focus on jittery stock markets and bad news from overseas, there is a disheartening trend right before our eyes that almost no one is paying attention to: The high-growth, young companies that have traditionally driven job growth and innovation in our country are a dying breed. For the past several decades, business start-ups have steadily declined in America. Have people become less ambitious? Less innovative? That's unlikely. A more probable explanation is that a steady accrual of rules and regulations for years has effectively eliminated a generation of entrepreneurs as the costs of running a new enterprise outweigh the benefits. The good news is that there is an antidote: increasing economic freedom. But first, let's look at the scope of the problem. New and young businesses have historically been the heart of the U.S. economy. They are responsible for nearly all the new jobs we produce each year. And yet a growing body of research shows that young businesses have been on the decline in the U.S. since the 1980s, which means we have far fewer jobs available today than if businesses were still starting at the 1980s rate. Even more alarming: The share of high-growth young companies has collapsed, a new National Bureau of Economic Research study reports. The authors show that, historically, most job growth among young businesses has come from a small percentage of them that are growing much faster than all the others. Since 1999, this fast-growing cohort has essentially vanished, and young businesses are now more likely to be characterized as no-growth or slow-growth. In other words, the dynamism most of us associate with the U.S. economy's ability to create jobs and foster innovation through new enterprises is evaporating before our eyes. Imagine if a steady stream of research showed an alarming spike in life-threatening diseases caused by additives in our food that had been weakening our immune systems. We would be doing everything we could as a society to understand and remove these debilitating additives from our food. Despite a growing body of evidence that declining entrepreneurial dynamism is weakening our economy, policy makers have done little to understand the "additives" in our economy that are creating the problem. For help, they might start with the Fraser Institute's annual Economic Freedom of North America report. The latest report finds that states with more stringent labor laws, business start-up costs, licensing laws, and compliance costs — to name a few — perform worse than more economically free states. Per capita income in the most free states is 14 percent higher than in the most un-free states. Undaunted, however, regulators continue to pump harmful additives into our economy. Regulations implemented over the past seven years alone amount to a $100 billion tax on the economy. One estimate finds that 31 percent of regulations increase compliance costs without providing any real health or safety benefit. The well-documented explosion in state licensing laws over the past generation has kept an untold number of entrepreneurs from entering the marketplace in the first place. It is no wonder that small business owners now rank regulations on par with taxes as the single biggest threat to their growth, more than the cost of health insurance or competition with big businesses. Policy makers should pursue three courses of action to liberate would-be entrepreneurs from the tangled web of rules that hold them back. First, Congress should enact legislation requiring congressional approval of all federal regulations estimated to have an impact above a certain dollar amount, such as $100 million. Congress' bad habit of delegating rule-making authority to unelected officials in federal agencies is a big reason we have had an explosion in costly, complicated rules. Second, Congress should enact a cap on the number and dollar amount of regulatory requirements every year. There are several ways to do this such as eliminating old regulations for each new, proposed regulation or capping the overall cost of regulations each year. Canada recently passed legislation capping their annual regulatory activity. The United States should do the same. Third, state-level policy makers should provide alternatives to professional licensing, such as allowing individuals to opt out of licensing requirements in favor of nationally recognized, self-certification registries that rely on the tools of accountability and trust at the heart of the sharing economy. Too many professions have begun behaving like cartels behind the guise of licensing requirements. It is past time to break them up. We hear a lot in our public discourse about inequality, but we hear far too little about our declining entrepreneurial dynamism. What if the latter is driving the former? It is certainly clear that starting a new business is not the path to upward mobility that it once was for middle class families. The trend of declining business start-ups has worsened to the point that our children may never know the range of opportunity Americans, until recently, took for granted. It is time for our policy makers to follow the data and embrace economic freedom over the rules and regulations that are discouraging would-be entrepreneurs from getting in the game. Commentary by Ryan Streeter, Director of the Center for Politics and Governance at the University of Texas at Austin. Follow him on Twitter @streeterryan. Follow CNBC's Opinion section on Twitter @CNBCopinion.

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2021-10-30 14:11:43.028158

Want to start a business? Here's what you need to know

https://www.cnbc.com/2014/11/29/take-these-5-steps-before-starting-a-business.html

2014-11-29T12:21:36+0000

Sharon Epperson

CNBC

Local retailers around the country are hoping the biggest shopping day of the holiday season won't end up being Black Friday, but the day after—what's known as Small Business Saturday. About 3,000 neighborhoods already have signed up to support the day, which resulted in about $5.7 billion in consumer spending with independent merchants last year, according to data from American Express. Entrepreneurs—both established and aspiring—are eager to capitalize on this interest. But opening your own bakery, clothing boutique or furniture store can be a daunting task without the passion and perseverance to weather the ups and downs.

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<div class="group"><p> Local retailers around the country are hoping the biggest shopping day of the holiday season won't end up being Black Friday, but the day after—what's known as Small Business Saturday.</p><p> About 3,000 neighborhoods already have signed up to support the day, which resulted in about $5.7 billion in consumer spending with independent merchants last year, according to data from American Express.</p><div style="height:100%" class="lazyload-placeholder"></div><p> <span>Entrepreneurs</span><span>—</span><span>both established and aspiring</span><span>—</span><span>are eager to capitalize on this interest. But opening your own bakery, clothing boutique or furniture store can be a daunting task without the passion and perseverance to weather the ups and downs.</span></p></div>,<div class="group"><p><span>Being prepared well before opening the doors to your brick-and-mortar store can help you avoid some potential pitfalls. Here are five steps that can help you start out strong.</span><br></p></div>,<div class="group"><p> <span>Just because an area of town or a local strip mall has significant foot traffic doesn't necessarily mean it is the right location for the type of customer you'll want. </span></p><p> <span>"It's all about location, location, location," said Melinda Emerson, founder of SucceedAsYourOwnBoss.com. </span><span>Before getting locked into a standard five- to 10-year lease, "you want to understand where the foot traffic is coming from," she said.</span></p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/11/17/how-freelancers-are-fueling-the-new-economy.html">Rise in freelancers a boon to entrepreneurs</a><span><br></span></p><div style="height:100%" class="lazyload-placeholder"></div><p> <span>Knowing who your buyers are and identifying a target audience will help in finding the best location for your store</span><span>.</span></p><p> <span>Emerson's suggestion:</span><span> Test your idea with a "pop-up" location, which allows you to rent short-term space. </span><span>The online start-up</span> <a href="http://www.thestorefront.com" target="_blank">Storefront</a><span>, for example, connects store owners and landlords with retail spaces in New York, Chicago, Los Angeles and San Francisco for $150 to $1,500 a day.</span><br></p></div>,<div class="group"><p><span>Developing a three-year business plan can help you (and potential lenders) know what costs to expect. Go to the U.S. Small Business Administration </span><a href="http://www.sba.gov" target="_blank">website</a><span> or talk to a counselor at a local Small Business Development Center for free help in writing your plan. </span><br></p><p> "Identify available capital and set a budget," recommends Nicole Leinbach Reyhle, founder of the online publication <a href="http://www.retailminded.com" target="_blank">Retail Minded</a>. Allocate some money to cover any surprise<span> </span>expenses, but make sure you cover the basics too. Consider how much money you'll need to rent or lease the location as well as the cost of inventory, staff, merchandising and display fixtures, a computer or point-of-sale provider, and marketing and advertising.</p></div>,<div class="group"><p><span>First, be prepared to put a good chu</span><span>n</span><span>k of your own money in your business. Lenders want to see that you're willing to bank on your store before they do. Next, contact friends and family. If they've invested, you may be more reluctant to lose their money than your own. Getting a bank loan can be tough since many lenders won't loan money to small start-ups with no track record. But there are other options.</span><br></p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/11/20/after-recession-wave-of-accidental-entrepreneurs.html">Wave of 'accidental' entrepreneurs on the rise</a><span><br></span></p><p> <span>Talk to other businesses that have been successful using peer-to-peer lenders, such as crowdfunding platforms, where people lend money to a business and get paid back over the course of the loan. A $5,000 or $10,000 loan can make a big difference for a small business, said Jill Johnson, founder and CEO of the Institute for Entrepreneurial Leadership (IFEL) in Newark, New Jersey. "It may allow you to do a pilot or get a piece of equipment to operate more efficiently."</span></p></div>,<div class="group"><p><span>A big chunk of the budget of a new store often goes to marketing and advertising to get those first customers in the door. "Social media is extremely valuable," and much less expensive than traditional advertising, Reyhle says. Check out some of the free marketing resources at </span><a href="http://www.shopsmall.com" target="_blank">ShopSmall.com</a><span>, a website from American Express to help independent retailers promote their businesses. </span><br></p><p> <span>A few more tips: "Word of mouth far outweighs any media you can buy. Think of three things that you do that your competitors don't do and put that on your business card and website," said Marc Wilson, a retail consultant with the Virginia Small Business Development Center network. </span></p><p><span>Put effort into making sure your business secures search traffic too. "Make sure your business is the first listing that comes up when some searches for it on Google."</span></p></div>,<div class="group"><p><span>"Having a support team in place is so important," said IFEL's Johnson. "Too often entrepreneurs are making decisions in a vacuum. You need people with real expertise who will give you honest feedback." </span></p><p><span>An attorney, accountant, business and/or financial advisor will likely see potential challenges to the business before you do, Johnson said, from permits and licenses that may be required to a practical legal structure for your business. </span><br></p><p> <span>Nonprofit organizations like IFEL, as well as local SBA offices, and Small Business Development Centers also offer free counseling and training programs to help you get your store up and running–and help it continue to grow. </span></p></div>

Local retailers around the country are hoping the biggest shopping day of the holiday season won't end up being Black Friday, but the day after—what's known as Small Business Saturday. About 3,000 neighborhoods already have signed up to support the day, which resulted in about $5.7 billion in consumer spending with independent merchants last year, according to data from American Express. Entrepreneurs—both established and aspiring—are eager to capitalize on this interest. But opening your own bakery, clothing boutique or furniture store can be a daunting task without the passion and perseverance to weather the ups and downs.Being prepared well before opening the doors to your brick-and-mortar store can help you avoid some potential pitfalls. Here are five steps that can help you start out strong. Just because an area of town or a local strip mall has significant foot traffic doesn't necessarily mean it is the right location for the type of customer you'll want. "It's all about location, location, location," said Melinda Emerson, founder of SucceedAsYourOwnBoss.com. Before getting locked into a standard five- to 10-year lease, "you want to understand where the foot traffic is coming from," she said. Read MoreRise in freelancers a boon to entrepreneurs Knowing who your buyers are and identifying a target audience will help in finding the best location for your store. Emerson's suggestion: Test your idea with a "pop-up" location, which allows you to rent short-term space. The online start-up Storefront, for example, connects store owners and landlords with retail spaces in New York, Chicago, Los Angeles and San Francisco for $150 to $1,500 a day.Developing a three-year business plan can help you (and potential lenders) know what costs to expect. Go to the U.S. Small Business Administration website or talk to a counselor at a local Small Business Development Center for free help in writing your plan. "Identify available capital and set a budget," recommends Nicole Leinbach Reyhle, founder of the online publication Retail Minded. Allocate some money to cover any surprise expenses, but make sure you cover the basics too. Consider how much money you'll need to rent or lease the location as well as the cost of inventory, staff, merchandising and display fixtures, a computer or point-of-sale provider, and marketing and advertising.First, be prepared to put a good chunk of your own money in your business. Lenders want to see that you're willing to bank on your store before they do. Next, contact friends and family. If they've invested, you may be more reluctant to lose their money than your own. Getting a bank loan can be tough since many lenders won't loan money to small start-ups with no track record. But there are other options. Read MoreWave of 'accidental' entrepreneurs on the rise Talk to other businesses that have been successful using peer-to-peer lenders, such as crowdfunding platforms, where people lend money to a business and get paid back over the course of the loan. A $5,000 or $10,000 loan can make a big difference for a small business, said Jill Johnson, founder and CEO of the Institute for Entrepreneurial Leadership (IFEL) in Newark, New Jersey. "It may allow you to do a pilot or get a piece of equipment to operate more efficiently."A big chunk of the budget of a new store often goes to marketing and advertising to get those first customers in the door. "Social media is extremely valuable," and much less expensive than traditional advertising, Reyhle says. Check out some of the free marketing resources at ShopSmall.com, a website from American Express to help independent retailers promote their businesses. A few more tips: "Word of mouth far outweighs any media you can buy. Think of three things that you do that your competitors don't do and put that on your business card and website," said Marc Wilson, a retail consultant with the Virginia Small Business Development Center network. Put effort into making sure your business secures search traffic too. "Make sure your business is the first listing that comes up when some searches for it on Google.""Having a support team in place is so important," said IFEL's Johnson. "Too often entrepreneurs are making decisions in a vacuum. You need people with real expertise who will give you honest feedback." An attorney, accountant, business and/or financial advisor will likely see potential challenges to the business before you do, Johnson said, from permits and licenses that may be required to a practical legal structure for your business. Nonprofit organizations like IFEL, as well as local SBA offices, and Small Business Development Centers also offer free counseling and training programs to help you get your store up and running–and help it continue to grow.

2021-10-30 14:11:43.075545

Biden's national polling lead shrinks slightly, but swing states show signs of trouble for Trump

https://www.cnbc.com/2020/09/17/biden-polling-lead-shrinks-slightly-but-swing-states-show-signs-of-trouble-for-trump.html

2020-09-17T15:57:50+0000

Kevin Breuninger

CNBC

Democratic presidential nominee Joe Biden is still leading President Donald Trump in the polls, though averages of national surveys show a trend toward a slightly tightening race with less than seven weeks until Election Day. But Biden continues to hold his edge over the incumbent in a handful of crucial swing states, including some that Trump won in 2016.Individual polls of the race for the White House show a much wider variance. National surveys released this week from The Economist/YouGov and Reuters/Ipsos both put Biden up 9 points on Trump among likely voters. But Rasmussen — the president's favorite pollster, which has consistently found higher levels of support for him than other outfits — on Wednesday gave Trump his first-ever polling lead over Biden, by 1 point, which falls within its margin of error of plus or minus 2 percentage points.

cnbc, Articles, Race For White House, Elections, Donald Trump, Politics, COVID-19, Joe Biden, US: News, Polls, Democrats, Republicans, Coronavirus, 2020 Elections, White House, source:tagname:CNBC US Source

<div class="group"><p>Democratic presidential nominee Joe Biden is still leading President <a href="https://www.cnbc.com/donald-trump/">Donald Trump</a> in the polls, though averages of national surveys show a trend toward a slightly tightening race with less than seven weeks until Election Day. </p><p>But Biden continues to hold his edge over the incumbent in a handful of crucial swing states, including some that Trump won in 2016.</p><ul><li><a href="https://www.realclearpolitics.com/epolls/2020/president/us/general_election_trump_vs_biden-6247.html" target="_blank">The RealClearPolitics general election polling average</a> on Thursday morning showed Biden with a 5.8-point lead over Trump. That spread has shrunk from the 7.2-point lead RCP displayed for Biden just two weeks earlier. </li><li><a href="https://projects.fivethirtyeight.com/polls/president-general/national/" target="_blank">FiveThirtyEight's own polling tracker</a>, which on Sept. 3 had Biden 7.3 points above Trump, now gives the Democratic challenger a 6.7-point advantage.</li></ul><div style="height:100%" class="lazyload-placeholder"></div><p>Individual polls of the race for the White House show a much wider variance. National surveys released this week from <a href="https://docs.cdn.yougov.com/t0hi1tcqs5/econTabReport.pdf" target="_blank">The Economist/YouGov</a> and <a href="https://www.ipsos.com/sites/default/files/ct/news/documents/2020-09/2020_reuters_tracking_-_core_political_general_election_tracker_09_16_2020.pdf" target="_blank">Reuters/Ipsos</a> both put Biden up 9 points on Trump among likely voters. But Rasmussen — the president's favorite pollster, which has consistently found higher levels of support for him than other outfits — on Wednesday gave Trump his first-ever polling lead over Biden, by 1 point, which falls within its margin of error of plus or minus 2 percentage points.</p></div>,<div class="group"><p>But national polls are only part of the story, as any number of anxious Democratic voters will be quick to point out. In 2016, Democratic nominee Hillary Clinton trounced Trump in the popular vote by more than 2.8 million votes, but still lost the Electoral College.</p><p>That race came down to a series of upset victories by Trump in key swing states, including Michigan, Wisconsin, Pennsylvania and Florida. Trump walked away with 306 electoral votes to Clinton's 232.</p><p>RCP's swing-state tracker, however, shows Biden leading to varying degrees in all of those battleground states, as well as in North Carolina and Arizona, which Trump also won in 2016.</p><p>That polling tracker now gives Biden an overall spread of 3.7 points over Trump — a wider lead than it showed at the start of the month.</p><div style="height:100%" class="lazyload-placeholder"></div><p>That shift appears to be driven by recent surveys of voters in <a href="https://www.realclearpolitics.com/epolls/2020/president/wi/wisconsin_trump_vs_biden-6849.html" target="_blank">Wisconsin</a> and <a href="https://www.realclearpolitics.com/epolls/2020/president/az/arizona_trump_vs_biden-6807.html" target="_blank">Arizona</a>, both of which show Biden furthering his gains over Trump since the end of August.</p></div>,<div class="group"><p>In Arizona, RCP shows Biden with a 4.7-point lead over Trump, who in 2016 beat Clinton in the Grand Canyon State by <a href="https://www.nytimes.com/elections/2016/results/president" target="_blank">about 3.5 percentage points</a>.</p><p>The Trump campaign appears to be taking notice, announcing Thursday that it would air a new ad, featuring a business owner praising the president and attacking Biden's record, specifically in Arizona.</p><p>Still, the race in Arizona remains tight, according to a survey of the state released Thursday morning <a href="https://www.monmouth.edu/polling-institute/reports/monmouthpoll_AZ_091720/" target="_blank">by the Monmouth University Polling Institute</a>. While Biden in that poll holds a 4-point lead among all registered voters in the state, 48%-44%, the gap shrinks to just 2 percentage points under a model of likely voters with high turnout, with Biden at 48% and Trump at 46%. In a low-turnout model, Monmouth finds Trump and Biden tied at 47% among likely voters.</p><p>Monmouth surveyed 420 registered voters in Arizona by phone between Friday and Tuesday. The poll has a margin of error of plus or minus 4.8 percentage points.</p><p><a href="https://cookpolitical.com/analysis/national/national-politics/new-survey-results-kffcook-political-report-survey-az-fl-and-nc" target="_blank">Cook Political Report</a>, meanwhile, moved Arizona's election rating from "Toss Up" to "Lean Democrat" earlier Thursday morning, citing in part Biden's support among Latinos in the state. </p><p>The same can't be said for Florida, <a href="https://www.cnbc.com/2020/09/09/joe-biden-struggling-with-latino-voters-in-key-state-florida-polls-show.html">where recent polls showed Biden underperforming among Latinos</a>.</p><p><a href="https://www.cnbc.com/2020/09/15/biden-ramps-up-latino-outreach-with-appeal-to-puerto-rican-voters-in-florida.html">The Biden campaign has reacted quickly</a>. The former vice president himself visited South Florida on Tuesday, and his campaign over the weekend announced new ads in the state targeting different groups of Hispanic voters.</p></div>,<div class="group"><p>The shifting polls come as the economy, health care and the <a href="https://www.cnbc.com/2020/09/17/coronavirus-live-updates.html">coronavirus pandemic</a> take center stage in the campaign messaging for both Trump and Biden.</p><p>More than 6.63 million Covid-19 cases and at least 196,831 deaths from the disease have been reported in the U.S., <a href="https://www.cnbc.com/2020/09/17/coronavirus-live-updates.html">according to Johns Hopkins University</a>. </p><p>Trump, eager to recover the devastating economic losses from the pandemic before the election, has proclaimed that his administration has done a "great job" on the crisis and has repeatedly <a href="https://www.cnbc.com/2020/09/16/trump-says-he-thinks-us-could-start-distributing-a-coronavirus-vaccine-in-october.html">floated the possibility of a vaccine being developed and distributed before Election Day</a>. His own health experts, however, have suggested the timeline would be much slower.</p><p>Biden, meanwhile, describes the U.S. response as being tragically mishandled.</p><p>The president in recent weeks has also weathered a series of potentially damaging news stories related to the coronavirus, including revelations <a href="https://www.cnbc.com/2020/09/15/trump-claims-he-up-played-the-coronavirus-after-he-admitted-downplaying-it.html">from veteran journalist Bob Woodward that Trump admitted downplaying the dangers of the virus</a>.</p><p>The polling averages, however, don't reflect any dramatic change following these reports, offering further evidence for the view among political watchers that Trump's core base of support is simply unshakable.</p><p>But that's a blessing and a curse, analyst Charlie Cook noted <a href="https://cookpolitical.com/analysis/national/national-politics/trumps-ceiling-too-low-him-be-reelected" target="_blank">last week</a>:</p><p>"There is nothing that could be said or written, nothing that Trump can say or do, that would crack his base. Those expecting Trump to drop at the next negative story forget that it is hard to take a drop if you've never risen in the first place," Cook wrote.</p><p>"But this is also why those who are convinced that he will make a spectacular comeback are likely to be wrong as well. His standing is impervious to events." </p></div>

Democratic presidential nominee Joe Biden is still leading President Donald Trump in the polls, though averages of national surveys show a trend toward a slightly tightening race with less than seven weeks until Election Day. But Biden continues to hold his edge over the incumbent in a handful of crucial swing states, including some that Trump won in 2016.The RealClearPolitics general election polling average on Thursday morning showed Biden with a 5.8-point lead over Trump. That spread has shrunk from the 7.2-point lead RCP displayed for Biden just two weeks earlier. FiveThirtyEight's own polling tracker, which on Sept. 3 had Biden 7.3 points above Trump, now gives the Democratic challenger a 6.7-point advantage.Individual polls of the race for the White House show a much wider variance. National surveys released this week from The Economist/YouGov and Reuters/Ipsos both put Biden up 9 points on Trump among likely voters. But Rasmussen — the president's favorite pollster, which has consistently found higher levels of support for him than other outfits — on Wednesday gave Trump his first-ever polling lead over Biden, by 1 point, which falls within its margin of error of plus or minus 2 percentage points.But national polls are only part of the story, as any number of anxious Democratic voters will be quick to point out. In 2016, Democratic nominee Hillary Clinton trounced Trump in the popular vote by more than 2.8 million votes, but still lost the Electoral College.That race came down to a series of upset victories by Trump in key swing states, including Michigan, Wisconsin, Pennsylvania and Florida. Trump walked away with 306 electoral votes to Clinton's 232.RCP's swing-state tracker, however, shows Biden leading to varying degrees in all of those battleground states, as well as in North Carolina and Arizona, which Trump also won in 2016.That polling tracker now gives Biden an overall spread of 3.7 points over Trump — a wider lead than it showed at the start of the month.That shift appears to be driven by recent surveys of voters in Wisconsin and Arizona, both of which show Biden furthering his gains over Trump since the end of August.In Arizona, RCP shows Biden with a 4.7-point lead over Trump, who in 2016 beat Clinton in the Grand Canyon State by about 3.5 percentage points.The Trump campaign appears to be taking notice, announcing Thursday that it would air a new ad, featuring a business owner praising the president and attacking Biden's record, specifically in Arizona.Still, the race in Arizona remains tight, according to a survey of the state released Thursday morning by the Monmouth University Polling Institute. While Biden in that poll holds a 4-point lead among all registered voters in the state, 48%-44%, the gap shrinks to just 2 percentage points under a model of likely voters with high turnout, with Biden at 48% and Trump at 46%. In a low-turnout model, Monmouth finds Trump and Biden tied at 47% among likely voters.Monmouth surveyed 420 registered voters in Arizona by phone between Friday and Tuesday. The poll has a margin of error of plus or minus 4.8 percentage points.Cook Political Report, meanwhile, moved Arizona's election rating from "Toss Up" to "Lean Democrat" earlier Thursday morning, citing in part Biden's support among Latinos in the state. The same can't be said for Florida, where recent polls showed Biden underperforming among Latinos.The Biden campaign has reacted quickly. The former vice president himself visited South Florida on Tuesday, and his campaign over the weekend announced new ads in the state targeting different groups of Hispanic voters.The shifting polls come as the economy, health care and the coronavirus pandemic take center stage in the campaign messaging for both Trump and Biden.More than 6.63 million Covid-19 cases and at least 196,831 deaths from the disease have been reported in the U.S., according to Johns Hopkins University. Trump, eager to recover the devastating economic losses from the pandemic before the election, has proclaimed that his administration has done a "great job" on the crisis and has repeatedly floated the possibility of a vaccine being developed and distributed before Election Day. His own health experts, however, have suggested the timeline would be much slower.Biden, meanwhile, describes the U.S. response as being tragically mishandled.The president in recent weeks has also weathered a series of potentially damaging news stories related to the coronavirus, including revelations from veteran journalist Bob Woodward that Trump admitted downplaying the dangers of the virus.The polling averages, however, don't reflect any dramatic change following these reports, offering further evidence for the view among political watchers that Trump's core base of support is simply unshakable.But that's a blessing and a curse, analyst Charlie Cook noted last week:"There is nothing that could be said or written, nothing that Trump can say or do, that would crack his base. Those expecting Trump to drop at the next negative story forget that it is hard to take a drop if you've never risen in the first place," Cook wrote."But this is also why those who are convinced that he will make a spectacular comeback are likely to be wrong as well. His standing is impervious to events."

2021-10-30 14:11:43.114416

Update: Meaningful Breakout In Market?

https://www.cnbc.com/2011/02/07/update-meaningful-breakout-in-market.html

2011-02-07T23:10:42+0000

Lee Brodie

CNBC

Despite chatter last week that the market was overbought, again the bulls pushed the S&P 500 even higher on Monday after solid earnings combined with a flurry of merger news boosted investor appetite for equities.Take a look at some of the big deals that went down:Company               Target                        IndustryDanaher Corp.       Beckman Coulter       Medical DevicesEnsco                  Pride International     Offshore DrillingAOL                     Huffington Post         MediaInvestors take the deal activity to mean Corporate America views stock valuations as attractive. In fact the tone of the Street has changed from negative to positive and instead of an impending correction, investors are now chattering about a meaningful breakout with the S&P above the high end of its recent range. Technically, it's considered a sign of strength; a sign that stocks could go much higher.What should you make of it? How should you position now?

cnbc, Articles, S&P 500 Index, Howmet Aerospace Inc, Caterpillar Inc, Chevron Corp, E I du Pont de Nemours and Co, Walt Disney Co, General Electric Co, Pfizer Inc, Exxon Mobil Corp, CNBC TV, Fast Money, source:tagname:CNBC US Source

<div class="group"><p>Despite chatter last week that the market was overbought, again the bulls pushed the S&amp;P 500 even higher on Monday after solid earnings combined with a flurry of merger news boosted investor appetite for equities.<br><br>Take a look at some of the big deals that went down:<br><br><br><strong><u>Company               Target                        Industry</u></strong><br>Danaher Corp.       Beckman Coulter       Medical Devices<br>Ensco                  Pride International     Offshore Drilling<br>AOL                     Huffington Post         Media</p><p>Investors take the deal activity to mean Corporate America views stock valuations as attractive. <br><br>In fact the tone of the Street has changed from negative to positive and instead of an impending correction, investors are now chattering about a meaningful breakout with the S&amp;P above the high end of its recent range. <br><br>Technically, it's considered a sign of strength; a sign that stocks could go much higher.</p><div style="height:100%" class="lazyload-placeholder"></div><p>What should you make of it? How should you position now?</p></div>,<div class="group"><p><strong>Instant Insights with the Fast Money traders<br></strong><br>Jon Najarian is impressed by all the deal-making. “A lot of folks who thought the market was overextended are now saying if smart guys are stepping in a committing billions, it’s a positive sign. I take it as one more reason not to fight this tape.”</p><p>Although Brian Kelly has been bearish, he says “you just can’t fight this market.” In fact, he’s hearing a lot of investors are throwing in the towel on the <em>short </em>side. “A lot of money is being put to work and there’s probably value in the market if you believe the economy is getting better,” he says.</p><p>Yes, he's been looking for a correction too, but Guy Adami admits that he wouldn't fight the tape. "The market doesn't typically give investors this long to sell the highs," he says. "It probably means we go higher."</p><p>Tim Seymour thinks the market action may be a positive sign for blue chips. GE , Pfizer , Exxon , Alcoa, Chevron, DuPont, Caterpillar and Disney are all at or near their 52-week highs. “I think big cap should continue to work if you believe the economy will continue to work,” he says.</p><div style="height:100%" class="lazyload-placeholder"></div><ul><li><a href="https://www.cnbc.com/2011/02/07/arianna-huffington-on-aol-deal.html">EXCLUSIVE: Huffington Talks AOL Deal</a></li><li><a href="https://www.cnbc.com/2011/02/07/A-Short-History-of-AOLs-Acquisitions.html">SLIDESHOW: A History of AOL Acquisitions</a></li></ul><p>Steve Grasso feels the riots in Egypt were a bullish ‘tell’ because events could have been a much more negative for stocks than they were. “Egypt showed us point blank what the support is in the market. And its 1275.” In other words, despite the negative catalyst stocks didn’t slip lower than 1273 and Grasso thinks that makes investors more confident.</p><p>Zach Karabell thinks recent strength in the market should be put in context. “The strength comes off a decade that has been a big fat zero. I think we could still have a significant move higher but remain in the context of a very middling period of time.”</p><p>-------<br><strong><br>IS THE OIL TRADE OVER? <br></strong><br>With oil closing lower for the third straight session, how should you trade oil?<br><br>Dennis Gartman suggests watching the contango in oil which, he says “has been widening everyday for weeks. It’s saying there’s more than enough oil above ground."<br><br>He also suggests keeping an eye on geo-political concerns. "Now that Egypt has moved to page 7 from page 1 it’s no surprise that crude comes down."</p><p>So what's next? When asked if he had to choose between $75 and $100 as oil's next stop he replies "that crude will probably print $75 before it prints $100."<br><br>Check out the entire interview. Watch the interview now.</p></div>,<div class="group"><p><br></p><p><br><br>______________________________________________________<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>Trader disclosure: On Feb 7, 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 (AA); Seymour owns (AAPL); Seymour owns (BAC); Seymour owns (F); Seymour owns (FXI); Seymour owns (GE); Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Adami's wife works for (MRK); Karabell owns (VALE), (CSCO), (FCX), (BRCM), (IBM), (GOOG), (AAPL), (RIMM), (GS), (C), (FXI), (AOL); Pete Najarian owns (BAC) call spreads; Pete Najarian owns (CNI); Pete Najarian owns (C); Pete Najarian owns (F) calls and bonds; Pete Najarian owns (GE); Pete Najarian owns (GM); Pete Najarian owns (JPM) call spreads; Pete Najarian owns (MS); Pete Najarian owns (PEP); Pete Najarian owns (TCK); Pete Najarian owns (V) call spreads; Pete Najarian owns (VZ) calls; Pete Najarian owns (YHOO)<br><br></em></p><p><em>For Brian Kelly <br>Accounts Managed by Kanundrum Capital Own (ATW)<br>Accounts Managed by Kanundrum Capital Own (BAC)<br>Accounts Managed by Kanundrum Capital Own (DAL)<br>Accounts Managed by Kanundrum Capital Own (EBAY)<br>Accounts Managed by Kanundrum Capital Own (GLD)<br>Accounts Managed by Kanundrum Capital Own (IAU)<br>Accounts Managed by Kanundrum Capital Own (MCP)<br>Accounts Managed by Kanundrum Capital Own (MS)<br>Accounts Managed by Kanundrum Capital Own (RDC)<br>Accounts Managed by Kanundrum Capital Own (SLV)<br>Accounts Managed by Kanundrum Capital Own (DRYS)<br>Accounts Managed by Kanundrum Capital Own (JEF)<br>Accounts Managed by Kanundrum Capital Own The U.S. Dollar<br>Accounts Managed by Kanundrum Capital Are Short the Australian Dollar<br>Accounts Managed by Kanundrum Capital Are Short The Yen<br><br></em>For Zachary Karabell<br>River Twice Capital is short (SPY)<br>River Twice Capital is short (ELF)<br>River Twice Capital is short (XLI)<br>River Twice Capital is short (SMH)<br>River Twice Capital owns (BRCM)<br>River Twice Capital owns (CSCO)<br>River Twice Capital owns (IBM)<br>River Twice Capital owns (MSFT)<br>River Twice Capital owns (GS)<br><em>River Twice Capital own (VALE)</em></p><p><em>For Dennis Gartman<br>Funds Managed by Dennis Gartman are long Canadian Dollars<br>Funds Managed by Dennis Gartman are long Australian Dollars<br>Funds Managed by Dennis Gartman are long Gold<br>Funds Managed by Dennis Gartman are long Wheat<br>Funds Managed by Dennis Gartman are long Corn<br>Funds Managed by Dennis Gartman are long Soybeans<br>Funds Managed by Dennis Gartman are long Sugar<br>Funds Managed by Dennis Gartman are long Crude<br>Funds Managed by Dennis Gartman are long Nat Gas<br>Funds Managed by Dennis Gartman are short The Euro<br>Funds Managed by Dennis Gartman are short The Sterling<br>Funds Managed by Dennis Gartman are short The Yen<br><br>For Pete Najarian SOT<br>Pete Najarian owned (PEP) on 2/4/2011<br><br>For David Bank<br>RBC Capital Markets is currently providing (DIS) with non-securities services<br>RBC Capital Markets has provided (DIS) with non-securities services in the past 12 months<br><br>For Todd Gordon<br>Aspen Trading Group is long the Sterling vs. the Australian Dollar for clients<br><br>For Fast Fire<br>Pete Najarian owned</em></p><p><em>(NKE) call spreads on 12/20/2010<br><br>For Mike Khouw<br>No disclosures on (RL)<br></em><em><br>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><br><br></p><p>CNBC.com and wires</p></div>

Despite chatter last week that the market was overbought, again the bulls pushed the S&P 500 even higher on Monday after solid earnings combined with a flurry of merger news boosted investor appetite for equities.Take a look at some of the big deals that went down:Company               Target                        IndustryDanaher Corp.       Beckman Coulter       Medical DevicesEnsco                  Pride International     Offshore DrillingAOL                     Huffington Post         MediaInvestors take the deal activity to mean Corporate America views stock valuations as attractive. In fact the tone of the Street has changed from negative to positive and instead of an impending correction, investors are now chattering about a meaningful breakout with the S&P above the high end of its recent range. Technically, it's considered a sign of strength; a sign that stocks could go much higher.What should you make of it? How should you position now?Instant Insights with the Fast Money tradersJon Najarian is impressed by all the deal-making. “A lot of folks who thought the market was overextended are now saying if smart guys are stepping in a committing billions, it’s a positive sign. I take it as one more reason not to fight this tape.”Although Brian Kelly has been bearish, he says “you just can’t fight this market.” In fact, he’s hearing a lot of investors are throwing in the towel on the short side. “A lot of money is being put to work and there’s probably value in the market if you believe the economy is getting better,” he says.Yes, he's been looking for a correction too, but Guy Adami admits that he wouldn't fight the tape. "The market doesn't typically give investors this long to sell the highs," he says. "It probably means we go higher."Tim Seymour thinks the market action may be a positive sign for blue chips. GE , Pfizer , Exxon , Alcoa, Chevron, DuPont, Caterpillar and Disney are all at or near their 52-week highs. “I think big cap should continue to work if you believe the economy will continue to work,” he says.EXCLUSIVE: Huffington Talks AOL DealSLIDESHOW: A History of AOL AcquisitionsSteve Grasso feels the riots in Egypt were a bullish ‘tell’ because events could have been a much more negative for stocks than they were. “Egypt showed us point blank what the support is in the market. And its 1275.” In other words, despite the negative catalyst stocks didn’t slip lower than 1273 and Grasso thinks that makes investors more confident.Zach Karabell thinks recent strength in the market should be put in context. “The strength comes off a decade that has been a big fat zero. I think we could still have a significant move higher but remain in the context of a very middling period of time.”-------IS THE OIL TRADE OVER? With oil closing lower for the third straight session, how should you trade oil?Dennis Gartman suggests watching the contango in oil which, he says “has been widening everyday for weeks. It’s saying there’s more than enough oil above ground."He also suggests keeping an eye on geo-political concerns. "Now that Egypt has moved to page 7 from page 1 it’s no surprise that crude comes down."So what's next? When asked if he had to choose between $75 and $100 as oil's next stop he replies "that crude will probably print $75 before it prints $100."Check out the entire interview. Watch the interview 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 7, 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 (AA); Seymour owns (AAPL); Seymour owns (BAC); Seymour owns (F); Seymour owns (FXI); Seymour owns (GE); Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Adami's wife works for (MRK); Karabell owns (VALE), (CSCO), (FCX), (BRCM), (IBM), (GOOG), (AAPL), (RIMM), (GS), (C), (FXI), (AOL); Pete Najarian owns (BAC) call spreads; Pete Najarian owns (CNI); Pete Najarian owns (C); Pete Najarian owns (F) calls and bonds; Pete Najarian owns (GE); Pete Najarian owns (GM); Pete Najarian owns (JPM) call spreads; Pete Najarian owns (MS); Pete Najarian owns (PEP); Pete Najarian owns (TCK); Pete Najarian owns (V) call spreads; Pete Najarian owns (VZ) calls; Pete Najarian owns (YHOO)For Brian Kelly Accounts Managed by Kanundrum Capital Own (ATW)Accounts Managed by Kanundrum Capital Own (BAC)Accounts Managed by Kanundrum Capital Own (DAL)Accounts Managed by Kanundrum Capital Own (EBAY)Accounts Managed by Kanundrum Capital Own (GLD)Accounts Managed by Kanundrum Capital Own (IAU)Accounts Managed by Kanundrum Capital Own (MCP)Accounts Managed by Kanundrum Capital Own (MS)Accounts Managed by Kanundrum Capital Own (RDC)Accounts Managed by Kanundrum Capital Own (SLV)Accounts Managed by Kanundrum Capital Own (DRYS)Accounts Managed by Kanundrum Capital Own (JEF)Accounts Managed by Kanundrum Capital Own The U.S. DollarAccounts Managed by Kanundrum Capital Are Short the Australian DollarAccounts Managed by Kanundrum Capital Are Short The YenFor Zachary KarabellRiver Twice Capital is short (SPY)River Twice Capital is short (ELF)River Twice Capital is short (XLI)River Twice Capital is short (SMH)River Twice Capital owns (BRCM)River Twice Capital owns (CSCO)River Twice Capital owns (IBM)River Twice Capital owns (MSFT)River Twice Capital owns (GS)River Twice Capital own (VALE)For Dennis GartmanFunds Managed by Dennis Gartman are long Canadian DollarsFunds Managed by Dennis Gartman are long Australian DollarsFunds Managed by Dennis Gartman are long GoldFunds Managed by Dennis Gartman are long WheatFunds Managed by Dennis Gartman are long CornFunds Managed by Dennis Gartman are long SoybeansFunds Managed by Dennis Gartman are long SugarFunds Managed by Dennis Gartman are long CrudeFunds Managed by Dennis Gartman are long Nat GasFunds Managed by Dennis Gartman are short The EuroFunds Managed by Dennis Gartman are short The SterlingFunds Managed by Dennis Gartman are short The YenFor Pete Najarian SOTPete Najarian owned (PEP) on 2/4/2011For David BankRBC Capital Markets is currently providing (DIS) with non-securities servicesRBC Capital Markets has provided (DIS) with non-securities services in the past 12 monthsFor Todd GordonAspen Trading Group is long the Sterling vs. the Australian Dollar for clientsFor Fast FirePete Najarian owned(NKE) call spreads on 12/20/2010For Mike KhouwNo disclosures on (RL)Comcast is the parent company of CNBC Comcast is the parent company of NBCUniversalGE owns 49% of NBCUniversal GE owns 49% of CNBCCNBC.com and wires

2021-10-30 14:11:43.294465

Qualcomm should consider breakup: Jana Partners founder

https://www.cnbc.com/2015/04/13/qualcomm-should-consider-breakup-jana-partners-founder.html

2015-04-13T16:16:05+0000

Tom DiChristopher

CNBC

Activist investor Jana Partners has held "constructive discussions" with Qualcomm about potentially spinning off its chip unit from its patent-licensing business, Jana founder and managing partner Barry Rosenstein said on Monday. "We are convinced that the board and the management recognize their issues. We are convinced that they're trying to do the right thing, and we're optimistic that they're going to," he said during an interview on CNBC's "Squawk on the Street." Rosenstein emphasized that Jana is only asking Qualcomm to consider a spinoff at this point. "What we think they ought to do is just a transparent review of the client businesses, and determine whether or not it makes sense to do either a partial or full split. So we are not definitely saying that they should split it up," he said. Read MoreWhy rise of activist investors is bad for bonds The Wall Street Journal reported earlier that Jana had addressed the possible split as a means of boosting the chipmaker's sagging stock price, citing a quarterly letter that will be sent to Jana investors on Monday. Shares of Qualcomm, which has a market capitalization of $115.4 billion, have fallen about 6 percent since the beginning of this year. The stock was trading nearly 1 percent higher on Monday. Jana, one of Qualcomm's largest shareholders, is also calling on the company to cut costs, accelerate stock buybacks and make changes to its executive pay structure, financial reporting and board of directors, the newspaper said. Qualcomm said last month it would buy back up to $15 billion of shares and raise its quarterly dividend. The company also said it would continue to return at least 75 percent of its free cash flow to shareholders annually. Rosenstein acknowledged that Qualcomm has already announced a $10 billion advanced share repurchase, but said he believed the company could return an additional $5 billion within four to six months.

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<div class="group"><p> Activist investor Jana Partners has held "constructive discussions" with <a href="//www.cnbc.com/quotes/QCOM" target="_blank">Qualcomm</a> about potentially spinning off its chip unit from its patent-licensing business, Jana founder and managing partner Barry Rosenstein said on Monday.</p><p> "We are convinced that the board and the management recognize their issues. We are convinced that they're trying to do the right thing, and we're optimistic that they're going to," he said during an interview on CNBC's <a href="https://www.cnbc.com/squawk-on-the-street/">"Squawk on the Street."</a></p><div style="height:100%" class="lazyload-placeholder"></div><p> Rosenstein emphasized that Jana is only asking Qualcomm to consider a spinoff at this point. <br></p><p> "What we think they ought to do is just a transparent review of the client businesses, and determine whether or not it makes sense to do either a partial or full split. So we are not definitely saying that they should split it up," he said.<br></p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2015/04/09/-activist-investors-is-bad-for-bonds.html">Why rise of activist investors is bad for bonds</a><br></p><p> <em>The Wall Street Journal</em> reported earlier that Jana had addressed the possible split as a means of boosting the chipmaker's sagging stock price, citing a quarterly letter that will be sent to Jana investors on Monday.</p><p> Shares of Qualcomm, which has a market capitalization of $115.4 billion, have fallen about 6 percent since the beginning of this year. The stock was trading nearly 1 percent higher on Monday.<br></p><div style="height:100%" class="lazyload-placeholder"></div><p> Jana, one of Qualcomm's largest shareholders, is also calling on the company to cut costs, accelerate stock buybacks and make changes to its executive pay structure, financial reporting and board of directors, <a href="http://on.wsj.com/1EsowPH" target="_blank">the newspaper said</a>.</p><p> Qualcomm said last month it would buy back up to $15 billion of shares and raise its quarterly dividend. The company also said it would continue to return at least 75 percent of its free cash flow to shareholders annually.<br></p><p> Rosenstein acknowledged that Qualcomm has already announced a $10 billion advanced share repurchase, but said he believed the company could return an additional $5 billion within four to six months.</p></div>,<div class="group"><p> In the letter, Jana said the buyback is a positive step but Qualcomm needs to do more to capitalize on its strong position in the chip market. Rosenstein told CNBC Qualcomm's chip business is essentially worthless at the company's present market value.</p><p> "Obviously, it's not worth negative value, it generates $3 billion of EBIT annually and has tremendous strategic value," Rosenstein said. "So we think they need to look at it, they need to figure out what they can do to close the value gap."</p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2015/03/27/-activisms-rising-hedge-fund-stars.html">The young &amp; the restless: Activism's rising stars</a><br></p><p> While the majority of Qualcomm's revenue comes from selling so-called baseband chips that enable phones to communicate with carrier networks, most of its profit comes from licensing patents for its widespread CDMA cellphone technology. </p><p>Qualcomm's longtime customer <a href="//www.cnbc.com/quotes/.FKRX300" target="_blank">Samsung Electronics</a> opted this year to use an internally developed processor for its new Galaxy S6 smartphone rather than Qualcomm's latest Snapdragon mobile chip.</p><p><em>Reuters contributed to this story.</em></p></div>,<div class="group"></div>

Activist investor Jana Partners has held "constructive discussions" with Qualcomm about potentially spinning off its chip unit from its patent-licensing business, Jana founder and managing partner Barry Rosenstein said on Monday. "We are convinced that the board and the management recognize their issues. We are convinced that they're trying to do the right thing, and we're optimistic that they're going to," he said during an interview on CNBC's "Squawk on the Street." Rosenstein emphasized that Jana is only asking Qualcomm to consider a spinoff at this point. "What we think they ought to do is just a transparent review of the client businesses, and determine whether or not it makes sense to do either a partial or full split. So we are not definitely saying that they should split it up," he said. Read MoreWhy rise of activist investors is bad for bonds The Wall Street Journal reported earlier that Jana had addressed the possible split as a means of boosting the chipmaker's sagging stock price, citing a quarterly letter that will be sent to Jana investors on Monday. Shares of Qualcomm, which has a market capitalization of $115.4 billion, have fallen about 6 percent since the beginning of this year. The stock was trading nearly 1 percent higher on Monday. Jana, one of Qualcomm's largest shareholders, is also calling on the company to cut costs, accelerate stock buybacks and make changes to its executive pay structure, financial reporting and board of directors, the newspaper said. Qualcomm said last month it would buy back up to $15 billion of shares and raise its quarterly dividend. The company also said it would continue to return at least 75 percent of its free cash flow to shareholders annually. Rosenstein acknowledged that Qualcomm has already announced a $10 billion advanced share repurchase, but said he believed the company could return an additional $5 billion within four to six months. In the letter, Jana said the buyback is a positive step but Qualcomm needs to do more to capitalize on its strong position in the chip market. Rosenstein told CNBC Qualcomm's chip business is essentially worthless at the company's present market value. "Obviously, it's not worth negative value, it generates $3 billion of EBIT annually and has tremendous strategic value," Rosenstein said. "So we think they need to look at it, they need to figure out what they can do to close the value gap." Read MoreThe young & the restless: Activism's rising stars While the majority of Qualcomm's revenue comes from selling so-called baseband chips that enable phones to communicate with carrier networks, most of its profit comes from licensing patents for its widespread CDMA cellphone technology. Qualcomm's longtime customer Samsung Electronics opted this year to use an internally developed processor for its new Galaxy S6 smartphone rather than Qualcomm's latest Snapdragon mobile chip.Reuters contributed to this story.

2021-10-30 14:11:43.452442

Gold as Collateral: Could This Solve the Euro Crisis?

https://www.cnbc.com/2012/11/05/gold-as-collateral-could-this-solve-the-euro-crisis.html

2012-11-05T06:36:34+0000

CNBC

Debt-crippled euro zone countries could see the yields on their sovereign bonds fall dramatically if they used their gold reserves as collateral for that debt issuance, according to Sylvester Eijffinger, professor of financial economics at Tilburg University.

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<div class="group"><p>Debt-crippled euro zone countries could see the yields on their sovereign bonds fall dramatically if they used their gold reserves as collateral for that debt issuance, according to Sylvester Eijffinger, professor of financial economics at Tilburg University.</p></div>,<div class="group"><p>Funding costs have risen to unsustainable levels <a href="https://www.cnbc.com/2012/09/14/euro-zone-epicenter-of-worst-crisis-since-wwii-trichet.html">for several euro zone countries</a>, forcing them to seek financial aid from their fellow euro partners.</p><div style="height:100%" class="lazyload-placeholder"></div><p>If governments were to use gold as collateral, sovereign credit risk would be reduced and the European Central Bank would no longer have to buy up debt from struggling euro zone members, Eijffinger told CNBC<strong>.</strong></p><p>The ECB's <a href="https://www.cnbc.com/2012/09/06/ecbs-new-bond-plan-omt-crisis-averted-for-now.html">plan to buy unlimited amounts of short-dated government debt</a>, known as Outright Monetary Transactions or OMT,  has been heavily criticized. Although the scheme eased investors' nerves, many analysts argue it will be equivalent to the ECB printing money to finance governments.</p><p>Using gold as collateral would pose fewer risks to the ECB's balance sheet than the ECB's recently launched bond-buying program, Eijffinger said.</p><p>Of all euro zone countries struggling with high debts, Portugal and Italy would benefit most from the method because they hold large reserves of gold. Spain, Ireland and Greece would not gain as much.</p><p>Italy holds 2450 metric tons of gold, and Portugal has 383 metric tons of gold. This compares to Spain's 282 metric tons of gold, and Greece's 112 metric tons of gold, according to the World Gold Council.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Italy holds gold reserves of 24 percent of its two-year funding requirements, for Portugal this is 30 percent, according to the World Gold Council. </p><p>A recent EU study titled "A More Effective Euro Area Monetary Policy than OMTs -Gold-Backed Sovereign Debt"  also recommended that the central banks of euro zone countries use gold as collateral for highly distressed bonds to allow the euro area to reduce financing costs, like it did in the past.</p><p>The study, authored by Professor Ansgar Belke University from the Duisburg-Essen university in Germany shows that in the 1970s Italy and Portugal employed their gold reserves as collateralfor loans from Germany's Bundesbank, the Bank for International Settlements (BIS) and other institutions like the Swiss National Bank. </p><p>"Italy received a $2 billion bail-out from the Bundesbank in 1974 and put up its gold as collateral. More recently, in 1991, India applied its gold as collateral for a loan with the Bank of Japan and others. And in 2008, Sweden's Riksbank used its gold to raise some cash and provide additional liquidity to the Scandinavian banking system," the study said.</p><p>"It would be more transparent, would not be inflationary and would foster reforms," the study said.</p><p><strong>Restrictions</strong></p><p>There are some restrictions to using gold as collateral however.</p><p>Central banks of euro zone countries along with the Swedish Central Bank and the Swiss Central Bank signed a contract in 2009 which stated they would not put more than 400 tons of gold on the market over the course of the five years that followed.</p><p>Since the euro zone was formed, all of the gold that euro zone member states hold has been pooled by the ECB. Member states' central banks are not allowed to make decisions over these holdings without getting approval from the ECB.</p><p>"This may limit the options until 2014, but a country will only have to sell if [it defaulted on its debt]  they do not live up to all the conditions that are being set ," Eijffinger said. </p><p>Dr. Moorad Choudhry, treasurer at RBS corporate banking, told CNBC that the option "is not a solution to the euro zone's structural problems." </p><p>"It would just be kicking the can down the road and wouldn't solve anything  in the long term," he said.</p><p>"It holds troubled euro zone countries back from taking any critical decisions. The structural problems of these countries need urgent attention, and an ability to borrow cheaper than what they are paying now doesn't address these problems. As a technical option the idea  works, but  for more  emotional  reasons  it probably won't happen ," Choudhry said.</p><p>The ECB declined the comment on the possibility of using gold as collateral.</p><p>The euro area holds 10,792 tonnes of gold, which is about 6.5 percent of all gold that has ever been mined and worth some $590 billion, according to the European Parliament study. </p><p><em>—By CNBC.com's Liza Jansen; Follow Her on Twitter <strong><strong><a href="http://twitter.com/lizajansen" target="_blank">@lizajansen</a></strong></strong></em></p> </div>

Debt-crippled euro zone countries could see the yields on their sovereign bonds fall dramatically if they used their gold reserves as collateral for that debt issuance, according to Sylvester Eijffinger, professor of financial economics at Tilburg University.Funding costs have risen to unsustainable levels for several euro zone countries, forcing them to seek financial aid from their fellow euro partners.If governments were to use gold as collateral, sovereign credit risk would be reduced and the European Central Bank would no longer have to buy up debt from struggling euro zone members, Eijffinger told CNBC.The ECB's plan to buy unlimited amounts of short-dated government debt, known as Outright Monetary Transactions or OMT,  has been heavily criticized. Although the scheme eased investors' nerves, many analysts argue it will be equivalent to the ECB printing money to finance governments.Using gold as collateral would pose fewer risks to the ECB's balance sheet than the ECB's recently launched bond-buying program, Eijffinger said.Of all euro zone countries struggling with high debts, Portugal and Italy would benefit most from the method because they hold large reserves of gold. Spain, Ireland and Greece would not gain as much.Italy holds 2450 metric tons of gold, and Portugal has 383 metric tons of gold. This compares to Spain's 282 metric tons of gold, and Greece's 112 metric tons of gold, according to the World Gold Council.Italy holds gold reserves of 24 percent of its two-year funding requirements, for Portugal this is 30 percent, according to the World Gold Council. A recent EU study titled "A More Effective Euro Area Monetary Policy than OMTs -Gold-Backed Sovereign Debt"  also recommended that the central banks of euro zone countries use gold as collateral for highly distressed bonds to allow the euro area to reduce financing costs, like it did in the past.The study, authored by Professor Ansgar Belke University from the Duisburg-Essen university in Germany shows that in the 1970s Italy and Portugal employed their gold reserves as collateralfor loans from Germany's Bundesbank, the Bank for International Settlements (BIS) and other institutions like the Swiss National Bank. "Italy received a $2 billion bail-out from the Bundesbank in 1974 and put up its gold as collateral. More recently, in 1991, India applied its gold as collateral for a loan with the Bank of Japan and others. And in 2008, Sweden's Riksbank used its gold to raise some cash and provide additional liquidity to the Scandinavian banking system," the study said."It would be more transparent, would not be inflationary and would foster reforms," the study said.RestrictionsThere are some restrictions to using gold as collateral however.Central banks of euro zone countries along with the Swedish Central Bank and the Swiss Central Bank signed a contract in 2009 which stated they would not put more than 400 tons of gold on the market over the course of the five years that followed.Since the euro zone was formed, all of the gold that euro zone member states hold has been pooled by the ECB. Member states' central banks are not allowed to make decisions over these holdings without getting approval from the ECB."This may limit the options until 2014, but a country will only have to sell if [it defaulted on its debt]  they do not live up to all the conditions that are being set ," Eijffinger said. Dr. Moorad Choudhry, treasurer at RBS corporate banking, told CNBC that the option "is not a solution to the euro zone's structural problems." "It would just be kicking the can down the road and wouldn't solve anything  in the long term," he said."It holds troubled euro zone countries back from taking any critical decisions. The structural problems of these countries need urgent attention, and an ability to borrow cheaper than what they are paying now doesn't address these problems. As a technical option the idea  works, but  for more  emotional  reasons  it probably won't happen ," Choudhry said.The ECB declined the comment on the possibility of using gold as collateral.The euro area holds 10,792 tonnes of gold, which is about 6.5 percent of all gold that has ever been mined and worth some $590 billion, according to the European Parliament study. —By CNBC.com's Liza Jansen; Follow Her on Twitter @lizajansen

2021-10-30 14:11:43.654753

U.S. Foreign Service group blasts State Department's plans for large indoor holiday events during Covid surge

https://www.cnbc.com/2020/12/04/covid-us-foreign-service-criticizes-state-departments-indoor-holiday-plans.html

2020-12-04T18:28:39+0000

Hannah Miao

CNBC

As Covid-19 surges across the country, the American Foreign Service Association on Friday criticized large indoor holiday events scheduled at the U.S. State Department.AFSA, whose members include active-duty and retired Foreign Service officers and specialists at the State Department and other federal agencies, said in a statement that it is "very concerned to see reports of plans to host holiday parties with hundreds of invitees at the Department of State."Secretary of State Mike Pompeo and other State Department officials have planned several indoor holiday parties, including one with at least 900 guests invited, The Washington Post reported.The scheduled events fly in the face of a Nov. 25 notice from State Department leadership that instructed employees to avoid hosting non-mission critical events in person and "opt for virtual events," NBC News reported."We urge the Department to reverse course and model responsible behavior in accordance with its own guidelines," AFSA said."We've taken every precaution to thin out the number of individuals in all spaces at one time, and plan to keep outdoors space open and available to attendees, weather permitting," a State Department spokesperson said in an email in response to AFSA's statement, adding that the department plans to follow health precautions including requiring masks, social distancing and temperature checks.The spokesperson did not provide guidance on how the State Department will enforce mask-wearing while food and beverages are provided at the events.The Centers for Disease Control cautions against indoor gatherings, which it says poses more risk of coronavirus spread than outdoor gatherings.The White House also plans to host at least 20 indoor holiday parties, according to NBC News, including one held Tuesday night featuring an appearance from President Donald Trump. Pictures from the event show several attendees not wearing masks.Several White House events, including the confirmation of Justice Amy Coney Barrett and an election night celebration, have resulted in dozens of coronavirus cases. In all, at least 45 people connected to the White House, including Trump, first lady Melania Trump and White House chief of staff Mark Meadows have tested positive for the virus.When asked during a press conference Wednesday whether the White House is setting a good example for Americans by hosting in-person holiday parties, press secretary Kayleigh McEnany said, "You can celebrate the holiday of Christmas, and you can do it responsibly...We will engage in the celebration of Christmas." McEnany tested positive for Covid-19 in October.A report from the White House's own coronavirus task force obtained by NBC News on Wednesday warned "the COVID risk to all Americans is at a historic high."The report urged Americans to avoid social gatherings and said, "It must be made clear that if you are over 65 or have significant health conditions, you should not enter any indoor public spaces where anyone is unmasked due to the immediate risk to your health."The U.S. reported a record number of daily new Covid-19 cases, current hospitalizations and single-day deaths on Thursday, indicating that the national virus crisis is only accelerating.

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<div class="group"><p>As <a href="https://www.cnbc.com/2020/12/04/coronavirus-live-updates.html">Covid-19 surges</a> across the country, the American Foreign Service Association on Friday criticized large indoor holiday events scheduled at the U.S. State Department.</p><p>AFSA, whose members include active-duty and retired Foreign Service officers and specialists at the State Department and other federal agencies, said in a <a href="https://www.afsa.org/afsa-statement-planned-holiday-events-department-state" target="_blank">statement</a> that it is "very concerned to see reports of plans to host holiday parties with hundreds of invitees at the Department of State."</p><div style="height:100%" class="lazyload-placeholder"></div><p>Secretary of State Mike Pompeo and other State Department officials have planned several indoor holiday parties, including one with at least 900 guests invited, <a href="https://www.washingtonpost.com/national-security/pompeo-coronavirus-holiday-parties/2020/12/02/9a06d0a6-3421-11eb-afe6-e4dbee9689f8_story.html" target="_blank">The Washington Post reported</a>.</p><p>The scheduled events fly in the face of a Nov. 25 notice from State Department leadership that instructed employees to avoid hosting non-mission critical events in person and "opt for virtual events," <a href="https://www.nbcnews.com/politics/white-house/white-house-hosting-indoor-holiday-parties-despite-warnings-top-health-n1249716" target="_blank">NBC News reported</a>.</p><p>"We urge the Department to reverse course and model responsible behavior in accordance with its own guidelines," AFSA said.</p><p>"We've taken every precaution to thin out the number of individuals in all spaces at one time, and plan to keep outdoors space open and available to attendees, weather permitting," a State Department spokesperson said in an email in response to AFSA's statement, adding that the department plans to follow health precautions including requiring masks, social distancing and temperature checks.</p><p>The spokesperson did not provide guidance on how the State Department will enforce mask-wearing while food and beverages are provided at the events.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The <a href="https://www.cdc.gov/coronavirus/2019-ncov/daily-life-coping/holidays.html" target="_blank">Centers for Disease Control</a> cautions against indoor gatherings, which it says poses more risk of coronavirus spread than outdoor gatherings.</p><p>The White House also plans to host at least 20 indoor holiday parties, according to <a href="https://www.nbcnews.com/politics/white-house/white-house-hosting-indoor-holiday-parties-despite-warnings-top-health-n1249716" target="_blank">NBC News</a>, including one held Tuesday night featuring an appearance from President Donald Trump. Pictures from the event show several attendees not wearing masks.</p><p>Several White House events, including the confirmation of Justice Amy Coney Barrett and an election night celebration, have resulted in dozens of coronavirus cases. In all, at least <a href="https://www.cnbc.com/2020/11/20/donald-trump-jr-tested-positive-for-coronavirus-earlier-this-week-spokesperson-says.html">45 people connected to the White House</a>, including Trump, first lady Melania Trump and White House chief of staff Mark Meadows have tested positive for the virus.</p><p>When asked during a press conference Wednesday whether the White House is setting a good example for Americans by hosting in-person holiday parties, press secretary Kayleigh McEnany said, "You can celebrate the holiday of Christmas, and you can do it responsibly...We will engage in the celebration of Christmas." McEnany tested positive for Covid-19 in October.</p><p>A report from the White House's own coronavirus task force obtained by NBC News on Wednesday warned "the COVID risk to all Americans is at a historic high."</p><p>The report urged Americans to avoid social gatherings and said, "It must be made clear that if you are over 65 or have significant health conditions, you should not enter any indoor public spaces where anyone is unmasked due to the immediate risk to your health."</p><p>The U.S. reported a record number of daily new Covid-19 cases, current hospitalizations and single-day deaths on Thursday, indicating that the national virus crisis is only accelerating.</p></div>

As Covid-19 surges across the country, the American Foreign Service Association on Friday criticized large indoor holiday events scheduled at the U.S. State Department.AFSA, whose members include active-duty and retired Foreign Service officers and specialists at the State Department and other federal agencies, said in a statement that it is "very concerned to see reports of plans to host holiday parties with hundreds of invitees at the Department of State."Secretary of State Mike Pompeo and other State Department officials have planned several indoor holiday parties, including one with at least 900 guests invited, The Washington Post reported.The scheduled events fly in the face of a Nov. 25 notice from State Department leadership that instructed employees to avoid hosting non-mission critical events in person and "opt for virtual events," NBC News reported."We urge the Department to reverse course and model responsible behavior in accordance with its own guidelines," AFSA said."We've taken every precaution to thin out the number of individuals in all spaces at one time, and plan to keep outdoors space open and available to attendees, weather permitting," a State Department spokesperson said in an email in response to AFSA's statement, adding that the department plans to follow health precautions including requiring masks, social distancing and temperature checks.The spokesperson did not provide guidance on how the State Department will enforce mask-wearing while food and beverages are provided at the events.The Centers for Disease Control cautions against indoor gatherings, which it says poses more risk of coronavirus spread than outdoor gatherings.The White House also plans to host at least 20 indoor holiday parties, according to NBC News, including one held Tuesday night featuring an appearance from President Donald Trump. Pictures from the event show several attendees not wearing masks.Several White House events, including the confirmation of Justice Amy Coney Barrett and an election night celebration, have resulted in dozens of coronavirus cases. In all, at least 45 people connected to the White House, including Trump, first lady Melania Trump and White House chief of staff Mark Meadows have tested positive for the virus.When asked during a press conference Wednesday whether the White House is setting a good example for Americans by hosting in-person holiday parties, press secretary Kayleigh McEnany said, "You can celebrate the holiday of Christmas, and you can do it responsibly...We will engage in the celebration of Christmas." McEnany tested positive for Covid-19 in October.A report from the White House's own coronavirus task force obtained by NBC News on Wednesday warned "the COVID risk to all Americans is at a historic high."The report urged Americans to avoid social gatherings and said, "It must be made clear that if you are over 65 or have significant health conditions, you should not enter any indoor public spaces where anyone is unmasked due to the immediate risk to your health."The U.S. reported a record number of daily new Covid-19 cases, current hospitalizations and single-day deaths on Thursday, indicating that the national virus crisis is only accelerating.

2021-10-30 14:11:43.806024

Twitter suspends fake accounts posing as Black Trump supporters

https://www.cnbc.com/2020/10/14/twitter-suspends-fake-accounts-posing-as-black-trump-supporters.html

2020-10-14T09:48:51+0000

Sam Shead

CNBC

Twitter has suspended a group of fake accounts pretending to be owned by Black supporters of President Donald Trump and his re-election campaign.The micro-blogging platform said Tuesday the accounts breached its policies on spam and platform manipulation. The news was first reported by The Washington Post.Multiple fake accounts posted the same bogus language including the phrase: "YES IM BLACK AND IM VOTING FOR TRUMP!!!"Darren Linvill, an associate professor studying social media disinformation at Clemson University, worked with journalists at The Post on the story. He wrote on Twitter that trolls "are out there trying to influence our conversations before November."Offending accounts appeared to use stolen photos of real people including military veterans and members of law enforcement in their profile pictures.Collectively, the accounts had 265,000 retweets or Twitter mentions. Some of them had amassed over 10,000 followers.Linvill told Reuters that most of the accounts were set up in 2017 and that they had become more active in the last couple of months.A Twitter spokesperson told CNBC: "Our teams are working diligently to investigate this activity and will take action in line with the Twitter Rules if Tweets are found to be in violation. Presently, we've taken action on some Tweets and accounts for violations of our policies on platform manipulation and spam."Twitter is yet to say how many accounts it has suspended or who is behind them.Twitter writes on its website that it does not allow users to "to artificially amplify or suppress information or engage in behavior that manipulates or disrupts people's experience on Twitter."

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<div class="group"><p><a href="//www.cnbc.com/quotes/TWTR" target="_blank">Twitter</a> has suspended a group of fake accounts pretending to be owned by Black supporters of President Donald Trump and his re-election campaign.</p><p>The micro-blogging platform said Tuesday the accounts breached its policies on spam and platform manipulation. The news was first reported by The Washington Post.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Multiple fake accounts posted the same bogus language including the phrase: "YES IM BLACK AND IM VOTING FOR TRUMP!!!"</p><p>Darren Linvill, an associate professor studying social media disinformation at Clemson University, worked with journalists at The Post on the story. He wrote on Twitter that trolls "are out there trying to influence our conversations before November."</p><span></span><p>Offending accounts appeared to use stolen photos of real people including military veterans and members of law enforcement in their profile pictures.</p><p>Collectively, the accounts had 265,000 retweets or Twitter mentions. Some of them had amassed over 10,000 followers.</p><p>Linvill told Reuters that most of the accounts were set up in 2017 and that they had become more active in the last couple of months.</p><div style="height:100%" class="lazyload-placeholder"></div><p>A Twitter spokesperson told CNBC: "Our teams are working diligently to investigate this activity and will take action in line with the Twitter Rules if Tweets are found to be in violation. Presently, we've taken action on some Tweets and accounts for violations of our policies on platform manipulation and spam."</p><p>Twitter is yet to say how many accounts it has suspended or who is behind them.</p><p>Twitter <a href="https://help.twitter.com/en/rules-and-policies/platform-manipulation" target="_blank">writes on its website</a> that it does not allow users to "to artificially amplify or suppress information or engage in behavior that manipulates or disrupts people's experience on Twitter."</p></div>,<div class="group"><p>The news comes just weeks before the U.S. presidential election on Nov. 3.</p><p>In the U.S., approximately 10% of Black voters are supporting Trump, <a href="https://fivethirtyeight.com/features/a-big-chunk-of-white-americans-with-degrees-and-people-of-color-are-behind-trump/" target="_blank">according to polling website FiveThirtyEight.</a></p></div>

Twitter has suspended a group of fake accounts pretending to be owned by Black supporters of President Donald Trump and his re-election campaign.The micro-blogging platform said Tuesday the accounts breached its policies on spam and platform manipulation. The news was first reported by The Washington Post.Multiple fake accounts posted the same bogus language including the phrase: "YES IM BLACK AND IM VOTING FOR TRUMP!!!"Darren Linvill, an associate professor studying social media disinformation at Clemson University, worked with journalists at The Post on the story. He wrote on Twitter that trolls "are out there trying to influence our conversations before November."Offending accounts appeared to use stolen photos of real people including military veterans and members of law enforcement in their profile pictures.Collectively, the accounts had 265,000 retweets or Twitter mentions. Some of them had amassed over 10,000 followers.Linvill told Reuters that most of the accounts were set up in 2017 and that they had become more active in the last couple of months.A Twitter spokesperson told CNBC: "Our teams are working diligently to investigate this activity and will take action in line with the Twitter Rules if Tweets are found to be in violation. Presently, we've taken action on some Tweets and accounts for violations of our policies on platform manipulation and spam."Twitter is yet to say how many accounts it has suspended or who is behind them.Twitter writes on its website that it does not allow users to "to artificially amplify or suppress information or engage in behavior that manipulates or disrupts people's experience on Twitter."The news comes just weeks before the U.S. presidential election on Nov. 3.In the U.S., approximately 10% of Black voters are supporting Trump, according to polling website FiveThirtyEight.

2021-10-30 14:11:44.023137

Job Seekers: 3 Things To Do Now

https://www.cnbc.com/2009/04/01/job-seekers-3-things-to-do-now.html

2009-04-01T14:20:14+0000

CNBC

We all get choices that take us in completely different directions: career in one industry v. another; entrepreneur v. employee; stay-at-home parent v. career outside the home. These decisions encompass so many variables that it is hard to consider each tradeoff on its own (i.e., compensation, career growth, work/life balance). Rather, these choices lead to other choices that can impact our entire lives. Instead of reviewing each option in light of what it offers now, imagine taking each option from start to finish. Write competing biographies based on each choice that you have, and choose the life you want. Write about the trials you will face. If you are choosing between industries (e.g., journalism v. law), research each industry’s typical career path, growth trajectory, and professional requirements. Write a biography for yourself in each industry based on what is realistically required for what you want to achieve. Once you write down all the work that will go into each career, do you still want both of them? Which of these paths resonates with you? Which of these journeys do you want to take? Write about the upside and the downside. If you are thinking of starting your own business or taking a job, your biographies should include your business and your target career at its highest and lowest points. How do you feel when you “make it”? What do you lose when things don’t work out? Which of these risks do you want to take? Write about the legacy you wish to leave. If you are conflicted about work/ life balance, write about what would happen if you took time off now or later or not at all. What is your ideal day in each scenario? What obstacles come in your way and how do you solve them? Do you have regrets? Which dreams do you want to pursue? It is tempting to make a decision for its short-term value without considering the path it clears for us in the long term. If we make each decision for the short term, we risk combining a haphazard series of events, rather than crafting a life of meaning and purpose. If we write our biographies now, we write a roadmap for our future and make a conscious decision on where we go. ________________________________Caroline Ceniza-Levine is co-founder of a career coaching firm for Gen Y professionals. Formerly in corporate recruiting and retained search, Caroline has recruited for Accenture, Booz Allen, Citibank, Disney ABC, Oliver Wyman, Pfizer, and Time Inc. She currently writes career columns for Portfolio.com and Vault.com and teaches Professional Development at Columbia University School of International and Public Affairs. Comments?  Send them to executivecareers@cnbc.com

cnbc, Articles, Executive Careers, source:tagname:CNBC US Source

<div class="group"><p>We all get choices that take us in completely different directions: career in one industry v. another; entrepreneur v. employee; stay-at-home parent v. career outside the home. </p><p>These decisions encompass so many variables that it is hard to consider each tradeoff on its own (i.e., compensation, career growth, work/life balance). </p><div style="height:100%" class="lazyload-placeholder"></div><p><strong>Rather, these choices lead to other choices that can impact our entire lives. </strong></p><p>Instead of reviewing each option in light of what it offers now, imagine taking each option from start to finish. Write competing biographies based on each choice that you have, and choose the life you want. </p><p><strong>Write about the trials you will face.</strong> If you are choosing between industries (e.g., journalism v. law), research each industry’s typical career path, growth trajectory, and professional requirements. Write a biography for yourself in each industry based on what is realistically required for what you want to achieve. Once you write down all the work that will go into each career, do you still want both of them? Which of these paths resonates with you? Which of these journeys do you want to take? </p><p><strong>Write about the upside and the downside</strong>. If you are thinking of starting your own business or taking a job, your biographies should include your business and your target career at its highest and lowest points. How do you feel when you “make it”? What do you lose when things don’t work out? Which of these risks do you want to take? </p><p><strong>Write about the legacy you wish to leave.</strong> If you are conflicted about work/ life balance, write about what would happen if you took time off now or later or not at all. What is your ideal day in each scenario? What obstacles come in your way and how do you solve them? Do you have regrets? Which dreams do you want to pursue? </p><div style="height:100%" class="lazyload-placeholder"></div><p>It is tempting to make a decision for its short-term value without considering the path it clears for us in the long term. If we make each decision for the short term, we risk combining a haphazard series of events, rather than crafting a life of meaning and purpose. </p><p>If we write our biographies now, we write a roadmap for our future and make a conscious decision on where we go. </p><p>________________________________</p><p><em>Caroline Ceniza-Levine is co-founder of </em><em> a career coaching firm for Gen Y professionals. Formerly in corporate recruiting and retained search, Caroline has recruited for Accenture, Booz Allen, Citibank, Disney ABC, Oliver Wyman, Pfizer, and Time Inc. She currently writes career columns for Portfolio.com and Vault.com and teaches Professional Development at Columbia University School of International and Public Affairs. </em></p><p><em>Comments?  Send them to <a href="mailto:executivecareers@cnbc.com" class="webresource" target="_blank">executivecareers@cnbc.com</a></em></p></div>

We all get choices that take us in completely different directions: career in one industry v. another; entrepreneur v. employee; stay-at-home parent v. career outside the home. These decisions encompass so many variables that it is hard to consider each tradeoff on its own (i.e., compensation, career growth, work/life balance). Rather, these choices lead to other choices that can impact our entire lives. Instead of reviewing each option in light of what it offers now, imagine taking each option from start to finish. Write competing biographies based on each choice that you have, and choose the life you want. Write about the trials you will face. If you are choosing between industries (e.g., journalism v. law), research each industry’s typical career path, growth trajectory, and professional requirements. Write a biography for yourself in each industry based on what is realistically required for what you want to achieve. Once you write down all the work that will go into each career, do you still want both of them? Which of these paths resonates with you? Which of these journeys do you want to take? Write about the upside and the downside. If you are thinking of starting your own business or taking a job, your biographies should include your business and your target career at its highest and lowest points. How do you feel when you “make it”? What do you lose when things don’t work out? Which of these risks do you want to take? Write about the legacy you wish to leave. If you are conflicted about work/ life balance, write about what would happen if you took time off now or later or not at all. What is your ideal day in each scenario? What obstacles come in your way and how do you solve them? Do you have regrets? Which dreams do you want to pursue? It is tempting to make a decision for its short-term value without considering the path it clears for us in the long term. If we make each decision for the short term, we risk combining a haphazard series of events, rather than crafting a life of meaning and purpose. If we write our biographies now, we write a roadmap for our future and make a conscious decision on where we go. ________________________________Caroline Ceniza-Levine is co-founder of a career coaching firm for Gen Y professionals. Formerly in corporate recruiting and retained search, Caroline has recruited for Accenture, Booz Allen, Citibank, Disney ABC, Oliver Wyman, Pfizer, and Time Inc. She currently writes career columns for Portfolio.com and Vault.com and teaches Professional Development at Columbia University School of International and Public Affairs. Comments?  Send them to executivecareers@cnbc.com

2021-10-30 14:11:44.086628

Grubhub to surge 29% on superior scale: Wedbush

https://www.cnbc.com/2016/07/08/grubhub-to-surge-29-on-superior-scale-wedbush.html

2016-07-08T13:34:27+0000

Tae Kim

CNBC

Investors should buy Grubhub due its market dominance, first-mover advantage and future growth potential, according to Wedbush Securities, which initiated coverage of the internet food ordering company with an outperform rating. "GRUB is the market leader in the growing online restaurant ordering and delivery space and will continue to benefit from its early lead and superior size and scale," Wedbush's Aaron Turner wrote in a note to clients Thursday. "We believe recent delivery initiatives and strategic acquisitions coupled with continued diner adoption of mobile-based restaurant take-out and delivery methods should drive robust revenue and earnings growth for the foreseeable future."

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<div class="group"><p> Investors should buy <a href="//www.cnbc.com/quotes/GRUB" target="_blank">Grubhub</a> due its market dominance, first-mover advantage and future growth potential, according to Wedbush Securities, which initiated coverage of the internet food ordering company with an outperform rating.</p><p> "GRUB is the market leader in the growing online restaurant ordering and delivery space and will continue to benefit from its early lead and superior size and scale," Wedbush's Aaron Turner wrote in a note to clients Thursday.</p><p> "We believe recent delivery initiatives and strategic acquisitions coupled with continued diner adoption of mobile-based restaurant take-out and delivery methods should drive robust revenue and earnings growth for the foreseeable future."</p><div class="inline-piano-offer"></div><br></div>

Investors should buy Grubhub due its market dominance, first-mover advantage and future growth potential, according to Wedbush Securities, which initiated coverage of the internet food ordering company with an outperform rating. "GRUB is the market leader in the growing online restaurant ordering and delivery space and will continue to benefit from its early lead and superior size and scale," Wedbush's Aaron Turner wrote in a note to clients Thursday. "We believe recent delivery initiatives and strategic acquisitions coupled with continued diner adoption of mobile-based restaurant take-out and delivery methods should drive robust revenue and earnings growth for the foreseeable future."

2021-10-30 14:11:44.124934

Here's how much the bull market helped savers

https://www.cnbc.com/2016/04/28/heres-how-much-the-bull-market-helped-savers.html

2016-04-28T20:26:47+0000

Susie Poppick

CNBC

The Standard & Poor's 500 Index has returned more than 200 percent since March 2009, the start of what's now the second-longest bull run in history. Yet retirement savers and mom-and-pop investors haven't seen such big gains. While 401(k) plan balances have bounced back since their lows seven years ago, most Americans still fall woefully short of the savings they'll need to last them through retirement. Back in 2007, people in their 60s had average 401(k) balances of about $120,000. That figure plunged to about $90,000 in early 2009, and climbed back to more than $150,000 by the end of 2015, according to data from Fidelity. For most, that's still significantly short of the recommended account balance for people on the brink of retirement: Eight to ten times your final salary. "Frankly, if you have only about $100,000, you aren't going to be able to retire," said Brooklyn, N.Y.-based financial planner Mark Sallinger. "While some expenses will wane, and you might no longer have kids or a mortgage to pay for, health and medical costs are going through the roof." Indeed, although Americans of all ages have seen their retirement accounts recover since the financial crisis, average balances suggest even younger people are behind on reaching the recommended targets of one times salary by age 30 and three times salary by age 40.

cnbc, Articles, Personal finance, Personal Finance, Investing, source:tagname:CNBC US Source

<div class="group"><p> The Standard &amp; Poor's 500 Index has returned more than 200 percent since March 2009, the start of what's now the <a href="https://www.cnbc.com/2016/04/27/the-bull-market-is-about-to-set-a-major-milestone.html">second-longest</a> bull run in history.</p><p> Yet retirement savers and mom-and-pop investors haven't seen such big gains. While 401(k) plan balances have bounced back since their lows seven years ago, most Americans still fall woefully short of the savings they'll need to last them through retirement.</p><div style="height:100%" class="lazyload-placeholder"></div><p> Back in 2007, people in their 60s had average 401(k) balances of about $120,000. That figure plunged to about $90,000 in early 2009, and climbed back to more than $150,000 by the end of 2015, according to data from Fidelity. For most, that's still significantly short of the recommended account balance for people on the brink of retirement: <a href="https://www.cnbc.com/2016/02/11/whats-the-magic-number-for-your-retirement-savings.html">Eight to ten</a> times your final salary.</p><p> "Frankly, if you have only about $100,000, you aren't going to be able to retire," said Brooklyn, N.Y.-based financial planner Mark Sallinger. "While some expenses will wane, and you might no longer have kids or a mortgage to pay for, health and medical costs are going through the roof."</p><p> Indeed, although Americans of all ages have seen their retirement accounts recover since the financial crisis, average balances suggest even younger people are behind on reaching the recommended targets of one times salary by age 30 and three times salary by age 40.</p></div>,<div class="group"></div>,<div class="group"><p> Figures from other sources look even lower: The average account balance for 401(k) plans in 2009 was about $51,000 — compared to about $76,000 in 2014, according to Department of Labor data provided to CNBC by retirement plan research firm Brightscope.</p><p> Now, most retirement savers don't invest exclusively in the S&amp;P (nor should they, necessarily) and fees and contribution levels are an important part of the story when it comes to paltry retirement savings. But it's clear that the downturn set savers back.</p><div style="height:100%" class="lazyload-placeholder"></div><p>One problem is that many small investors tend to get fearful as stocks fall, and sell — locking in losses. And as gains return, missing just a couple good days of market performance can actually <a href="https://www.cnbc.com/2016/01/24/went-to-cash-heres-the-next-big-mistake-youll-make.html">wipe out</a> the majority of your returns.</p><p> "Some individual investors got spooked in 2008 and sold low," Sallinger said. "So not everyone has been able to partake in the bull market. For the investors who are dipping a toe back in now, it's late in the cycle."</p><p> Even those investors who got back into stocks relatively early in the bull run have trailed the index: The average investor in a U.S. equity fund saw annualized returns of about 9 percent over the last 5 years — a period during which the S&amp;P 500 returned nearly 12 percent annualized, according to Morningstar data. Investors often lag the very funds they hold because of <a href="http://corporate.morningstar.com/us/documents/PR/Investorreturnsfactsheet.pdf" target="_blank">poorly-timed</a> trading.</p></div>,<div class="group"><p> But the case that mom and pop missed out on the bull market shouldn't be overstated, said Sean Collins, senior director of industry and financial analysis at Investment Company Institute, which represents the fund industry.<br></p><p> "Money in 401(k)s and IRAs tends to be pretty steady coming in month in and month out," Collins said. "While there's no doubt that investors do respond to returns, that response tends to be pretty muted."</p><p> More significant has been the trend of investors moving toward global equity funds and domestic exchange traded fund, Collins said.</p><p>While certain companies have especially outperformed since the 2009 low — like consumer discretionary stocks, up more than 400 percent — the bull market has buoyed all sectors, said S&amp;P Dow Jones Indices senior index analyst Howard Silverblatt.</p><p> Unfortunately, that means it's getting harder to find bargains, he said.</p><p>"Overall we have come back well," Silverblatt said, "but the market looks expensive whether you're looking at P/E or price to cash flow."<br></p></div>

The Standard & Poor's 500 Index has returned more than 200 percent since March 2009, the start of what's now the second-longest bull run in history. Yet retirement savers and mom-and-pop investors haven't seen such big gains. While 401(k) plan balances have bounced back since their lows seven years ago, most Americans still fall woefully short of the savings they'll need to last them through retirement. Back in 2007, people in their 60s had average 401(k) balances of about $120,000. That figure plunged to about $90,000 in early 2009, and climbed back to more than $150,000 by the end of 2015, according to data from Fidelity. For most, that's still significantly short of the recommended account balance for people on the brink of retirement: Eight to ten times your final salary. "Frankly, if you have only about $100,000, you aren't going to be able to retire," said Brooklyn, N.Y.-based financial planner Mark Sallinger. "While some expenses will wane, and you might no longer have kids or a mortgage to pay for, health and medical costs are going through the roof." Indeed, although Americans of all ages have seen their retirement accounts recover since the financial crisis, average balances suggest even younger people are behind on reaching the recommended targets of one times salary by age 30 and three times salary by age 40. Figures from other sources look even lower: The average account balance for 401(k) plans in 2009 was about $51,000 — compared to about $76,000 in 2014, according to Department of Labor data provided to CNBC by retirement plan research firm Brightscope. Now, most retirement savers don't invest exclusively in the S&P (nor should they, necessarily) and fees and contribution levels are an important part of the story when it comes to paltry retirement savings. But it's clear that the downturn set savers back.One problem is that many small investors tend to get fearful as stocks fall, and sell — locking in losses. And as gains return, missing just a couple good days of market performance can actually wipe out the majority of your returns. "Some individual investors got spooked in 2008 and sold low," Sallinger said. "So not everyone has been able to partake in the bull market. For the investors who are dipping a toe back in now, it's late in the cycle." Even those investors who got back into stocks relatively early in the bull run have trailed the index: The average investor in a U.S. equity fund saw annualized returns of about 9 percent over the last 5 years — a period during which the S&P 500 returned nearly 12 percent annualized, according to Morningstar data. Investors often lag the very funds they hold because of poorly-timed trading. But the case that mom and pop missed out on the bull market shouldn't be overstated, said Sean Collins, senior director of industry and financial analysis at Investment Company Institute, which represents the fund industry. "Money in 401(k)s and IRAs tends to be pretty steady coming in month in and month out," Collins said. "While there's no doubt that investors do respond to returns, that response tends to be pretty muted." More significant has been the trend of investors moving toward global equity funds and domestic exchange traded fund, Collins said.While certain companies have especially outperformed since the 2009 low — like consumer discretionary stocks, up more than 400 percent — the bull market has buoyed all sectors, said S&P Dow Jones Indices senior index analyst Howard Silverblatt. Unfortunately, that means it's getting harder to find bargains, he said."Overall we have come back well," Silverblatt said, "but the market looks expensive whether you're looking at P/E or price to cash flow."

2021-10-30 14:11:44.284499

The Stocks Analysts Are Talking About

https://www.cnbc.com/2012/10/08/the-stocks-analysts-are-talking-about.html

2012-10-08T10:56:30+0000

Justin Menza

CNBC

cnbc, Articles, Commodity markets, Currency markets, Bonds, Barclays PLC, HSBC Holdings PLC, Meta Platforms Inc, Microsoft Corp, Alphabet Class A, International Business Machines Corp, Howmet Aerospace Inc, Citigroup Inc, Goldman Sachs Group Inc, Currencies, Futures & Commodities, DOW 30, Markets, stocks, Stock Blog, source:tagname:CNBC US Source

<div class="group"><p><a href="https://www.cnbc.com/2012/10/01/disappointing-earnings-season-ahead-pro.html"></a></p></div>,<div class="group"><p>What was Wall Street saying about earnings season, Googlehitting an all-time high, Facebook’s1 billion users and European bank stocks? Find out in this week’s CNBC.com Stock Blog Roundup.</p><div style="height:100%" class="lazyload-placeholder"></div><p><a href="https://www.cnbc.com/2012/10/01/disappointing-earnings-season-ahead-pro.html">Third-quarter earnings season </a>unofficially gets underway with Alcoa’searnings report on Tuesday. David Bianco, the chief U.S. equity strategist at Deutsche Bank, is expecting disappointment for the quarter overall given weakening global growth. Bianco is “overweight” technology and financials, and likes Microsoft and International Business Machines in technology, and Goldman Sachs and Citigroup in financials. </p></div>,<div class="group"><p>Google shares hit an all-time high this week, but at least one analyst is concerned about growth. Colin Gillis, a tech analyst at BGC Partners, told CNBC <a href="https://www.cnbc.com/2012/10/02/troubling-trend-at-google-despite-stock-surge-analyst.html">declining advertising cost per click</a>continues to be an issue for the Internet giant. </p><p>Elsewhere in tech, Facebook was out touting its 1 billion users this week, but Daniel Ernst of Hudson Square Research cautioned against expecting an <a href="https://www.cnbc.com/2012/10/04/will-facebooks-new-focus-on-revenue-boost-its-stock.html">immediate acceleration in revenues</a>. Ernst also said that it was encouraging that Facebook executives appear more focused on increasing revenue. </p><p>There are a host of new proposed rules and regulations coming for the <a href="https://www.cnbc.com/2012/10/05/which-bank-stocks-will-do-well-in-the-new-world.html">European banks</a>, but Chris Wheeler, bank analyst at Mediobanca, expects HSBC and Barclaysto be “standout opportunities.”</p><p><em>—By CNBC.com’s Justin Menza</em></p><div style="height:100%" class="lazyload-placeholder"></div><p><a href="https://www.cnbc.com/2012/02/16/The-Best-Countries-for-Long-Term-Growth.html">Additional News: The Best Countries for Long-Term Growth </a></p><p><a href="https://www.cnbc.com/2012/10/01/markets-suggest-economy-in-pretty-good-shape-pro.html">Additional Views: Markets Suggest Economy in ‘Pretty Good Shape’: Pro</a></p><p>______________________________</p><p><strong><em>CNBC Data Pages:</em></strong></p><ul><li><a href="https://www.cnbc.com/dow-30/">Dow 30 Stocks—In Real Time </a></li><li><a href="https://www.cnbc.com/futures-and-commodities/">Oil, Gold, Natural Gas Prices Now </a></li><li><a href="https://www.cnbc.com/currencies/">Where’s the US Dollar Today?</a></li><li><a href="https://www.cnbc.com/bonds/">Track Treasury Prices Here</a></li></ul><p>______________________________ <br><strong><em>Disclosures:</em></strong></p><p>Disclosure information can be found in the individual Stock Blog stories.</p><p><a href="https://www.cnbc.com/stocks-disclaimer.html">Disclaimer</a></p></div>

What was Wall Street saying about earnings season, Googlehitting an all-time high, Facebook’s1 billion users and European bank stocks? Find out in this week’s CNBC.com Stock Blog Roundup.Third-quarter earnings season unofficially gets underway with Alcoa’searnings report on Tuesday. David Bianco, the chief U.S. equity strategist at Deutsche Bank, is expecting disappointment for the quarter overall given weakening global growth. Bianco is “overweight” technology and financials, and likes Microsoft and International Business Machines in technology, and Goldman Sachs and Citigroup in financials. Google shares hit an all-time high this week, but at least one analyst is concerned about growth. Colin Gillis, a tech analyst at BGC Partners, told CNBC declining advertising cost per clickcontinues to be an issue for the Internet giant. Elsewhere in tech, Facebook was out touting its 1 billion users this week, but Daniel Ernst of Hudson Square Research cautioned against expecting an immediate acceleration in revenues. Ernst also said that it was encouraging that Facebook executives appear more focused on increasing revenue. There are a host of new proposed rules and regulations coming for the European banks, but Chris Wheeler, bank analyst at Mediobanca, expects HSBC and Barclaysto be “standout opportunities.”—By CNBC.com’s Justin MenzaAdditional News: The Best Countries for Long-Term Growth Additional Views: Markets Suggest Economy in ‘Pretty Good Shape’: Pro______________________________CNBC Data Pages:Dow 30 Stocks—In Real Time Oil, Gold, Natural Gas Prices Now Where’s the US Dollar Today?Track Treasury Prices Here______________________________ Disclosures:Disclosure information can be found in the individual Stock Blog stories.Disclaimer

2021-10-30 14:11:44.442173

Joe Biden unveils racial economic equity plan that calls for investment in minority businesses, workers

https://www.cnbc.com/2020/07/28/biden-economic-equity-plan-calls-for-investment-in-minority-business-and-workers.html

2020-07-28T15:00:07+0000

Christina Wilkie

CNBC

WASHINGTON — Former Vice President Joe Biden unveiled a roadmap of policy proposals Tuesday that are aimed at narrowing the generational wealth gap that persists between White Americans and their Black, Latino, Asian and Native American neighbors.Biden's racial economic equity plan is the fourth plank in the presumptive Democratic presidential nominee's "Build Back Better" economic platform. Biden announced the plan at a speech in Wilmington, Delaware. There, Biden drew a sharp contrast between his view of the national reckoning underway on racial justice and the ongoing protests in major cities, and the views of his opponent, President Donald Trump."Every instinct Trump has is to add fuel to the fire," said Biden. "It's the last thing we need. We need leadership that will calm the waters and lower the temperature. That's how to restore peace in the streets." Biden's economic equity plan is largely a repackaging of dozens of his existing proposals from across the campaign's platforms, such as his plan to offer a one-time student debt reduction of $10,000 per student and his call for a $15 hourly minimum wage.It also contains a separate section focused on criminal justice reform, which includes Biden's plan to eliminate cash bail and to guarantee that formerly incarcerated people are provided temporary housing upon release from prison. It will take all of these policies working together, he said, to begin to achieve economic equality for people of color."How do we break the cycle? In good times, communities of color still lag. In bad times, they get hit first and the hardest. And in recovery, they take the longest to bounce back. This is about justice ... it's also about jobs, good-paying jobs. And financial stability, building wealth for families of color and passing it down to their kids."Here are some of the key proposals in Biden's economic equity plank: The New Markets Tax Credit program awards tax credits to investors who provide capital for community development entities, which finance projects in qualified low-income communities. Created by Congress in 2000, the NMTC has supported more than 5,300 projects in the past two decades, but it is scheduled to expire at the end of this year.Unlike the previous three planks in Biden's economic platform, the racial equity plan does not initially include demands for more federal spending. Instead, it is centered on the ways that funding Biden has already proposed in his first three planks is allocated. Speaking to reporters Tuesday morning, senior Biden campaign advisors said more details about the costs and the funding of these proposals are forthcoming, although they did not specify when to expect the numbers. One thing the plan does not contain is any reference to the word "reparations," despite a growing movement on the left in recent years to quantify and compensate Black Americans for centuries of slave labor and for the subsequent Jim Crow laws that denied them access to the same opportunities to build wealth that White families were given.Grouping all of these policy proposals together under the umbrella of racial economic equity is one way for Biden's campaign to codify the former vice president's commitment to addressing the deep-seated racial injustice that has sparked massive civil unrest across the country this summer. Biden said his plan is "about rising to this moment of crisis. Understanding people's struggles, and building a future worthy of their courage and their ambition to overcome."Read the entire plan below.

cnbc, Articles, Politics, White House, Congress, Economy, Joe Biden, Donald Trump, source:tagname:CNBC US Source

<div class="group"><p>WASHINGTON — Former Vice President Joe Biden unveiled a roadmap of policy proposals Tuesday that are aimed at narrowing the generational wealth gap that persists between White Americans and their Black, Latino, Asian and Native American neighbors.</p><p>Biden's racial economic equity plan is the fourth plank in the presumptive Democratic presidential nominee's "Build Back Better" economic platform. Biden announced the plan at a speech in Wilmington, Delaware. </p><div style="height:100%" class="lazyload-placeholder"></div><p>There, Biden drew a sharp contrast between his view of the national reckoning underway on racial justice and the ongoing protests in major cities, and the views of his opponent, President Donald Trump.</p><p>"Every instinct Trump has is to add fuel to the fire," said Biden. "It's the last thing we need. We need leadership that will calm the waters and lower the temperature. That's how to restore peace in the streets." </p><p>Biden's economic equity plan is largely a repackaging of dozens of his existing proposals from across the campaign's platforms, such as his plan to offer a one-time student debt reduction of $10,000 per student and his call for a $15 hourly minimum wage.</p><p>It also contains a separate section focused on criminal justice reform, which includes Biden's plan to eliminate cash bail and to guarantee that formerly incarcerated people are provided temporary housing upon release from prison. </p><p>It will take all of these policies working together, he said, to begin to achieve economic equality for people of color.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"How do we break the cycle? In good times, communities of color still lag. In bad times, they get hit first and the hardest. And in recovery, they take the longest to bounce back. This is about justice ... it's also about jobs, good-paying jobs. And financial stability, building wealth for families of color and passing it down to their kids."</p><p>Here are some of the key proposals in Biden's economic equity plank: </p><ul><li>Create a new Small Business Opportunity Fund and seed it with $30 billion of Biden's proposed $300 billion domestic innovation funding.</li><li>Expand the New Markets Tax Credit to $5 billion yearly and make it permanent​.</li><li>Pass legislation to require the Federal Reserve to report data and trends on racial economic gaps and commit the Fed to a "real-time" payment system aimed at eliminating the time it takes for checks to clear. </li></ul><p>The New Markets Tax Credit program <a href="https://www.taxpolicycenter.org/briefing-book/what-new-markets-tax-credit-and-how-does-it-work#:~:text=The%20credit%20provides%20an%20incentive%20for%20investment%20in%20low%2Dincome%20communities.&amp;amp;text=Investors%20receive%20a%20tax%20credit,then%20allocates%20to%20qualified%20applicants." target="_blank">awards tax credits to investors</a> who provide capital for community development entities, which finance projects in qualified low-income communities. Created by Congress in 2000, the NMTC has supported more than 5,300 projects in the past two decades, but it is scheduled to expire at the end of this year.</p><p>Unlike the previous three planks in Biden's economic platform, the racial equity plan does not initially include demands for more federal spending. Instead, it is centered on the ways that funding Biden has already proposed in his first three planks is allocated. </p><p>Speaking to reporters Tuesday morning, senior Biden campaign advisors said more details about the costs and the funding of these proposals are forthcoming, although they did not specify when to expect the numbers. </p><p>One thing the plan does not contain is any reference to the word "reparations," despite a growing movement on the left in recent years to quantify and compensate Black Americans for centuries of slave labor and for the subsequent Jim Crow laws that denied them access to the same opportunities to build wealth that White families were given.</p><p>Grouping all of these policy proposals together under the umbrella of racial economic equity is one way for Biden's campaign to codify the former vice president's commitment to addressing the deep-seated racial injustice that has sparked massive civil unrest across the country this summer. </p><p>Biden said his plan is "about rising to this moment of crisis. Understanding people's struggles, and building a future worthy of their courage and their ambition to overcome."</p><p>Read the entire plan below. </p></div>

WASHINGTON — Former Vice President Joe Biden unveiled a roadmap of policy proposals Tuesday that are aimed at narrowing the generational wealth gap that persists between White Americans and their Black, Latino, Asian and Native American neighbors.Biden's racial economic equity plan is the fourth plank in the presumptive Democratic presidential nominee's "Build Back Better" economic platform. Biden announced the plan at a speech in Wilmington, Delaware. There, Biden drew a sharp contrast between his view of the national reckoning underway on racial justice and the ongoing protests in major cities, and the views of his opponent, President Donald Trump."Every instinct Trump has is to add fuel to the fire," said Biden. "It's the last thing we need. We need leadership that will calm the waters and lower the temperature. That's how to restore peace in the streets." Biden's economic equity plan is largely a repackaging of dozens of his existing proposals from across the campaign's platforms, such as his plan to offer a one-time student debt reduction of $10,000 per student and his call for a $15 hourly minimum wage.It also contains a separate section focused on criminal justice reform, which includes Biden's plan to eliminate cash bail and to guarantee that formerly incarcerated people are provided temporary housing upon release from prison. It will take all of these policies working together, he said, to begin to achieve economic equality for people of color."How do we break the cycle? In good times, communities of color still lag. In bad times, they get hit first and the hardest. And in recovery, they take the longest to bounce back. This is about justice ... it's also about jobs, good-paying jobs. And financial stability, building wealth for families of color and passing it down to their kids."Here are some of the key proposals in Biden's economic equity plank: Create a new Small Business Opportunity Fund and seed it with $30 billion of Biden's proposed $300 billion domestic innovation funding.Expand the New Markets Tax Credit to $5 billion yearly and make it permanent​.Pass legislation to require the Federal Reserve to report data and trends on racial economic gaps and commit the Fed to a "real-time" payment system aimed at eliminating the time it takes for checks to clear. The New Markets Tax Credit program awards tax credits to investors who provide capital for community development entities, which finance projects in qualified low-income communities. Created by Congress in 2000, the NMTC has supported more than 5,300 projects in the past two decades, but it is scheduled to expire at the end of this year.Unlike the previous three planks in Biden's economic platform, the racial equity plan does not initially include demands for more federal spending. Instead, it is centered on the ways that funding Biden has already proposed in his first three planks is allocated. Speaking to reporters Tuesday morning, senior Biden campaign advisors said more details about the costs and the funding of these proposals are forthcoming, although they did not specify when to expect the numbers. One thing the plan does not contain is any reference to the word "reparations," despite a growing movement on the left in recent years to quantify and compensate Black Americans for centuries of slave labor and for the subsequent Jim Crow laws that denied them access to the same opportunities to build wealth that White families were given.Grouping all of these policy proposals together under the umbrella of racial economic equity is one way for Biden's campaign to codify the former vice president's commitment to addressing the deep-seated racial injustice that has sparked massive civil unrest across the country this summer. Biden said his plan is "about rising to this moment of crisis. Understanding people's struggles, and building a future worthy of their courage and their ambition to overcome."Read the entire plan below.

2021-10-30 14:11:44.476457

Russia sets stage for UN veto of western bid to call out Iran

https://www.cnbc.com/2018/02/26/russia-sets-stage-for-un-veto-of-western-bid-to-call-out-iran.html

2018-02-26T06:41:19+0000

CNBC

Russia has laid the groundwork for a likely veto on Monday of a British, U.S. and French bid for the United Nations Security Council to call out Iran over its weapons falling into the hands of Yemen's Houthi group.The 15-member Security Council has to renew its targeted sanctions on Yemen on Monday. Russia has proposed a rival resolution that would simply extend the mandate of the regime for one year and not mention Iran.The United States has been lobbying for months for Iran to be held accountable at the United Nations, while at the same time threatening to quit a 2015 deal among world powers to curb Iran's nuclear program if "disastrous flaws" are not fixed.Britain drafted a resolution in consultation with the United States and France that initially wanted to condemn Iran for violating an arms embargo on Houthi leaders and include a council commitment to take action over it.The latest British draft drops the condemnation and instead expresses concern that U.N. experts monitoring the sanctions reported Iran had violated a targeted arms embargo by failing to stop missiles and unmanned aerial vehicles reaching the Houthis.A proxy war is playing out in Yemen between Iran and U.S. ally Saudi Arabia. A Saudi-led coalition intervened in Yemen in 2015, backing government forces fighting Iran-allied Houthi rebels. Iran has denied supplying the Houthis weapons.A U.N. Security Council resolution needs nine votes in favor and no vetoes by Russia, China, the United States, France or Britain to pass.Both resolutions seek to renew a U.N. ban on the supply of weapons to Houthi leaders and "those acting on their behalf or at their direction." It can also blacklist individuals and entities for threatening the peace and stability of Yemen or hindering aid access.U.S. Ambassador to the United Nations Nikki Haley took her Security Council colleagues to Washington in January to view pieces of missiles fired by the Houthis at Saudi Arabia in a bid to boost the U.S. case against Iran.Russian U.N. Ambassador Vassily Nebenzia said after the visit that he does not believe there is a case for United Nations action against Iran. Iran has described the arms displayed in Washington as "fabricated."

cnbc, Articles, United Nations, Defense, Yemen, Iran, Russia, Politics, World News, Middle East Turmoil, US: News, source:tagname:Reuters

<div class="group"><p><a href="https://www.cnbc.com/russia/">Russia</a> has laid the groundwork for a likely veto on Monday of a British, U.S. and French bid for the <a href="https://www.cnbc.com/id/10000938">United Nations</a> Security Council to call out Iran over its weapons falling into the hands of Yemen's Houthi group.<br><br>The 15-member Security Council has to renew its targeted sanctions on Yemen on Monday. <br><br>Russia has proposed a rival resolution that would simply extend the mandate of the regime for one year and not mention Iran.<br><br>The United States has been lobbying for months for Iran to be held accountable at the United Nations, while at the same time threatening to quit a 2015 deal among world powers to curb Iran's nuclear program if "disastrous flaws" are not fixed.<br><br>Britain drafted a resolution in consultation with the United States and France that initially wanted to condemn Iran for violating an arms embargo on Houthi leaders and include a council commitment to take action over it.<br><br>The latest British draft drops the condemnation and instead expresses concern that U.N. experts monitoring the sanctions reported Iran had violated a targeted arms embargo by failing to stop missiles and unmanned aerial vehicles reaching the Houthis.<br><br>A proxy war is playing out in Yemen between Iran and U.S. ally Saudi Arabia. <br><br>A Saudi-led coalition intervened in Yemen in 2015, backing government forces fighting Iran-allied Houthi rebels. Iran has denied supplying the Houthis weapons.<br><br>A U.N. Security Council resolution needs nine votes in favor and no vetoes by Russia, China, the United States, France or Britain to pass.<br><br>Both resolutions seek to renew a U.N. ban on the supply of weapons to Houthi leaders and "those acting on their behalf or at their direction." It can also blacklist individuals and entities for threatening the peace and stability of Yemen or hindering aid access.<br><br>U.S. Ambassador to the United Nations Nikki Haley took her Security Council colleagues to Washington in January to view pieces of missiles fired by the Houthis at Saudi Arabia in a bid to boost the U.S. case against Iran.<br><br>Russian U.N. Ambassador Vassily Nebenzia said after the visit that he does not believe there is a case for United Nations action against Iran. Iran has described the arms displayed in Washington as "fabricated."</p></div>

Russia has laid the groundwork for a likely veto on Monday of a British, U.S. and French bid for the United Nations Security Council to call out Iran over its weapons falling into the hands of Yemen's Houthi group.The 15-member Security Council has to renew its targeted sanctions on Yemen on Monday. Russia has proposed a rival resolution that would simply extend the mandate of the regime for one year and not mention Iran.The United States has been lobbying for months for Iran to be held accountable at the United Nations, while at the same time threatening to quit a 2015 deal among world powers to curb Iran's nuclear program if "disastrous flaws" are not fixed.Britain drafted a resolution in consultation with the United States and France that initially wanted to condemn Iran for violating an arms embargo on Houthi leaders and include a council commitment to take action over it.The latest British draft drops the condemnation and instead expresses concern that U.N. experts monitoring the sanctions reported Iran had violated a targeted arms embargo by failing to stop missiles and unmanned aerial vehicles reaching the Houthis.A proxy war is playing out in Yemen between Iran and U.S. ally Saudi Arabia. A Saudi-led coalition intervened in Yemen in 2015, backing government forces fighting Iran-allied Houthi rebels. Iran has denied supplying the Houthis weapons.A U.N. Security Council resolution needs nine votes in favor and no vetoes by Russia, China, the United States, France or Britain to pass.Both resolutions seek to renew a U.N. ban on the supply of weapons to Houthi leaders and "those acting on their behalf or at their direction." It can also blacklist individuals and entities for threatening the peace and stability of Yemen or hindering aid access.U.S. Ambassador to the United Nations Nikki Haley took her Security Council colleagues to Washington in January to view pieces of missiles fired by the Houthis at Saudi Arabia in a bid to boost the U.S. case against Iran.Russian U.N. Ambassador Vassily Nebenzia said after the visit that he does not believe there is a case for United Nations action against Iran. Iran has described the arms displayed in Washington as "fabricated."

2021-10-30 14:11:44.514082

French Work the Least in the World: Survey

https://www.cnbc.com/2009/08/20/french-work-the-least-in-the-world-survey.html

2009-08-20T15:32:56+0000

CNBC

The French spend the least amount of time at work, a new survey of 73 cities around the world by Swiss bank UBS shows, while the most hours are worked in Cairo and Seoul.On average, people in the cities surveyed worked 1,902 hours per year, but in Lyon and Paris they worked 1,582 and 1,594 hours respectively. In Cairo, they worked 2,373 hours, while in Seoul they worked 2,312 hours.The richest workers are in New York and Zurich, where they would have to work nine hours to buy an iPod nano, while workers in Mumbai needed to work 20 nine-hour days – nearly one month's salary – to buy the gadget.Copenhagen, Zurich, Geneva and New York were the cities where employees had the highest gross wages. In terms of the most expensive cities, London fell from the top of the list to the 21st place because of the pound's devaluation, the survey showed.Oslo is the world's most expensive city now, followed by Zurich, Copenhagen, Geneva and Tokyo, while New York was on the list at number 6. —An earlier version of this story misstated New York's rank as an expenisve city.

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

<div class="group"><p>The French spend the least amount of time at work, a new survey of 73 cities around the world by Swiss bank UBS shows, while the most hours are worked in Cairo and Seoul.</p><p>On average, people in the cities surveyed worked 1,902 hours per year, but in Lyon and Paris they worked 1,582 and 1,594 hours respectively. In Cairo, they worked 2,373 hours, while in Seoul they worked 2,312 hours.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The richest workers are in New York and Zurich, where they would have to work nine hours to buy an iPod nano, while workers in Mumbai needed to work 20 nine-hour days – nearly one month's salary – to buy the gadget.</p><p>Copenhagen, Zurich, Geneva and New York were the cities where employees had the highest gross wages. </p><p>In terms of the most expensive cities, London fell from the top of the list to the 21^st place because of the pound's devaluation, the survey showed.</p><p>Oslo is the world's most expensive city now, followed by Zurich, Copenhagen, Geneva and Tokyo, while New York was on the list at number 6. </p><ul><li><a href="https://www.cnbc.com/2009/06/22/Americas-15-Most-Recession-Resistant-Cities.html">Slideshow: Most Recession-Resistant Cities</a></li></ul><p><em>—An earlier version of this story misstated New York's rank as an expenisve city.</em></p></div>

The French spend the least amount of time at work, a new survey of 73 cities around the world by Swiss bank UBS shows, while the most hours are worked in Cairo and Seoul.On average, people in the cities surveyed worked 1,902 hours per year, but in Lyon and Paris they worked 1,582 and 1,594 hours respectively. In Cairo, they worked 2,373 hours, while in Seoul they worked 2,312 hours.The richest workers are in New York and Zurich, where they would have to work nine hours to buy an iPod nano, while workers in Mumbai needed to work 20 nine-hour days – nearly one month's salary – to buy the gadget.Copenhagen, Zurich, Geneva and New York were the cities where employees had the highest gross wages. In terms of the most expensive cities, London fell from the top of the list to the 21st place because of the pound's devaluation, the survey showed.Oslo is the world's most expensive city now, followed by Zurich, Copenhagen, Geneva and Tokyo, while New York was on the list at number 6. Slideshow: Most Recession-Resistant Cities—An earlier version of this story misstated New York's rank as an expenisve city.

2021-10-30 14:11:44.982250

Should CEO pay be tied to share price?

https://www.cnbc.com/2016/03/14/should-ceo-pay-be-tied-to-share-price.html

2016-03-14T19:58:52+0000

Pippa Stevens

CNBC

In a filing with the SEC on Friday, Chipotle announced that a portion of future CEO compensation will be tied to the company's share price performance.The move comes as health concerns have continued to plague the stock over the past year--it is now down 23%. According to the filing, shares will have to stay above $700 for 30 consecutive days in order to trigger new stock awards for executives. The "Halftime Report" experts and guest host, Rich Pzena, debated the potential merits--and pitfalls--of tying CEO compensation to share price.

cnbc, Articles, Investment strategy, Stock markets, Chipotle Mexican Grill Inc, Investing, stocks, Fast Money Halftime Report, CNBC TV, source:tagname:CNBC US Source

<div class="group"><p>In a filing with the SEC on Friday, <a href="//www.cnbc.com/quotes/CMG" target="_blank">Chipotle</a> announced that a portion of future CEO compensation will be tied to the company's share price performance.</p><p>The move comes as health concerns have continued to plague the stock over the past year--it is now down 23%. According to the filing, shares will have to stay above $700 for 30 consecutive days in order to trigger new stock awards for executives.</p><div style="height:100%" class="lazyload-placeholder"></div><p> The <a href="https://www.cnbc.com/halftime/">"Halftime Report"</a> experts and guest host, Rich Pzena, debated the potential merits--and pitfalls--of tying CEO compensation to share price. </p></div>,<div class="group"><p> The desk is in agreement that such a policy can create negative incentives for CEOs. Rather than focus on metrics like growth and dividends, CEOs might instead exercise measures to artificially inflate stock price. While a higher price in the short term would benefit the individual, it might come at the expense of long term growth. </p><p> "I think it's well intentioned since there's been a tremendous amount of money lost in the stock," Josh Brown said of the burrito maker's plan. </p><p> But intention aside, Brown doesn't think it's a good idea. "I'm not sure it's so great because you set up a lot of perverse incentives when you try to get mangers focused on stock price," he said.</p><p>From a different standpoint, Steve Weiss believes such a policy is also bad for the CEO since "the one thing you can't predict is the market and stock price." While he believes that there are very few "bad actor" CEOs out there who would intentionally try to manipulate stock price, he thinks compensation should be determined by "operating metrics" alone.</p><p> <a href="https://www.cnbc.com/halftime/">"Halftime Report"</a> guest host Rich Pzena perhaps summed up the current debate best, saying "the best way is to have them [CEOs]...own a significant chunk so you care about the long-term performance and it hurts if it is bad."</p></div>,<div class="group"></div>

In a filing with the SEC on Friday, Chipotle announced that a portion of future CEO compensation will be tied to the company's share price performance.The move comes as health concerns have continued to plague the stock over the past year--it is now down 23%. According to the filing, shares will have to stay above $700 for 30 consecutive days in order to trigger new stock awards for executives. The "Halftime Report" experts and guest host, Rich Pzena, debated the potential merits--and pitfalls--of tying CEO compensation to share price. The desk is in agreement that such a policy can create negative incentives for CEOs. Rather than focus on metrics like growth and dividends, CEOs might instead exercise measures to artificially inflate stock price. While a higher price in the short term would benefit the individual, it might come at the expense of long term growth. "I think it's well intentioned since there's been a tremendous amount of money lost in the stock," Josh Brown said of the burrito maker's plan. But intention aside, Brown doesn't think it's a good idea. "I'm not sure it's so great because you set up a lot of perverse incentives when you try to get mangers focused on stock price," he said.From a different standpoint, Steve Weiss believes such a policy is also bad for the CEO since "the one thing you can't predict is the market and stock price." While he believes that there are very few "bad actor" CEOs out there who would intentionally try to manipulate stock price, he thinks compensation should be determined by "operating metrics" alone. "Halftime Report" guest host Rich Pzena perhaps summed up the current debate best, saying "the best way is to have them [CEOs]...own a significant chunk so you care about the long-term performance and it hurts if it is bad."

2021-10-30 14:11:45.019880

Billions flood into ETFs—and that could be an ‘A plus’ for stocks

https://www.cnbc.com/2016/12/12/billions-flood-into-etfs-and-that-could-be-an-a-plus-for-stocks.html

2016-12-12T20:19:03+0000

Rebecca Ungarino

CNBC

More than $40 billion has flowed into equity exchange-traded funds since the election, according to recent Thomson Reuters Lipper data. And that could signal upside for the market, according to strategists who don't yet see a market "top" in sight. "The overall health [of the market] is an A plus," Chad Morganlander, portfolio manager at Stifel Nicolaus, said Friday on CNBC's "Trading Nation." Morganlander, bullish on equities at these levels, cited analysts lifting growth and earnings forecasts for next year and beyond. He and his firm have upgraded long-term returns to anywhere from 6 to 7 percent, up from about 5 percent, and have upgraded their 2017 GDP outlook to 3 percent from 2.75 percent as well. Since the election, the major indexes have surged; the , Dow Jones industrial average and Nasdaq Composite have gained over 5 percent, nearly 8 percent, and 4 percent in that time, respectively. Analysts see several forces at work pushing the markets to record highs in recent weeks. "This rally is tied to Trump's business-friendly campaign promises of lower corporate taxes, less regulation and a bump in infrastructure spending," Pat Keon of Thomson Reuters Lipper wrote in a recent report on U.S. fund flow data. What's more is that, according to Thomson Reuters Lipper data, last week marked the fourth straight week of net inflows for equity ETFs. Indeed, the prospect of infrastructure spending has Phillip Streible, senior market strategist at RJO Futures, bullish on equities at these levels. "When you see infrastructure spending being promoted … you also see tax cuts on businesses. … You're going to see that expansion across the board here, and that flow of funds is going to happen," Streible said Friday on "Trading Nation." Alas, these gains have come at the expense of the global bond market, which in November saw record outflows. "So it was a reallocation of funds, and I wouldn't be surprised if we see a continuation back to the upside," Streible said.

cnbc, Articles, S&P 500 Index, Investment strategy, Investing, Trading Nation, Special Reports, source:tagname:CNBC US Source

<div class="group"><p> More than $40 billion has flowed into equity exchange-traded funds since the election, according to recent Thomson Reuters Lipper data. </p><p>And that could signal upside for the market, according to strategists who don't yet see a market "top" in sight. </p><div style="height:100%" class="lazyload-placeholder"></div><p> "The overall health [of the market] is an A plus," Chad Morganlander, portfolio manager at Stifel Nicolaus, said Friday on CNBC's "<a href="https://www.cnbc.com/trading-nation/">Trading Nation</a>."</p><p> Morganlander, bullish on equities at these levels, cited analysts lifting growth and earnings forecasts for next year and beyond. He and his firm have upgraded long-term returns to anywhere from 6 to 7 percent, up from about 5 percent, and have upgraded their 2017 GDP outlook to 3 percent from 2.75 percent as well.</p><p> Since the election, the major indexes have surged; the <!-- -->, <a href="https://www.cnbc.com/quotes/.DJI">Dow Jones industrial average</a> and <a href="https://www.cnbc.com/quotes/.IXIC">Nasdaq Composite</a> have gained over 5 percent, nearly 8 percent, and 4 percent in that time, respectively. Analysts see several forces at work pushing the markets to record highs in recent weeks. </p><p> "This rally is tied to Trump's business-friendly campaign promises of lower corporate taxes, less regulation and a bump in infrastructure spending," Pat Keon of Thomson Reuters Lipper wrote in a recent report on U.S. fund flow data.</p><p> What's more is that, according to Thomson Reuters Lipper data, last week marked the fourth straight week of net inflows for equity ETFs. </p><div style="height:100%" class="lazyload-placeholder"></div><p> Indeed, the prospect of infrastructure spending has Phillip Streible, senior market strategist at RJO Futures, bullish on equities at these levels. </p><p> "When you see infrastructure spending being promoted … you also see tax cuts on businesses. … You're going to see that expansion across the board here, and that flow of funds is going to happen," Streible said Friday on "Trading Nation." </p><p> Alas, these gains have come at the expense of the global bond market, which in November <a href="http://www.reuters.com/article/us-global-markets-flows-idUSKBN13R17S" target="_blank">saw record outflows</a>.</p><p> "So it was a reallocation of funds, and I wouldn't be surprised if we see a continuation back to the upside," Streible said. </p><br></div>,<div class="group"></div>

More than $40 billion has flowed into equity exchange-traded funds since the election, according to recent Thomson Reuters Lipper data. And that could signal upside for the market, according to strategists who don't yet see a market "top" in sight. "The overall health [of the market] is an A plus," Chad Morganlander, portfolio manager at Stifel Nicolaus, said Friday on CNBC's "Trading Nation." Morganlander, bullish on equities at these levels, cited analysts lifting growth and earnings forecasts for next year and beyond. He and his firm have upgraded long-term returns to anywhere from 6 to 7 percent, up from about 5 percent, and have upgraded their 2017 GDP outlook to 3 percent from 2.75 percent as well. Since the election, the major indexes have surged; the , Dow Jones industrial average and Nasdaq Composite have gained over 5 percent, nearly 8 percent, and 4 percent in that time, respectively. Analysts see several forces at work pushing the markets to record highs in recent weeks. "This rally is tied to Trump's business-friendly campaign promises of lower corporate taxes, less regulation and a bump in infrastructure spending," Pat Keon of Thomson Reuters Lipper wrote in a recent report on U.S. fund flow data. What's more is that, according to Thomson Reuters Lipper data, last week marked the fourth straight week of net inflows for equity ETFs. Indeed, the prospect of infrastructure spending has Phillip Streible, senior market strategist at RJO Futures, bullish on equities at these levels. "When you see infrastructure spending being promoted … you also see tax cuts on businesses. … You're going to see that expansion across the board here, and that flow of funds is going to happen," Streible said Friday on "Trading Nation." Alas, these gains have come at the expense of the global bond market, which in November saw record outflows. "So it was a reallocation of funds, and I wouldn't be surprised if we see a continuation back to the upside," Streible said.

2021-10-30 14:11:45.060380

Star Wars meets Uniqlo as Fast Retailing, Disney expand product tie-up

https://www.cnbc.com/2015/08/03/star-wars-meets-uniqlo-as-fast-retailing-disney-expand-product-tie-up.html

2015-08-03T10:18:40+0000

CNBC

Fast Retailing's Uniqlo clothing chain said on Monday that it was expanding its collaboration with Walt Disney to offer a wider range of products and that it would open a flagship store at the Florida Disney World's shopping complex next spring. The Japanese apparel retailer, which now offers T-shirts featuring Mickey and Minnie Mouse, will extend its Disney-themed lineup to offer at stores worldwide items ranging from its Ultra Light Down collection and flannel shirts to umbrellas and toys.It will also use characters from the blockbuster movies "Star Wars," "Toy Story," "Avengers" and "Frozen."The move could add to awareness of Uniqlo's brand as its global expansion gathers pace, with Fast Retailing expecting to have more Uniqlo outlets overseas than in Japan by this autumn.

cnbc, Articles, Business, Retail industry, Walt Disney Co, Fast Retailing Co Ltd, Retail, Business News, US: News, source:tagname:Reuters

<div class="group"><p><a href="//www.cnbc.com/quotes/9983.T-JP" target="_blank"> Fast Retailing's</a> Uniqlo clothing chain said on Monday that it was expanding its collaboration with <a href="//www.cnbc.com/quotes/DIS" target="_blank">Walt Disney</a> to offer a wider range of products and that it would open a flagship store at the Florida Disney World's shopping complex next spring.</p><p> The Japanese apparel retailer, which now offers T-shirts featuring Mickey and Minnie Mouse, will extend its Disney-themed lineup to offer at stores worldwide items ranging from its Ultra Light Down collection and flannel shirts to umbrellas and toys.</p><div style="height:100%" class="lazyload-placeholder"></div><p>It will also use characters from the blockbuster movies "Star Wars," "Toy Story," "Avengers" and "Frozen."</p><p>The move could add to awareness of Uniqlo's brand as its global expansion gathers pace, with Fast Retailing expecting to have more Uniqlo outlets overseas than in Japan by this autumn.</p></div>

Fast Retailing's Uniqlo clothing chain said on Monday that it was expanding its collaboration with Walt Disney to offer a wider range of products and that it would open a flagship store at the Florida Disney World's shopping complex next spring. The Japanese apparel retailer, which now offers T-shirts featuring Mickey and Minnie Mouse, will extend its Disney-themed lineup to offer at stores worldwide items ranging from its Ultra Light Down collection and flannel shirts to umbrellas and toys.It will also use characters from the blockbuster movies "Star Wars," "Toy Story," "Avengers" and "Frozen."The move could add to awareness of Uniqlo's brand as its global expansion gathers pace, with Fast Retailing expecting to have more Uniqlo outlets overseas than in Japan by this autumn.

2021-10-30 14:11:45.206248

Fitch Rates $202MM New York Local Government Assistance Corp. Bonds 'AA'; Outlook Stable

https://www.cnbc.com/2010/11/12/fitch-rates-202mm-new-york-local-government-assistance-corp-bonds-aa-outlook-stable.html

2010-11-12T18:28:03+0000

CNBC

NEW YORK, Nov 12, 2010 (BUSINESS WIRE) -- Fitch Ratings assigns an 'AA' rating to the following New York Local Government Assistance Corporation (LGAC) bonds: --$202,550,000 series 2010B refunding bonds (subordinate lien).The bonds are being issued for refunding purposes.In addition, Fitch affirms the 'AA' rating on approximately $3.4 billion of outstanding LGAC senior and subordinate lien bonds, including the underlying rating on the series 2003A-4V bonds for which liquidity is being substituted and insurance removed.Fitch does not make a rating distinction between the senior and subordinate liens due to the strong coverage and impoundment provisions.The Rating Outlook is Stable.RATING RATIONALE: --The designated source of payment, a portion of the state sales tax, is broad-based and provides generous coverage of debt service.--Although bond payments require annual legislative appropriation, there are strong protective provisions for insufficient funding and non-appropriation.Fitch believes that these features effectively eliminate the risk of non-appropriation.--The state's economy is broad, with substantial wealth and resources, although the health of the state's economy and finances is closely linked to the cyclical financial services industry.--Strong financial planning and reporting practices, including quarterly financial plan updates, allow the state to stay abreast of changing conditions.This credit strength is offset by the state's historical tendency to rely on nonrecurring measures rather than sustainable budget solutions to address revenue weakening in downturns.--New York's debt burden is above average but still in the moderate range, and pensions are well funded.KEY RATING DRIVERS: --Changes in New York State's general obligation (GO) rating, to which this rating is linked.--The state's GO rating will be driven by its continued ability to address budget shortfalls and protect its cash position.---Further driving the state's rating would be any meaningful change to the shape of the financial services industry, which would have significant implications for the state's economy and finances.SECURITY: LGAC's bonds are general obligations of the corporation, payable, subject to annual state legislative appropriation, from the yield of one cent of the four-cent state sales and use tax required by statute to be deposited in the local government assistance tax fund.CREDIT SUMMARY: The strength of the state's incentive to appropriate for the LGAC bonds results in a rating equal to that assigned to New York's GO debt despite the appropriation requirement for payment of debt service. In the event of non-appropriation, the state would be unable to receive revenues held by the LGAC tax fund, which receives one cent of the state's sales tax and contributes more than $2 billion to the state general fund. Security strengths include the broad sales tax base, the consistently high level of coverage (about 6.3 times (x) maximum annual debt service based on fiscal 2010 revenues), and the structural protections in place. Fitch does not make a rating distinction between the senior and subordinate liens due to the strong impoundment provisions and coverage.LGAC was created in 1990 as a means of financing $4.7 billion of the state's accrued general fund deficit, replacing the annual spring borrowing for local aid payments. The entire $4.7 billion authorization has been issued and additional debt can only be issued for refunding purposes.New York's 'AA' GO rating is based on the state's substantial wealth and resources and broad economy, and also recognizes concerns regarding the outsized role that the financial services industry plays in the state's economy and revenue system. State net tax-supported debt levels have been relatively stable as a percentage of personal income and are expected to remain above average but still in the moderate range. Pensions are well funded.The state's financial position has been strained. Revenue estimates for fiscal 2010, which ended on March 31, were revised downward repeatedly over the course of the year, primarily reflecting reduced expectations for the personal income tax. Despite gap-closing measures taken, fiscal 2010 ended with a deficit of $1.65 billion that was carried over to fiscal 2011. The budget for fiscal 2011 was not finalized until early August, more than four months into the fiscal year, although the debt service appropriation bill was passed before the start of the fiscal year. A fiscal 2011 gap of about $9.2 billion including the carried-over fiscal 2010 deficit ($8.5 billion after factoring in budget measures taken in December 2009) was addressed through spending control, particularly in the area of local aid, temporary and permanent revenue actions, including a suspension of the sales tax exemption for clothing and a cigarette tax increase to $4.35 per pack, and limited one-time measures. Deficit financing was not part of the gap-closing plan; however, the budget includes a substantial amount of federal stimulus funds. New York, which spends a larger than average amount on Medicaid, garners particular benefit from the increase in the federal Medicaid matching percentage included in the federal stimulus package.In contrast to prior downturns, recovery is expected to be slow, and the state is projected to confront significant outyear budget gaps as federal stimulus and temporary tax increase monies roll off. Earlier this month, the state reduced its revenue forecast and increased expenditure expectations. The current fiscal year (which ends on March 31, 2011) is now reported to have a $315 million shortfall to be addressed. The fiscal 2012 shortfall estimate has increased to $9 billion from $8.2 billion, with the large gap reflecting the phase-out of federal stimulus monies. The gap forecast for fiscal 2013 is now $14.6 billion, with the expiration of both stimulus funds and the temporary personal income tax rate increase. Fitch believes that downside risk to the forecast remains.With steep revenue declines, the state's cash position has been strained. The state has taken proactive measures to ensure cash adequacy, and continued focus on cash management measures will be necessary. The LGAC bonds are protected from the cash flow issues by the flow of funds.New York's employment decline in the recession was less severe than that of the nation. Nonfarm employment did not start to fall, year-over-year, until November 2008 and was down 2.7% in 2009 compared to a 4.3% drop for the U.S. In September 2010, jobs in New York were flat to the prior year while national figures were up 0.2% year-over-year. Unemployment remains below that of the nation in September 2010, at 8.3%, 86% of the U.S. level. Personal income performance has been meaningfully weaker than that of the nation, down 3.1% in 2009, almost double the national loss and the fourth worst of the states. The state's personal income per capita was the sixth highest among the states in 2009, at 117% of the U.S. average.New York's net tax-supported debt is above average but still in the moderate range at 5.6% of personal income. Most of New York's debt has been issued by state public authorities and secured by appropriations; only about 7% is GO.While this results in a diffuse debt structure, there is strong centralization and oversight in the budget division, and approval by the public authorities control board is required for many of these bond issues.Additional information is available at 'www.fitchratings.com'.In addition to the sources of information identified in the report 'Tax-Supported Rating Criteria', this action was additionally informed by information from IHS Global Insight.Applicable Criteria and Related Research: --'Tax-Supported Rating Criteria', dated Aug. 16, 2010; --'U.S. State Government Tax-Supported Rating Criteria', dated Oct. 8, 2010.For information on Build America Bonds, visit 'www.fitchratings.com/BABs'.Applicable Criteria and Related Research: Tax-Supported Rating Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=548605 U.S. State Government Tax-Supported Rating Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=564546 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.SOURCE: Fitch Ratings CONTACT: Fitch, Inc. Primary Analyst Laura Porter, +1-212-908-0575 Managing Director One State Street Plaza New York, NY 10004 or Secondary Analyst Douglas Offerman, +1-212-908-0889 Senior Director or Committee Chairperson Ken Weinstein, +1-212-908-0571 Senior Director or Media Relations Cindy Stoller, +1-212-908-0526 cindy.stoller@fitchratings.com Copyright Business Wire 2010 -0- KEYWORD: United StatesNorth AmericaNew York INDUSTRY KEYWORD: Professional ServicesBankingFinance SUBJECT CODE: Bond/Stock Rating

cnbc, Articles, CNBC Information and Policies, CNBC: News Releases, Press Releases, source:tagname:Business Wire

<div class="group"><p>NEW YORK, Nov 12, 2010 (BUSINESS WIRE) -- Fitch Ratings assigns an 'AA' rating to the following New York Local Government Assistance Corporation (LGAC) bonds: --$202,550,000 series 2010B refunding bonds (subordinate lien).</p><p>The bonds are being issued for refunding purposes.</p><div style="height:100%" class="lazyload-placeholder"></div><p>In addition, Fitch affirms the 'AA' rating on approximately $3.4 billion of outstanding LGAC senior and subordinate lien bonds, including the underlying rating on the series 2003A-4V bonds for which liquidity is being substituted and insurance removed.</p><p>Fitch does not make a rating distinction between the senior and subordinate liens due to the strong coverage and impoundment provisions.</p><p>The Rating Outlook is Stable.</p><p>RATING RATIONALE: --The designated source of payment, a portion of the state sales tax, is broad-based and provides generous coverage of debt service.</p><p>--Although bond payments require annual legislative appropriation, there are strong protective provisions for insufficient funding and non-appropriation.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Fitch believes that these features effectively eliminate the risk of non-appropriation.</p><p>--The state's economy is broad, with substantial wealth and resources, although the health of the state's economy and finances is closely linked to the cyclical financial services industry.</p><p>--Strong financial planning and reporting practices, including quarterly financial plan updates, allow the state to stay abreast of changing conditions.</p><p>This credit strength is offset by the state's historical tendency to rely on nonrecurring measures rather than sustainable budget solutions to address revenue weakening in downturns.</p><p>--New York's debt burden is above average but still in the moderate range, and pensions are well funded.</p><p>KEY RATING DRIVERS: --Changes in New York State's general obligation (GO) rating, to which this rating is linked.</p><p>--The state's GO rating will be driven by its continued ability to address budget shortfalls and protect its cash position.</p><p>---Further driving the state's rating would be any meaningful change to the shape of the financial services industry, which would have significant implications for the state's economy and finances.</p><p>SECURITY: LGAC's bonds are general obligations of the corporation, payable, subject to annual state legislative appropriation, from the yield of one cent of the four-cent state sales and use tax required by statute to be deposited in the local government assistance tax fund.</p><p>CREDIT SUMMARY: The strength of the state's incentive to appropriate for the LGAC bonds results in a rating equal to that assigned to New York's GO debt despite the appropriation requirement for payment of debt service. In the event of non-appropriation, the state would be unable to receive revenues held by the LGAC tax fund, which receives one cent of the state's sales tax and contributes more than $2 billion to the state general fund. Security strengths include the broad sales tax base, the consistently high level of coverage (about 6.3 times (x) maximum annual debt service based on fiscal 2010 revenues), and the structural protections in place. Fitch does not make a rating distinction between the senior and subordinate liens due to the strong impoundment provisions and coverage.</p><p>LGAC was created in 1990 as a means of financing $4.7 billion of the state's accrued general fund deficit, replacing the annual spring borrowing for local aid payments. The entire $4.7 billion authorization has been issued and additional debt can only be issued for refunding purposes.</p><p>New York's 'AA' GO rating is based on the state's substantial wealth and resources and broad economy, and also recognizes concerns regarding the outsized role that the financial services industry plays in the state's economy and revenue system. State net tax-supported debt levels have been relatively stable as a percentage of personal income and are expected to remain above average but still in the moderate range. Pensions are well funded.</p><p>The state's financial position has been strained. Revenue estimates for fiscal 2010, which ended on March 31, were revised downward repeatedly over the course of the year, primarily reflecting reduced expectations for the personal income tax. Despite gap-closing measures taken, fiscal 2010 ended with a deficit of $1.65 billion that was carried over to fiscal 2011. The budget for fiscal 2011 was not finalized until early August, more than four months into the fiscal year, although the debt service appropriation bill was passed before the start of the fiscal year. A fiscal 2011 gap of about $9.2 billion including the carried-over fiscal 2010 deficit ($8.5 billion after factoring in budget measures taken in December 2009) was addressed through spending control, particularly in the area of local aid, temporary and permanent revenue actions, including a suspension of the sales tax exemption for clothing and a cigarette tax increase to $4.35 per pack, and limited one-time measures. Deficit financing was not part of the gap-closing plan; however, the budget includes a substantial amount of federal stimulus funds. New York, which spends a larger than average amount on Medicaid, garners particular benefit from the increase in the federal Medicaid matching percentage included in the federal stimulus package.</p><p>In contrast to prior downturns, recovery is expected to be slow, and the state is projected to confront significant outyear budget gaps as federal stimulus and temporary tax increase monies roll off. Earlier this month, the state reduced its revenue forecast and increased expenditure expectations. The current fiscal year (which ends on March 31, 2011) is now reported to have a $315 million shortfall to be addressed. The fiscal 2012 shortfall estimate has increased to $9 billion from $8.2 billion, with the large gap reflecting the phase-out of federal stimulus monies. The gap forecast for fiscal 2013 is now $14.6 billion, with the expiration of both stimulus funds and the temporary personal income tax rate increase. Fitch believes that downside risk to the forecast remains.</p><p>With steep revenue declines, the state's cash position has been strained. The state has taken proactive measures to ensure cash adequacy, and continued focus on cash management measures will be necessary. The LGAC bonds are protected from the cash flow issues by the flow of funds.</p><p>New York's employment decline in the recession was less severe than that of the nation. Nonfarm employment did not start to fall, year-over-year, until November 2008 and was down 2.7% in 2009 compared to a 4.3% drop for the U.S. In September 2010, jobs in New York were flat to the prior year while national figures were up 0.2% year-over-year. Unemployment remains below that of the nation in September 2010, at 8.3%, 86% of the U.S. level. Personal income performance has been meaningfully weaker than that of the nation, down 3.1% in 2009, almost double the national loss and the fourth worst of the states. The state's personal income per capita was the sixth highest among the states in 2009, at 117% of the U.S. average.</p><p>New York's net tax-supported debt is above average but still in the moderate range at 5.6% of personal income. Most of New York's debt has been issued by state public authorities and secured by appropriations; only about 7% is GO.</p><p>While this results in a diffuse debt structure, there is strong centralization and oversight in the budget division, and approval by the public authorities control board is required for many of these bond issues.</p><p>Additional information is available at 'www.fitchratings.com'.</p><p>In addition to the sources of information identified in the report 'Tax-Supported Rating Criteria', this action was additionally informed by information from IHS Global Insight.</p><p>Applicable Criteria and Related Research: --'Tax-Supported Rating Criteria', dated Aug. 16, 2010; --'U.S. State Government Tax-Supported Rating Criteria', dated Oct. 8, 2010.</p><p>For information on Build America Bonds, visit 'www.fitchratings.com/BABs'.</p><p>Applicable Criteria and Related Research: Tax-Supported Rating Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=548605 U.S. State Government Tax-Supported Rating Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=564546 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.</p><p>PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.</p><p>SOURCE: Fitch Ratings CONTACT: Fitch, Inc. Primary Analyst Laura Porter, +1-212-908-0575 Managing Director One State Street Plaza New York, NY 10004 or Secondary Analyst Douglas Offerman, +1-212-908-0889 Senior Director or Committee Chairperson Ken Weinstein, +1-212-908-0571 Senior Director or Media Relations Cindy Stoller, +1-212-908-0526 cindy.stoller@fitchratings.com Copyright Business Wire 2010 -0- KEYWORD: United States</p><p>North America</p><p>New York INDUSTRY KEYWORD: Professional Services</p><p>Banking</p><p>Finance SUBJECT CODE: Bond/Stock Rating</p></div>

NEW YORK, Nov 12, 2010 (BUSINESS WIRE) -- Fitch Ratings assigns an 'AA' rating to the following New York Local Government Assistance Corporation (LGAC) bonds: --$202,550,000 series 2010B refunding bonds (subordinate lien).The bonds are being issued for refunding purposes.In addition, Fitch affirms the 'AA' rating on approximately $3.4 billion of outstanding LGAC senior and subordinate lien bonds, including the underlying rating on the series 2003A-4V bonds for which liquidity is being substituted and insurance removed.Fitch does not make a rating distinction between the senior and subordinate liens due to the strong coverage and impoundment provisions.The Rating Outlook is Stable.RATING RATIONALE: --The designated source of payment, a portion of the state sales tax, is broad-based and provides generous coverage of debt service.--Although bond payments require annual legislative appropriation, there are strong protective provisions for insufficient funding and non-appropriation.Fitch believes that these features effectively eliminate the risk of non-appropriation.--The state's economy is broad, with substantial wealth and resources, although the health of the state's economy and finances is closely linked to the cyclical financial services industry.--Strong financial planning and reporting practices, including quarterly financial plan updates, allow the state to stay abreast of changing conditions.This credit strength is offset by the state's historical tendency to rely on nonrecurring measures rather than sustainable budget solutions to address revenue weakening in downturns.--New York's debt burden is above average but still in the moderate range, and pensions are well funded.KEY RATING DRIVERS: --Changes in New York State's general obligation (GO) rating, to which this rating is linked.--The state's GO rating will be driven by its continued ability to address budget shortfalls and protect its cash position.---Further driving the state's rating would be any meaningful change to the shape of the financial services industry, which would have significant implications for the state's economy and finances.SECURITY: LGAC's bonds are general obligations of the corporation, payable, subject to annual state legislative appropriation, from the yield of one cent of the four-cent state sales and use tax required by statute to be deposited in the local government assistance tax fund.CREDIT SUMMARY: The strength of the state's incentive to appropriate for the LGAC bonds results in a rating equal to that assigned to New York's GO debt despite the appropriation requirement for payment of debt service. In the event of non-appropriation, the state would be unable to receive revenues held by the LGAC tax fund, which receives one cent of the state's sales tax and contributes more than $2 billion to the state general fund. Security strengths include the broad sales tax base, the consistently high level of coverage (about 6.3 times (x) maximum annual debt service based on fiscal 2010 revenues), and the structural protections in place. Fitch does not make a rating distinction between the senior and subordinate liens due to the strong impoundment provisions and coverage.LGAC was created in 1990 as a means of financing $4.7 billion of the state's accrued general fund deficit, replacing the annual spring borrowing for local aid payments. The entire $4.7 billion authorization has been issued and additional debt can only be issued for refunding purposes.New York's 'AA' GO rating is based on the state's substantial wealth and resources and broad economy, and also recognizes concerns regarding the outsized role that the financial services industry plays in the state's economy and revenue system. State net tax-supported debt levels have been relatively stable as a percentage of personal income and are expected to remain above average but still in the moderate range. Pensions are well funded.The state's financial position has been strained. Revenue estimates for fiscal 2010, which ended on March 31, were revised downward repeatedly over the course of the year, primarily reflecting reduced expectations for the personal income tax. Despite gap-closing measures taken, fiscal 2010 ended with a deficit of $1.65 billion that was carried over to fiscal 2011. The budget for fiscal 2011 was not finalized until early August, more than four months into the fiscal year, although the debt service appropriation bill was passed before the start of the fiscal year. A fiscal 2011 gap of about $9.2 billion including the carried-over fiscal 2010 deficit ($8.5 billion after factoring in budget measures taken in December 2009) was addressed through spending control, particularly in the area of local aid, temporary and permanent revenue actions, including a suspension of the sales tax exemption for clothing and a cigarette tax increase to $4.35 per pack, and limited one-time measures. Deficit financing was not part of the gap-closing plan; however, the budget includes a substantial amount of federal stimulus funds. New York, which spends a larger than average amount on Medicaid, garners particular benefit from the increase in the federal Medicaid matching percentage included in the federal stimulus package.In contrast to prior downturns, recovery is expected to be slow, and the state is projected to confront significant outyear budget gaps as federal stimulus and temporary tax increase monies roll off. Earlier this month, the state reduced its revenue forecast and increased expenditure expectations. The current fiscal year (which ends on March 31, 2011) is now reported to have a $315 million shortfall to be addressed. The fiscal 2012 shortfall estimate has increased to $9 billion from $8.2 billion, with the large gap reflecting the phase-out of federal stimulus monies. The gap forecast for fiscal 2013 is now $14.6 billion, with the expiration of both stimulus funds and the temporary personal income tax rate increase. Fitch believes that downside risk to the forecast remains.With steep revenue declines, the state's cash position has been strained. The state has taken proactive measures to ensure cash adequacy, and continued focus on cash management measures will be necessary. The LGAC bonds are protected from the cash flow issues by the flow of funds.New York's employment decline in the recession was less severe than that of the nation. Nonfarm employment did not start to fall, year-over-year, until November 2008 and was down 2.7% in 2009 compared to a 4.3% drop for the U.S. In September 2010, jobs in New York were flat to the prior year while national figures were up 0.2% year-over-year. Unemployment remains below that of the nation in September 2010, at 8.3%, 86% of the U.S. level. Personal income performance has been meaningfully weaker than that of the nation, down 3.1% in 2009, almost double the national loss and the fourth worst of the states. The state's personal income per capita was the sixth highest among the states in 2009, at 117% of the U.S. average.New York's net tax-supported debt is above average but still in the moderate range at 5.6% of personal income. Most of New York's debt has been issued by state public authorities and secured by appropriations; only about 7% is GO.While this results in a diffuse debt structure, there is strong centralization and oversight in the budget division, and approval by the public authorities control board is required for many of these bond issues.Additional information is available at 'www.fitchratings.com'.In addition to the sources of information identified in the report 'Tax-Supported Rating Criteria', this action was additionally informed by information from IHS Global Insight.Applicable Criteria and Related Research: --'Tax-Supported Rating Criteria', dated Aug. 16, 2010; --'U.S. State Government Tax-Supported Rating Criteria', dated Oct. 8, 2010.For information on Build America Bonds, visit 'www.fitchratings.com/BABs'.Applicable Criteria and Related Research: Tax-Supported Rating Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=548605 U.S. State Government Tax-Supported Rating Criteria http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=564546 ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.SOURCE: Fitch Ratings CONTACT: Fitch, Inc. Primary Analyst Laura Porter, +1-212-908-0575 Managing Director One State Street Plaza New York, NY 10004 or Secondary Analyst Douglas Offerman, +1-212-908-0889 Senior Director or Committee Chairperson Ken Weinstein, +1-212-908-0571 Senior Director or Media Relations Cindy Stoller, +1-212-908-0526 cindy.stoller@fitchratings.com Copyright Business Wire 2010 -0- KEYWORD: United StatesNorth AmericaNew York INDUSTRY KEYWORD: Professional ServicesBankingFinance SUBJECT CODE: Bond/Stock Rating

2021-10-30 14:11:45.252386

No Consensus On Democrat "Big Oil" Bill

https://www.cnbc.com/2007/01/18/no-consensus-on-democrat-big-oil-bill.html

2007-01-18T19:57:17+0000

Carlo Dellaverson

CNBC

At this hour, as crude oil futures are trading below $50 per barrel for the first time since May 2005, the U.S. House of Representatives is voting on a controversial bill that targets the oil industry with higher taxes, fees and royalties. The bill is expected to pass the House with ease. “Power Lunch” covered all the bases of the proposed legislation, hosting a debate between Sterling Burnett of the National Center for Policy Analysis and Karen Wayland of the Natural Resources Defense Council.Before we get into the debate – a few notes on the proposed bill: first: it would effectively prohibit oil companies from receiving an income tax deduction – one that was enacted in 2004 for the domestic manufacturing sector. It also requires Big Oil to renegotiate leases issued in error in 1998 and 1999 for drilling rights in the Gulf of Mexico. If they refuse to renegotiate, they must instead pay a fee. The bill imposes another fee on all non-producing oil and gas leases in the Gulf of Mexico.Also in the bill is $14-15 billion earmarked for the exploration and development of alternative energy. Burnett believes we should actually “put the brakes” on alternative energies like ethanol, corn and soy diesel because of the collateral damage it creates for the poor. He points to the doubling of the price of corn in the last year as an example of how this can hurt consumers – especially the lower class.

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

<div class="group"><p>At this hour, <a href="https://www.cnbc.com/2007/01/18/oil-settles-at-another-20month-low-after-inventory-rise.html">as crude oil futures are trading below $50 per barrel for the first time since May 2005</a>, the U.S. House of Representatives is voting on a controversial bill that targets the oil industry with higher taxes, fees and royalties. The bill is expected to pass the House with ease. “Power Lunch” covered all the bases of the proposed legislation, hosting a debate between Sterling Burnett of the National Center for Policy Analysis and Karen Wayland of the Natural Resources Defense Council.</p><p>Before we get into the debate – a few notes on the proposed bill: first: it would effectively prohibit oil companies from receiving an income tax deduction – one that was enacted in 2004 for the domestic manufacturing sector. It also requires Big Oil to renegotiate leases issued in error in 1998 and 1999 for drilling rights in the Gulf of Mexico. If they refuse to renegotiate, they must instead pay a fee. The bill imposes another fee on all non-producing oil and gas leases in the Gulf of Mexico.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Also in the bill is $14-15 billion earmarked for the exploration and development of alternative energy. </p><p>Burnett believes we should actually “put the brakes” on alternative energies like ethanol, corn and soy diesel because of the collateral damage it creates for the poor. He points to the doubling of the price of corn in the last year as an example of how this can hurt consumers – especially the lower class.</p></div>,<div class="group"><p>Wayland countered that there is no guarantee any of the money that is earmarked for alternative energy is going to ethanol or corn initiatives. Although those monies have not yet been appropriated, she says there is a specific criterion that must be met before the cash is doled out. An example would be enacting energy efficiency tax credits and an increase in tax incentives for people buying hybrid cars. She also expects that a huge chunk of the $14-15 billion, if passed, will be given toward the financing of clean energies like solar and wind.</p><p>Consumers don’t care how much profit the oil companies are making “if gas is selling for $1.50 per gallon,” and nothing in the proposed bill will help the price at the pump," Burnett says. He believes the focus should be turned to more domestic production instead and says the bill, as it stands now, will leave the U.S. with a competitive disadvantage as obviously none of the fees or royalties would have an effect on international oil companies or oil-rich countries. </p><p>As for the portion of the bill that aims to take away the tax breaks that were enacted in ’04 – Burnett says it’s simply unfair as they were designed for the entire domestic manufacturing sector, not just oil. He says the Democrats are just targeting Big Oil because it’s an industry they love to hate.</p><p>The bill will likely need some tweaking to pass the Senate, but Wayland says regardless of the nuances, it shows that Congress is thinking on the right track. She says the taxpayer dollars that will be used will be well spent because they will  “send a market signal” that the U.S. must wean itself off its oil addiction by no longer investing in the oil industry.</p></div>

At this hour, as crude oil futures are trading below $50 per barrel for the first time since May 2005, the U.S. House of Representatives is voting on a controversial bill that targets the oil industry with higher taxes, fees and royalties. The bill is expected to pass the House with ease. “Power Lunch” covered all the bases of the proposed legislation, hosting a debate between Sterling Burnett of the National Center for Policy Analysis and Karen Wayland of the Natural Resources Defense Council.Before we get into the debate – a few notes on the proposed bill: first: it would effectively prohibit oil companies from receiving an income tax deduction – one that was enacted in 2004 for the domestic manufacturing sector. It also requires Big Oil to renegotiate leases issued in error in 1998 and 1999 for drilling rights in the Gulf of Mexico. If they refuse to renegotiate, they must instead pay a fee. The bill imposes another fee on all non-producing oil and gas leases in the Gulf of Mexico.Also in the bill is $14-15 billion earmarked for the exploration and development of alternative energy. Burnett believes we should actually “put the brakes” on alternative energies like ethanol, corn and soy diesel because of the collateral damage it creates for the poor. He points to the doubling of the price of corn in the last year as an example of how this can hurt consumers – especially the lower class.Wayland countered that there is no guarantee any of the money that is earmarked for alternative energy is going to ethanol or corn initiatives. Although those monies have not yet been appropriated, she says there is a specific criterion that must be met before the cash is doled out. An example would be enacting energy efficiency tax credits and an increase in tax incentives for people buying hybrid cars. She also expects that a huge chunk of the $14-15 billion, if passed, will be given toward the financing of clean energies like solar and wind.Consumers don’t care how much profit the oil companies are making “if gas is selling for $1.50 per gallon,” and nothing in the proposed bill will help the price at the pump," Burnett says. He believes the focus should be turned to more domestic production instead and says the bill, as it stands now, will leave the U.S. with a competitive disadvantage as obviously none of the fees or royalties would have an effect on international oil companies or oil-rich countries. As for the portion of the bill that aims to take away the tax breaks that were enacted in ’04 – Burnett says it’s simply unfair as they were designed for the entire domestic manufacturing sector, not just oil. He says the Democrats are just targeting Big Oil because it’s an industry they love to hate.The bill will likely need some tweaking to pass the Senate, but Wayland says regardless of the nuances, it shows that Congress is thinking on the right track. She says the taxpayer dollars that will be used will be well spent because they will  “send a market signal” that the U.S. must wean itself off its oil addiction by no longer investing in the oil industry.

2021-10-30 14:11:45.292471

UK MPs call for AI commission to tackle the ‘Star Wars’-style future

https://www.cnbc.com/2016/10/12/uk-mps-call-for-ai-commission-to-tackle-the-star-wars-style-future.html

2016-10-12T09:45:55+0000

Arjun Kharpal

CNBC

The U.K. is not ready for how artificial intelligence (AI) will "fundamentally reshape" the way we live and work, lawmakers warned in a report on Wednesday. U.K. members of parliament (MPs) have called for the creation of an artificial intelligence (AI) commission to examine the effect new technologies will have on society. "Artificial intelligence has some way to go before we see systems and robots as portrayed in the creative arts such as Star Wars," Tania Mathias, interim chair of the U.K. parliament's science and technology select committee, said in a statement. "But science fiction is slowly becoming science fact, and robotics and AI look destined to play an increasing role in our lives over the coming decades."

cnbc, Articles, Alphabet Class A, Technology, Tech Transformers, source:tagname:CNBC Europe Source

<div class="group"><p> The U.K. is not ready for how artificial intelligence (AI) will "fundamentally reshape" the way we live and work, lawmakers warned in a report on Wednesday.</p><p> U.K. members of parliament (MPs) have called for the creation of an artificial intelligence (AI) commission to examine the effect new technologies will have on society. </p><div style="height:100%" class="lazyload-placeholder"></div><p> "Artificial intelligence has some way to go before we see systems and robots as portrayed in the creative arts such as Star Wars," Tania Mathias, interim chair of the U.K. parliament's science and technology select committee, said in a statement. </p><p> "But science fiction is slowly becoming science fact, and robotics and AI look destined to play an increasing role in our lives over the coming decades."</p><br></div>,<div class="group"><p> Mathias added that it was "too soon" to set up sector-wide regulations for such a nascent field of technology, but "it is vital that careful scrutiny of the ethical, legal and societal ramifications of artificially intelligent systems begins now."</p><p> The world's largest technology companies, including <a href="//www.cnbc.com/quotes/GOOGL" target="_blank">Google</a> and <a href="//www.cnbc.com/quotes/FB" target="_blank">Facebook</a>, have been investing heavily in artificial intelligence, which is set to power new technologies from driverless cars to personal assistants. But it is also being used in the medical profession to <a href="https://www.cnbc.com/2016/08/17/microsoft-wants-to-make-curing-people-easier-with-artificial-intelligence.html">help diagnose illnesses</a>.</p><p> British MPs said that such breakthroughs raise "a host of questions for society, including ethical issues about the transparency of AI decision-making as well as privacy and safety".</p><div style="height:100%" class="lazyload-placeholder"></div><p> They propose setting up a commission that can examine the social, ethical and legal implications of developments in AI. </p><p> The U.K. has been a <a href="https://www.cnbc.com/2016/02/05/why-us-tech-giants-are-buying-british-ai-start-ups.html">hotbed of AI start-ups</a>, some of which have been acquired by U.S. technology giants. Microsoft acquired London-based Swiftkey earlier this year for $250 million, while Google bought DeepMind in 2014. Still, Mathias argues that the government has not taken any leadership on AI developments. </p><p> Experts predict that AI could have a huge impact on the workforce. AI will take 6 percent of jobs by 2021, according to a study last month by <a href="https://www.cnbc.com/2016/09/12/ai-will-eliminate-six-percent-of-jobs-in-five-years-says-report.html">Forrester Research</a>. </p><p> Mathias called on the government to make sure education in schools and training systems are up-to-date to deal with the workforce change.</p><p> "It is conceivable that we will see AI technology creating new jobs over the coming decades while at the same time displacing others. Since we cannot yet foresee exactly how these changes will play out, we must respond with a readiness to re-skill and up-skill," Mathias said. </p></div>

The U.K. is not ready for how artificial intelligence (AI) will "fundamentally reshape" the way we live and work, lawmakers warned in a report on Wednesday. U.K. members of parliament (MPs) have called for the creation of an artificial intelligence (AI) commission to examine the effect new technologies will have on society. "Artificial intelligence has some way to go before we see systems and robots as portrayed in the creative arts such as Star Wars," Tania Mathias, interim chair of the U.K. parliament's science and technology select committee, said in a statement. "But science fiction is slowly becoming science fact, and robotics and AI look destined to play an increasing role in our lives over the coming decades." Mathias added that it was "too soon" to set up sector-wide regulations for such a nascent field of technology, but "it is vital that careful scrutiny of the ethical, legal and societal ramifications of artificially intelligent systems begins now." The world's largest technology companies, including Google and Facebook, have been investing heavily in artificial intelligence, which is set to power new technologies from driverless cars to personal assistants. But it is also being used in the medical profession to help diagnose illnesses. British MPs said that such breakthroughs raise "a host of questions for society, including ethical issues about the transparency of AI decision-making as well as privacy and safety". They propose setting up a commission that can examine the social, ethical and legal implications of developments in AI. The U.K. has been a hotbed of AI start-ups, some of which have been acquired by U.S. technology giants. Microsoft acquired London-based Swiftkey earlier this year for $250 million, while Google bought DeepMind in 2014. Still, Mathias argues that the government has not taken any leadership on AI developments. Experts predict that AI could have a huge impact on the workforce. AI will take 6 percent of jobs by 2021, according to a study last month by Forrester Research. Mathias called on the government to make sure education in schools and training systems are up-to-date to deal with the workforce change. "It is conceivable that we will see AI technology creating new jobs over the coming decades while at the same time displacing others. Since we cannot yet foresee exactly how these changes will play out, we must respond with a readiness to re-skill and up-skill," Mathias said.

2021-10-30 14:11:45.405515

What's On: Big Retailers, Big Caps and Big Tobacco

https://www.cnbc.com/2011/03/02/whats-on-big-retailers-big-caps-and-big-tobacco.html

2011-03-02T13:08:52+0000

CNBC

Here's what's up on Wednesday's Squawk on the Street: --Big name retailers are set to report. We're talking about BJ's Wholesale, Costco and Staples. See how these guys did in the quarter that was... and see how the stocks will react.  --It's also Widely Held Wednesday, a day we set aside each week to talk about the big cap stocks, stocks like Microsoft, Bank of America and Citigroup.--Also on our radar, tobacco stocks. Several of them are really burning it up these days, stocks like Philip Morris and British Tobacco. --We have the CEOs of two up and coming tech companies. Ansys makes engineering software. Qlick Technologies helps data communicate with other kinds of data. Both stocks have really been moving recently.--Also on the big show, do you think we really need corporate boards? What do they really do? We're debating it with two people with some real inside knowledge about what it's like to be on the board. This after former Goldman Sachs  board member Rajat Gupta is accused of insider trading. We want to hear from you on this one. Share your opinion.The fun starts live from the NYSE at 9am sharp, don't miss a minute of Squawk on the Street.

cnbc, Articles, ANSYS Inc, Bank of America Corp, British American Tobacco PLC, Citigroup Inc, Costco Wholesale Corp, Microsoft Corp, Philip Morris International Inc, Qlik Technologies Inc, Staples Inc, CNBC TV, Squawk on the Street, source:tagname:CNBC US Source

<div class="group"><p>Here's what's up on Wednesday's Squawk on the Street: </p><p>--Big name retailers are set to report. We're talking about BJ's Wholesale, Costco and Staples. See how these guys did in the quarter that was... and see how the stocks will react.  </p><div style="height:100%" class="lazyload-placeholder"></div><p>--It's also Widely Held Wednesday, a day we set aside each week to talk about the big cap stocks, stocks like Microsoft, Bank of America and Citigroup.</p><p>--Also on our radar, tobacco stocks. Several of them are really burning it up these days, stocks like Philip Morris and British Tobacco. </p><p>--We have the CEOs of two up and coming tech companies. Ansys makes engineering software. Qlick Technologies helps data communicate with other kinds of data. Both stocks have really been moving recently.</p><p>--Also on the big show, do you think we really need corporate boards? What do they really do? We're debating it with two people with some real inside knowledge about what it's like to be on the board. This after former Goldman Sachs  board member Rajat Gupta is accused of insider trading. We want to hear from you on this one. <a href="https://www.cnbc.com/2011/03/02/are-corporate-boards-pass.html">Share your opinion</a>.</p><p>The fun starts live from the NYSE at 9am sharp, don't miss a minute of Squawk on the Street.</p></div>

Here's what's up on Wednesday's Squawk on the Street: --Big name retailers are set to report. We're talking about BJ's Wholesale, Costco and Staples. See how these guys did in the quarter that was... and see how the stocks will react.  --It's also Widely Held Wednesday, a day we set aside each week to talk about the big cap stocks, stocks like Microsoft, Bank of America and Citigroup.--Also on our radar, tobacco stocks. Several of them are really burning it up these days, stocks like Philip Morris and British Tobacco. --We have the CEOs of two up and coming tech companies. Ansys makes engineering software. Qlick Technologies helps data communicate with other kinds of data. Both stocks have really been moving recently.--Also on the big show, do you think we really need corporate boards? What do they really do? We're debating it with two people with some real inside knowledge about what it's like to be on the board. This after former Goldman Sachs  board member Rajat Gupta is accused of insider trading. We want to hear from you on this one. Share your opinion.The fun starts live from the NYSE at 9am sharp, don't miss a minute of Squawk on the Street.

2021-10-30 14:11:45.438739

Weiner to Take Leave From House to Seek Treatment

https://www.cnbc.com/2011/06/11/weiner-to-take-leave-from-house-to-seek-treatment.html

2011-06-11T19:58:27+0000

CNBC

Rep. Anthony Weiner is asking for a temporary leave of absence from the House while he seeks professional treatment in the wake of his Twitter scandal.

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

<div class="group"><p>Rep. Anthony Weiner is asking for a temporary leave of absence from the House while he seeks professional treatment in the wake of his Twitter scandal. </p></div>,<div class="group"><p>A spokeswoman for the New York Democrat says he has left for professional treatment and will focus on "becoming a better husband and healthier person." </p><div style="height:100%" class="lazyload-placeholder"></div><p>Spokeswoman Risa Heller says Weiner wants the leave of absence so he can be evaluated and work out a course of treatment. </p><p>The statement doesn't say what Weiner would be treated for. </p><p>Just before the statement, leading Democrats demanded that Weiner step down. </p></div>

Rep. Anthony Weiner is asking for a temporary leave of absence from the House while he seeks professional treatment in the wake of his Twitter scandal. A spokeswoman for the New York Democrat says he has left for professional treatment and will focus on "becoming a better husband and healthier person." Spokeswoman Risa Heller says Weiner wants the leave of absence so he can be evaluated and work out a course of treatment. The statement doesn't say what Weiner would be treated for. Just before the statement, leading Democrats demanded that Weiner step down.

2021-10-30 14:11:45.800971

Mobile addiction growing at an alarming rate

https://www.cnbc.com/2014/04/24/mobile-addiction-growing-at-an-alarming-rate.html

2014-04-24T04:08:05+0000

Ansuya Harjani

CNBC

Mobile addicts are multiplying at an alarming rate, as an increasing number of teens, college students and middle-age parents fall victim to the problem. A "mobile addict" is defined as a user that launches apps more than 60 times a day, according to mobile analytics firm Flurry, six times more than the average user. The number of mobile addicts has grown by 123 percent over the past year, according to Flurry, which looks at data from 500,000 apps across 1.3 billion mobile devices.

cnbc, Articles, Technology, Tech Edge , source:tagname:CNBC Asia Source

<div class="group"><p>Mobile addicts are multiplying at an alarming rate, as an increasing number of teens, college students and middle-age parents fall victim to the problem.<br></p><p> A "mobile addict" is defined as a user that launches apps more than 60 times a day, according to mobile analytics firm Flurry, six times more than the average user.</p><div style="height:100%" class="lazyload-placeholder"></div><p> The number of mobile addicts has grown by 123 percent over the past year, according to Flurry, which looks at data from 500,000 apps across 1.3 billion mobile devices.</p></div>,<div class="group"><p> As of March 2014, there were 176 million addicts, up from 79 million in the same period last year. Females accounted for 52 percent of addicts, while the rest were males.</p><p> It comes as no surprise that teens and college students are part of this group as their youth has coincided with the mobile revolution.</p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2013/12/18/5-ways-to-kick-your-247-tech-addiction-in-2014.html">5 ways to kick your 24/7 tech addiction</a><br></p><p> "[Teens] are not just accustomed to mobile, they expect their mobile device to handle nearly every type of task and communication," Flurry said.</p><div style="height:100%" class="lazyload-placeholder"></div><p> "The same is true for college students who are noticeably avid users of messaging and gaming apps. They have just entered the workforce, are predominantly single and are likely out and about more often than older and younger segments," it added.</p><p> What's interesting is the number of middle-aged consumers (aged 35-54) that have exhibited obsessive-compulsive behavior with their mobile devices.</p><p> Middle-aged consumers constitute 28 percent of mobile addicts, but account for just 20 percent of the average mobile consumer. Female middle-aged addicts fell into categories such as mothers, gamers and sports fans. Meanwhile, male addicts were parents, car enthusiasts, gamers and catalog shoppers.<br></p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/03/27/instagram-passes-twitter-in-race-for-us-smartphone-users.html">Instagram passes Twitter in race for US smartphone users</a><br></p><p> Researchers, however, noted that part of the high usage amongst middle-aged users could be because their devices are shared among multiple family members including their children.</p><p> "The picture we formed is a family of four, with two phones, one tablet, and all three devices shared by the family for education, entertainment and more utilitarian functions as well," Flurry said.<br></p><p> Gadget addiction – or nomophobia – has become a growing concern in Asia-Pacific, the region that is leading mobile phone sales growth globally. </p><p> In<span class="910260105-24042014"> the </span>ultra-wired South Korea, where the average smartphone owner spends over four hours a day on <span class="910260105-24042014">the</span> device, the government is looking to take matters into its own hands by possibly introducing a curfew on smartphone use, according to GlobalPost. <span class="910260105-24042014"> </span></p><p> Three years ago, the government implemented a curfew to block users under 16 years old from accessing online computer games after midnight<span class="910260105-24042014"> in an effort to curb video game addition among the youth. </span></p><p> <strong>Early adopters of wearable devices</strong></p><p> With mobile addicts launching apps over 60 times a day, they are effectively wearing the devices.</p><p> To date, most applications for wearables have focused on fitness and health. But, developers should think about the other experiences that will appeal to the people who need to be connected all the time, Flurry said.</p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/02/06/why-its-about-tablets-and-not-smartphone-growthbuzzfeedcommentary.html">Tablets are the new smartphones</a><br></p><p> "This includes teens, college students and middle-aged parents who are interested gaming, autos, sports and shopping, and who may have a constant need to entertain or educate their children. After all, the people who we consider "mobile addicts" are already essentially wearing their devices 24/7/365," it said.</p></div>

Mobile addicts are multiplying at an alarming rate, as an increasing number of teens, college students and middle-age parents fall victim to the problem. A "mobile addict" is defined as a user that launches apps more than 60 times a day, according to mobile analytics firm Flurry, six times more than the average user. The number of mobile addicts has grown by 123 percent over the past year, according to Flurry, which looks at data from 500,000 apps across 1.3 billion mobile devices. As of March 2014, there were 176 million addicts, up from 79 million in the same period last year. Females accounted for 52 percent of addicts, while the rest were males. It comes as no surprise that teens and college students are part of this group as their youth has coincided with the mobile revolution. Read More5 ways to kick your 24/7 tech addiction "[Teens] are not just accustomed to mobile, they expect their mobile device to handle nearly every type of task and communication," Flurry said. "The same is true for college students who are noticeably avid users of messaging and gaming apps. They have just entered the workforce, are predominantly single and are likely out and about more often than older and younger segments," it added. What's interesting is the number of middle-aged consumers (aged 35-54) that have exhibited obsessive-compulsive behavior with their mobile devices. Middle-aged consumers constitute 28 percent of mobile addicts, but account for just 20 percent of the average mobile consumer. Female middle-aged addicts fell into categories such as mothers, gamers and sports fans. Meanwhile, male addicts were parents, car enthusiasts, gamers and catalog shoppers. Read MoreInstagram passes Twitter in race for US smartphone users Researchers, however, noted that part of the high usage amongst middle-aged users could be because their devices are shared among multiple family members including their children. "The picture we formed is a family of four, with two phones, one tablet, and all three devices shared by the family for education, entertainment and more utilitarian functions as well," Flurry said. Gadget addiction – or nomophobia – has become a growing concern in Asia-Pacific, the region that is leading mobile phone sales growth globally. In the ultra-wired South Korea, where the average smartphone owner spends over four hours a day on the device, the government is looking to take matters into its own hands by possibly introducing a curfew on smartphone use, according to GlobalPost. Three years ago, the government implemented a curfew to block users under 16 years old from accessing online computer games after midnight in an effort to curb video game addition among the youth. Early adopters of wearable devices With mobile addicts launching apps over 60 times a day, they are effectively wearing the devices. To date, most applications for wearables have focused on fitness and health. But, developers should think about the other experiences that will appeal to the people who need to be connected all the time, Flurry said. Read MoreTablets are the new smartphones "This includes teens, college students and middle-aged parents who are interested gaming, autos, sports and shopping, and who may have a constant need to entertain or educate their children. After all, the people who we consider "mobile addicts" are already essentially wearing their devices 24/7/365," it said.

2021-10-30 14:11:45.958655

Dumb Money: Hedge Funds Can't Even Beat Bond Funds

https://www.cnbc.com/2012/07/10/dumb-money-hedge-funds-cant-even-beat-bond-funds.html

2012-07-10T18:59:14+0000

John Melloy

CNBC

They are supposed to be the smart money—the best of the best—yet they can’t even beat a basic Treasury bond fund.

cnbc, Articles, S&P 500 Index, iShares 20+ Year Treasury Bond ETF, Fed Should Raise Interest Rates to 2-3 Percent: Einhorn, Bank Crisis Strikes Europe, CNBC TV, Fast Money, Fast Money: Behind The Money, source:tagname:CNBC US Source

<div class="group"><p>They are supposed to be the smart money—the best of the best—yet they can’t even beat a basic Treasury bond fund. </p></div>,<div class="group"><p><strong>Hedge funds</strong>as a group are badly underperforming this year, which could lead to a series of redemptions, closings and rethinking of the lofty fee structures the managers of these alternative vehicles enjoy.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The Bank of America Merrill Lynch global diversified hedge fund composite index returned just 1.3 percent in the first half of 2012, well below the S&amp;P 500’s 8.3 percent gain.</p><p>Funds that focus on betting against stocks performed the worst, falling 7.1 percent as a group, according to the report.</p><p>Perhaps even worse than their underperformance of the S&amp;P 500 was that the group trailed the iShares Barclays Treasury Bond ETF, which is up almost six percent on the year.</p><p>--------------------------------------------------------------------------</p><p><a href="https://www.cnbc.com/2012/07/09/Fast-Moneys-Favorite-Dividend-Yielders-2012.html">SEEKING RETURN? Click here for Fast Money's Favorite Dividend Yielders</a></p><div style="height:100%" class="lazyload-placeholder"></div><p><strong>--------------------------------------------------------------------------</strong></p><p>“If you’re a fundamental stock picker, good luck earning your 2 and 20 in this environment,” said Gina Sanchez, director of equity and asset allocation strategy for Roubini Global Economics. “Macro risk hasn’t been this high since the Asian crisis.”</p><p>It seems that yet another <a href="https://www.cnbc.com/bank-crisis-strikes-europe/">global credit crisis</a>—this time in<a href="https://www.cnbc.com/2012/07/10/time-to-throw-in-towel-on-euro-crisis-economist.html">Europe</a>—is causing the kind of herd behavior that makes it hard for hedge funds to identify stocks and other securities that will deliver return above and beyond that of the market.<br><br>Goldman Sachs noted in a report to clients—many of them hedge funds—that correlations among individual stocks have increased significantly since March, meaning they move in lockstep with one another. Goldman expects expect that to continue, making it even harder for hedge funds to reverse this trend in the second half.<br><br>“We continue to expect a slow recovery in the stock-picking environment as macro growth concerns and event risks dominate the investment environment,” wrote Goldman’s Stuart Kaiser, in a note.<br><br>Funds from notable hedge fund managers such asJohn Paulson, Daniel Loeb and David Einhorn underperformed the market in the first half.</p><p><a href="https://www.cnbc.com/2012/07/10/fed-should-raise-interest-rates-to-23-percent-einhorn.html">Einhorn, in an interview with CNBC</a>, implied that the Federal Reserve’s policy of zero interest rates is making it difficult for everybody.<br><br>“I think it is actually counterproductive having very low zero rates,” said the manager of Greenlight Capital. “It is sort of just depressing to people. I think it deprives savers of reasonable incomes and the ability to forecast.”<br><br>It also pushes investors out the risk curve into alternative investments like hedge funds, a losing proposition so far this year.<br><br>“This shows that investors need a mixed basket of investments, some fixed income, some long stock and some alternative investments,” said Brian Stutland of Stutland Volatility Group.</p><p><em>For the best market insight, catch 'Fast Money' each night at 5pm ET, and the ‘Halftime Report’ each afternoon at 12:00 ET on CNBC. Follow <a href="https://twitter.com/#!/CNBCMelloy" class="webresource" target="_blank">@CNBCMelloy</a> on Twitter.<br><br><br><br></em></p><p><br></p><p>______________________________________________________<br>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>! If you'd prefer to make a comment, but not have it published on our Web site, send your message to <!-- -->.</p></div>

They are supposed to be the smart money—the best of the best—yet they can’t even beat a basic Treasury bond fund. Hedge fundsas a group are badly underperforming this year, which could lead to a series of redemptions, closings and rethinking of the lofty fee structures the managers of these alternative vehicles enjoy.The Bank of America Merrill Lynch global diversified hedge fund composite index returned just 1.3 percent in the first half of 2012, well below the S&P 500’s 8.3 percent gain.Funds that focus on betting against stocks performed the worst, falling 7.1 percent as a group, according to the report.Perhaps even worse than their underperformance of the S&P 500 was that the group trailed the iShares Barclays Treasury Bond ETF, which is up almost six percent on the year.--------------------------------------------------------------------------SEEKING RETURN? Click here for Fast Money's Favorite Dividend Yielders--------------------------------------------------------------------------“If you’re a fundamental stock picker, good luck earning your 2 and 20 in this environment,” said Gina Sanchez, director of equity and asset allocation strategy for Roubini Global Economics. “Macro risk hasn’t been this high since the Asian crisis.”It seems that yet another global credit crisis—this time inEurope—is causing the kind of herd behavior that makes it hard for hedge funds to identify stocks and other securities that will deliver return above and beyond that of the market.Goldman Sachs noted in a report to clients—many of them hedge funds—that correlations among individual stocks have increased significantly since March, meaning they move in lockstep with one another. Goldman expects expect that to continue, making it even harder for hedge funds to reverse this trend in the second half.“We continue to expect a slow recovery in the stock-picking environment as macro growth concerns and event risks dominate the investment environment,” wrote Goldman’s Stuart Kaiser, in a note.Funds from notable hedge fund managers such asJohn Paulson, Daniel Loeb and David Einhorn underperformed the market in the first half.Einhorn, in an interview with CNBC, implied that the Federal Reserve’s policy of zero interest rates is making it difficult for everybody.“I think it is actually counterproductive having very low zero rates,” said the manager of Greenlight Capital. “It is sort of just depressing to people. I think it deprives savers of reasonable incomes and the ability to forecast.”It also pushes investors out the risk curve into alternative investments like hedge funds, a losing proposition so far this year.“This shows that investors need a mixed basket of investments, some fixed income, some long stock and some alternative investments,” said Brian Stutland of Stutland Volatility Group.For the best market insight, catch 'Fast Money' each night at 5pm ET, and the ‘Halftime Report’ each afternoon at 12:00 ET on CNBC. Follow @CNBCMelloy on Twitter.______________________________________________________Got something 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 your message to .

2021-10-30 14:11:46.086100

Damian Lewis a front-runner for James Bond role: Report

https://www.cnbc.com/2015/06/16/damian-lewis-a-front-runner-for-james-bond-role-report.html

2015-06-16T12:56:19+0000

Fred Imbert

CNBC

Former Homeland star Damian Lewis is now among the front-runners to become the next James Bond, The Hollywood Reporter said Tuesday. The report said that British bookmaker William Hill raised Lewis' odds of taking the mantle of the fictional MI-6 spy from 25/1 to 3/1, just behind Idris Elba's odds of 5/2. "This is an unprecedented gamble, as for no apparent reason we have seen bets of up to £200 [$312] on Damian Lewis being named as the next Bond. This could well be significant and might herald the end of Daniel Craig as the world's most famous spy," a William Hill spokesperson told the publication.Read More Why and how 'Jurassic World' broke records Craig has been playing Bond since 2006. His fourth movie as the character, titled "Spectre," will be released in November.Click here to read the full report.CORRECTION: This story was updated reflect that Daniel Craig will have played the James Bond character in four movies, including "Spectre."

cnbc, Articles, Gambling, Movies, Business, Entertainment, Movies and Entertainment, Business News, US: News, DO NOT USE Consumer, Life, source:tagname:CNBC US Source

<div class="group"><p> Former Homeland star Damian Lewis is now among the front-runners to become the next James Bond, The Hollywood Reporter said Tuesday.</p><p> The report said that British bookmaker William Hill raised Lewis' odds of taking the mantle of the fictional MI-6 spy from 25/1 to 3/1, just behind Idris Elba's odds of 5/2.</p><div style="height:100%" class="lazyload-placeholder"></div><p> "This is an unprecedented gamble, as for no apparent reason we have seen bets of up to £200 [$312] on Damian Lewis being named as the next Bond. This could well be significant and might herald the end of Daniel Craig as the world's most famous spy," a William Hill spokesperson told the publication.<br></p><p><span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2015/06/15/why-and-how-jurassic-world-broke-records.html"> Why and how 'Jurassic World' broke records</a><br></p><p> Craig has been playing Bond since 2006. His fourth movie as the character, titled "Spectre," will be released in November.</p><p>Click <a href="http://www.hollywoodreporter.com/news/damian-lewis-tipped-become-next-802726" target="_blank">here</a> to read the full report.</p><p><em>CORRECTION: This story was updated reflect that Daniel Craig will have played the James Bond character in four movies, including "Spectre."</em></p></div>

Former Homeland star Damian Lewis is now among the front-runners to become the next James Bond, The Hollywood Reporter said Tuesday. The report said that British bookmaker William Hill raised Lewis' odds of taking the mantle of the fictional MI-6 spy from 25/1 to 3/1, just behind Idris Elba's odds of 5/2. "This is an unprecedented gamble, as for no apparent reason we have seen bets of up to £200 [$312] on Damian Lewis being named as the next Bond. This could well be significant and might herald the end of Daniel Craig as the world's most famous spy," a William Hill spokesperson told the publication.Read More Why and how 'Jurassic World' broke records Craig has been playing Bond since 2006. His fourth movie as the character, titled "Spectre," will be released in November.Click here to read the full report.CORRECTION: This story was updated reflect that Daniel Craig will have played the James Bond character in four movies, including "Spectre."

2021-10-30 14:11:46.123180

Off to a Rocky Start

https://www.cnbc.com/2009/09/25/off-to-a-rocky-start.html

2009-09-25T13:31:52+0000

Bob Pisani

CNBC

S&P 500 futures drop about 6 points as August durable good orders were well below expectations: down 2.4 percent vs. consensus of up 0.4 percent. The dollar rallied, as it did yesterday on the disappointing existing home sales report. Elsewhere: 1) KB Home down 5 percent despite posting a narrower-than-expected Q3 loss as better margins and smaller writedowns. The homebuilder's revenues fell 33 percent as home deliveries fell 20 percent and average prices declined 15 percent. However, new orders soared 62 percent from the year-ago quarter, but were down 27 percent sequentially from the prior quarter. Weighing on the shares is CEO Jeff Mezger's cautious comments: "it will likely be some time before we see meaningful improvement in the economic conditions that are essential to our industry's future growth." 2) Sara Lee rises 7 percent pre-open after Unilever agreed to buy its soap and personal care units for $1.9 billion dollars. The acquisition allows Unilever to diversify its portfolio of consumer product brands, while the deal will help Sara Lee repurchase $1 billion in stock and "invest for growth" in core businesses. The companies expect the deal to close next year. 3) Another IPO: The busy week for IPOs continues today. Shanda Games (GAME) priced its Nasdaq-listed shares at $12.50 - at the high end of the previously announced range of $10.50-$12.50. The Chinese online video game operator raised $1 billion and becomes the biggest IPO in the U.S. this year. 4) We're growing, but not as much as you wanted. Hewlett Packard down 1 percent pre-open as CEO Mark Hurd said the magic words: "We expect the IT industry to return to growth in 2010 and believe that HP will outpace the market," but their guidance was not as strong as expected. Diluted EPS in the range of $4.20 to $4.30 was near analyst estimates of $4.23, while revenue of approximately $117.0 billion to $118.0 billion is below consensus of $118 billion. 5) Airlines trading up about 2 percent pre-open as UBS upgrades airlines including AMR , Continental, US Air, with United its top pick. UBS says that "Thanks to the recent flurry of capital raises the balance sheets of several of US airlines will be flush with new cash." 6) Goldman Sachs upgrades refining sectorm including Holly, Occidental and Sunoco. 7) The two-day decline in stocks (less than 2 percent on the S&P 500), has some again wondering about the long-sought correction. Bears point out that we have moved over 50 percent since the March lows and are due for a correction, but Laszlo Birinyi (quoted in Morningstar) notes that there is little evidence for an imminent correction: "Give me the evidence...in 1982 we went 424 days before we had a correction. In 2000, we went seven years before we had a 10% correction. In 2002, we went three or four years." 8) Short interest continues to decrease. Traders have bitterly complained that shorting the market has been a recipe for disaster in the past several months; many have told me they have been shorting much less. We continue to get evidence that shorting is indeed down. From August 31st to September 15th, the total amount of securities on the S&P 500 sold short dropped by 7.3 percent. __________________________________________________________Questions?  Comments?  tradertalk@cnbc.com

cnbc, Articles, American Airlines Group Inc, Camden Property Trust, HP Inc, KB Home, US Airways Group Inc, Occidental Petroleum Corp, Sunoco Inc, Unilever NV, DOW 30, Stock Blog, Markets, U.S. Markets, Market Insider, Trader Talk, source:tagname:CNBC US Source

<div class="group"><p>S&amp;P 500 futures drop about 6 points as August durable good orders were well below expectations: down 2.4 percent vs. consensus of up 0.4 percent. </p><p>The dollar rallied, as it did yesterday on the disappointing existing home sales report. </p><div style="height:100%" class="lazyload-placeholder"></div><p>Elsewhere: </p><p>1) KB Home down 5 percent despite posting a narrower-than-expected Q3 loss as better margins and smaller writedowns. The homebuilder's revenues fell 33 percent as home deliveries fell 20 percent and average prices declined 15 percent. However, new orders soared 62 percent from the year-ago quarter, but were down 27 percent sequentially from the prior quarter. </p><p>Weighing on the shares is CEO Jeff Mezger's cautious comments: "it will likely be some time before we see meaningful improvement in the economic conditions that are essential to our industry's future growth." </p><p>2) Sara Lee rises 7 percent pre-open after Unilever agreed to buy its soap and personal care units for $1.9 billion dollars. The acquisition allows Unilever to diversify its portfolio of consumer product brands, while the deal will help Sara Lee repurchase $1 billion in stock and "invest for growth" in core businesses. The companies expect the deal to close next year. </p><p>3) Another IPO: The busy week for IPOs continues today. <strong>Shanda Games</strong> (GAME) priced its Nasdaq-listed shares at $12.50 - at the high end of the previously announced range of $10.50-$12.50. The Chinese online video game operator raised $1 billion and becomes the biggest IPO in the U.S. this year. </p><div style="height:100%" class="lazyload-placeholder"></div><p>4) We're growing, but not as much as you wanted. Hewlett Packard down 1 percent pre-open as CEO Mark Hurd said the magic words: "We expect the IT industry to return to growth in 2010 and believe that HP will outpace the market," but their guidance was not as strong as expected. Diluted EPS in the range of $4.20 to $4.30 was near analyst estimates of $4.23, while revenue of approximately $117.0 billion to $118.0 billion is below consensus of $118 billion. </p><p>5) Airlines trading up about 2 percent pre-open as UBS upgrades airlines including AMR , Continental, US Air, with United its top pick. UBS says that "Thanks to the recent flurry of capital raises the balance sheets of several of US airlines will be flush with new cash." </p><p>6) Goldman Sachs upgrades refining sectorm including Holly, Occidental and Sunoco. </p><p>7) The two-day decline in stocks (less than 2 percent on the S&amp;P 500), has some again wondering about the long-sought correction. Bears point out that we have moved over 50 percent since the March lows and are due for a correction, but Laszlo Birinyi (quoted in Morningstar) notes that there is little evidence for an imminent correction: "Give me the evidence...in 1982 we went 424 days before we had a correction. In 2000, we went seven years before we had a 10% correction. In 2002, we went three or four years." </p><p>8) Short interest continues to decrease. Traders have bitterly complained that shorting the market has been a recipe for disaster in the past several months; many have told me they have been shorting much less. </p><p>We continue to get evidence that shorting is indeed down. From August 31st to September 15th, the total amount of securities on the S&amp;P 500 sold short dropped by 7.3 percent. </p><p>_____________________________<br></p><ul><li><a href="https://www.cnbc.com/dow-30/">The Dow 30 in Real Time</a></li><li><a href="https://www.cnbc.com/stock-blog/">The CNBC Stock Blog</a></li></ul><p>_____________________________</p><p><em>Questions?  Comments?  <a href="mailto:tradertalk@cnbc.com" class="webresource" target="_blank">tradertalk@cnbc.com</a></em></p><p><br></p></div>

S&P 500 futures drop about 6 points as August durable good orders were well below expectations: down 2.4 percent vs. consensus of up 0.4 percent. The dollar rallied, as it did yesterday on the disappointing existing home sales report. Elsewhere: 1) KB Home down 5 percent despite posting a narrower-than-expected Q3 loss as better margins and smaller writedowns. The homebuilder's revenues fell 33 percent as home deliveries fell 20 percent and average prices declined 15 percent. However, new orders soared 62 percent from the year-ago quarter, but were down 27 percent sequentially from the prior quarter. Weighing on the shares is CEO Jeff Mezger's cautious comments: "it will likely be some time before we see meaningful improvement in the economic conditions that are essential to our industry's future growth." 2) Sara Lee rises 7 percent pre-open after Unilever agreed to buy its soap and personal care units for $1.9 billion dollars. The acquisition allows Unilever to diversify its portfolio of consumer product brands, while the deal will help Sara Lee repurchase $1 billion in stock and "invest for growth" in core businesses. The companies expect the deal to close next year. 3) Another IPO: The busy week for IPOs continues today. Shanda Games (GAME) priced its Nasdaq-listed shares at $12.50 - at the high end of the previously announced range of $10.50-$12.50. The Chinese online video game operator raised $1 billion and becomes the biggest IPO in the U.S. this year. 4) We're growing, but not as much as you wanted. Hewlett Packard down 1 percent pre-open as CEO Mark Hurd said the magic words: "We expect the IT industry to return to growth in 2010 and believe that HP will outpace the market," but their guidance was not as strong as expected. Diluted EPS in the range of $4.20 to $4.30 was near analyst estimates of $4.23, while revenue of approximately $117.0 billion to $118.0 billion is below consensus of $118 billion. 5) Airlines trading up about 2 percent pre-open as UBS upgrades airlines including AMR , Continental, US Air, with United its top pick. UBS says that "Thanks to the recent flurry of capital raises the balance sheets of several of US airlines will be flush with new cash." 6) Goldman Sachs upgrades refining sectorm including Holly, Occidental and Sunoco. 7) The two-day decline in stocks (less than 2 percent on the S&P 500), has some again wondering about the long-sought correction. Bears point out that we have moved over 50 percent since the March lows and are due for a correction, but Laszlo Birinyi (quoted in Morningstar) notes that there is little evidence for an imminent correction: "Give me the evidence...in 1982 we went 424 days before we had a correction. In 2000, we went seven years before we had a 10% correction. In 2002, we went three or four years." 8) Short interest continues to decrease. Traders have bitterly complained that shorting the market has been a recipe for disaster in the past several months; many have told me they have been shorting much less. We continue to get evidence that shorting is indeed down. From August 31st to September 15th, the total amount of securities on the S&P 500 sold short dropped by 7.3 percent. _____________________________The Dow 30 in Real TimeThe CNBC Stock Blog_____________________________Questions?  Comments?  tradertalk@cnbc.com

2021-10-30 14:11:46.230048

Ukraine rebels ignore Putin call to delay self-rule vote

https://www.cnbc.com/2014/05/07/putin-ready-to-discuss-way-out-of-ukrainian-crisis-with-osce-officials-reports.html

2014-05-08T14:53:51+0000

CNBC

Pro-Moscow separatists in eastern Ukraine ignored a public call by Russian President Vladimir Putin to postpone a referendum on self-rule, declaring they would go ahead on Sunday with a vote that could lead to war.The decision,which contradicted the conciliatory tone set by Putin just a day earlier, caused consternation in the West, which fears the referendum will tear Ukraine apart.U.S. Deputy Secretary of State William Burns said Russia was heading down a "dangerous and irresponsible path" and the situation in Ukraine was "extremely combustible".Denis Pushilin, a leader of the self-declared separatist Donetsk People's Republic, expressed gratitude to Putin but said the "People's Council" had voted unanimously on Thursday to hold the plebiscite as planned.

cnbc, Articles, Russia, Ukraine, Europe News, Vladimir Putin, Wars and Military Conflicts, Business News, Economy, World Economy, source:tagname:Reuters

<div class="group"><p> Pro-Moscow separatists in eastern <span>Ukraine ignored a public call by Russian President Vladimir Putin to postpone a </span><span>referendum on self-rule, declaring they would go ahead on Sunday with a vote </span><span>that could lead to war.</span></p><p><span>The decision,which contradicted the conciliatory tone set by Putin just a </span><span>day earlier, caused consternation in the West, which fears the referendum will </span><span>tear Ukraine apart.</span></p><div style="height:100%" class="lazyload-placeholder"></div><p><span>U.S. Deputy Secretary of State William Burns said Russia was heading down a </span><span>"dangerous and irresponsible path" and the situation in Ukraine was "extremely </span><span>combustible".</span></p><p><span>Denis Pushilin, a leader of the self-declared separatist Donetsk People's </span><span>Republic, expressed gratitude to Putin but said the "People's Council" had voted </span><span>unanimously on Thursday to hold the plebiscite as planned.</span></p></div>,<div class="group"><p> "Civil war has already begun," he told reporters. "The referendum can put a stop to it and start a political process." A man holding a Kalashnikov stood behind him.</p><p> The announcement coincided with a sharp change of tone from Moscow, which had signalled a pullback from confrontation on Wednesday with Putin's call for the vote to be delayed and a declaration that troops were withdrawing from Ukraine's border.</p><p> Russian markets sank after surging on Wednesday. In Kiev, officials promised to press on with their "anti-terrorist campaign" to retake control over the eastern regions of Donetsk and Luhansk regardless of the rebels' decision on the vote.</p><div style="height:100%" class="lazyload-placeholder"></div><p> Political analysts said Putin may have expected the rebels to go ahead with the referendum, showing that they were not under his orders. By distancing himself from a process that will not be recognised by the West, Putin may also hope to avoid further sanctions as earlier measures begin hitting the economy.</p><p> Putin's spokesman said the Kremlin needed more information about the rebels' decision. He said the rebel statement came only after the Western-backed government in Kiev had declared it would press on with its military operation, implying that Ukraine was to blame for the rebels' refusal to heed Putin.</p><p> NATO and the United States have both said they have seen no sign of a Russian withdrawal from the frontier despite Putin's announcement he had pulled back troops.</p><p> When NATO Secretary General Anders Fogh Rasumussen tweeted as much, the Russian Foreign Ministry tweeted back that "those with a blind eye" should read Putin's statement.</p><p> NATO has accused Moscow of using special forces in the separatist takeover of mainly Russian speaking eastern Ukraine after annexing Crimea from Ukraine in March. </p><p> Putin acknowledged his troops were active in Crimea after initially denying any role there but says they are not involved in eastern Ukraine, a densely-populated steel and coal belt responsible for roughly a third of Ukraine's industrial output.</p><p> <span class="label-read-more">Read More</span><a href="#">Meet the beneficiaries of the crisis in Ukraine</a><br></p><p> <strong>Kremlin script?</strong></p><p> Putin's unexpected call to delay the referendum, followed so quickly by the rebel decision to go ahead with it, have complicated U.S.and European efforts to agree a common policy that might lead to tighter economic sanctions on Russia. </p><p> The European Union said shortly before the announcement that it was waiting to see whether Putin's words would be followed by deeds and that the plebiscite "would have no democratic legitimacy and could only further worsen the situation".</p><p> At the same time, the Russian ambassador to Paris said Putin, who had been shunned by Western leaders since the Crimean takeover, would join them in a ceremony to mark the 70th anniversary of the Normandy landings in World War Two.</p><p> A Western diplomat in Moscow gave voice to the view that events were still being scripted by the Kremlin.</p><p> "Taking everything into account, I am somewhat surprised with the separatists' decision. Wasn't Putin supposed to be like the pope with his dogmatic infallibility?" the diplomat said.</p><p> The referendum has become seen as a vital step by many in Ukraine's industrial east, fired up over what the rebels, and Moscow, call the "fascist" government in Kiev that took over after street protests ousted a pro-Moscow president in February.</p><p> "You have no idea how many armed people there are in Donetsk right now," Roman Lyagin, the 33-year-old head of the self-proclaimed republic's election commission, told Reuters at his headquarters behind barricades of tyres and car bumpers in the occupied regional administration in Donetsk.</p><p> <span>"There is no man who can move this referendum," he said.</span></p><p> Ballots, printed in Donetsk, have been distributed across the rebel zone, smuggled through Ukrainian army checkpoints. Lyagin says more than three million people are eligible to vote.</p><p> Artyom, a rebel at a roadblock in the rebel-held eastern town of Slaviansk, said of the referendum decision: "This is great news. We need to have our say." </p><p> While many Russian speakers in Ukraine fear discrimination under the new leadership, quite how many support the separatists, many of whom say their ultimate aim is to join Russia, is not so clear. Recent opinion polls say a majority wish to remain within Ukraine, but with a far greater degree of autonomy. </p><p> Putin said his call for the vote's postponement would open the way to negotiations on cooling down a crisis that has led to dozens of deaths in clashes between troops and separatists in eastern Ukraine and rival groups in the southern port of Odessa.</p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2014/05/06/as-ukraine-crisis-deepens-risk-off-mood-grows.html">As Ukraine crisis deepens, risk-off mood grow</a>s</p></div>,<div class="group"><p> On Thursday he again pointed the finger at Kiev, whose "irresponsible politics" had caused the crisis.</p><p> Maria Lipman, an expert at the Carnegie Center think-tank in Moscow, said Putin would have known that his request for the referendum to be postponed would be rebuffed.</p><p> "But this can be used to show that the people in Ukraine's east are not Russians, take no orders from Russia, that Russia exercises no control over them because they only do what they want to do," she said.</p><p> "He has also distanced Russia from the referendum, which has a completely unclear status and will not be recognised by the West."</p><p> In a further shift from reconciliation, Putin oversaw test launches of military rockets during training exercises held across Russia on Thursday, the day before celebrations of the anniversary of its World War Two victory.</p><p> The West has accused Russia of using previous military exercises to build up forces along the border with Ukraine after its Moscow-backed president Viktor Yanukovich fled to Russia in February.</p><p> In the rebel-stronghold of Slaviansk, target of a Ukrainian military advance that began last week, self-declared mayor Vyacheslav Ponomaryov said a new offensive by Kiev was coming.</p><p> "We have enough fighters, enough weapons, the support of the people and we have our land," he said. "God is with us."</p></div>,<div class="group"></div>

Pro-Moscow separatists in eastern Ukraine ignored a public call by Russian President Vladimir Putin to postpone a referendum on self-rule, declaring they would go ahead on Sunday with a vote that could lead to war.The decision,which contradicted the conciliatory tone set by Putin just a day earlier, caused consternation in the West, which fears the referendum will tear Ukraine apart.U.S. Deputy Secretary of State William Burns said Russia was heading down a "dangerous and irresponsible path" and the situation in Ukraine was "extremely combustible".Denis Pushilin, a leader of the self-declared separatist Donetsk People's Republic, expressed gratitude to Putin but said the "People's Council" had voted unanimously on Thursday to hold the plebiscite as planned. "Civil war has already begun," he told reporters. "The referendum can put a stop to it and start a political process." A man holding a Kalashnikov stood behind him. The announcement coincided with a sharp change of tone from Moscow, which had signalled a pullback from confrontation on Wednesday with Putin's call for the vote to be delayed and a declaration that troops were withdrawing from Ukraine's border. Russian markets sank after surging on Wednesday. In Kiev, officials promised to press on with their "anti-terrorist campaign" to retake control over the eastern regions of Donetsk and Luhansk regardless of the rebels' decision on the vote. Political analysts said Putin may have expected the rebels to go ahead with the referendum, showing that they were not under his orders. By distancing himself from a process that will not be recognised by the West, Putin may also hope to avoid further sanctions as earlier measures begin hitting the economy. Putin's spokesman said the Kremlin needed more information about the rebels' decision. He said the rebel statement came only after the Western-backed government in Kiev had declared it would press on with its military operation, implying that Ukraine was to blame for the rebels' refusal to heed Putin. NATO and the United States have both said they have seen no sign of a Russian withdrawal from the frontier despite Putin's announcement he had pulled back troops. When NATO Secretary General Anders Fogh Rasumussen tweeted as much, the Russian Foreign Ministry tweeted back that "those with a blind eye" should read Putin's statement. NATO has accused Moscow of using special forces in the separatist takeover of mainly Russian speaking eastern Ukraine after annexing Crimea from Ukraine in March. Putin acknowledged his troops were active in Crimea after initially denying any role there but says they are not involved in eastern Ukraine, a densely-populated steel and coal belt responsible for roughly a third of Ukraine's industrial output. Read MoreMeet the beneficiaries of the crisis in Ukraine Kremlin script? Putin's unexpected call to delay the referendum, followed so quickly by the rebel decision to go ahead with it, have complicated U.S.and European efforts to agree a common policy that might lead to tighter economic sanctions on Russia. The European Union said shortly before the announcement that it was waiting to see whether Putin's words would be followed by deeds and that the plebiscite "would have no democratic legitimacy and could only further worsen the situation". At the same time, the Russian ambassador to Paris said Putin, who had been shunned by Western leaders since the Crimean takeover, would join them in a ceremony to mark the 70th anniversary of the Normandy landings in World War Two. A Western diplomat in Moscow gave voice to the view that events were still being scripted by the Kremlin. "Taking everything into account, I am somewhat surprised with the separatists' decision. Wasn't Putin supposed to be like the pope with his dogmatic infallibility?" the diplomat said. The referendum has become seen as a vital step by many in Ukraine's industrial east, fired up over what the rebels, and Moscow, call the "fascist" government in Kiev that took over after street protests ousted a pro-Moscow president in February. "You have no idea how many armed people there are in Donetsk right now," Roman Lyagin, the 33-year-old head of the self-proclaimed republic's election commission, told Reuters at his headquarters behind barricades of tyres and car bumpers in the occupied regional administration in Donetsk. "There is no man who can move this referendum," he said. Ballots, printed in Donetsk, have been distributed across the rebel zone, smuggled through Ukrainian army checkpoints. Lyagin says more than three million people are eligible to vote. Artyom, a rebel at a roadblock in the rebel-held eastern town of Slaviansk, said of the referendum decision: "This is great news. We need to have our say." While many Russian speakers in Ukraine fear discrimination under the new leadership, quite how many support the separatists, many of whom say their ultimate aim is to join Russia, is not so clear. Recent opinion polls say a majority wish to remain within Ukraine, but with a far greater degree of autonomy. Putin said his call for the vote's postponement would open the way to negotiations on cooling down a crisis that has led to dozens of deaths in clashes between troops and separatists in eastern Ukraine and rival groups in the southern port of Odessa. Read MoreAs Ukraine crisis deepens, risk-off mood grows On Thursday he again pointed the finger at Kiev, whose "irresponsible politics" had caused the crisis. Maria Lipman, an expert at the Carnegie Center think-tank in Moscow, said Putin would have known that his request for the referendum to be postponed would be rebuffed. "But this can be used to show that the people in Ukraine's east are not Russians, take no orders from Russia, that Russia exercises no control over them because they only do what they want to do," she said. "He has also distanced Russia from the referendum, which has a completely unclear status and will not be recognised by the West." In a further shift from reconciliation, Putin oversaw test launches of military rockets during training exercises held across Russia on Thursday, the day before celebrations of the anniversary of its World War Two victory. The West has accused Russia of using previous military exercises to build up forces along the border with Ukraine after its Moscow-backed president Viktor Yanukovich fled to Russia in February. In the rebel-stronghold of Slaviansk, target of a Ukrainian military advance that began last week, self-declared mayor Vyacheslav Ponomaryov said a new offensive by Kiev was coming. "We have enough fighters, enough weapons, the support of the people and we have our land," he said. "God is with us."

2021-10-30 14:11:46.385729

Stocks End Slightly Higher; Earnings Little Help

https://www.cnbc.com/2009/07/14/stocks-end-slightly-higher-earnings-little-help.html

2009-07-14T20:07:09+0000

Jeff Cox

CNBC

Stocks closed slightly higher as a mostly positive start to earnings season was offset by the air quickly coming out of a rally in bank stocks.Financials surged Monday following a bullish call from noted analyst Meredith Whitney, but the sector was the market's biggest drag on Tuesday even though Goldman Sachs reported earnings that blew past Wall Street's expectations.Investors were wary after economic data showed larger-than-expected gains in producer prices and retail sales—but both readings came largely on the backs of auto and energy sales. With the two volatile areas stripped out, the numbers reflected anemic consumer growth that has been exacerbated by rising unemployment.The economic reports triggered expectations of inflation, and at least some of the late-morning pop in stocks was attributed to short-covering.

cnbc, Articles, Altera Corp, CIT Group Inc, Elite Pharmaceuticals Inc, Goldman Sachs Group Inc, Home Depot Inc, Hovnanian Enterprises Inc, Intel Corp, Johnson & Johnson, Prudential Financial Inc, AT&T Inc, Travelers Companies Inc, Spdr S&P Homebuilders Etf, Yum! Brands Inc, Dell Inc, Howmet Aerospace Inc, U.S. Markets Top News, source:tagname:CNBC US Source

<div class="group"><p>Stocks closed slightly higher as a mostly positive start to earnings season was offset by the air quickly coming out of a rally in bank stocks.</p><p>Financials surged Monday following a bullish call from noted analyst Meredith Whitney, but the sector was the market's biggest drag on Tuesday even though <strong>Goldman Sachs</strong> reported earnings that blew past Wall Street's expectations.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Investors were wary after economic data showed larger-than-expected gains in producer prices and retail sales—but both readings came largely on the backs of auto and energy sales. With the two volatile areas stripped out, the numbers reflected anemic consumer growth that has been exacerbated by rising unemployment.</p><p>The economic reports triggered expectations of inflation, and at least some of the late-morning pop in stocks was attributed to short-covering.</p></div>,<div class="group"><p>"All the inflation bonds are acting very well today because it feels like the market is building in some inflationary expectations," said Dave Lutz, managing director of trading for Baltimore-based Stifel Nicolaus.</p><p>Still, housing stocks showed surprising resiliency as analysts slowly warm to the group.</p><p>Dow component Home Depot gained more than 2 percent and home builder Hovnanian Enterprises moved up more than 5 percent. The SPDR S&amp;P Homebuilders ETF posted solid gains as the market clawed to positive ground.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The iShares Barclays TIPS ETF edged higher though it was off its peak. The fund is up about 5 percent in 2009.</p><p>Hotel stocks, including Starwood, helped push the market higher.</p><p>"We basically have a consumer reflation trade coming out right now," Lutz said. "This is typical of a short-covering move."</p><p>Earnings season kicked into full gear as both Goldman and Dow component Johnson &amp; Johnson posted numbers that surprised to the upside.</p><p>Johnson &amp; Johnson reported earnings of $3.2 billion that beat expectations, while also affirming its full-year outlook, sending shares higher.</p><p>Goldman shares wavered following the company's earnings report, even though the numbers easily beat analyst estimates. The company reported net income for common shareholders of $2.7 billion, or $4.93 a share, compared with $2.05 billion, or $4.58 a share, in the closest year-earlier quarter.</p></div>

Stocks closed slightly higher as a mostly positive start to earnings season was offset by the air quickly coming out of a rally in bank stocks.Financials surged Monday following a bullish call from noted analyst Meredith Whitney, but the sector was the market's biggest drag on Tuesday even though Goldman Sachs reported earnings that blew past Wall Street's expectations.Investors were wary after economic data showed larger-than-expected gains in producer prices and retail sales—but both readings came largely on the backs of auto and energy sales. With the two volatile areas stripped out, the numbers reflected anemic consumer growth that has been exacerbated by rising unemployment.The economic reports triggered expectations of inflation, and at least some of the late-morning pop in stocks was attributed to short-covering."All the inflation bonds are acting very well today because it feels like the market is building in some inflationary expectations," said Dave Lutz, managing director of trading for Baltimore-based Stifel Nicolaus.Still, housing stocks showed surprising resiliency as analysts slowly warm to the group.Dow component Home Depot gained more than 2 percent and home builder Hovnanian Enterprises moved up more than 5 percent. The SPDR S&P Homebuilders ETF posted solid gains as the market clawed to positive ground.The iShares Barclays TIPS ETF edged higher though it was off its peak. The fund is up about 5 percent in 2009.Hotel stocks, including Starwood, helped push the market higher."We basically have a consumer reflation trade coming out right now," Lutz said. "This is typical of a short-covering move."Earnings season kicked into full gear as both Goldman and Dow component Johnson & Johnson posted numbers that surprised to the upside.Johnson & Johnson reported earnings of $3.2 billion that beat expectations, while also affirming its full-year outlook, sending shares higher.Goldman shares wavered following the company's earnings report, even though the numbers easily beat analyst estimates. The company reported net income for common shareholders of $2.7 billion, or $4.93 a share, compared with $2.05 billion, or $4.58 a share, in the closest year-earlier quarter.

2021-10-30 14:11:46.420202

Huawei CEO says it's working on 6G — but the technology is still some 10 years off

https://www.cnbc.com/2019/09/26/huawei-ceo-working-on-6g-but-its-still-10-years-off.html

2019-09-26T09:27:32+0000

Arjun Kharpal

CNBC

Huawei has begun research on 6G — the successor to 5G mobile networks which are not yet widespread, according to its CEO Ren Zhengfei.5G is the name of next-generation mobile networks that promises super-fast data speeds and the ability to underpin new technologies like driverless cars. These networks are slowly rolling out in places such as South Korea, the U.K. and soon China. However, they are not yet available on a large scale.However, Huawei's founder Ren is already talking about 6G.

cnbc, Articles, Asia Economy, Telecommunications equipment manufacturing, Telecommunications, Telecommunications software, Mobile networks, Huawei, Internet, Technology, Mobile, China Politics, source:tagname:CNBC Asia Source

<div class="group"><p>Huawei has begun research on 6G — the successor to 5G mobile networks which are not yet widespread, according to its CEO Ren Zhengfei.</p><p>5G is the name of next-generation mobile networks that promises super-fast data speeds and the ability to underpin new technologies like driverless cars. These networks are slowly rolling out in places such as South Korea, the U.K. and soon China. However, they are not yet available on a large scale.</p><div style="height:100%" class="lazyload-placeholder"></div><p>However, Huawei's founder Ren is already talking about 6G.</p></div>,<div class="group"><p>"We have parallel work being done on 5G and 6G, so we started out 6G a long time ago," Ren said during a CNBC-hosted panel on Thursday. He said it's in an "early phase" and there's still "a long way to go" before commercialization, according to an official translation of his Mandarin comments.</p><p>Ren said the technology is still "ten years out."</p></div>,<div class="group"><p>A number of things need to take place before 6G becomes a reality.</p><p>For any new mobile network generation, standards need to be set by the industry. This has taken place for 5G and initial discussions have happened regarding 6G, but standards could take years to form.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Another issue is that it's still not clear what 6G will be needed for.</p></div>,<div class="group"><p>Huawei is currently focusing its efforts on 5G, however. The company has <a href="https://www.cnbc.com/2019/09/03/huawei-touts-more-than-50-contracts-for-5g-as-us-pressure-mounts.html">signed over 50 commercial 5G contracts</a>, more than its closest competitors Nokia and Ericsson.</p><p>The Chinese tech giant is facing continued pressure on the U.S. which has accused it of being a national security risk, saying that it could build backdoors into its networking equipment to allow the Chinese government to spy on Americans. Huawei has repeatedly denied those allegations.</p></div>,<div class="group"></div>

Huawei has begun research on 6G — the successor to 5G mobile networks which are not yet widespread, according to its CEO Ren Zhengfei.5G is the name of next-generation mobile networks that promises super-fast data speeds and the ability to underpin new technologies like driverless cars. These networks are slowly rolling out in places such as South Korea, the U.K. and soon China. However, they are not yet available on a large scale.However, Huawei's founder Ren is already talking about 6G."We have parallel work being done on 5G and 6G, so we started out 6G a long time ago," Ren said during a CNBC-hosted panel on Thursday. He said it's in an "early phase" and there's still "a long way to go" before commercialization, according to an official translation of his Mandarin comments.Ren said the technology is still "ten years out."A number of things need to take place before 6G becomes a reality.For any new mobile network generation, standards need to be set by the industry. This has taken place for 5G and initial discussions have happened regarding 6G, but standards could take years to form.Another issue is that it's still not clear what 6G will be needed for.Huawei is currently focusing its efforts on 5G, however. The company has signed over 50 commercial 5G contracts, more than its closest competitors Nokia and Ericsson.The Chinese tech giant is facing continued pressure on the U.S. which has accused it of being a national security risk, saying that it could build backdoors into its networking equipment to allow the Chinese government to spy on Americans. Huawei has repeatedly denied those allegations.

2021-10-30 14:11:46.677400

US Stocks Seen Higher, Boosted by Bernanke Speech

https://www.cnbc.com/2013/02/28/us-stocks-seen-higher-boosted-by-bernanke-speech.html

2013-02-28T11:47:45+0000

Katy Barnato

CNBC

U.S. stock index futures signaled a marginally higher open on Thursday, with European and Asian shares boosted after Federal Reserve Chairman Ben Bernanke reiterated his support for ultra-easy monetary policy on Wednesday. In his second day of testimony on Capitol Hill on Wednesday, Bernanke said loose monetary policy was boosting employment. "We believe the monetary policies we have conducted have helped get stronger recovery and more jobs than we otherwise would have had," he said, according to Reuters. Bernanke forecast it would take three more years for unemployment to decline to 6 percent, further diminishing concerns the Fed might tighten policy sooner than expected. Previously, Bernanke has said he will keep interest rates low until unemployment falls to around 6.5 percent. U.S. gains may be capped however by uncertainty about whether a last-minute deal can be struck to avert the $85 billion of spending cuts, known as the "sequester", due to hit on Friday. In his testimony, Bernanke warned Congress of the dangers of failing to reach an agreement on how to combat sequestration. "I think there is some cost to the economy of these repeated, I won't say 'crises,' but these repeated episodes where Congress is unable to come to some agreement and therefore some automatic thing kicks in. I think that is on the whole not a good thing for confidence," Bernanke said on Wednesday, according to Reuters. Meanwhile, a heavy day for economic releases will get underway with the government's release of its latest estimate of fourth quarter Gross Domestic Product (GDP) at 8:30 a.m. New York time. Economists polled by Reuters forecast a sharp rise on the previous estimate, to 0.5 percent annualized growth, after the previous forecast suggested GDP declined by 0.1 percent in the fourth quarter. "This upward revision is likely to be a result of both exports and consumption being higher than previously thought," wrote Paul Dales, a U.S. economist at independent research firm Capital Economics, in a note on Wednesday afternoon. "What's more, despite the expiry of the payroll tax cut in January, the early evidence suggests that GDP growth accelerated in the first quarter of this year." Hopes for upbeat first quarter growth figures were boosted by Wednesday's release of durable goods data for January from the Commerce Department. Core orders, excluding transportation, posted their biggest gain since December 2011, rising 1.9 percent month-on-month. In a note on Wednesday, Peter Newland, a U.S. economist at Barclays, said that taking into account the durable goods data numbers, he forecast 1.3 percent growth in the first quarter. Other economic data out on Thursday includes the Labor Department's weekly initial jobless claims at 8:30 a.m. Economists polled by Reuters forecast there were 360,000 new claims in the week ending February 23, down from 362,000 in the previous week. The Chicago Purchasing Managers Index (PMI) of manufacturing activity is due at 9:45 a.m. Analysts polled by Reuters predict a reading of 54.3 for February, down from 55.6 percent last month. PMI index readings above 50 signal an increase or improvement on the prior month, while readings below 50 indicate a decrease. Also, the Energy Department will issue its weekly look at natural gas inventories across the U.S. at 10:30 a.m. on Thursday. Inventories fell by 127 billion cubic feet in the prior week. On the corporate front, Thursday will be a busy day for retail earnings, with Best Buy, Kohl's, and Barnes & Noble posting results before the start of U.S. trade. Barnes & Noble's results will be eyed with interest after stakeholder Liberty Media said on Wednesday that it had the power to block a sale of the bookseller, and is waiting to hear if Barnes & Noble Chairman Leonard Riggio will make an offer. Sears Holdings reported forecast-beating earnings for the fourth quarter early on Thursday. Groupon shares will also be watched, after the discount voucher provider lost a quarter of its market value on Wednesday when it revealed it had started taking a smaller commission on deals during the holidays, in order to retain merchants. - By CNBC's Katy Barnato

cnbc, Articles, Markets, Pre-Markets, Today's Primer, source:tagname:CNBC US Source

<div class="group"><p> U.S. stock index futures signaled a marginally higher open on Thursday, with European and Asian shares boosted after Federal Reserve Chairman Ben Bernanke reiterated his support for ultra-easy monetary policy on Wednesday. </p><p> <br></p><div style="height:100%" class="lazyload-placeholder"></div><p> In his second day of testimony on Capitol Hill on Wednesday, Bernanke said loose monetary policy was boosting employment. </p><p> <br></p><p> "We believe the monetary policies we have conducted have helped get stronger recovery and more jobs than we otherwise would have had," he said, according to Reuters. </p><p> <br></p><p> Bernanke forecast it would take three more years for unemployment to decline to 6 percent, further diminishing concerns the Fed might tighten policy sooner than expected. Previously, Bernanke has said he will keep interest rates low until unemployment falls to around 6.5 percent. </p><div style="height:100%" class="lazyload-placeholder"></div><p> <br></p><p> U.S. gains may be capped however by uncertainty about whether a last-minute deal can be struck to avert the $85 billion of spending cuts, known as the "sequester", due to hit on Friday. </p><p> <br></p><p> In his testimony, Bernanke warned Congress of the dangers of failing to reach an agreement on how to combat sequestration. </p><p> <br></p><p> "I think there is some cost to the economy of these repeated, I won't say 'crises,' but these repeated episodes where Congress is unable to come to some agreement and therefore some automatic thing kicks in. I think that is on the whole not a good thing for confidence," Bernanke said on Wednesday, according to Reuters. </p><p><br></p><p> Meanwhile, a heavy day for economic releases will get underway with the government's release of its latest estimate of fourth quarter Gross Domestic Product (GDP) at 8:30 a.m. New York time. Economists polled by Reuters forecast a sharp rise on the previous estimate, to 0.5 percent annualized growth, after the previous forecast suggested GDP declined by 0.1 percent in the fourth quarter. </p><p> <br></p><p> "This upward revision is likely to be a result of both exports and consumption being higher than previously thought," wrote Paul Dales, a U.S. economist at independent research firm Capital Economics, in a note on Wednesday afternoon. </p><p> <br></p><p> "What's more, despite the expiry of the payroll tax cut in January, the early evidence suggests that GDP growth accelerated in the first quarter of this year."</p><p> <br></p><p> Hopes for upbeat first quarter growth figures were boosted by Wednesday's release of durable goods data for January from the Commerce Department. Core orders, excluding transportation, posted their biggest gain since December 2011, rising 1.9 percent month-on-month. </p><p> <br></p><p> In a note on Wednesday, Peter Newland, a U.S. economist at Barclays, said that taking into account the durable goods data numbers, he forecast 1.3 percent growth in the first quarter. </p><p> <br></p><p> Other economic data out on Thursday includes the Labor Department's weekly initial jobless claims at 8:30 a.m. Economists polled by Reuters forecast there were 360,000 new claims in the week ending February 23, down from 362,000 in the previous week.</p><p> <br></p><p> The Chicago Purchasing Managers Index (PMI) of manufacturing activity is due at 9:45 a.m. Analysts polled by Reuters predict a reading of 54.3 for February, down from 55.6 percent last month. PMI index readings above 50 signal an increase or improvement on the prior month, while readings below 50 indicate a decrease.</p><p> <br></p><p> Also, the Energy Department will issue its weekly look at natural gas inventories across the U.S. at 10:30 a.m. on Thursday. Inventories fell by 127 billion cubic feet in the prior week.</p><p> <br></p><p> On the corporate front, Thursday will be a busy day for retail earnings, with Best Buy, Kohl's, and Barnes &amp; Noble posting results before the start of U.S. trade. </p><p> <br></p><p> Barnes &amp; Noble's results will be eyed with interest after stakeholder Liberty Media said on Wednesday that it had the power to block a sale of the bookseller, and is waiting to hear if Barnes &amp; Noble Chairman Leonard Riggio will make an offer. </p><p> <br></p><p> Sears Holdings reported forecast-beating earnings for the fourth quarter early on Thursday. </p><p><br></p><p> Groupon shares will also be watched, after the discount voucher provider lost a quarter of its market value on Wednesday when it revealed it had started taking a smaller commission on deals during the holidays, in order to retain merchants. </p><p> <br></p><p> - By CNBC's Katy Barnato </p></div>

U.S. stock index futures signaled a marginally higher open on Thursday, with European and Asian shares boosted after Federal Reserve Chairman Ben Bernanke reiterated his support for ultra-easy monetary policy on Wednesday. In his second day of testimony on Capitol Hill on Wednesday, Bernanke said loose monetary policy was boosting employment. "We believe the monetary policies we have conducted have helped get stronger recovery and more jobs than we otherwise would have had," he said, according to Reuters. Bernanke forecast it would take three more years for unemployment to decline to 6 percent, further diminishing concerns the Fed might tighten policy sooner than expected. Previously, Bernanke has said he will keep interest rates low until unemployment falls to around 6.5 percent. U.S. gains may be capped however by uncertainty about whether a last-minute deal can be struck to avert the $85 billion of spending cuts, known as the "sequester", due to hit on Friday. In his testimony, Bernanke warned Congress of the dangers of failing to reach an agreement on how to combat sequestration. "I think there is some cost to the economy of these repeated, I won't say 'crises,' but these repeated episodes where Congress is unable to come to some agreement and therefore some automatic thing kicks in. I think that is on the whole not a good thing for confidence," Bernanke said on Wednesday, according to Reuters. Meanwhile, a heavy day for economic releases will get underway with the government's release of its latest estimate of fourth quarter Gross Domestic Product (GDP) at 8:30 a.m. New York time. Economists polled by Reuters forecast a sharp rise on the previous estimate, to 0.5 percent annualized growth, after the previous forecast suggested GDP declined by 0.1 percent in the fourth quarter. "This upward revision is likely to be a result of both exports and consumption being higher than previously thought," wrote Paul Dales, a U.S. economist at independent research firm Capital Economics, in a note on Wednesday afternoon. "What's more, despite the expiry of the payroll tax cut in January, the early evidence suggests that GDP growth accelerated in the first quarter of this year." Hopes for upbeat first quarter growth figures were boosted by Wednesday's release of durable goods data for January from the Commerce Department. Core orders, excluding transportation, posted their biggest gain since December 2011, rising 1.9 percent month-on-month. In a note on Wednesday, Peter Newland, a U.S. economist at Barclays, said that taking into account the durable goods data numbers, he forecast 1.3 percent growth in the first quarter. Other economic data out on Thursday includes the Labor Department's weekly initial jobless claims at 8:30 a.m. Economists polled by Reuters forecast there were 360,000 new claims in the week ending February 23, down from 362,000 in the previous week. The Chicago Purchasing Managers Index (PMI) of manufacturing activity is due at 9:45 a.m. Analysts polled by Reuters predict a reading of 54.3 for February, down from 55.6 percent last month. PMI index readings above 50 signal an increase or improvement on the prior month, while readings below 50 indicate a decrease. Also, the Energy Department will issue its weekly look at natural gas inventories across the U.S. at 10:30 a.m. on Thursday. Inventories fell by 127 billion cubic feet in the prior week. On the corporate front, Thursday will be a busy day for retail earnings, with Best Buy, Kohl's, and Barnes & Noble posting results before the start of U.S. trade. Barnes & Noble's results will be eyed with interest after stakeholder Liberty Media said on Wednesday that it had the power to block a sale of the bookseller, and is waiting to hear if Barnes & Noble Chairman Leonard Riggio will make an offer. Sears Holdings reported forecast-beating earnings for the fourth quarter early on Thursday. Groupon shares will also be watched, after the discount voucher provider lost a quarter of its market value on Wednesday when it revealed it had started taking a smaller commission on deals during the holidays, in order to retain merchants. - By CNBC's Katy Barnato

2021-10-30 14:11:46.833881

Israel's Offshore Gas — Bonanza or Security Threat?

https://www.cnbc.com/2012/09/24/israels-offshore-gas-bonanza-or-security-threat.html

2012-09-24T21:22:51+0000

CNBC

The Middle East, source of much of the world’s hydrocarbons, is one of the most volatile regions on earth, where energy issues impact international relations. From Iraqi oil output, still struggling to reach its 2003 pre-invasion levels through Iran’s sanctioned nuclear program, the region focuses the world’s attention like nowhere else.

cnbc, Articles, Opinion, source:tagname:OILPRICE

<div class="group"><p>The Middle East, source of much of the world’s hydrocarbons, is one of the most volatile regions on earth, where energy issues impact international relations. From Iraqi oil output, still struggling to reach its 2003 pre-invasion levels through Iran’s sanctioned nuclear program, the region focuses the world’s attention like nowhere else. </p></div>,<div class="group"><p>Now another issue is complicating the mix, Israeli natural gas production. </p><div style="height:100%" class="lazyload-placeholder"></div><p>Like Turkey, Israel is a net energy importer — according to the CIA, in 2010 Israel produced a mere 4,029 barrels per day of oil, but imported 238,000 bpd. </p><p>Natural gas? In 2009, Israel produced 1.55 billion cubic meters, but consumed 3.25 bcm. Israel imports all of its oil and coal and 70 percent of its natural gas needs, leaving the government deeply interested in developing indigenous alternatives, especially as the “Arab Spring” led to Egypt halting its natural gas exports. </p><p>Which is why for the last several years Israel has been so excited about potentially huge natural gas discoveries. </p><p>But the bad news is that they are in the eastern Mediterranean, in contested waters claimed by not only Israel, but the Palestinian Authority, the Republic of Cyprus and Turkey. At issue is each country's claim to its Exclusive Economic Zone (EEZ) under the Third United Nations Convention on the Law of the Sea (UNCLOS), which came into force in November 1994. Under UNCLOS III, a nation can claim an EEZ of 200 nautical miles from its coastline. </p><p>In March 2010 the U.S. Geological Survey released its survey of the Levant Basin, which concluded that the waters of Israel, Lebanon and Republic of Cyprus potentially contained at least 50,000 billion cubic feet of natural gas yet to be discovered and that in total the Levant Basin could contain as many as 227,430 billion cubic feet of natural gas and 483 million barrels of oil. Accordingly, it is no less a question of what lays beneath the waves, but whom it might belong to. </p><div style="height:100%" class="lazyload-placeholder"></div><p>[ More From Oilprice.com: <a href="http://oilprice.com/Energy/Natural-Gas/Argentinas-Shale-Gas-Dilemma.html" target="_blank">Argentina's Shale Gas Dilemma</a> ] </p><p>Companies are already moving to exploit the reserves. In February Israel's Delek Group announced that it has discovered what it estimated to be close to 1.3 trillion cubic feet of natural gas in Israeli waters near the Lebanese border. Delek is working in cooperation with the U.S. company Noble Energy . Israel is attempting to press forward to the swift development of its Mediterranean offshore natural gas assets, the Tamar field, discovered in 2009 and Leviathan, discovered the following year. In June 2011 an Israeli company announced the discovery of two new natural gas fields, Sarah and Mira, about 45 miles off the city of Hadera, while Noble Energy announced that drilling in the 125 square-mile Israeli Leviathan-1 offshore Mediterranean natural gas field had “the potential to position Israel as a natural gas exporting nation.” Initial prospecting estimates of the Tamar and Leviathan fields off Haifa, concluded that the two sites between them could hold as much as 688 billion cubic meters of recoverable natural gas. </p><p>Accordingly, the Israeli Cabinet is about to undertake the thorny issue of how to defend the country’s Mediterranean EEZ, a mission that will vastly extend the traditional purview of the Israel Defense Force well beyond its traditional nautical frontiers to up to 100 miles from Israel’s coastline. </p><p>[ More From Oilprice.com: <a href="http://oilprice.com/Latest-Energy-News/World-News/Saudi-Arabias-Attempts-to-Control-Oil-Prices-Continue.html" target="_blank">Saudi Arabia's Attempts to Control Oil Prices Continue</a>] </p><p>Will it be patrol aircraft? More surface vessels? Submarines? Whatever form it takes, the sticker shock is already in, as the projected cost of the new equipment necessary for defending the offshore hydrocarbon reserves is estimated at $718 million, with estimated annual operating expenses of roughly $123 million. </p><p>Given regional volatility, the reluctance of foreign energy investors to enter conflict zones, the significant cost of protecting any energy facilities, while it is at best rash to make predictions about the Middle East, it does seem safe to say that Israel’s dreams of energy autonomy remain exactly that for the moment – dreams. </p><p><em>—This story originally appeared on <a href="http://oilprice.com/" target="_blank">Oilprice.com</a>. Click here to read <a href="http://oilprice.com/Energy/Natural-Gas/Israels-Offshore-Gas-Reserves-Bonanza-or-Security-Threat.html" target="_blank">the orginal story</a>.</em></p></div>

The Middle East, source of much of the world’s hydrocarbons, is one of the most volatile regions on earth, where energy issues impact international relations. From Iraqi oil output, still struggling to reach its 2003 pre-invasion levels through Iran’s sanctioned nuclear program, the region focuses the world’s attention like nowhere else. Now another issue is complicating the mix, Israeli natural gas production. Like Turkey, Israel is a net energy importer — according to the CIA, in 2010 Israel produced a mere 4,029 barrels per day of oil, but imported 238,000 bpd. Natural gas? In 2009, Israel produced 1.55 billion cubic meters, but consumed 3.25 bcm. Israel imports all of its oil and coal and 70 percent of its natural gas needs, leaving the government deeply interested in developing indigenous alternatives, especially as the “Arab Spring” led to Egypt halting its natural gas exports. Which is why for the last several years Israel has been so excited about potentially huge natural gas discoveries. But the bad news is that they are in the eastern Mediterranean, in contested waters claimed by not only Israel, but the Palestinian Authority, the Republic of Cyprus and Turkey. At issue is each country's claim to its Exclusive Economic Zone (EEZ) under the Third United Nations Convention on the Law of the Sea (UNCLOS), which came into force in November 1994. Under UNCLOS III, a nation can claim an EEZ of 200 nautical miles from its coastline. In March 2010 the U.S. Geological Survey released its survey of the Levant Basin, which concluded that the waters of Israel, Lebanon and Republic of Cyprus potentially contained at least 50,000 billion cubic feet of natural gas yet to be discovered and that in total the Levant Basin could contain as many as 227,430 billion cubic feet of natural gas and 483 million barrels of oil. Accordingly, it is no less a question of what lays beneath the waves, but whom it might belong to. [ More From Oilprice.com: Argentina's Shale Gas Dilemma ] Companies are already moving to exploit the reserves. In February Israel's Delek Group announced that it has discovered what it estimated to be close to 1.3 trillion cubic feet of natural gas in Israeli waters near the Lebanese border. Delek is working in cooperation with the U.S. company Noble Energy . Israel is attempting to press forward to the swift development of its Mediterranean offshore natural gas assets, the Tamar field, discovered in 2009 and Leviathan, discovered the following year. In June 2011 an Israeli company announced the discovery of two new natural gas fields, Sarah and Mira, about 45 miles off the city of Hadera, while Noble Energy announced that drilling in the 125 square-mile Israeli Leviathan-1 offshore Mediterranean natural gas field had “the potential to position Israel as a natural gas exporting nation.” Initial prospecting estimates of the Tamar and Leviathan fields off Haifa, concluded that the two sites between them could hold as much as 688 billion cubic meters of recoverable natural gas. Accordingly, the Israeli Cabinet is about to undertake the thorny issue of how to defend the country’s Mediterranean EEZ, a mission that will vastly extend the traditional purview of the Israel Defense Force well beyond its traditional nautical frontiers to up to 100 miles from Israel’s coastline. [ More From Oilprice.com: Saudi Arabia's Attempts to Control Oil Prices Continue] Will it be patrol aircraft? More surface vessels? Submarines? Whatever form it takes, the sticker shock is already in, as the projected cost of the new equipment necessary for defending the offshore hydrocarbon reserves is estimated at $718 million, with estimated annual operating expenses of roughly $123 million. Given regional volatility, the reluctance of foreign energy investors to enter conflict zones, the significant cost of protecting any energy facilities, while it is at best rash to make predictions about the Middle East, it does seem safe to say that Israel’s dreams of energy autonomy remain exactly that for the moment – dreams. —This story originally appeared on Oilprice.com. Click here to read the orginal story.

2021-10-30 14:11:47.046205

Netflix earnings: Street looks for signs of global traction

https://www.cnbc.com/2015/10/13/netflix-earnings-street-looks-for-signs-of-global-traction.html

2015-10-14T18:20:54+0000

Karma Allen

CNBC

The media industry's current mantra is "content is king" but for analysts watching Netflix this week, subscribers are king — more specifically international subscribers. When Netflix reports third-quarter results Wednesday evening, it's expected to post a 43 percent decline in earnings per share, while sales are forecast to rise 24 percent, but the real story about the state of its global expansion. The streaming giant has laid down roots in hosts of new markets, most recently Japan in the third quarter, and it plans to expand further into Europe during the fourth quarter. Wall Street will undoubtedly be looking for signs that the expansion is gaining traction. Analyst are bullish on second-half subscriber growth and the company is widely expected to surpass its guidance of 3.55 million net additions — consisting of 2.4 million additional international subscribers and an additional 1.15 million domestically.

cnbc, Articles, Technology, Earnings, Media, Entertainment, Netflix Inc, source:tagname:CNBC US Source

<div class="group"><p> The media industry's current mantra is "content is king" but for analysts watching <a href="//www.cnbc.com/quotes/NFLX" target="_blank">Netflix</a> this week, subscribers are king — more specifically international subscribers. </p><p> When Netflix reports third-quarter results Wednesday evening, it's expected to post a 43 percent decline in earnings per share, while sales are forecast to rise 24 percent, but the real story about the state of its global expansion. </p><div style="height:100%" class="lazyload-placeholder"></div><p> The streaming giant has laid down roots in hosts of new markets, most recently Japan in the third quarter, and it plans to expand further into Europe during the fourth quarter. Wall Street will undoubtedly be looking for signs that the expansion is gaining traction. </p><p> Analyst are bullish on second-half subscriber growth and the company is widely expected to surpass its guidance of 3.55 million net additions — consisting of 2.4 million additional international subscribers and an additional 1.15 million domestically. </p></div>,<div class="group"><p> In a research earlier this week, Michael Nathanson, media analyst at MoffattNathanson, said Netflix could add 4.2 million new subscribers, including 1.5 million domestic and 2.7 million international, which would bring the company's total paid subscriber base to a record 67 million.</p><p> On average, Wall Street is looking for 1.19 million U.S. net additions and 2.46 million net additions internationally, according to StreetAccount estimates. </p><p> "The U.S. has always gotten the focus, in terms of subscriber growth, but we're seeing international starting to become more and more of a factor," said Tuna Amobi, senior media and entertainment analyst at S&amp;P Capital IQ. "I think international is really starting to pay off, especially since they've ramped up the launches in the last 18 to 24 months." </p><div style="height:100%" class="lazyload-placeholder"></div><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2015/10/08/analysts-love-the-netflix-price-hike.html">Analysts love the Netflix price hike</a><br></p><p> Netflix's international business has been drag on its profitability as it has increased spending on original content. The company said it expects to generate material profit on the global front in 2017 following "peak international losses" in 2016. The company hopes to be fully global by the end of 2016. </p><p> Analysts surveyed by Thomson Reuters expect the Los Gatos, California-based company to post net income of 8 cents a share, a decrease of 43 percent from the same three-month period last year, while revenue is forecast to rise 24 percent to $1.75 billion. </p><p> Notably, the company's DVD-by-mail segment, a relic of its original business model, is projected to contribute $74 million in profit, nearly making up for the $77.7 million loss expected from its international streaming business, according to StreetAccount. The dwindling U.S. DVD business served 5.3 million members in the second quarter and provided about $78 million in contribution to profit, while the international steaming segment lost $77 million. </p><p> "We've seen more spending on content and I think [earnings] expectations are tempered due to the losses related to the international business," Amobi said, "I think it's going to pay off in terms of viewing hours ... they don't break out viewing hours, but every time they have the trends have been very strong."</p><p> <span class="label-read-more">Read More</span> <a href="https://www.cnbc.com/2015/09/25/will-this-become-the-netflix-of-sports.html">Will this become the 'Netflix of sports'?</a><br></p><p> In a note Tuesday, Nomura pointed to Netflix's recent price increases in Europe and the U.S. as evidence of the company's confidence in the "inelasticity of Netflix demand." </p></div>,<div class="group"><p> "We believe the decision to raise prices in the U.S., Canada and parts of Latin America in 4Q were in part motivated by 3Q's success in Europe and management's overall confidence in the subscriber growth trajectory," Nomura said. </p><p> Last week, Netflix increased the price of its most popular streaming plan for new members by $1 to $9.99 per month. </p><p> Investment firm Wedbush said the price hikes reflect increasing content costs — as opposed to pricing power. </p><p> Netflix is inarguably the streaming market leader, taking about 38 percent of the U.S. video-on-demand market, followed by <a href="//www.cnbc.com/quotes/AMZN" target="_blank">Amazon</a> with 14 percent and Hulu with 7 percent, according to NPOWER and Nielsen research, which excludes broadband-only subscribers. </p><p> The company's growing domination of the streaming market has some traditional media outlets re-evaluating their licensing partnerships with Netflix — which could be a threat to its library of content down the line. </p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2015/08/18/battle-for-pay-tv-subscribers-hits-the-playground.html">Battle for pay-TV subscribers hits the playground</a><br></p><p> "Already during the September conference circuit, we have heard some media executives, most notably at <a href="//www.cnbc.com/quotes/02P-FF" target="_blank">21st Century Fox</a> and <a href="//www.cnbc.com/quotes/A" target="_blank">Time Warner</a>, become more vocal against selling content to Netflix, which now has 42 million subscribers in the U.S. and has been labeled the main culprit behind TV ratings declines," Nathanson wrote in a note earlier this week.</p><p> Media stocks were battered in August as investors appeared to lose faith as fears intensified about customers scaling back on traditional cable packages after <a href="//www.cnbc.com/quotes/DIS" target="_blank">Disney</a> trimmed its forecast for TV subscriber-fee profit growth because of subscriber losses at its flagship ESPN sports network. </p><p> Traditional cable companies are still worried about cord cutting, but a big pop in Netflix's third-quarter subscriber growth doesn't necessarily mean that cord cutting has accelerated, according to S&amp;P's Amobi. </p><p> "Cord cutting is definitely an issue; however I don't think it's such an issue right now to become overly concerned that somehow Netflix is going to dominate the overall television landscape, Amobi said. </p><p> <span class="label-read-more">Read More</span><a href="https://www.cnbc.com/2015/08/07/why-cable-companies-streaming-plans-might-hurt-them.html">Why cable companies' streaming plans might hurt them</a><br></p><p> Netflix shares have largely outpaced the wider market, gaining about 125 percent year to date as of midafternoon trading Tuesday, versus a 2 percent gain in the <a href="https://www.cnbc.com/quotes/.IXIC">Nasdaq</a> and 2 percent decline in the <!-- -->. </p><p> The company will report third-quarter 2015 financial results Wednesday after the bell. A conference call with Reed Hastings, its CEO, is planned for 5 p.m. ET.</p><p> <em>Disclosure: Hulu is a joint venture between Disney, 21st Century Fox and NBCUniversal (CNBC's parent company).</em></p></div>

The media industry's current mantra is "content is king" but for analysts watching Netflix this week, subscribers are king — more specifically international subscribers. When Netflix reports third-quarter results Wednesday evening, it's expected to post a 43 percent decline in earnings per share, while sales are forecast to rise 24 percent, but the real story about the state of its global expansion. The streaming giant has laid down roots in hosts of new markets, most recently Japan in the third quarter, and it plans to expand further into Europe during the fourth quarter. Wall Street will undoubtedly be looking for signs that the expansion is gaining traction. Analyst are bullish on second-half subscriber growth and the company is widely expected to surpass its guidance of 3.55 million net additions — consisting of 2.4 million additional international subscribers and an additional 1.15 million domestically. In a research earlier this week, Michael Nathanson, media analyst at MoffattNathanson, said Netflix could add 4.2 million new subscribers, including 1.5 million domestic and 2.7 million international, which would bring the company's total paid subscriber base to a record 67 million. On average, Wall Street is looking for 1.19 million U.S. net additions and 2.46 million net additions internationally, according to StreetAccount estimates. "The U.S. has always gotten the focus, in terms of subscriber growth, but we're seeing international starting to become more and more of a factor," said Tuna Amobi, senior media and entertainment analyst at S&P Capital IQ. "I think international is really starting to pay off, especially since they've ramped up the launches in the last 18 to 24 months." Read MoreAnalysts love the Netflix price hike Netflix's international business has been drag on its profitability as it has increased spending on original content. The company said it expects to generate material profit on the global front in 2017 following "peak international losses" in 2016. The company hopes to be fully global by the end of 2016. Analysts surveyed by Thomson Reuters expect the Los Gatos, California-based company to post net income of 8 cents a share, a decrease of 43 percent from the same three-month period last year, while revenue is forecast to rise 24 percent to $1.75 billion. Notably, the company's DVD-by-mail segment, a relic of its original business model, is projected to contribute $74 million in profit, nearly making up for the $77.7 million loss expected from its international streaming business, according to StreetAccount. The dwindling U.S. DVD business served 5.3 million members in the second quarter and provided about $78 million in contribution to profit, while the international steaming segment lost $77 million. "We've seen more spending on content and I think [earnings] expectations are tempered due to the losses related to the international business," Amobi said, "I think it's going to pay off in terms of viewing hours ... they don't break out viewing hours, but every time they have the trends have been very strong." Read More Will this become the 'Netflix of sports'? In a note Tuesday, Nomura pointed to Netflix's recent price increases in Europe and the U.S. as evidence of the company's confidence in the "inelasticity of Netflix demand." "We believe the decision to raise prices in the U.S., Canada and parts of Latin America in 4Q were in part motivated by 3Q's success in Europe and management's overall confidence in the subscriber growth trajectory," Nomura said. Last week, Netflix increased the price of its most popular streaming plan for new members by $1 to $9.99 per month. Investment firm Wedbush said the price hikes reflect increasing content costs — as opposed to pricing power. Netflix is inarguably the streaming market leader, taking about 38 percent of the U.S. video-on-demand market, followed by Amazon with 14 percent and Hulu with 7 percent, according to NPOWER and Nielsen research, which excludes broadband-only subscribers. The company's growing domination of the streaming market has some traditional media outlets re-evaluating their licensing partnerships with Netflix — which could be a threat to its library of content down the line. Read MoreBattle for pay-TV subscribers hits the playground "Already during the September conference circuit, we have heard some media executives, most notably at 21st Century Fox and Time Warner, become more vocal against selling content to Netflix, which now has 42 million subscribers in the U.S. and has been labeled the main culprit behind TV ratings declines," Nathanson wrote in a note earlier this week. Media stocks were battered in August as investors appeared to lose faith as fears intensified about customers scaling back on traditional cable packages after Disney trimmed its forecast for TV subscriber-fee profit growth because of subscriber losses at its flagship ESPN sports network. Traditional cable companies are still worried about cord cutting, but a big pop in Netflix's third-quarter subscriber growth doesn't necessarily mean that cord cutting has accelerated, according to S&P's Amobi. "Cord cutting is definitely an issue; however I don't think it's such an issue right now to become overly concerned that somehow Netflix is going to dominate the overall television landscape, Amobi said. Read MoreWhy cable companies' streaming plans might hurt them Netflix shares have largely outpaced the wider market, gaining about 125 percent year to date as of midafternoon trading Tuesday, versus a 2 percent gain in the Nasdaq and 2 percent decline in the . The company will report third-quarter 2015 financial results Wednesday after the bell. A conference call with Reed Hastings, its CEO, is planned for 5 p.m. ET. Disclosure: Hulu is a joint venture between Disney, 21st Century Fox and NBCUniversal (CNBC's parent company).

2021-10-30 14:11:47.091325

Downturn in China Spreads to Key Sectors

https://www.cnbc.com/2012/09/09/downturn-in-china-spreads-to-key-sectors.html

2012-09-10T00:02:03+0000

CNBC

China’s downturn is spreading to the sectors and companies that were expected to withstand the slowdown and drive growth in the region.

cnbc, Articles, Business News, source:tagname:Financial Times

<div class="group"><p>China’s downturn is spreading to the sectors and companies that were expected to withstand the slowdown and drive growth in the region.</p></div>,<div class="group"><p>Financial Times analysis shows that a third of publicly listed Chinese companies suffered cash outflows in the quarter to the end of June as the combined effect of the <!-- -->, a build-up in stocks and tightening local government finances begins to bite.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Cash balances at a tenth of 1,700 companies analyzed by the FT using data from S&amp;P Capital IQ have turned negative in the past two quarters.</p><p>For a further 6 percent of companies that normally report an outflow, the outflows were worse than last year.</p><p>The results highlight that even the companies that are expected to help rebalance China away from an investment-driven economy – such as consumer and retail businesses, healthcare, pharmaceuticals and electronics companies – are being affected by the slowdown, along with construction, real estate, industrial machinery and chemicals.</p><p>Increasing numbers of hedge funds and analysts are looking closely at cash flow data as sustained poor cash flows would have a big impact on companies’ ability to service their debt and hence on the health of China’s banking sector.</p><p>There are some signs that the cash crunch has already been felt by banks during the first half of the year.</p><div style="height:100%" class="lazyload-placeholder"></div><p>While non-performing loans grew by just 1 percent across the sector, overdue loans leapt by 29 percent, according to Mike Werner of Bernstein Research in Hong Kong.</p><p>Among the 574 companies with negative cash flow from operating activities in the FT analysis, the results of 175 – or 30 percent – appeared to be non-seasonal because patterns over the past two quarters were completely different from those seen in the periods a year before.</p><p>Another 18 percent showed some seasonal similarity with last year, but their results were worse over the first half of this year. Sixty-nine of the 574 had negative cash flow for both of the past two quarters.</p></div>

China’s downturn is spreading to the sectors and companies that were expected to withstand the slowdown and drive growth in the region.Financial Times analysis shows that a third of publicly listed Chinese companies suffered cash outflows in the quarter to the end of June as the combined effect of the , a build-up in stocks and tightening local government finances begins to bite.Cash balances at a tenth of 1,700 companies analyzed by the FT using data from S&P Capital IQ have turned negative in the past two quarters.For a further 6 percent of companies that normally report an outflow, the outflows were worse than last year.The results highlight that even the companies that are expected to help rebalance China away from an investment-driven economy – such as consumer and retail businesses, healthcare, pharmaceuticals and electronics companies – are being affected by the slowdown, along with construction, real estate, industrial machinery and chemicals.Increasing numbers of hedge funds and analysts are looking closely at cash flow data as sustained poor cash flows would have a big impact on companies’ ability to service their debt and hence on the health of China’s banking sector.There are some signs that the cash crunch has already been felt by banks during the first half of the year.While non-performing loans grew by just 1 percent across the sector, overdue loans leapt by 29 percent, according to Mike Werner of Bernstein Research in Hong Kong.Among the 574 companies with negative cash flow from operating activities in the FT analysis, the results of 175 – or 30 percent – appeared to be non-seasonal because patterns over the past two quarters were completely different from those seen in the periods a year before.Another 18 percent showed some seasonal similarity with last year, but their results were worse over the first half of this year. Sixty-nine of the 574 had negative cash flow for both of the past two quarters.

2021-10-30 14:11:47.124130

US urges judge to deny Huawei motion in government effort to disqualify lawyer

https://www.cnbc.com/2019/06/04/us-urges-judge-to-deny-huawei-motion-in-effort-to-disqualify-lawyer.html

2019-06-04T00:48:42+0000

CNBC

U.S. prosecutors on Monday asked a judge to reject a motion by China's Huawei seeking information on the grounds for a government request to disqualify the company's lead defense lawyer in a criminal case alleging bank fraud and sanctions violations. Last month, prosecutors argued Huawei lawyer James Cole's prior position as the No. 2 official in the U.S. Department of Justice created conflicts of interest that necessitated his removal. The prosecutors said Cole, who served as deputy attorney general (DAG) until 2015, represented the government in a related investigation, without disclosing details. Huawei asked the court to review "overbroad" redactions in the U.S. motion seeking his removal. Huawei wants prosecutors to reveal "the very information it is trying to prevent the new client from learning," the prosecutors said in a letter to Judge Ann Donnelly in U.S. District Court in Brooklyn, New York. "The conflict presented here is unprecedented," the prosecutors argued. The government was not aware of any other senior DOJ official who had sought to represent a client that had been part of his government work, "let alone when the former representation involved classified information," they said. A spokesman for Huawei Technologies, the world's largest telecommunications equipment maker, declined to comment, and Cole did not respond to a request for comment. Cole entered a not guilty plea on behalf of Huawei in March.

cnbc, Articles, Trade, Cybersecurity, Internet, Computer hardware, Software, Mobile, Technology, China, United States, Hardware, Asia Markets, China Economy, source:tagname:Reuters

<div class="group"><p><a href="https://www.cnbc.com/id/10000385">U.S.</a> prosecutors on Monday asked a judge to reject a motion by <a href="https://www.cnbc.com/china/">China's</a> Huawei seeking information on the grounds for a government request to disqualify the company's lead defense lawyer in a criminal case alleging bank fraud and sanctions violations.</p><p> Last month, prosecutors argued Huawei lawyer James Cole's prior position as the No. 2 official in the U.S. Department of Justice created conflicts of interest that necessitated his removal.</p><div style="height:100%" class="lazyload-placeholder"></div><p> The prosecutors said Cole, who served as deputy attorney general (DAG) until 2015, represented the government in a related investigation, without disclosing details. Huawei asked the court to review "overbroad" redactions in the U.S. motion seeking his removal.</p><p> Huawei wants prosecutors to reveal "the very information it is trying to prevent the new client from learning," the prosecutors said in a letter to Judge Ann Donnelly in U.S. District Court in Brooklyn, New York.</p><p> "The conflict presented here is unprecedented," the prosecutors argued. The government was not aware of any other senior DOJ official who had sought to represent a client that had been part of his government work, "let alone when the former representation involved classified information," they said.</p><p> A spokesman for Huawei Technologies, the world's largest telecommunications equipment maker, declined to comment, and Cole did not respond to a request for comment. Cole entered a not guilty plea on behalf of Huawei in March.</p></div>,<div class="group"><p> In a court filing two weeks ago, the Washington lawyer said that he had "no recollection" of what the government referenced as the basis for his disqualification in meetings.</p><div style="height:100%" class="lazyload-placeholder"></div><p> In its letter Monday, prosecutors said what Cole remembers is irrelevant.</p><p> The Brooklyn case against Huawei was cited last month in a decision to add the company to a U.S. trade blacklist that makes it extremely difficult for the telecom giant to do business with U.S. companies.</p><p> Huawei has been involved in activities contrary to the national security or foreign policy interests of the United States, the order said.</p><p> The case and blacklisting have escalated tensions between Beijing and Washington amid a trade battle.</p><p> The indictment accuses Huawei and its chief financial officer Meng Wanzhou of conspiring to defraud global banks by misrepresenting Huawei's relationship with a company that operated in Iran, putting the banks at risk of processing transactions that violated U.S. sanctions laws.</p><p> Meng, daughter of Huawei's founder, has said she is innocent and is fighting extradition from Canada to the United States.</p></div>,<div class="group"></div>

U.S. prosecutors on Monday asked a judge to reject a motion by China's Huawei seeking information on the grounds for a government request to disqualify the company's lead defense lawyer in a criminal case alleging bank fraud and sanctions violations. Last month, prosecutors argued Huawei lawyer James Cole's prior position as the No. 2 official in the U.S. Department of Justice created conflicts of interest that necessitated his removal. The prosecutors said Cole, who served as deputy attorney general (DAG) until 2015, represented the government in a related investigation, without disclosing details. Huawei asked the court to review "overbroad" redactions in the U.S. motion seeking his removal. Huawei wants prosecutors to reveal "the very information it is trying to prevent the new client from learning," the prosecutors said in a letter to Judge Ann Donnelly in U.S. District Court in Brooklyn, New York. "The conflict presented here is unprecedented," the prosecutors argued. The government was not aware of any other senior DOJ official who had sought to represent a client that had been part of his government work, "let alone when the former representation involved classified information," they said. A spokesman for Huawei Technologies, the world's largest telecommunications equipment maker, declined to comment, and Cole did not respond to a request for comment. Cole entered a not guilty plea on behalf of Huawei in March. In a court filing two weeks ago, the Washington lawyer said that he had "no recollection" of what the government referenced as the basis for his disqualification in meetings. In its letter Monday, prosecutors said what Cole remembers is irrelevant. The Brooklyn case against Huawei was cited last month in a decision to add the company to a U.S. trade blacklist that makes it extremely difficult for the telecom giant to do business with U.S. companies. Huawei has been involved in activities contrary to the national security or foreign policy interests of the United States, the order said. The case and blacklisting have escalated tensions between Beijing and Washington amid a trade battle. The indictment accuses Huawei and its chief financial officer Meng Wanzhou of conspiring to defraud global banks by misrepresenting Huawei's relationship with a company that operated in Iran, putting the banks at risk of processing transactions that violated U.S. sanctions laws. Meng, daughter of Huawei's founder, has said she is innocent and is fighting extradition from Canada to the United States.

2021-10-30 14:11:47.195243

The 15 best medical schools in the US, according to US News & World Report

https://www.cnbc.com/2019/03/12/us-news--world-report-the-15-best-medical-schools-in-the-us.html

2019-03-12T14:43:17+0000

Abigail Johnson Hess

CNBC

Each year, U.S. News & World Report ranks the best medical schools in the country based on variables such as peer assessments, amount of National Institutes of Health (NIH) research grants funds awarded and faculty-to-student ratio.This year, the top-ranked schools include prestigious private institutions as well as public universities. The list also makes clear just how hard it is to get into medical school today — 13 of the top 15 medical schools admit less than 6 percent of applicants."Medical schools set up a great number of hoops for applicants to jump through: a prescribed undergraduate curriculum with numerous prerequisites, the MCAT exam, a complex and multi-part application, traveling to interviews, exhaustive days interviewing and a constant requirement for professionalism throughout," Dr. McGreggor Crowley, an admissions counselor at admissions consulting firm IvyWise, tells U.S. News. Here are the 15 best medical schools — and what it takes to get in — according to U.S. News:

makeit, Articles, Duke University, Higher education, University of Pennsylvania, Johns Hopkins, Massachusetts Institute of Technology, MIT, Stanford University, Yale University, Harvard University, Ken Langone, Entrepreneurship, Make It, Make It - Work, Entrepreneurs, source:tagname:CNBC US Source

2021-10-30 14:11:47.269733

March Lows Will Hold — So Buy Equities: Strategists

https://www.cnbc.com/2009/07/06/march-lows-will-hold-so-buy-equities-strategists.html

2009-07-06T19:41:44+0000

CNBC

Doug MacKay of Broadleaf Partners and Bill Spiropoulos of Corestates Capital Advisors agree: The March bottom will hold — and you want to be in equities now.

cnbc, Articles, Bonds, American International Group Inc, Bank of America Corp, Cisco Systems Inc, Goldman Sachs Group Inc, Markets, stocks, Stock Blog, source:tagname:CNBC US Source

<div class="group"><p>Doug MacKay of Broadleaf Partners and Bill Spiropoulos of Corestates Capital Advisors agree: The March bottom will hold — and you want to be in equities now.<br></p></div>,<div class="group"><p>The strategists offered CNBC what they like and "hate" in the market now.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"I still think the bias through the end of the year remains to the upside," said MacKay. "You can have a 10 to 15 percent correction, but overall it looks positive."</p><p>"You want to focus on cyclicality."</p><ul><li><a href="https://www.cnbc.com/2009/07/06/second-half-wait-for-pullbacks-then-buy-the-best.html">Second Half: Wait For Pullbacks, Then Buy the Best</a></li></ul><p>Spiropoulos agreed on both points: "After the first chapter, a 10, 12, 13 percent correction is not out of the ordinary." But "the March lows are in place."</p><p><strong><u>Recommendations:</u></strong></p><p><em>Spiropoulos:</em></p><div style="height:100%" class="lazyload-placeholder"></div><p>Spiropoulos rejects <a href="https://www.cnbc.com/bonds/">government bonds</a> outright: "I hate Treasury-anything, I hate fixed-anything."</p><p><u>His portfolio's weighting</u>: <br>55 percent equity<br>8 percent managed futures<br>8 percent currencies<br>remainder: cash and equivalents</p><p>"We use a long-short strategy in every category."</p><ul><li>Picks &amp; Pans: Trade with CNBC's Expert Guests</li></ul><p><em>MacKay:</em></p><p>MacKay notes that health care is "starting to perform better," perhaps a sign that the Obama administration "won't get all they want."</p><p>But his main focus is <strong>technology</strong>: "Tech has some cyclicality, it'll recover when the economy does. But there's some secular there, too. Tech is the biggest weighting in our portfolio."</p><p>The only bonds he'd consider: corporate paper from Cisco Systems and Goldman Sachs. "You could argue that Cisco is in better shape than the U.S. government," MacKay joked. </p><p>"But I still think your best bet is equities," he added.</p><p>______________________________<br><strong><em>CNBC Slideshows:</em></strong></p><ul><li><a href="https://www.cnbc.com/2009/07/06/The-Weirdest-Currencies-In-the-World.html">The Weirdest Currencies in The World</a></li></ul><p>______________________________</p><p>______________________________<br><strong><em>CNBC's Companies in the News:</em></strong></p><p>AIG </p><p>General Motors </p><p>Bank of America </p><p>______________________________ <br><strong><em>Disclosures:</em></strong></p><p>Disclosure information was not available for MacKay, Spiropoulos or their respective companies.</p><p><a href="https://www.cnbc.com/stocks-disclaimer.html">Disclaimer</a></p></div>

Doug MacKay of Broadleaf Partners and Bill Spiropoulos of Corestates Capital Advisors agree: The March bottom will hold — and you want to be in equities now.The strategists offered CNBC what they like and "hate" in the market now."I still think the bias through the end of the year remains to the upside," said MacKay. "You can have a 10 to 15 percent correction, but overall it looks positive.""You want to focus on cyclicality."Second Half: Wait For Pullbacks, Then Buy the BestSpiropoulos agreed on both points: "After the first chapter, a 10, 12, 13 percent correction is not out of the ordinary." But "the March lows are in place."Recommendations:Spiropoulos:Spiropoulos rejects government bonds outright: "I hate Treasury-anything, I hate fixed-anything."His portfolio's weighting: 55 percent equity8 percent managed futures8 percent currenciesremainder: cash and equivalents"We use a long-short strategy in every category."Picks & Pans: Trade with CNBC's Expert GuestsMacKay:MacKay notes that health care is "starting to perform better," perhaps a sign that the Obama administration "won't get all they want."But his main focus is technology: "Tech has some cyclicality, it'll recover when the economy does. But there's some secular there, too. Tech is the biggest weighting in our portfolio."The only bonds he'd consider: corporate paper from Cisco Systems and Goldman Sachs. "You could argue that Cisco is in better shape than the U.S. government," MacKay joked. "But I still think your best bet is equities," he added.______________________________CNBC Slideshows:The Weirdest Currencies in The World____________________________________________________________CNBC's Companies in the News:AIG General Motors Bank of America ______________________________ Disclosures:Disclosure information was not available for MacKay, Spiropoulos or their respective companies.Disclaimer

2021-10-30 14:11:47.358093

Early movers: AMZN, CLX, AN, HSY, F, AMGN & more

https://www.cnbc.com/2017/02/03/early-movers-amzn-clx-an-hsy-f-amgn-more.html

2017-02-03T13:01:52+0000

Peter Schacknow

CNBC

Check out which companies are making headlines before the bell: — The online retail giant reported quarterly profit of $1.54 per share, 19 cents a share above estimates. Amazon's revenue came in below Street forecasts, however, and the company also gave weaker-than-expected current-quarter revenue guidance. — The household products maker reported adjusted quarterly earnings of $1.25 per share, 3 cents a share above estimates. Revenue was very slightly below forecasts. Clorox also cut its full-year 2017 outlook, although the company said its core business remains strong. — The car retailer earned an adjusted 95 cents per share for its latest quarter, a penny a share below Street forecasts. Revenue was slightly below consensus estimates, but AutoNation posted record earnings for both the fourth quarter and for all of 2016. — The chocolate maker beat estimates by 9 cents a share, with adjusted quarterly profit of $1.17 per share. Revenue was slightly below forecasts. Sales were higher compared to a year earlier, with strengthening demand in the United States. — The automaker's stock was upgraded to "overweight" from "equal weight" at Barclays, which said Ford is better positioned than its competitors to withstand a potential border tax. — Amgen came in 10 cents above estimates, with adjusted quarterly profit of $2.89 per share. The biotech company's revenue also beat Street forecasts. Amgen's full-year earnings and revenue guidance came in below Street forecasts, however. Additionally, Amgen announced positive results for a study involving its cholesterol drug Repatha, saying it reduced the risk of heart attacks, strokes, and death in a study of patients with heart disease. — Visa reported quarterly profit of 86 cents per share, 8 cents a share above estimates. Revenue also beat forecasts. Visa's results were helped by strong payment volume growth, as well as more cross-border transactions. — Chipotle fell 2 cents short of Wall Street forecasts with quarterly earnings of 55 cents per share, while the restaurant operator's revenue was essentially in line. Chipotle did see sales rise for the first time in five quarters, but comparable store sales were down 4.8 percent. — GoPro beat Street estimates by 7 cents a share, with adjusted quarterly profit of 29 cents per share. The high-definition camera maker's revenue fell short, as well. GoPro also gave weaker-than-expected profit margin guidance for the current quarter. — Deckers reported adjusted quarterly profit of $4.11 per share, shy of the consensus $4.24 estimate. The footwear maker's revenue also fell short, as does the Uggs maker's 2017 full year guidance. — FireEye lost an adjusted 3 cents per share for its latest quarter, smaller than the 16 cent loss expected by analysts. The cybersecurity software maker's revenue fell short of Street forecasts, as does its current quarter revenue outlook. The company also said its chairman and chief financial officer would leave the company. — Tableau doubled estimates with adjusted quarterly profit of 26 cents per share, and the business software maker also saw revenue exceed estimates. — The company fell 5 cents a share short of consensus forecast, with adjusted quarterly profit of 53 cents per share. The underwear maker's revenue also fell short of estimates. The company also gave worse than expected full-year guidance for 2017, despite seeing an improvement in profit margins and international sales. — Lockheed denied a report that it sought help from former Donald Trump campaign manager Corey Lewandowski in navigating a dispute with the president over the cost of its F-35 fighter jet. — Square senior executive Francoise Brougher is resigning from the mobile payments company today after four years of leading the company's sales and marketing efforts. Brougher will be replaced by Square chief marketing officer Kevin Burke.

cnbc, Articles, Market Insider, Markets, Wall Street, Earnings, U.S. Markets, Finance, source:tagname:CNBC US Source

<div class="group"><p> <em>Check out which companies are making headlines before the bell</em>: </p><p> <!-- --> — The online retail giant reported quarterly profit of $1.54 per share, 19 cents a share above estimates. Amazon's revenue came in below Street forecasts, however, and the company also gave weaker-than-expected current-quarter revenue guidance.</p><div style="height:100%" class="lazyload-placeholder"></div><p> <!-- --> — The household products maker reported adjusted quarterly earnings of $1.25 per share, 3 cents a share above estimates. Revenue was very slightly below forecasts. Clorox also cut its full-year 2017 outlook, although the company said its core business remains strong.</p><p> <!-- --> — The car retailer earned an adjusted 95 cents per share for its latest quarter, a penny a share below Street forecasts. Revenue was slightly below consensus estimates, but AutoNation posted record earnings for both the fourth quarter and for all of 2016.</p><p> <!-- --> — The chocolate maker beat estimates by 9 cents a share, with adjusted quarterly profit of $1.17 per share. Revenue was slightly below forecasts. Sales were higher compared to a year earlier, with strengthening demand in the United States.</p><p> <!-- --> — The automaker's stock was upgraded to "overweight" from "equal weight" at Barclays, which said Ford is better positioned than its competitors to withstand a potential border tax.</p><p> <!-- --> — Amgen came in 10 cents above estimates, with adjusted quarterly profit of $2.89 per share. The biotech company's revenue also beat Street forecasts. Amgen's full-year earnings and revenue guidance came in below Street forecasts, however. Additionally, Amgen announced positive results for a study involving its cholesterol drug Repatha, saying it reduced the risk of heart attacks, strokes, and death in a study of patients with heart disease.</p><div style="height:100%" class="lazyload-placeholder"></div><p> <!-- --> — Visa reported quarterly profit of 86 cents per share, 8 cents a share above estimates. Revenue also beat forecasts. Visa's results were helped by strong payment volume growth, as well as more cross-border transactions.</p><p> <!-- --> — Chipotle fell 2 cents short of Wall Street forecasts with quarterly earnings of 55 cents per share, while the restaurant operator's revenue was essentially in line. Chipotle did see sales rise for the first time in five quarters, but comparable store sales were down 4.8 percent.</p><p> <!-- --> — GoPro beat Street estimates by 7 cents a share, with adjusted quarterly profit of 29 cents per share. The high-definition camera maker's revenue fell short, as well. GoPro also gave weaker-than-expected profit margin guidance for the current quarter.</p><p> <!-- --> — Deckers reported adjusted quarterly profit of $4.11 per share, shy of the consensus $4.24 estimate. The footwear maker's revenue also fell short, as does the Uggs maker's 2017 full year guidance.</p><p> <!-- --> — FireEye lost an adjusted 3 cents per share for its latest quarter, smaller than the 16 cent loss expected by analysts. The cybersecurity software maker's revenue fell short of Street forecasts, as does its current quarter revenue outlook. The company also said its chairman and chief financial officer would leave the company.</p><p> <!-- --> — Tableau doubled estimates with adjusted quarterly profit of 26 cents per share, and the business software maker also saw revenue exceed estimates.</p><p> <!-- --> — The company fell 5 cents a share short of consensus forecast, with adjusted quarterly profit of 53 cents per share. The underwear maker's revenue also fell short of estimates. The company also gave worse than expected full-year guidance for 2017, despite seeing an improvement in profit margins and international sales.</p><p> <!-- --> — Lockheed denied a report that it sought help from former Donald Trump campaign manager Corey Lewandowski in navigating a dispute with the president over the cost of its F-35 fighter jet.</p><p> <!-- --> — Square senior executive Francoise Brougher is resigning from the mobile payments company today after four years of leading the company's sales and marketing efforts. Brougher will be replaced by Square chief marketing officer Kevin Burke.</p><br></div>

Check out which companies are making headlines before the bell: — The online retail giant reported quarterly profit of $1.54 per share, 19 cents a share above estimates. Amazon's revenue came in below Street forecasts, however, and the company also gave weaker-than-expected current-quarter revenue guidance. — The household products maker reported adjusted quarterly earnings of $1.25 per share, 3 cents a share above estimates. Revenue was very slightly below forecasts. Clorox also cut its full-year 2017 outlook, although the company said its core business remains strong. — The car retailer earned an adjusted 95 cents per share for its latest quarter, a penny a share below Street forecasts. Revenue was slightly below consensus estimates, but AutoNation posted record earnings for both the fourth quarter and for all of 2016. — The chocolate maker beat estimates by 9 cents a share, with adjusted quarterly profit of $1.17 per share. Revenue was slightly below forecasts. Sales were higher compared to a year earlier, with strengthening demand in the United States. — The automaker's stock was upgraded to "overweight" from "equal weight" at Barclays, which said Ford is better positioned than its competitors to withstand a potential border tax. — Amgen came in 10 cents above estimates, with adjusted quarterly profit of $2.89 per share. The biotech company's revenue also beat Street forecasts. Amgen's full-year earnings and revenue guidance came in below Street forecasts, however. Additionally, Amgen announced positive results for a study involving its cholesterol drug Repatha, saying it reduced the risk of heart attacks, strokes, and death in a study of patients with heart disease. — Visa reported quarterly profit of 86 cents per share, 8 cents a share above estimates. Revenue also beat forecasts. Visa's results were helped by strong payment volume growth, as well as more cross-border transactions. — Chipotle fell 2 cents short of Wall Street forecasts with quarterly earnings of 55 cents per share, while the restaurant operator's revenue was essentially in line. Chipotle did see sales rise for the first time in five quarters, but comparable store sales were down 4.8 percent. — GoPro beat Street estimates by 7 cents a share, with adjusted quarterly profit of 29 cents per share. The high-definition camera maker's revenue fell short, as well. GoPro also gave weaker-than-expected profit margin guidance for the current quarter. — Deckers reported adjusted quarterly profit of $4.11 per share, shy of the consensus $4.24 estimate. The footwear maker's revenue also fell short, as does the Uggs maker's 2017 full year guidance. — FireEye lost an adjusted 3 cents per share for its latest quarter, smaller than the 16 cent loss expected by analysts. The cybersecurity software maker's revenue fell short of Street forecasts, as does its current quarter revenue outlook. The company also said its chairman and chief financial officer would leave the company. — Tableau doubled estimates with adjusted quarterly profit of 26 cents per share, and the business software maker also saw revenue exceed estimates. — The company fell 5 cents a share short of consensus forecast, with adjusted quarterly profit of 53 cents per share. The underwear maker's revenue also fell short of estimates. The company also gave worse than expected full-year guidance for 2017, despite seeing an improvement in profit margins and international sales. — Lockheed denied a report that it sought help from former Donald Trump campaign manager Corey Lewandowski in navigating a dispute with the president over the cost of its F-35 fighter jet. — Square senior executive Francoise Brougher is resigning from the mobile payments company today after four years of leading the company's sales and marketing efforts. Brougher will be replaced by Square chief marketing officer Kevin Burke.

2021-10-30 14:11:47.785855

Apple's $1 billion data center gets Irish High Court green light

https://www.cnbc.com/2017/10/12/apples-1-billion-data-center-gets-irish-high-court-green-light.html

2017-10-12T11:20:30+0000

CNBC

cnbc, Articles, Economy, Business, Markets, Apple Inc, Technology, Mobile, Social media, Business News, Social Media, US: News, DO NOT USE Consumer, source:tagname:Reuters

<div class="group"></div>,<div class="group"><p>Ireland's High Court on Thursday ruled that a 850 million euro ($1 billion) data center planned by <a href="//www.cnbc.com/quotes/AAPL" target="_blank">Apple</a> in the west of Ireland may proceed, dismissing an environmental challenge made by three people.</p><p>Apple announced plans to build the data center in 2015, but the project has been delayed by planning objections. A similar Apple center announced at the same time in Denmark is due to begin operations later this year. </p></div>

Ireland's High Court on Thursday ruled that a 850 million euro ($1 billion) data center planned by Apple in the west of Ireland may proceed, dismissing an environmental challenge made by three people.Apple announced plans to build the data center in 2015, but the project has been delayed by planning objections. A similar Apple center announced at the same time in Denmark is due to begin operations later this year.

2021-10-30 14:11:47.822451

The Word On GM, J. Crew & Airline Puts

https://www.cnbc.com/2007/03/14/the-word-on-gm-j-crew-airline-puts.html

2007-03-15T01:22:09+0000

Lee Brodie

CNBC

Go behind the headlines and get the latest word on today's hot trades  -- this kind of info comes straight from buyers and sellers on the trading floor. You won't find straight talk like this, anywhere else.ALL EYES ON TOMORROW'S PPI:The news: The markets moving Producer Price Index or PPI number is released tomorrow morning. The word: Eric Bolling says PPI doesn’t matter. CPI on Friday is more important.GM SPUTTERS TO PROFIT: The news: Shares of General Motors (GM) fall despite the fact that the automaker is reporting the largest quarterly profit in more than 2 years.The word: Jeff Macke says GM made money selling cars! This could be a turn around story and they might be one to watch, maybe.LEHMAN BROTHERS GRIMM: The news: Lehman shares fall as much as 5.5% despite Lehman reporting a record quarterly profit.The word: Guy Adami says Goldman Sachs (GS) beat EPS earnings by 36% yesterday and Lehman (LEH) beats it by a penny, yet they both trade with a 9.5 multiple. It makes no sense to him, though Guy says it’s neither an indictment of LEH or an endorsement of GS.H&R BLUES: The news: H&R Block (HRB) hits a 4-year low as sub-prime crisis worsens quarterly loss.The word: Tim Strazzini says their Options One mortgage business lost $50 million dollars and they’ve’ set aside another $100 million– with management doing everything they can to get this under control. Tim says the smart trade is selling puts out into April or June or buying the stock although it’s going to be flat for a while.OIL'S STEADY FLOW: The news: At a meeting tomorrow, OPEC is expected to announce current output levels will remain unchangedThe word: Eric Bolling says it doesn’t matter. That’s priced into the market already.J. CREW LOOKING GOOD? The news: J. Crew (JCG) shares fall despite better-than-expected earningsThe word: Jeff Macke says J Crew has high inventory. He likes the name but says give it time before buying, don’t jump in tomorrow.AMR ROUGH LANDING? The news: AMR Put Buying Picks Up The word: Guy Adami says traders are buying $30 puts (a bet the stock will go down) with the stock trading at $31.25. (That might be because last summer the airlines got crushed although Guy isn’t worried about that, yet.)  However, Guys admits he will be keeping a close eye on the put buying in the sector.

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

<div class="group"><p>Go behind the headlines and get the latest word on today's hot trades  -- this kind of info comes straight from buyers and sellers on the trading floor. You won't find straight talk like this, anywhere else.</p><p><strong>ALL EYES ON TOMORROW'S PPI:<br></strong>The news: The markets moving Producer Price Index or PPI number is released tomorrow morning. <br><br>The word: Eric Bolling says PPI doesn’t matter. CPI on Friday is more important.<br><br><br><strong>GM SPUTTERS TO PROFIT: <br></strong>The news: Shares of <strong>General Motors (GM)</strong> fall despite the fact that the automaker is reporting the largest quarterly profit in more than 2 years.<br><br>The word: Jeff Macke says GM made money selling cars! This could be a turn around story and they might be one to watch, maybe.<br><br><br><strong>LEHMAN BROTHERS GRIMM: <br></strong>The news: Lehman shares fall as much as 5.5% despite Lehman reporting a record quarterly profit.<br><br>The word: Guy Adami says <strong>Goldman Sachs (GS)</strong> beat EPS earnings by 36% yesterday and <strong>Lehman (LEH)</strong> beats it by a penny, yet they both trade with a 9.5 multiple. It makes no sense to him, though Guy says it’s neither an indictment of LEH or an endorsement of GS.<br><br><br><strong>H&amp;R BLUES: <br></strong>The news: <strong>H&amp;R Block (HRB) </strong>hits a 4-year low as sub-prime crisis worsens quarterly loss.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The word: Tim Strazzini says their Options One mortgage business lost $50 million dollars and they’ve’ set aside another $100 million– with management doing everything they can to get this under control. Tim says the smart trade is selling puts out into April or June or buying the stock although it’s going to be flat for a while.<br><br><br><strong>OIL'S STEADY FLOW: <br></strong>The news: At a meeting tomorrow, OPEC is expected to announce current output levels will remain unchanged</p><p>The word: Eric Bolling says it doesn’t matter. That’s priced into the market already.<br><br><br><strong>J. CREW LOOKING GOOD? <br></strong>The news: <strong>J. Crew (JCG)</strong> shares fall despite better-than-expected earnings</p><p>The word: Jeff Macke says J Crew has high inventory. He likes the name but says give it time before buying, don’t jump in tomorrow.<br><br><br><strong>AMR ROUGH LANDING? <br></strong>The news: <strong>AMR</strong> Put Buying Picks Up <br><br>The word: Guy Adami says traders are buying $30 puts (a bet the stock will go down) with the stock trading at $31.25. (That might be because last summer the airlines got crushed although Guy isn’t worried about that, yet.)  However, Guys admits he will be keeping a close eye on the put buying in the sector.<br></p></div>,<div class="group"><p>Questions? Comments? </p></div>,<div class="group"><p><em>Trader disclosure: </em><em><br></em><em>On MAR 14, 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>Bolling owns (PMI) Put Options, Gold, Silver, Soybeans,(DIS) is Short Corn </em>Strazzini Owns (YHOO), (VZ), (BRCM)<br><br></p></div>

Go behind the headlines and get the latest word on today's hot trades  -- this kind of info comes straight from buyers and sellers on the trading floor. You won't find straight talk like this, anywhere else.ALL EYES ON TOMORROW'S PPI:The news: The markets moving Producer Price Index or PPI number is released tomorrow morning. The word: Eric Bolling says PPI doesn’t matter. CPI on Friday is more important.GM SPUTTERS TO PROFIT: The news: Shares of General Motors (GM) fall despite the fact that the automaker is reporting the largest quarterly profit in more than 2 years.The word: Jeff Macke says GM made money selling cars! This could be a turn around story and they might be one to watch, maybe.LEHMAN BROTHERS GRIMM: The news: Lehman shares fall as much as 5.5% despite Lehman reporting a record quarterly profit.The word: Guy Adami says Goldman Sachs (GS) beat EPS earnings by 36% yesterday and Lehman (LEH) beats it by a penny, yet they both trade with a 9.5 multiple. It makes no sense to him, though Guy says it’s neither an indictment of LEH or an endorsement of GS.H&R BLUES: The news: H&R Block (HRB) hits a 4-year low as sub-prime crisis worsens quarterly loss.The word: Tim Strazzini says their Options One mortgage business lost $50 million dollars and they’ve’ set aside another $100 million– with management doing everything they can to get this under control. Tim says the smart trade is selling puts out into April or June or buying the stock although it’s going to be flat for a while.OIL'S STEADY FLOW: The news: At a meeting tomorrow, OPEC is expected to announce current output levels will remain unchangedThe word: Eric Bolling says it doesn’t matter. That’s priced into the market already.J. CREW LOOKING GOOD? The news: J. Crew (JCG) shares fall despite better-than-expected earningsThe word: Jeff Macke says J Crew has high inventory. He likes the name but says give it time before buying, don’t jump in tomorrow.AMR ROUGH LANDING? The news: AMR Put Buying Picks Up The word: Guy Adami says traders are buying $30 puts (a bet the stock will go down) with the stock trading at $31.25. (That might be because last summer the airlines got crushed although Guy isn’t worried about that, yet.)  However, Guys admits he will be keeping a close eye on the put buying in the sector.Questions? Comments? Trader disclosure: On MAR 14, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders Bolling owns (PMI) Put Options, Gold, Silver, Soybeans,(DIS) is Short Corn Strazzini Owns (YHOO), (VZ), (BRCM)

2021-10-30 14:11:48.048848

Oppenheimer says 3Q revenue hurt by economic news

https://www.cnbc.com/2012/10/26/oppenheimer-says-3q-revenue-hurt-by-economic-news.html

2012-10-26T04:59:00+0000

CNBC

NEW YORK -- Oppenheimer Holdings Inc. reported Friday that its third-quarter net income rose 10 percent, as lower expenses helped make the best of flat revenue.Albert Lowenthal, CEO of the New York investment firm, said that while the economy remains uncertain, the U.S. equity markets have continued to perform remarkably well. But he said a "consistent drumbeat" of negative economic news has held down investor activity and the company's revenue during the period.Oppenheimer reported net income of $2.3 million, or 17 cents per share, for the quarter that ended Sept. 30. That's up from $2.1 million, or 15 cents per share, earned in the 2011 third quarter.Revenue was basically flat at $231.8 million, compared with $231.6 million last year.Oppenheimer also said Friday that its board declared a quarterly cash dividend of 11 cents. The dividend is payable on Nov. 23 to shareholders of record as of Nov. 9.Shares increased 14 cents to $15.21 by midday. Its shares remain in the middle of its $12.47 to $19.69 52-week trading range.

cnbc, Articles, Oppenheimer Holdings Inc, New York City, New York, North America, United States, Wires, source:tagname:The Associated Press

<div class="group"><p>NEW YORK -- Oppenheimer Holdings Inc. reported Friday that its third-quarter net income rose 10 percent, as lower expenses helped make the best of flat revenue.</p><p>Albert Lowenthal, CEO of the New York investment firm, said that while the economy remains uncertain, the U.S. equity markets have continued to perform remarkably well. But he said a "consistent drumbeat" of negative economic news has held down investor activity and the company's revenue during the period.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Oppenheimer reported net income of $2.3 million, or 17 cents per share, for the quarter that ended Sept. 30. That's up from $2.1 million, or 15 cents per share, earned in the 2011 third quarter.</p><p>Revenue was basically flat at $231.8 million, compared with $231.6 million last year.</p><p>Oppenheimer also said Friday that its board declared a quarterly cash dividend of 11 cents. The dividend is payable on Nov. 23 to shareholders of record as of Nov. 9.</p><p>Shares increased 14 cents to $15.21 by midday. Its shares remain in the middle of its $12.47 to $19.69 52-week trading range.</p></div>

NEW YORK -- Oppenheimer Holdings Inc. reported Friday that its third-quarter net income rose 10 percent, as lower expenses helped make the best of flat revenue.Albert Lowenthal, CEO of the New York investment firm, said that while the economy remains uncertain, the U.S. equity markets have continued to perform remarkably well. But he said a "consistent drumbeat" of negative economic news has held down investor activity and the company's revenue during the period.Oppenheimer reported net income of $2.3 million, or 17 cents per share, for the quarter that ended Sept. 30. That's up from $2.1 million, or 15 cents per share, earned in the 2011 third quarter.Revenue was basically flat at $231.8 million, compared with $231.6 million last year.Oppenheimer also said Friday that its board declared a quarterly cash dividend of 11 cents. The dividend is payable on Nov. 23 to shareholders of record as of Nov. 9.Shares increased 14 cents to $15.21 by midday. Its shares remain in the middle of its $12.47 to $19.69 52-week trading range.

2021-10-30 14:11:48.081978

'Easy money' has been made with Apple: Analyst

https://www.cnbc.com/2015/03/25/easy-money-has-been-made-with-apple-analyst.html

2015-03-25T16:57:43+0000

CNBC

What's Apple really worth? At more than $700 billion, Apple is currently the world's most valuable company. Activist investor Carl Icahn sees it's worth even more. Based on Icahn's share valuation that he made in February, Apple would be a $1.3 trillion company.Morningstar senior analyst Brian Colello disagrees. "You get cannibalization, I think you see the iPhone growing really well but the iPad is not and so if the Watch grows really well, maybe iPhone growth slows. I think you have a more stable revenue base but for the growth to get to a trillion, I think it would be difficult, I'm not seeing that," Colello told CNBC on Wednesday.

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<div class="group"><p>What's <a href="//www.cnbc.com/quotes/AAPL" target="_blank">Apple</a> really worth? At more than $700 billion, Apple is currently the world's most valuable company. Activist investor <a href="https://www.cnbc.com/2015/02/11/icahn-values-apple-at-more-than-1-trillion.html">Carl Icahn</a> sees it's worth even more. Based on Icahn's share valuation that he made in February, Apple would be a $1.3 trillion company.</p><p>Morningstar senior analyst Brian Colello disagrees. "You get cannibalization, I think you see the iPhone growing really well but the iPad is not and so if the Watch grows really well, maybe iPhone growth slows. I think you have a more stable revenue base but for the growth to get to a trillion, I think it would be difficult, I'm not seeing that," Colello told CNBC on Wednesday.</p></div>,<div class="group"><div style="height:100%" class="lazyload-placeholder"></div><p> Colello has a fair value estimate of $120, below the current $126 trading level. </p><p>Watch: <a href="https://www.cnbc.com/video/2015/03/23/are-investors-becoming-too-bullish-on-apple.html">Are investors becoming too bullish on Apple?</a></p><p> The iPhone continues to be Apple's driver of growth. He wrote in his research note that the 99 percent customer satisfaction rate for the iPhone 6 and 6 Plus keeps the devices as the most important, and lucrative, in Apple's expanding product portfolio.</p><p>The expanding portfolio of course includes the Apple Watch. "We continue to view Apple Watch as a product category that will drive incremental revenue for Apple, but more important, will offer especially strong stickiness to the iOS ecosystem that will enable Apple to make repeat sales of high-margin iPhones to these customers over time," Colello wrote in his note.</p><p>"The easy money's been made at this point. There could be upside in the near term," he told CNBC's "<a href="https://www.cnbc.com/tech-bet/">Tech Bet</a>." "But in general when you look at the smartphone market, two, three years out, once all the China mobile customers get their hands on it, now you have the larger screen, it's harder to see a lot of growth. The smartphone market is going to grow but most of it will be at the low end, not where Apple plays. So it will be interesting to see how much growth Apple gets on the high end. We think that will be relatively limited."</p></div>

What's Apple really worth? At more than $700 billion, Apple is currently the world's most valuable company. Activist investor Carl Icahn sees it's worth even more. Based on Icahn's share valuation that he made in February, Apple would be a $1.3 trillion company.Morningstar senior analyst Brian Colello disagrees. "You get cannibalization, I think you see the iPhone growing really well but the iPad is not and so if the Watch grows really well, maybe iPhone growth slows. I think you have a more stable revenue base but for the growth to get to a trillion, I think it would be difficult, I'm not seeing that," Colello told CNBC on Wednesday. Colello has a fair value estimate of $120, below the current $126 trading level. Watch: Are investors becoming too bullish on Apple? The iPhone continues to be Apple's driver of growth. He wrote in his research note that the 99 percent customer satisfaction rate for the iPhone 6 and 6 Plus keeps the devices as the most important, and lucrative, in Apple's expanding product portfolio.The expanding portfolio of course includes the Apple Watch. "We continue to view Apple Watch as a product category that will drive incremental revenue for Apple, but more important, will offer especially strong stickiness to the iOS ecosystem that will enable Apple to make repeat sales of high-margin iPhones to these customers over time," Colello wrote in his note."The easy money's been made at this point. There could be upside in the near term," he told CNBC's "Tech Bet." "But in general when you look at the smartphone market, two, three years out, once all the China mobile customers get their hands on it, now you have the larger screen, it's harder to see a lot of growth. The smartphone market is going to grow but most of it will be at the low end, not where Apple plays. So it will be interesting to see how much growth Apple gets on the high end. We think that will be relatively limited."

2021-10-30 14:11:48.260650

Video Game Sales Get off to Slow Start in 2011

https://www.cnbc.com/2011/02/17/video-game-sales-get-off-to-slow-start-in-2011.html

2011-02-18T00:01:57+0000

Chris Morris

CNBC

2011 isn't looking much better than 2010 or 2009 for retail sales of video games.

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<div class="group"><p>2011 isn't looking much better than 2010 or 2009 for retail sales of video games.</p></div>,<div class="group"><p>Despite comparing with weak numbers from a year ago, game software sales were down 5 percent last month versus 12 months earlier, coming in at $576 million, according to NPD Group, which tracks the industry. Overall, the industry was down 6 percent, dragged lower by continued weakness in the hardware category.</p><div style="height:100%" class="lazyload-placeholder"></div><p>The news isn't quite as bad as it might appear, though. January's decline was far better than some analysts had predicted. Wedbush Securities had forecast software sales to be down as much as 11 percent.</p><p>Hardware sales, while light, also defied expectations — falling 8 percent versus the expected 31 percent. Given that January is always a light month for hardware sales as people tend to buy game machines during the holidays, the decline is far from troubling. Peripheral sales, meanwhile, which included Microsoft's Kinect and Sony's PlayStation Move controller, were up 6 percent.</p><p>Year to date, the industry is 4 percent off of last year's anemic pace, with overall sales of $1.14 billion.</p><p>It was catalog sales that topped the sales charts in January. Activision-Blizzard's "Call of Duty: Black Ops" was the month's best-selling game, while Ubisoft's "Just Dance 2" came in and number two. The months' two new releases — Electronic Arts' "Dead Space 2" and Sony's "Little Big Planet 2" — took the number three and four spots.</p><p>While the retail numbers continue to decline, it's important to note that brick and mortar stores like GameStop continue to lose market share to digital forms of distribution. In today's gaming market, in fact, they represent just 60 percent of the overall revenue in the video game industry. Used games, game rentals, subscriptions, digital full game downloads, social network games, downloadable content and mobile game apps all contribute to the bottom line of publishers — and are a growing force.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Many analysts are expecting retail sales to continue their decline versus previous years in 2011. Some, like Wedbush's Michael Pachter, however, think new hardware products, such as Nintendo's 3DS handheld system, could spark a rebound, and that patient investors could be rewarded.</p><p>"We think that consecutive sales declines in 2009 and 2010 position the industry for a rebound," wrote Pachter in a note to investors. "However, while we expect a rebound in 2011, we think that the first two or three months face difficult comparisons, and do not expect sales growth to commence until late March, when the Nintendo 3DS launches."</p><p>In addition to the 3DS, which is generating advance buzz among players eager to experience 3D games without having to wear special glasses, most analysts expect 2011 will bring hardware price cuts to the industry, which will further boost sales.</p><p>No console manufacturer reduced their retail prices last year (though each did offer their machines bundled with games and/or peripherals for the same price). Most analysts feel a $50 across-the-board price cut will come before the end of the year.</p></div>

2011 isn't looking much better than 2010 or 2009 for retail sales of video games.Despite comparing with weak numbers from a year ago, game software sales were down 5 percent last month versus 12 months earlier, coming in at $576 million, according to NPD Group, which tracks the industry. Overall, the industry was down 6 percent, dragged lower by continued weakness in the hardware category.The news isn't quite as bad as it might appear, though. January's decline was far better than some analysts had predicted. Wedbush Securities had forecast software sales to be down as much as 11 percent.Hardware sales, while light, also defied expectations — falling 8 percent versus the expected 31 percent. Given that January is always a light month for hardware sales as people tend to buy game machines during the holidays, the decline is far from troubling. Peripheral sales, meanwhile, which included Microsoft's Kinect and Sony's PlayStation Move controller, were up 6 percent.Year to date, the industry is 4 percent off of last year's anemic pace, with overall sales of $1.14 billion.It was catalog sales that topped the sales charts in January. Activision-Blizzard's "Call of Duty: Black Ops" was the month's best-selling game, while Ubisoft's "Just Dance 2" came in and number two. The months' two new releases — Electronic Arts' "Dead Space 2" and Sony's "Little Big Planet 2" — took the number three and four spots.While the retail numbers continue to decline, it's important to note that brick and mortar stores like GameStop continue to lose market share to digital forms of distribution. In today's gaming market, in fact, they represent just 60 percent of the overall revenue in the video game industry. Used games, game rentals, subscriptions, digital full game downloads, social network games, downloadable content and mobile game apps all contribute to the bottom line of publishers — and are a growing force.Many analysts are expecting retail sales to continue their decline versus previous years in 2011. Some, like Wedbush's Michael Pachter, however, think new hardware products, such as Nintendo's 3DS handheld system, could spark a rebound, and that patient investors could be rewarded."We think that consecutive sales declines in 2009 and 2010 position the industry for a rebound," wrote Pachter in a note to investors. "However, while we expect a rebound in 2011, we think that the first two or three months face difficult comparisons, and do not expect sales growth to commence until late March, when the Nintendo 3DS launches."In addition to the 3DS, which is generating advance buzz among players eager to experience 3D games without having to wear special glasses, most analysts expect 2011 will bring hardware price cuts to the industry, which will further boost sales.No console manufacturer reduced their retail prices last year (though each did offer their machines bundled with games and/or peripherals for the same price). Most analysts feel a $50 across-the-board price cut will come before the end of the year.

2021-10-30 14:11:48.314844

Britain intervenes in Nvidia's $40 billion Arm takeover on national security concerns

https://www.cnbc.com/2021/04/19/nvidia-takeover-of-arm-faces-uk-government-intervention.html

2021-04-19T13:06:24+0000

Sam Shead

CNBC

LONDON — The U.K. government has intervened in Nvidia's proposed $40 billion takeover of chip designer Arm on national security grounds.Britain's Digital Secretary Oliver Dowden issued a Public Interest Intervention Notice (PIIN) on Monday. It's not clear what the national security grounds are but the Department for Digital, Culture, Media and Sport said Dowden "considered advice received from officials across the investment security community."Dowden said he has written to the U.K. competition watchdog and asked them to start a "phase one" investigation into the transaction, which was announced in September.The Competition and Markets Authority has been instructed to compile a report for Dowden on the competition and national security aspects of the deal before July 30. Dowden could then approve the deal, permit it on certain conditions, or ask for a more detailed inquiry."Following careful consideration of the proposed takeover of Arm, I have today issued an intervention notice on national security grounds," said Dowden in a statement. "As a next step and to help me gather the relevant information, the U.K.'s independent competition authority will now prepare a report on the implications of the transaction, which will help inform any further decisions."

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<div class="group"><p>LONDON — The U.K. government has intervened in <a href="//www.cnbc.com/quotes/NVDA" target="_blank">Nvidia's</a> proposed $40 billion takeover of chip designer Arm on national security grounds.</p><p>Britain's Digital Secretary Oliver Dowden issued <a href="https://www.gov.uk/government/publications/proposed-acquisition-of-arm-limited-by-nvidia-corporation-public-interest-intervention" target="_blank">a Public Interest Intervention Notice (PIIN)</a> on Monday. It's not clear what the national security grounds are but the Department for Digital, Culture, Media and Sport said Dowden "considered advice received from officials across the investment security community."</p><div style="height:100%" class="lazyload-placeholder"></div><p>Dowden said he has written to the U.K. competition watchdog and asked them to start a "phase one" investigation into the transaction, which was <a href="https://www.cnbc.com/2020/09/14/nvidia-to-buy-arm-holdings-from-softbank-for-40-billion.html">announced in September.</a></p><p>The Competition and Markets Authority has been instructed to compile a report for Dowden on the competition and national security aspects of the deal before July 30. Dowden could then approve the deal, permit it on certain conditions, or ask for a more detailed inquiry.</p><p>"Following careful consideration of the proposed takeover of Arm, I have today issued an intervention notice on national security grounds," said Dowden in a statement. "As a next step and to help me gather the relevant information, the U.K.'s independent competition authority will now prepare a report on the implications of the transaction, which will help inform any further decisions."</p></div>,<div class="group"><p>He added: "We want to support our thriving UK tech industry and welcome foreign investment, but it is appropriate that we properly consider the national security implications of a transaction like this." </p><p>A spokesperson for Nvidia said: "We do not believe that this transaction poses any material national security issues. We will continue to work closely with the British authorities, as we have done since the announcement of this deal."</p><div style="height:100%" class="lazyload-placeholder"></div><p>Arm is being sold by SoftBank, which acquired the firm for £24 billion ($33 billion) in 2016 without any major issues. The new sale, however, has raised concerns that Nvidia could relocate Arm's headquarters to the U.S. and reduce competition in the semiconductor industry.</p><p>The ongoing global chip shortage has also highlighted how important semiconductors are in today's world. They're used in everything from smartphones and cars to fighter jets and other weapons systems. As a result, nations are keen to become more self-reliant when it comes to chip production, which is currently dominated by China.</p><p>Set up in the 1980s, Arm licenses its chip designs to manufacturers around the world and it's been referred to as the "Switzerland" of the chip industry due to its neutrality. Chipmakers <a href="https://www.cnbc.com/2021/02/12/qualcomm-objects-to-nvidias-40-billion-arm-acquisition.html">including Qualcomm</a> have expressed concerns that Nvidia may look to close off access to Arm's technology, but Nvidia insists that such a move isn't planned.</p><p>Nvidia CEO Jensen Huang has pledged to keep Arm's headquarters in Cambridge and expand the company's footprint in the city.</p><p>The deal is also being probed by regulators in the U.S., China and the European Union and some question whether it will be allowed to go through. Five industry sources, <a href="https://www.cnbc.com/2020/10/01/tech-investors-predict-nvidias-arm-acquisition-will-be-blocked.html">including two tech investors</a>, told CNBC in February that they think the deal has a very high chance of being blocked by one or more of the regulators. </p></div>

LONDON — The U.K. government has intervened in Nvidia's proposed $40 billion takeover of chip designer Arm on national security grounds.Britain's Digital Secretary Oliver Dowden issued a Public Interest Intervention Notice (PIIN) on Monday. It's not clear what the national security grounds are but the Department for Digital, Culture, Media and Sport said Dowden "considered advice received from officials across the investment security community."Dowden said he has written to the U.K. competition watchdog and asked them to start a "phase one" investigation into the transaction, which was announced in September.The Competition and Markets Authority has been instructed to compile a report for Dowden on the competition and national security aspects of the deal before July 30. Dowden could then approve the deal, permit it on certain conditions, or ask for a more detailed inquiry."Following careful consideration of the proposed takeover of Arm, I have today issued an intervention notice on national security grounds," said Dowden in a statement. "As a next step and to help me gather the relevant information, the U.K.'s independent competition authority will now prepare a report on the implications of the transaction, which will help inform any further decisions."He added: "We want to support our thriving UK tech industry and welcome foreign investment, but it is appropriate that we properly consider the national security implications of a transaction like this." A spokesperson for Nvidia said: "We do not believe that this transaction poses any material national security issues. We will continue to work closely with the British authorities, as we have done since the announcement of this deal."Arm is being sold by SoftBank, which acquired the firm for £24 billion ($33 billion) in 2016 without any major issues. The new sale, however, has raised concerns that Nvidia could relocate Arm's headquarters to the U.S. and reduce competition in the semiconductor industry.The ongoing global chip shortage has also highlighted how important semiconductors are in today's world. They're used in everything from smartphones and cars to fighter jets and other weapons systems. As a result, nations are keen to become more self-reliant when it comes to chip production, which is currently dominated by China.Set up in the 1980s, Arm licenses its chip designs to manufacturers around the world and it's been referred to as the "Switzerland" of the chip industry due to its neutrality. Chipmakers including Qualcomm have expressed concerns that Nvidia may look to close off access to Arm's technology, but Nvidia insists that such a move isn't planned.Nvidia CEO Jensen Huang has pledged to keep Arm's headquarters in Cambridge and expand the company's footprint in the city.The deal is also being probed by regulators in the U.S., China and the European Union and some question whether it will be allowed to go through. Five industry sources, including two tech investors, told CNBC in February that they think the deal has a very high chance of being blocked by one or more of the regulators.

2021-10-30 14:11:48.402549

Merrill Taps Thain After Fink Demanded Full Tally

https://www.cnbc.com/2007/11/14/merrill-taps-thain-after-fink-demanded-full-tally.html

2007-11-14T21:36:16+0000

CNBC

Merrill Lynch'sdecision to name John Thain as its new chief executive came after the firm's first choice, BlackRock CEO Larry Fink, demanded that Merrill make a full accounting of its subprime exposure, CNBC has learned.

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<div class="group"><p><strong>Merrill Lynch</strong>'sdecision to name John Thain as its new chief executive came after the firm's first choice, <strong>BlackRock</strong> CEO Larry Fink, demanded that Merrill make a full accounting of its subprime exposure, CNBC has learned.</p></div>,<div class="group"><p>Thain, who has been CEO of <strong>NYSE Euronext </strong>for nearly four years, will succeed Stanley O'Neal, who stepped down in late October after Merrill reported huge writedowns from subprime-related losses.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Merrill's selection of Thain was a surprise because the firm had recently indicated to Fink that the job was his if he wanted it. CNBC has learned that Fink said he would take the job but only if Merrill did a full accounting of its subprime exposure. At that point, Merrill, which owns 49% of BlackRock , moved in a different direction and decided to go with Thain instead. </p><p>A Merrill spokesman told CNBC that "Merrill Lynch can confirm that Laurence Fink was not offered the job of CEO at Merrill Lynch."</p><p><strong>Replacement for Thain</strong></p><p>The NYSE will name Duncan Niederauer, the current chief operating officer, as Thain's replacement.</p><p><a href="https://www.cnbc.com/2007/12/14/merrill-ousts-ceo-oneal-begins-seeking-successor.html">Merrill ousted CEO Stan O'Neal</a> after posting an $8.4 billion write-down for the third quarter. The write-down resulted in a $2.3 billion loss, the largest quarterly loss in the company's 93-year history.</p><div style="height:100%" class="lazyload-placeholder"></div></div>,<div class="group"><p>Thain has a blue-chip Wall Street resume, with credentials sharpened by running NYSE and his time as a former co-president at <a href="http://www.cnbc.com/id/15837290/site/14081545/?q=gs"><strong>Goldman Sachs</strong></a>. </p><p>Thain took over the NYSE in January 2004 after longtime CEO Richard Grasso was forced to resign over his $188 million pay package. Thain sought to present a new image for the exchange and pushed through some major structural changes, including the move to electronic trading.</p><p>Thain had also been rumored to be a possible CEO candidate for Citigroup , whose chief executive <a href="https://www.cnbc.com/2007/11/05/prince-out-at-citigroup-writeoff-figures-climb.html">Chuck Prince also stepped down following big subprime-related losses</a>. No replacement for Prince has been named.</p><p><strong>Created Global Exchange</strong></p><p>Thain, who is credited with remaking the NYSE into the world's first truly global exchange, is no stranger to the investment world. He started out on the bond desk at Goldman Sachs and left the firm as its chief operating officer.</p><p>Many say he's also exactly what Merrill Lynch needs after last month's ouster of Stan O'Neal. The former CEO was not well liked by Merrill's army of some 16,000 brokers, and lost their confidence after the company recorded its biggest loss since being founded 93 years ago.</p><p>Merrill Lynch ratcheted up a $2.24 billion loss during the third quarter because of investments in subprime mortgages and other risky types of debt. It joined dozens of other major financial institutions who are getting squeezed as investors steer away from riskier securities, causing credit markets to tighten significantly.</p><p>There is also speculation by a number of analysts that Merrill may take a $3 billion fourth-quarter writedown. That would be besides the $7.9 billion charge taken last quarter. Merrill originally said it would write down only $4.5 billion because of the credit crisis.</p><p><strong>Faces Daunting Task</strong></p><p>Thain faces a daunting task of cleaning up those investments, and reviving morale at a firm badly bruised during the past few months. There has been speculation that a new CEO would be forced to turn around Merrill's fixed income division, a department that he once ran for Goldman in the 1990s.</p></div>,<div class="group"><p>Meanwhile, Fink may be a possible replacement for Prince, who left the helm of Citigroup less than a week after O'Neal stepped down from Merrill. Thain was also said to be considered to run the nation's biggest bank.</p><p>Prince was forced out of his job after Citi's profit fell 57 percent in the third quarter after it booked $6 billion in asset markdowns and other credit-related losses. The night Prince resigned, the company estimated it would need to write down another $8 billion to $11 billion in the fourth quarter.</p><p>Thain leaves behind a transformed exchange now locked in competition with rival Nasdaq Stock Market. His first task after taking over in 2004 was the acquisition of electronic trading platform <strong>Archipelago Holdings</strong>. It was the first step in bringing NYSE into the 21st century, which ultimately led to the creation of a mostly electronic market last year.</p><p>He also shepherded the NYSE's April acquisition of European rival <strong>Euronext,</strong> which operated bourse's in Paris, Amsterdam, Brussels and Lisbon. </p><p><em>The Associated Press contributed to this report.</em></p></div>

Merrill Lynch'sdecision to name John Thain as its new chief executive came after the firm's first choice, BlackRock CEO Larry Fink, demanded that Merrill make a full accounting of its subprime exposure, CNBC has learned.Thain, who has been CEO of NYSE Euronext for nearly four years, will succeed Stanley O'Neal, who stepped down in late October after Merrill reported huge writedowns from subprime-related losses.Merrill's selection of Thain was a surprise because the firm had recently indicated to Fink that the job was his if he wanted it. CNBC has learned that Fink said he would take the job but only if Merrill did a full accounting of its subprime exposure. At that point, Merrill, which owns 49% of BlackRock , moved in a different direction and decided to go with Thain instead. A Merrill spokesman told CNBC that "Merrill Lynch can confirm that Laurence Fink was not offered the job of CEO at Merrill Lynch."Replacement for ThainThe NYSE will name Duncan Niederauer, the current chief operating officer, as Thain's replacement.Merrill ousted CEO Stan O'Neal after posting an $8.4 billion write-down for the third quarter. The write-down resulted in a $2.3 billion loss, the largest quarterly loss in the company's 93-year history.Thain has a blue-chip Wall Street resume, with credentials sharpened by running NYSE and his time as a former co-president at Goldman Sachs. Thain took over the NYSE in January 2004 after longtime CEO Richard Grasso was forced to resign over his $188 million pay package. Thain sought to present a new image for the exchange and pushed through some major structural changes, including the move to electronic trading.Thain had also been rumored to be a possible CEO candidate for Citigroup , whose chief executive Chuck Prince also stepped down following big subprime-related losses. No replacement for Prince has been named.Created Global ExchangeThain, who is credited with remaking the NYSE into the world's first truly global exchange, is no stranger to the investment world. He started out on the bond desk at Goldman Sachs and left the firm as its chief operating officer.Many say he's also exactly what Merrill Lynch needs after last month's ouster of Stan O'Neal. The former CEO was not well liked by Merrill's army of some 16,000 brokers, and lost their confidence after the company recorded its biggest loss since being founded 93 years ago.Merrill Lynch ratcheted up a $2.24 billion loss during the third quarter because of investments in subprime mortgages and other risky types of debt. It joined dozens of other major financial institutions who are getting squeezed as investors steer away from riskier securities, causing credit markets to tighten significantly.There is also speculation by a number of analysts that Merrill may take a $3 billion fourth-quarter writedown. That would be besides the $7.9 billion charge taken last quarter. Merrill originally said it would write down only $4.5 billion because of the credit crisis.Faces Daunting TaskThain faces a daunting task of cleaning up those investments, and reviving morale at a firm badly bruised during the past few months. There has been speculation that a new CEO would be forced to turn around Merrill's fixed income division, a department that he once ran for Goldman in the 1990s.Meanwhile, Fink may be a possible replacement for Prince, who left the helm of Citigroup less than a week after O'Neal stepped down from Merrill. Thain was also said to be considered to run the nation's biggest bank.Prince was forced out of his job after Citi's profit fell 57 percent in the third quarter after it booked $6 billion in asset markdowns and other credit-related losses. The night Prince resigned, the company estimated it would need to write down another $8 billion to $11 billion in the fourth quarter.Thain leaves behind a transformed exchange now locked in competition with rival Nasdaq Stock Market. His first task after taking over in 2004 was the acquisition of electronic trading platform Archipelago Holdings. It was the first step in bringing NYSE into the 21st century, which ultimately led to the creation of a mostly electronic market last year.He also shepherded the NYSE's April acquisition of European rival Euronext, which operated bourse's in Paris, Amsterdam, Brussels and Lisbon. The Associated Press contributed to this report.

2021-10-30 14:11:48.686061

CDC reverses indoor mask policy, saying fully vaccinated people and kids should wear them indoors

https://www.cnbc.com/2021/07/27/cdc-to-reverse-indoor-mask-policy-to-recommend-them-for-fully-vaccinated-people-in-covid-hot-spots.html

2021-07-27T14:17:49+0000

Berkeley Lovelace Jr.

CNBC

The Centers for Disease Control and Prevention recommended Tuesday that fully vaccinated people begin wearing masks indoors again in places with high Covid-19 transmission rates. The agency is also recommending kids wear masks in schools this fall.Federal health officials still believe fully vaccinated individuals represent a very small amount of transmission. Still, some vaccinated people could be carrying higher levels of the virus than previously understood and potentially transmit it to others."This pandemic continues to pose a serious threat to the health of all Americans," CDC Director Rochelle Walensky told reporters on a call. "Today, we have new science related to the delta variant that requires us to update the guidance regarding what you can do when you are fully vaccinated."The updated guidance comes ahead of the fall season, when the highly contagious delta variant is expected to cause another surge in new coronavirus cases and many large employers plan to bring workers back to the office. In mid-May, the CDC said fully vaccinated people didn't need to wear masks in most settings, whether indoors or outdoors."In areas with substantial and high transmission, CDC recommends fully vaccinated people wear masks in public, indoor settings to help prevent the spread of the delta variant, and protect others. This includes schools," Walensky said. The CDC recommends that everyone in grade schools wear masks indoors, "including teachers, staff, students and visitors, regardless of vaccination status."Walensky said new data shows the variant behaves "uniquely differently from past strains of the virus," indicating that some vaccinated people infected with the delta variant "may be contagious and spread the virus to others."Read More: Americans will need masks indoors as U.S. heads for 'dangerous fall' with surge in delta Covid casesHealth experts fear delta, already the dominant form of the disease in the U.S., is hitting states with low vaccination rates. Those states are now being forced to reintroduce mask rules, capacity limits and other public health measures that they've largely rolled back in recent months.Read CNBC's latest global coverage of the Covid pandemic:FDA authorizes Pfizer's Covid vaccine for kids ages 5 to 11 South Korea loosens restrictions in first step toward 'living with Covid-19'  Florida sues Biden over contractor Covid vaccine mandateGlobal Covid cases and deaths rise for the first time in two months, WHO says Some 5% of unvaccinated adults quit their jobs over Covid vaccine mandates, survey shows

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<div class="group"><p>The Centers for Disease Control and Prevention recommended Tuesday that fully vaccinated people begin wearing masks indoors again in places with <a href="https://www.cnbc.com/2021/07/23/covid-cases-are-rising-again-in-all-50-states-across-us-as-delta-variant-tightens-its-grip.html">high Covid-19 transmission rates</a>. The agency is also recommending kids wear masks in schools this fall.</p><p>Federal health officials still believe fully vaccinated individuals represent a very small amount of transmission. Still, some vaccinated people could be carrying higher levels of the virus than previously understood and potentially transmit it to others.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"This pandemic continues to pose a serious threat to the health of all Americans," CDC Director Rochelle Walensky told reporters on a call. "Today, we have new science related to the delta variant that requires us to update the guidance regarding what you can do when you are fully vaccinated."</p><p>The updated guidance comes ahead of the fall season, when the highly contagious delta variant is expected to <a href="https://www.cnbc.com/2021/07/08/us-heading-for-dangerous-fall-with-surge-in-delta-covid-cases-and-return-of-indoor-mask-mandates.html">cause another surge</a> in new <a href="https://www.cnbc.com/coronavirus/">coronavirus</a> cases and many large employers plan to bring workers back to the office. In mid-May, the CDC said fully vaccinated people didn't need to wear masks in most settings, whether indoors or outdoors.</p><p>"In areas with substantial and high transmission, CDC recommends fully vaccinated people wear masks in public, indoor settings to help prevent the spread of the delta variant, and protect others. This includes schools," Walensky said. The CDC recommends that everyone in grade schools wear masks indoors, "including teachers, staff, students and visitors, regardless of vaccination status."</p><p>Walensky said new data shows the variant behaves "uniquely differently from past strains of the virus," indicating that some vaccinated people infected with the delta variant "may be contagious and spread the virus to others."</p><p><em><strong>Read More:</strong> </em><a href="https://www.cnbc.com/2021/07/08/us-heading-for-dangerous-fall-with-surge-in-delta-covid-cases-and-return-of-indoor-mask-mandates.html"><em>Americans will need masks indoors as U.S. heads for 'dangerous fall' with surge in delta Covid cases</em></a></p><div style="height:100%" class="lazyload-placeholder"></div><p>Health experts fear delta, already the dominant form of the disease in the U.S., is <a href="https://www.cnbc.com/2021/07/27/mississippi-and-louisiana-have-some-of-the-worst-vaccine-rates-and-highest-hospitalizations-in-us.html">hitting states with low vaccination rates</a>. Those states are now being forced to reintroduce mask rules, capacity limits and other public health measures that they've largely rolled back in recent months.</p></div>,<div class="group"><p>White House chief medical advisor <a href="https://www.cnbc.com/2021/07/21/delta-covid-variant-fauci-says-vaccinated-people-might-want-to-consider-wearing-masks-indoors-.html">Dr. Anthony Fauci</a> said Sunday that the CDC was considering whether to revise mask guidance for vaccinated Americans, saying it was "under active consideration."</p><p>"It's a dynamic situation. It's a work in progress, it evolves like in so many other areas of the pandemic," Fauci, also the director of the National Institute of Allergy and Infectious Diseases, told CNN. "You've got to look at the data."</p></div>,<div class="group"><div class="RelatedContent-relatedContent" id="RegularArticle-RelatedContent-1"><div class="RelatedContent-container"><div class="RelatedContent-nonCollapsibleContent"><h2 class="RelatedContent-header">CNBC Health &amp; Science </h2><div class="group"><p>Read CNBC's latest global coverage of the Covid pandemic:</p><p><a href="https://www.cnbc.com/2021/10/29/pfizer-covid-vaccine-fda-authorizes-for-kids-ages-5-to-11.html">FDA authorizes Pfizer's Covid vaccine for kids ages 5 to 11</a> </p><p><a href="https://www.cnbc.com/2021/10/29/south-korea-loosens-restrictions-in-step-toward-living-with-covid-19.html">South Korea loosens restrictions in first step toward 'living with Covid-19' </a> </p><p><a href="https://www.cnbc.com/2021/10/28/florida-sues-biden-over-contractor-covid-vaccine-mandate.html">Florida sues Biden over contractor Covid vaccine mandate</a></p><p><a href="https://www.cnbc.com/2021/10/28/global-covid-cases-and-deaths-rise-for-the-first-time-in-two-months-who-says.html">Global Covid cases and deaths rise for the first time in two months, WHO says</a> </p><p><a href="https://www.cnbc.com/2021/10/28/covid-vaccine-some-5percent-of-unvaccinated-adults-have-quit-their-jobs-over-a-mandate-survey-shows.html">Some 5% of unvaccinated adults quit their jobs over Covid vaccine mandates, survey shows </a></p></div></div></div></div></div>,<div class="group"><p>Read CNBC's latest global coverage of the Covid pandemic:</p><p><a href="https://www.cnbc.com/2021/10/29/pfizer-covid-vaccine-fda-authorizes-for-kids-ages-5-to-11.html">FDA authorizes Pfizer's Covid vaccine for kids ages 5 to 11</a> </p><p><a href="https://www.cnbc.com/2021/10/29/south-korea-loosens-restrictions-in-step-toward-living-with-covid-19.html">South Korea loosens restrictions in first step toward 'living with Covid-19' </a> </p><p><a href="https://www.cnbc.com/2021/10/28/florida-sues-biden-over-contractor-covid-vaccine-mandate.html">Florida sues Biden over contractor Covid vaccine mandate</a></p><p><a href="https://www.cnbc.com/2021/10/28/global-covid-cases-and-deaths-rise-for-the-first-time-in-two-months-who-says.html">Global Covid cases and deaths rise for the first time in two months, WHO says</a> </p><p><a href="https://www.cnbc.com/2021/10/28/covid-vaccine-some-5percent-of-unvaccinated-adults-have-quit-their-jobs-over-a-mandate-survey-shows.html">Some 5% of unvaccinated adults quit their jobs over Covid vaccine mandates, survey shows </a></p></div>,<div class="group"><p>The CDC's guidance is only a recommendation, leaving it up to states and local officials on whether to reintroduce their mask rules for certain people. But even before the CDC's anticipated guidance Tuesday, <a href="https://www.cnbc.com/2021/07/21/covid-local-officials-across-us-are-starting-to-reimpose-mask-rules-as-delta-variant-takes-hold.html">some regions were reintroducing</a> mask mandates and advisories as Covid cases began to spike again.</p><p>Walensky said a majority of the hospitalizations and deaths in the U.S. are occurring among unvaccinated people, pointing to vaccines she said worked well in protecting against severe illness and death. "But the big concern is that the next variant that might emerge, we're just a few mutations potentially away where it could potentially evade our vaccines," she said.</p><p>President Joe Biden said the CDC's updated guidance was necessary to defeat the virus, and that he will lay out "next steps" to get more Americans vaccinated on Thursday.</p><p>"Although most U.S. adults are vaccinated, too many are not. While we have seen an increase in vaccinations in recent days, we still need to do better," he said in a statement. "More vaccinations and mask wearing in the areas most impacted by the Delta variant will enable us to avoid the kind of lockdowns, shutdowns, school closures, and disruptions we faced in 2020."</p></div>,<div class="group"><p>Several counties across California and Nevada were already advising all residents to wear masks in public indoor settings — whether they are vaccinated or not. In Massachusetts, officials in Provincetown advised all individuals to resume wearing masks indoors after Fourth of July celebrations led to an outbreak of new cases.</p><p>Experts say Covid prevention strategies remain critical to protect people from the virus, especially in areas of moderate-to-high community transmission levels.</p><p>The CDC defines "substantial transmission" as counties that have 50 to 100 cases per 100,000 residents over a seven-day period and "high transmission" is more than 100 cases per 100,000 people over seven days, Walensky said.</p><p>"We have places and counties and states here that are now reporting over 300 cases per 100,000 over a seven day period. So really an extraordinary amount of viral transmission, which is what we're concerned about," she added.</p><p>Dr. Paul Offit, a pediatrician and vaccine advocate who has served on advisory panels for both the CDC and the Food and Drug Administration, told CNBC earlier this month that the U.S. was still "undervaccinated," with about half of the population not fully inoculated.</p><p>Even people who are fully protected have cause for concern when it comes to Covid variants, Offit said. While the vaccines protect well against severe disease and death, they may not protect as well against mild disease or spreading Covid to others, he said. No vaccine is 100% effective, he noted.</p><p>"It is not a bold prediction to believe that SARS-CoV-2 is going to be circulating two or three years from now. I mean there are 195 countries out there, most of which haven't been given a single dose of vaccine," Offit said. "Will it still be circulating in the United States? I think that would be very, very likely."</p><p><a href="https://www.cnbc.com/2021/07/23/delta-variant-pfizer-covid-vaccine-39percent-effective-in-israel-prevents-severe-illness.html">Israel released preliminary data</a> last week that showed the Pfizer vaccine is just 39% effective against the virus there, which officials attributed to the rapidly spreading delta variant. Its effectiveness against severe disease and death remained high, the data showed. U.S. and world health officials said they are looking at the Israeli research, which was not peer-reviewed and was scant on details.</p><p>Executives from <a href="//www.cnbc.com/quotes/PFE" target="_blank">Pfizer</a>, <a href="//www.cnbc.com/quotes/MRNA" target="_blank">Moderna</a> and <a href="//www.cnbc.com/quotes/JNJ" target="_blank">Johnson &amp; Johnson</a> have said they expect Americans <a href="https://www.cnbc.com/2021/07/22/covid-boosters-cdc-group-weighs-third-shot-for-immunocompromised-people.html">will need booster shots,</a> and Pfizer has said it plans to ask the FDA to authorize boosters as it sees signs of waning immunity. Federal health officials say booster doses of the vaccines are not needed for otherwise healthy people at this time, although they may recommend it for the elderly or people with compromised immunity.</p><p><em>– CNBC's Meg Tirrell and The Associated Press contributed to this report.</em></p></div>

The Centers for Disease Control and Prevention recommended Tuesday that fully vaccinated people begin wearing masks indoors again in places with high Covid-19 transmission rates. The agency is also recommending kids wear masks in schools this fall.Federal health officials still believe fully vaccinated individuals represent a very small amount of transmission. Still, some vaccinated people could be carrying higher levels of the virus than previously understood and potentially transmit it to others."This pandemic continues to pose a serious threat to the health of all Americans," CDC Director Rochelle Walensky told reporters on a call. "Today, we have new science related to the delta variant that requires us to update the guidance regarding what you can do when you are fully vaccinated."The updated guidance comes ahead of the fall season, when the highly contagious delta variant is expected to cause another surge in new coronavirus cases and many large employers plan to bring workers back to the office. In mid-May, the CDC said fully vaccinated people didn't need to wear masks in most settings, whether indoors or outdoors."In areas with substantial and high transmission, CDC recommends fully vaccinated people wear masks in public, indoor settings to help prevent the spread of the delta variant, and protect others. This includes schools," Walensky said. The CDC recommends that everyone in grade schools wear masks indoors, "including teachers, staff, students and visitors, regardless of vaccination status."Walensky said new data shows the variant behaves "uniquely differently from past strains of the virus," indicating that some vaccinated people infected with the delta variant "may be contagious and spread the virus to others."Read More: Americans will need masks indoors as U.S. heads for 'dangerous fall' with surge in delta Covid casesHealth experts fear delta, already the dominant form of the disease in the U.S., is hitting states with low vaccination rates. Those states are now being forced to reintroduce mask rules, capacity limits and other public health measures that they've largely rolled back in recent months.White House chief medical advisor Dr. Anthony Fauci said Sunday that the CDC was considering whether to revise mask guidance for vaccinated Americans, saying it was "under active consideration.""It's a dynamic situation. It's a work in progress, it evolves like in so many other areas of the pandemic," Fauci, also the director of the National Institute of Allergy and Infectious Diseases, told CNN. "You've got to look at the data."CNBC Health & Science Read CNBC's latest global coverage of the Covid pandemic:FDA authorizes Pfizer's Covid vaccine for kids ages 5 to 11 South Korea loosens restrictions in first step toward 'living with Covid-19'  Florida sues Biden over contractor Covid vaccine mandateGlobal Covid cases and deaths rise for the first time in two months, WHO says Some 5% of unvaccinated adults quit their jobs over Covid vaccine mandates, survey shows Read CNBC's latest global coverage of the Covid pandemic:FDA authorizes Pfizer's Covid vaccine for kids ages 5 to 11 South Korea loosens restrictions in first step toward 'living with Covid-19'  Florida sues Biden over contractor Covid vaccine mandateGlobal Covid cases and deaths rise for the first time in two months, WHO says Some 5% of unvaccinated adults quit their jobs over Covid vaccine mandates, survey shows The CDC's guidance is only a recommendation, leaving it up to states and local officials on whether to reintroduce their mask rules for certain people. But even before the CDC's anticipated guidance Tuesday, some regions were reintroducing mask mandates and advisories as Covid cases began to spike again.Walensky said a majority of the hospitalizations and deaths in the U.S. are occurring among unvaccinated people, pointing to vaccines she said worked well in protecting against severe illness and death. "But the big concern is that the next variant that might emerge, we're just a few mutations potentially away where it could potentially evade our vaccines," she said.President Joe Biden said the CDC's updated guidance was necessary to defeat the virus, and that he will lay out "next steps" to get more Americans vaccinated on Thursday."Although most U.S. adults are vaccinated, too many are not. While we have seen an increase in vaccinations in recent days, we still need to do better," he said in a statement. "More vaccinations and mask wearing in the areas most impacted by the Delta variant will enable us to avoid the kind of lockdowns, shutdowns, school closures, and disruptions we faced in 2020."Several counties across California and Nevada were already advising all residents to wear masks in public indoor settings — whether they are vaccinated or not. In Massachusetts, officials in Provincetown advised all individuals to resume wearing masks indoors after Fourth of July celebrations led to an outbreak of new cases.Experts say Covid prevention strategies remain critical to protect people from the virus, especially in areas of moderate-to-high community transmission levels.The CDC defines "substantial transmission" as counties that have 50 to 100 cases per 100,000 residents over a seven-day period and "high transmission" is more than 100 cases per 100,000 people over seven days, Walensky said."We have places and counties and states here that are now reporting over 300 cases per 100,000 over a seven day period. So really an extraordinary amount of viral transmission, which is what we're concerned about," she added.Dr. Paul Offit, a pediatrician and vaccine advocate who has served on advisory panels for both the CDC and the Food and Drug Administration, told CNBC earlier this month that the U.S. was still "undervaccinated," with about half of the population not fully inoculated.Even people who are fully protected have cause for concern when it comes to Covid variants, Offit said. While the vaccines protect well against severe disease and death, they may not protect as well against mild disease or spreading Covid to others, he said. No vaccine is 100% effective, he noted."It is not a bold prediction to believe that SARS-CoV-2 is going to be circulating two or three years from now. I mean there are 195 countries out there, most of which haven't been given a single dose of vaccine," Offit said. "Will it still be circulating in the United States? I think that would be very, very likely."Israel released preliminary data last week that showed the Pfizer vaccine is just 39% effective against the virus there, which officials attributed to the rapidly spreading delta variant. Its effectiveness against severe disease and death remained high, the data showed. U.S. and world health officials said they are looking at the Israeli research, which was not peer-reviewed and was scant on details.Executives from Pfizer, Moderna and Johnson & Johnson have said they expect Americans will need booster shots, and Pfizer has said it plans to ask the FDA to authorize boosters as it sees signs of waning immunity. Federal health officials say booster doses of the vaccines are not needed for otherwise healthy people at this time, although they may recommend it for the elderly or people with compromised immunity.– CNBC's Meg Tirrell and The Associated Press contributed to this report.

2021-10-30 14:11:48.729149

Insurers choose their partners. So how big will the dance floor be?

https://www.cnbc.com/2015/07/04/health-insurers-choose-their-partners-how-big-will-the-dance-floor-be.html

2015-07-04T15:28:03+0000

Bertha Coombs

CNBC

Aetna and Humana have announced a $35 billion cash and stock agreement to merge, one day after Centene indicated it planned to buy its Medicaid-focused rival Healthnet for $6.8 billion. Should Anthem and Cigna eventually reach a deal to combine their businesses, it will mark one of the most significant eras of consolidation in the history of the health insurance sector. Yet the question remains whether regulators will embrace the deals as quickly as these rivals have embraced one another. Four of the largest U.S. insurers will combine to form two health-care powerhouses, and the competition may spur more mergers among smaller players. "The effect is going to be very specific to markets," said Christopher Koller, the president of the Milbank Memorial Fund, a health policy research foundation that advises states. Read More"What the [Federal Trade Commission] will want to determine is, does an insurer have a big enough market share in a particular market so as to eliminate or reduce competition," asked Koller, who served as Rhode Island's health insurance commissioner from 2006-2013. Still, Koller argues that when it comes to insurance the bar has been set fairly high by federal regulators. "I regulated a market where a domestic, local, non-profit (Blue Cross plan) had 60-70 percent of market share. And I certainly didn't have the FTC marching in there trying to take it apart," he said. Yet current Rhode Island Health Insurance Commissioner Kathleen Hittner said these new large insurer deals should be carefully scrutinized because it could hurt the burgeoning consumer market. "People want consolidation for efficiency, which is what (insurers) promote," said Hittner. "If you have competition, they look at the other plans and they try to have similar plans," she said. "I think if you take away that competition, we will see higher rates and we will see less ability for the states to adjust those rates," she added.

cnbc, Articles, Health insurance, Health care industry, Mergers and acquisitions, Anthem Inc, Cigna Corp, Aetna Inc, Humana Inc, Tenet Healthcare Corp, HCA Holdings Inc, Community Healthcare Trust Inc, Community Health Systems Inc, LifePoint Hospitals Inc, Centene Corp, Deals & IPOs, Health & Science, Health Insurance, US: News, Mergers, Business News, Finance, source:tagname:CNBC US Source

<div class="group"><p> <a href="//www.cnbc.com/quotes/ABBV" target="_blank">Aetna</a> and <a href="//www.cnbc.com/quotes/HUM" target="_blank">Humana</a> have announced a $35 billion cash and stock agreement to merge, one day after <a href="//www.cnbc.com/quotes/CNC" target="_blank">Centene</a> indicated it planned to buy its Medicaid-focused rival Healthnet for $6.8 billion. </p><p> Should <a href="//www.cnbc.com/quotes/ANTM" target="_blank">Anthem</a> and <a href="//www.cnbc.com/quotes/CI" target="_blank">Cigna</a> eventually reach a deal to combine their businesses, it will mark one of the most significant eras of consolidation in the history of the health insurance sector. <br></p><div style="height:100%" class="lazyload-placeholder"></div><p>Yet the question remains whether regulators will embrace the deals as quickly as these rivals have embraced one another. Four of the largest U.S. insurers will combine to form two health-care powerhouses, and the competition may spur more mergers among smaller players. </p><p>"The effect is going to be very specific to markets," said Christopher Koller, the president of the Milbank Memorial Fund, a health policy research foundation that advises states.</p><p> <span class="label-read-more">Read More</span></p><p>"What the [Federal Trade Commission] will want to determine is, does an insurer have a big enough market share in a particular market so as to eliminate or reduce competition," asked Koller, who served as Rhode Island's health insurance commissioner from 2006-2013.</p><p> Still, Koller argues that when it comes to insurance the bar has been set fairly high by federal regulators. </p><div style="height:100%" class="lazyload-placeholder"></div><p>"I regulated a market where a domestic, local, non-profit (Blue Cross plan) had 60-70 percent of market share. And I certainly didn't have the FTC marching in there trying to take it apart," he said.</p><p> Yet current Rhode Island Health Insurance Commissioner Kathleen Hittner said these new large insurer deals should be carefully scrutinized because it could hurt the burgeoning consumer market.</p><p> "People want consolidation for efficiency, which is what (insurers) promote," said Hittner. "If you have competition, they look at the other plans and they try to have similar plans," she said.</p><p> "I think if you take away that competition, we will see higher rates and we will see less ability for the states to adjust those rates," she added.</p></div>,<div class="group"><p>With nearly 5 million members, Humana's dominant position in Medicare plans is one of the factors that attracted Aetna to purchase its smaller rival. If the deal is approved, the combined firm would have greater than 50 percent market share in Medicare in more than half a dozen states, according to a recent analysis by Susquehanna Financial Group. <br></p><p> That would make one area where regulators may raise concerns, which some analysts say could be solved by either company selling off chunks of its business.</p><p> "We expect the deal will close with divestitures in pockets to address anti-trust scrutiny," wrote Ana Gupta, a health-care analyst at Leerink in a note to clients. Gupta raised her price target on both Aetna and Humana following Friday's announcement. However, she noted that regulatory approvals for the merger would take time, as would expected cost savings. </p><p> "The deal is expected to generate cost synergies of $1.25 billion in 2018 and estimated closing in second half of 2016," Gupte wrote. </p></div>,<div class="group"><p>Aetna's chairman and CEO Mark Bertolini <a href="http://aetnahumana.transactionannouncement.com/wp-content/uploads/2015/06/Aetna_Humana_Press_Release_7-3-15.pdf" target="_blank">said in a statement</a> that the combined company will be able to reduce overhead costs and pass on better rates to their customers. </p><p> "This combination will allow us to continue to invest in excellent service for our members and strengthen our partnerships with providers to deliver high quality care at an affordable price," he added.</p><p> That may be easier said than done, advocates say, and is largely dependent on how robustly regulators look at the deal's impact on consumers.</p><p> "Greater consolidation could lead to improved efficiencies," said Elizabeth Imholz, director of special projects and advocacy at Consumers Union, but only "if we had a really effective rate review and antitrust system in place that could look at the antitrust considerations and also closely scrutinize rate filings by insurance companies."</p><p>While the Affordable Care Act triggers government review for rate increase requests of more than 10 percent, insurance regulatory scrutiny at the state level varies widely, Imholz said. She hopes federal regulators will watch the proposed deals closely.</p><p>"I don't see how the FTC could look the other way if these big insurer [deals] are proposed, because it's of great public import," Imholz said. "Even one big one would be important for them to look at."</p><p>One of the arguments insurers make for consolidation is to counter the wave of deal-making in the hospital and medical provider sector, which has given some players tremendous concentration and market power. </p><p>Over the last 10 years, the number hospital deals have outpaced insurance acquisitions by six to one on average, according to data from S&amp;P Capital IQ. </p><p>Insurance industry consultant Robert Laszewski said he expected strong pushback from doctors and hospitals against the large insurer mergers. </p><p> "I think there'll be huge opposition from the provider industry. I think that's what the analysts are missing," said Laszewski, president of Health Policy and Strategy Associates. </p><p> "There would be so much market clout gain that I think it would concern people from a competition standpoint, and raise the ire of the hospital and physician lobby," he added. </p><p> Consumers will want to be vocal, as well, said Imholz. "It is very dynamic out there in marketplace," she said. "We have to, from the consumer side, be vigilant about what's happening." </p><p><em>(CORRECTION: An earlier version of this story misstated Elizabeth Imholz's name.) </em></p></div>

Aetna and Humana have announced a $35 billion cash and stock agreement to merge, one day after Centene indicated it planned to buy its Medicaid-focused rival Healthnet for $6.8 billion. Should Anthem and Cigna eventually reach a deal to combine their businesses, it will mark one of the most significant eras of consolidation in the history of the health insurance sector. Yet the question remains whether regulators will embrace the deals as quickly as these rivals have embraced one another. Four of the largest U.S. insurers will combine to form two health-care powerhouses, and the competition may spur more mergers among smaller players. "The effect is going to be very specific to markets," said Christopher Koller, the president of the Milbank Memorial Fund, a health policy research foundation that advises states. Read More"What the [Federal Trade Commission] will want to determine is, does an insurer have a big enough market share in a particular market so as to eliminate or reduce competition," asked Koller, who served as Rhode Island's health insurance commissioner from 2006-2013. Still, Koller argues that when it comes to insurance the bar has been set fairly high by federal regulators. "I regulated a market where a domestic, local, non-profit (Blue Cross plan) had 60-70 percent of market share. And I certainly didn't have the FTC marching in there trying to take it apart," he said. Yet current Rhode Island Health Insurance Commissioner Kathleen Hittner said these new large insurer deals should be carefully scrutinized because it could hurt the burgeoning consumer market. "People want consolidation for efficiency, which is what (insurers) promote," said Hittner. "If you have competition, they look at the other plans and they try to have similar plans," she said. "I think if you take away that competition, we will see higher rates and we will see less ability for the states to adjust those rates," she added.With nearly 5 million members, Humana's dominant position in Medicare plans is one of the factors that attracted Aetna to purchase its smaller rival. If the deal is approved, the combined firm would have greater than 50 percent market share in Medicare in more than half a dozen states, according to a recent analysis by Susquehanna Financial Group. That would make one area where regulators may raise concerns, which some analysts say could be solved by either company selling off chunks of its business. "We expect the deal will close with divestitures in pockets to address anti-trust scrutiny," wrote Ana Gupta, a health-care analyst at Leerink in a note to clients. Gupta raised her price target on both Aetna and Humana following Friday's announcement. However, she noted that regulatory approvals for the merger would take time, as would expected cost savings. "The deal is expected to generate cost synergies of $1.25 billion in 2018 and estimated closing in second half of 2016," Gupte wrote. Aetna's chairman and CEO Mark Bertolini said in a statement that the combined company will be able to reduce overhead costs and pass on better rates to their customers. "This combination will allow us to continue to invest in excellent service for our members and strengthen our partnerships with providers to deliver high quality care at an affordable price," he added. That may be easier said than done, advocates say, and is largely dependent on how robustly regulators look at the deal's impact on consumers. "Greater consolidation could lead to improved efficiencies," said Elizabeth Imholz, director of special projects and advocacy at Consumers Union, but only "if we had a really effective rate review and antitrust system in place that could look at the antitrust considerations and also closely scrutinize rate filings by insurance companies."While the Affordable Care Act triggers government review for rate increase requests of more than 10 percent, insurance regulatory scrutiny at the state level varies widely, Imholz said. She hopes federal regulators will watch the proposed deals closely."I don't see how the FTC could look the other way if these big insurer [deals] are proposed, because it's of great public import," Imholz said. "Even one big one would be important for them to look at."One of the arguments insurers make for consolidation is to counter the wave of deal-making in the hospital and medical provider sector, which has given some players tremendous concentration and market power. Over the last 10 years, the number hospital deals have outpaced insurance acquisitions by six to one on average, according to data from S&P Capital IQ. Insurance industry consultant Robert Laszewski said he expected strong pushback from doctors and hospitals against the large insurer mergers. "I think there'll be huge opposition from the provider industry. I think that's what the analysts are missing," said Laszewski, president of Health Policy and Strategy Associates. "There would be so much market clout gain that I think it would concern people from a competition standpoint, and raise the ire of the hospital and physician lobby," he added. Consumers will want to be vocal, as well, said Imholz. "It is very dynamic out there in marketplace," she said. "We have to, from the consumer side, be vigilant about what's happening." (CORRECTION: An earlier version of this story misstated Elizabeth Imholz's name.)

2021-10-30 14:11:48.882129

U.S. lawmakers agree Big Tech has too much power, but what to do about it remains a mystery

https://www.cnbc.com/2020/07/30/us-lawmakers-agree-big-tech-has-too-much-power-remedies-unclear.html

2020-07-30T16:35:10+0000

Alex Sherman

CNBC

Yesterday's Big Tech Congressional hearing featured something that's exceedingly rare in Washington: bipartisan agreement. Sure, there was the expected grandstanding about hypothetical conservative bias, and weird questions about emails going into spam folders and when HBO Max would be on Amazon Fire TV. But there was also a strikingly consistent belief among the 15 members of the U.S. House of Representatives' Antitrust Subcommittee that Apple, Amazon, Facebook and Google have too much power.Both Republican and Democratic Congressmen laid out instances where companies have stifled competition, including Amazon using data from third-party sellers against them and Facebook's internal discussions about how buying startups Instagram and WhatsApp could choke off eventual threats. While the CEOs "respectfully disagreed" with many characterizations, years of deflection around touchy issues may have undermined their overall credibility with both lawmakers and the public. So Congress thinks there's a real problem here. But we didn't learn anything about what they plan to do about it. And that's probably because the members simply don't know. It's likely all four companies will be highly scrutinized for any market pivots or strategic acquisitions moving forward. But scrutiny doesn't equal action. This isn't a new American problem. It's easy to diagnose problems: Rising health care costs, growing inequality, electoral college unfairness, and so on. Doing something about them takes bold leadership and, sometimes, fumbling legislation. It would have been nice to hear some ideas about how the companies would respond to potential legislative or regulatory solutions, such as spin-outs of divisions (Google and YouTube, Facebook and Instagram), restrictions on future strategic acquisitions, or laws around Apple's App Store policies. There's not going to be a one-size-fits-all legislative or regulatory fix for the four companies. Each company has its own dominance issues, making it unfeasible to create a single broad law that applies to all of them. But it was notable that representatives both sides of the aisle basically came to the same conclusion.This type of basic agreement -- even at the lowest levels of "there seems to be a problem here" -- is increasingly rare in high-profile Congressional hearings, which often degrade into political showcases where Democrats take one side and Republicans argue the opposite. While Sensenbrenner did note that bigger companies aren't necessarily problematic, there were few, if any, comments echoing what Morgan Stanley Vice Chairman Robert Kindler told CNBC earlier this week:"I think companies like Amazon have been absolutely terrific for the economy and for the consumer," Kindler said. "What would we have done during this pandemic if we didn't have companies like Amazon? I just can't imagine that people don't think that these are fantastic things that all of these huge companies have brought."

cnbc, Articles, Monopoly and antitrust, Antitrust regulation, Politics, Technology, Alphabet Class A, Meta Platforms Inc, Amazon.com Inc, Apple Inc, Media, US: News, Mergers, Antitrust, source:tagname:CNBC US Source

<div class="group"><p>Yesterday's <a href="https://www.cnbc.com/2020/07/29/tech-ceo-antitrust-hearing-live-updates.html">Big Tech Congressional hearing</a> featured something that's exceedingly rare in Washington: bipartisan agreement. </p><p>Sure, there was the expected <a href="https://www.cnbc.com/2020/07/29/tech-ceos-testify-before-house-antitrust-subcommittee-recap.html">grandstanding</a> about hypothetical conservative bias, and weird questions about <a href="https://mashable.com/article/steube-gmail-spam-question/" target="_blank">emails going into spam folders</a> <a href="https://deadline.com/2020/07/amazon-ceo-jeff-bezos-congress-not-up-on-hbo-max-talks-but-using-leverage-normal-business-1202998868/" target="_blank">and when HBO Max would be on Amazon Fire TV</a>. But there was also a strikingly consistent belief among the 15 members of the U.S. House of Representatives' Antitrust Subcommittee that <a href="//www.cnbc.com/quotes/AAPL" target="_blank">Apple</a>, <a href="//www.cnbc.com/quotes/AMZN" target="_blank">Amazon</a>, <a href="//www.cnbc.com/quotes/FB" target="_blank">Facebook</a> and <a href="//www.cnbc.com/quotes/GOOGL" target="_blank">Google</a> have too much power.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Both Republican and Democratic Congressmen laid out instances where companies have stifled competition, including Amazon <a href="https://www.wsj.com/articles/amazon-scooped-up-data-from-its-own-sellers-to-launch-competing-products-11587650015" target="_blank">using data from third-party sellers</a> against them and <a href="https://www.cnbc.com/2020/07/30/apple-amazon-facebook-google-internal-emails-released-by-congress.html">Facebook's internal discussions</a> about how buying startups Instagram and WhatsApp could choke off eventual threats. While the CEOs "respectfully disagreed" with many characterizations, years of deflection around touchy issues may have undermined their overall credibility with both lawmakers and the public. </p><p>So Congress thinks there's a real problem here. But we didn't learn anything about what they plan to do about it. And that's probably because the members simply don't know. It's likely all four companies will be highly scrutinized for any market pivots or strategic acquisitions moving forward. But scrutiny doesn't equal action. </p><p>This isn't a new American problem. It's easy to diagnose problems: Rising health care costs, growing inequality, electoral college unfairness, and so on. Doing something about them takes bold leadership and, sometimes, fumbling legislation. It would have been nice to hear some ideas about how the companies would respond to potential legislative or regulatory solutions, such as spin-outs of divisions (Google and YouTube, Facebook and Instagram), restrictions on future strategic acquisitions, or laws around Apple's App Store policies. </p><p>There's not going to be a one-size-fits-all legislative or regulatory fix for the four companies. Each company has its own dominance issues, making it unfeasible to create a single broad law that applies to all of them. </p><p>But it was notable that representatives both sides of the aisle basically came to the same conclusion.</p><div style="height:100%" class="lazyload-placeholder"></div><ul><li>House Judiciary Committee Chairman Jerrold Nadler, D-N.Y.: "There is growing evidence that a handful of corporations have come to capture an outsized share of online commerce and communications."</li><li>House Judiciary Antitrust, Commercial and Administrative Law Subcommittee Chair David Cicilline, D-R.I.: "Many of the practices used by these companies have harmful economic effects. They discourage entrepreneurship, destroy jobs, hike costs, and degrade quality. Simply put: They have too much power."</li><li>Ranking member of the House Judiciary Subcommittee on Antitrust, Commercial and Administrative Law Jim Sensenbrenner, R-Wis.: "Since the tech investigation began, we have heard rumblings from many who are quick to say your successful companies have grown too large. Since this hearing was announced, it seems that those complaints have gotten even louder....As the business landscape evolves, we must ensure that our existing antitrust laws are applied to meet the needs of our country and its consumers. I share the concern that market dominance in the digital space is ripe for abuse."</li></ul><p>This type of basic agreement -- even at the lowest levels of "there seems to be a problem here" -- is increasingly rare in high-profile Congressional hearings, which often degrade into political showcases where Democrats take one side and Republicans argue the opposite. While Sensenbrenner did note that bigger companies aren't necessarily problematic, there were few, if any, comments echoing what Morgan Stanley Vice Chairman Robert Kindler told CNBC earlier this week:</p><p>"I think companies like Amazon have been absolutely terrific for the economy and for the consumer," <a href="https://www.cnbc.com/2020/07/27/morgan-stanleys-top-banker-robert-kindler-on-what-happens-next-in-deals.html">Kindler said</a>. "What would we have done during this pandemic if we didn't have companies like Amazon? I just can't imagine that people don't think that these are fantastic things that all of these huge companies have brought."</p></div>,<div class="group"><p>Even if Congress can't figure out the next steps, Amazon, Apple, Facebook and Google may have to approach future acquisitions very carefully to avoid regulatory pushback. Even small deals could be at risk to be blocked, especially in a Democratic administration, given the committee's attention to CEO Mark Zuckerberg's emails about how buying Instagram could stifle future competition. Facebook only paid $1 billion for Instagram -- peanuts from today's perspective, where Facebook has a $662 billion market valuation and earned more than $18 billion in profit last year. While Facebook was much smaller in 2012, the committee highlighted several instances of Zuckerberg saying in emails that it was easy to acquire startups, suggesting Facebook could use its market power to throw cash at entrepreneurs who may be tempted by big payouts.</p><p>Indeed, a revealing back-and-forth between Zuckerberg and Instagram CEO Kevin Systrom highlights this point. Systrom tells Zuckerberg that "I'm not coming back at you to change the offer (then $500 million) because I don't think that's what drives us. Of course there's a limit to that logic." </p><p>Sure enough, Zuckerberg raised the offer to $1 billion and Systrom sold. Further, Systrom told Zuckerberg he had concerns about Facebook limiting his independence to run Instagram as he pleased. Zuckerberg responded, "You reference flexibility and things you'd like to do independently that you couldn't do at Facebook. I'm curious what you think you couldn't do at Facebook, given that what I offered was for you to keep building out Instagram as a separate product and brand. I actually think you'll be able to do all the same things with Instagram at Facebook." </p><p>Six years later, Systrom left Facebook after <a href="https://www.wired.com/story/facebook-mark-zuckerberg-15-months-of-fresh-hell/" target="_blank">butting heads with Zuckerberg</a> over how he was integrating Instagram with Facebook. Even if you take Zuckerberg at his word at the time that he had no plans to mess with the company's operations, he knew in the back of his mind that, ultimately, he was the boss. This is true for any acquisition. But with Apple, Google and Amazon all over $1 trillion in market capitalization and Facebook near $700 billion, the ability of these companies to throw money and equity at startups is unrivaled and nearly risk-free when purchase prices are so relatively small.</p><p>While Kindler may be correct that consumers have benefited from the immense growth of big technology,  a continual stream of start-ups merging into four or five big companies may not only limit technological innovation but also thought innovation. If the same leaders are controlling companies, the same ways of thinking will continue to dictate corporate policy. That's a bipartisan concern. And, in this political environment, that's a rarity. </p><p><a href="https://www.cnbc.com/video/2020/07/30/fmr-doj-antitrust-chief-google-amazon-faces-the-biggest-antitrust-threat.html"><strong>WATCH: Former DOJ antitrust chief: Google, Amazon face the biggest antitrust threat</strong></a></p></div>

Yesterday's Big Tech Congressional hearing featured something that's exceedingly rare in Washington: bipartisan agreement. Sure, there was the expected grandstanding about hypothetical conservative bias, and weird questions about emails going into spam folders and when HBO Max would be on Amazon Fire TV. But there was also a strikingly consistent belief among the 15 members of the U.S. House of Representatives' Antitrust Subcommittee that Apple, Amazon, Facebook and Google have too much power.Both Republican and Democratic Congressmen laid out instances where companies have stifled competition, including Amazon using data from third-party sellers against them and Facebook's internal discussions about how buying startups Instagram and WhatsApp could choke off eventual threats. While the CEOs "respectfully disagreed" with many characterizations, years of deflection around touchy issues may have undermined their overall credibility with both lawmakers and the public. So Congress thinks there's a real problem here. But we didn't learn anything about what they plan to do about it. And that's probably because the members simply don't know. It's likely all four companies will be highly scrutinized for any market pivots or strategic acquisitions moving forward. But scrutiny doesn't equal action. This isn't a new American problem. It's easy to diagnose problems: Rising health care costs, growing inequality, electoral college unfairness, and so on. Doing something about them takes bold leadership and, sometimes, fumbling legislation. It would have been nice to hear some ideas about how the companies would respond to potential legislative or regulatory solutions, such as spin-outs of divisions (Google and YouTube, Facebook and Instagram), restrictions on future strategic acquisitions, or laws around Apple's App Store policies. There's not going to be a one-size-fits-all legislative or regulatory fix for the four companies. Each company has its own dominance issues, making it unfeasible to create a single broad law that applies to all of them. But it was notable that representatives both sides of the aisle basically came to the same conclusion.House Judiciary Committee Chairman Jerrold Nadler, D-N.Y.: "There is growing evidence that a handful of corporations have come to capture an outsized share of online commerce and communications."House Judiciary Antitrust, Commercial and Administrative Law Subcommittee Chair David Cicilline, D-R.I.: "Many of the practices used by these companies have harmful economic effects. They discourage entrepreneurship, destroy jobs, hike costs, and degrade quality. Simply put: They have too much power."Ranking member of the House Judiciary Subcommittee on Antitrust, Commercial and Administrative Law Jim Sensenbrenner, R-Wis.: "Since the tech investigation began, we have heard rumblings from many who are quick to say your successful companies have grown too large. Since this hearing was announced, it seems that those complaints have gotten even louder....As the business landscape evolves, we must ensure that our existing antitrust laws are applied to meet the needs of our country and its consumers. I share the concern that market dominance in the digital space is ripe for abuse."This type of basic agreement -- even at the lowest levels of "there seems to be a problem here" -- is increasingly rare in high-profile Congressional hearings, which often degrade into political showcases where Democrats take one side and Republicans argue the opposite. While Sensenbrenner did note that bigger companies aren't necessarily problematic, there were few, if any, comments echoing what Morgan Stanley Vice Chairman Robert Kindler told CNBC earlier this week:"I think companies like Amazon have been absolutely terrific for the economy and for the consumer," Kindler said. "What would we have done during this pandemic if we didn't have companies like Amazon? I just can't imagine that people don't think that these are fantastic things that all of these huge companies have brought."Even if Congress can't figure out the next steps, Amazon, Apple, Facebook and Google may have to approach future acquisitions very carefully to avoid regulatory pushback. Even small deals could be at risk to be blocked, especially in a Democratic administration, given the committee's attention to CEO Mark Zuckerberg's emails about how buying Instagram could stifle future competition. Facebook only paid $1 billion for Instagram -- peanuts from today's perspective, where Facebook has a $662 billion market valuation and earned more than $18 billion in profit last year. While Facebook was much smaller in 2012, the committee highlighted several instances of Zuckerberg saying in emails that it was easy to acquire startups, suggesting Facebook could use its market power to throw cash at entrepreneurs who may be tempted by big payouts.Indeed, a revealing back-and-forth between Zuckerberg and Instagram CEO Kevin Systrom highlights this point. Systrom tells Zuckerberg that "I'm not coming back at you to change the offer (then $500 million) because I don't think that's what drives us. Of course there's a limit to that logic." Sure enough, Zuckerberg raised the offer to $1 billion and Systrom sold. Further, Systrom told Zuckerberg he had concerns about Facebook limiting his independence to run Instagram as he pleased. Zuckerberg responded, "You reference flexibility and things you'd like to do independently that you couldn't do at Facebook. I'm curious what you think you couldn't do at Facebook, given that what I offered was for you to keep building out Instagram as a separate product and brand. I actually think you'll be able to do all the same things with Instagram at Facebook." Six years later, Systrom left Facebook after butting heads with Zuckerberg over how he was integrating Instagram with Facebook. Even if you take Zuckerberg at his word at the time that he had no plans to mess with the company's operations, he knew in the back of his mind that, ultimately, he was the boss. This is true for any acquisition. But with Apple, Google and Amazon all over $1 trillion in market capitalization and Facebook near $700 billion, the ability of these companies to throw money and equity at startups is unrivaled and nearly risk-free when purchase prices are so relatively small.While Kindler may be correct that consumers have benefited from the immense growth of big technology,  a continual stream of start-ups merging into four or five big companies may not only limit technological innovation but also thought innovation. If the same leaders are controlling companies, the same ways of thinking will continue to dictate corporate policy. That's a bipartisan concern. And, in this political environment, that's a rarity. WATCH: Former DOJ antitrust chief: Google, Amazon face the biggest antitrust threat

2021-10-30 14:11:48.959605

Italy's Letta says anyone wanting him to resign must say so

https://www.cnbc.com/2014/02/12/italys-letta-says-anyone-who-wants-him-to-resign-must-say-so-openly.html

2014-02-12T14:24:15+0000

CNBC

Italian Prime Minister Enrico Letta made clear on Wednesday he had no intention of resigning and said that if the center-left leader Matteo Renzi wants to replace him he must state it openly. (Read more: Italy's latest risk to stability: the 'Renzi Factor') Letta spoke to reporters amid widespread speculation that Renzi, the leader of the Democratic Party (PD) that both men belong to, will push for the PD to withdraw its support from Letta at a leadership meeting Thursday. "Anyone who wants to take my place must spell out their intentions," Letta said after an hour-long meeting with Renzi in which neither man was willing to back down, according to sources. Letta said he was proud of his government's record and that he was motivated by a spirit of service to the country, not by personal ambition.

cnbc, Articles, Business News, Economy, World Economy, Europe News, source:tagname:Reuters

<div class="group"><p> Italian Prime Minister Enrico Letta made clear on Wednesday he had no intention of resigning and said that if the center-left leader Matteo Renzi wants to replace him he must state it openly. </p><p> (<em>Read more: </em><a href="https://www.cnbc.com/2013/12/09/italys-latest-risk-to-stability-the-renzi-factor.html">Italy's latest risk to stability: the 'Renzi Factor'</a>)<br></p><div style="height:100%" class="lazyload-placeholder"></div><p> Letta spoke to reporters amid widespread speculation that Renzi, the leader of the Democratic Party (PD) that both men belong to, will push for the PD to withdraw its support from Letta at a leadership meeting Thursday.</p><p> "Anyone who wants to take my place must spell out their intentions," Letta said after an hour-long meeting with Renzi in which neither man was willing to back down, according to sources. <br></p><p> Letta said he was proud of his government's record and that he was motivated by a spirit of service to the country, not by personal ambition. </p></div>,<div class="group"><p><em style="font-size:14px">—By Reuters </em><br></p></div>,<div class="group"></div>

Italian Prime Minister Enrico Letta made clear on Wednesday he had no intention of resigning and said that if the center-left leader Matteo Renzi wants to replace him he must state it openly. (Read more: Italy's latest risk to stability: the 'Renzi Factor') Letta spoke to reporters amid widespread speculation that Renzi, the leader of the Democratic Party (PD) that both men belong to, will push for the PD to withdraw its support from Letta at a leadership meeting Thursday. "Anyone who wants to take my place must spell out their intentions," Letta said after an hour-long meeting with Renzi in which neither man was willing to back down, according to sources. Letta said he was proud of his government's record and that he was motivated by a spirit of service to the country, not by personal ambition. —By Reuters

2021-10-30 14:11:49.027301

EMerge Alliance Releases Version 1.1 of Occupied Space Standard

https://www.cnbc.com/2012/10/02/emerge-alliance-releases-version-11-of-occupied-space-standard.html

2012-10-02T13:35:00+0000

CNBC

Progress continues toward integrated standards for DC microgrids in buildings SAN RAMON, Calif.--(BUSINESS WIRE)-- The EMerge Alliance – an open industry association leading the rapid adoption of safe direct-current (DC) power distribution standards for commercial buildings – today announced it has updated the EMerge Alliance Occupied Space standard, the first application platform model for the utilization of low-voltage DC power in commercial interiors. The EMerge Alliance Occupied Space standard creates an integrated, open platform for power, interior infrastructures, controls and a wide variety of peripheral devices to facilitate the hybrid use of AC and DC power within commercial buildings. Version 1.1 includes several important updates to voltage limits, recommended cable sizes and other requirements to assist companies developing products when using the standard. These changes are backwards compatible and maximize the interoperability and efficiency of EMerge Alliance Registered products. According to Alliance Chairman Brian Patterson, the Occupied Space standard version 1.1 allows for better connectivity with the forthcoming EMerge Alliance Task Level/Furnishings standard and contributes to the organization’s push to deliver a portfolio of integrated standards that increase building flexibility and sustainability, while lowering operating costs. These standards also facilitate the direct use of on-site power generation and storage, which eliminates the need for many inefficient power form conversions in buildings. “The standards we’re creating for DC microgrids are the keys to unlocking unprecedented efficiency, flexibility and sustainability in buildings,” said Patterson. “The latest advancements in the EMerge Alliance Occupied Space standard demonstrate that the Alliance is committed to driving the continued development and expansion of standards that will deliver DC power throughout buildings.” The EMerge Alliance Occupied Space standard has been well received by both product manufacturers and the early adopters of the building community. There are more than 50 EMerge Alliance Registered products available for use today, representing everything needed to implement the platform. The EMerge Alliance Occupied Space standard version 1.1 is available exclusively to Governing, Participating and General Members of the Alliance, and a free public overview is available at http://www.emergealliance.org/Standard/RequestStandard.aspx. To join the Alliance, please visit http://emergealliance.org/Join/HowtoJoin.aspx. The EMerge Alliance’s Growing Standards Portfolio The EMerge Alliance continues to work toward completing new DC power standards to achieve net-zero energy buildings. The soon-to-be-released Data/Telecom Center standard will provide a practical guide for the hybrid use of DC power in data centers, offering better efficiency, a smaller footprint, improved reliability and lower capital and installation costs. Currently in development, the Campus Microgrid standard will focus on establishing a standard for the integration of DC microgrids throughout whole buildings. Also in progress, the Task Level/Furnishings standard connects DC power to desktop technologies and applications. Moving forward, the Alliance will continue its vision by developing future standards for building services, such as HVAC, and outdoor applications, such as electric vehicle charging. All EMerge Alliance standards include consideration of power, infrastructure, peripheral device and control applications required to operate a building application platform using DC power. About the EMerge Alliance The EMerge Alliance is an open industry association leading the rapid adoption of safe DC power distribution in commercial buildings through the development of EMerge Alliance standards. These innovative standards integrate interior infrastructures, power, controls and devices in common microgrid platforms to facilitate the hybrid use of AC and DC power throughout buildings for unprecedented design and space flexibility, greater energy efficiency and improved sustainability. The nonprofit Alliance is accepting new members at various levels. For more information, please visit www.EMergeAlliance.org.

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

<div class="group"><p> Progress continues toward integrated standards for DC microgrids in buildings </p> <p> SAN RAMON, Calif.--(BUSINESS WIRE)-- <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;amp;url=http%3A%2F%2Fwww.EMergeAlliance.org&amp;amp;esheet=50427641&amp;amp;lan=en-US&amp;amp;anchor=The+EMerge+Alliance&amp;amp;index=1&amp;amp;md5=45f023d13ecd4e1ecd8f7549373a5869" target="_blank">The EMerge Alliance</a> – an open industry association leading the rapid adoption of safe direct-current (DC) power distribution standards for commercial buildings – today announced it has updated the EMerge Alliance Occupied Space standard, the first application platform model for the utilization of low-voltage DC power in commercial interiors. </p> <div style="height:100%" class="lazyload-placeholder"></div><p> The EMerge Alliance Occupied Space standard creates an integrated, open platform for power, interior infrastructures, controls and a wide variety of peripheral devices to facilitate the hybrid use of AC and DC power within commercial buildings. Version 1.1 includes several important updates to voltage limits, recommended cable sizes and other requirements to assist companies developing products when using the standard. These changes are backwards compatible and maximize the interoperability and efficiency of EMerge Alliance Registered products. </p> <p> According to Alliance Chairman Brian Patterson, the Occupied Space standard version 1.1 allows for better connectivity with the forthcoming EMerge Alliance Task Level/Furnishings standard and contributes to the organization’s push to deliver a portfolio of integrated standards that increase building flexibility and sustainability, while lowering operating costs. These standards also facilitate the direct use of on-site power generation and storage, which eliminates the need for many inefficient power form conversions in buildings. </p> <p> “The standards we’re creating for DC microgrids are the keys to unlocking unprecedented efficiency, flexibility and sustainability in buildings,” said Patterson. “The latest advancements in the EMerge Alliance Occupied Space standard demonstrate that the Alliance is committed to driving the continued development and expansion of standards that will deliver DC power throughout buildings.” </p> <p> The EMerge Alliance Occupied Space standard has been well received by both product manufacturers and the early adopters of the building community. There are more than 50 EMerge Alliance Registered products available for use today, representing everything needed to implement the platform. The EMerge Alliance Occupied Space standard version 1.1 is available exclusively to Governing, Participating and General Members of the Alliance, and a free public overview is available at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;amp;url=http%3A%2F%2Fwww.emergealliance.org%2FStandard%2FRequestStandard.aspx&amp;amp;esheet=50427641&amp;amp;lan=en-US&amp;amp;anchor=http%3A%2F%2Fwww.emergealliance.org%2FStandard%2FRequestStandard.aspx&amp;amp;index=2&amp;amp;md5=48a2cc7c78dc3ddcb53d32c05584f56c" target="_blank">http://www.emergealliance.org/Standard/RequestStandard.aspx</a>. To join the Alliance, please visit <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;amp;url=http%3A%2F%2Femergealliance.org%2FJoin%2FHowtoJoin.aspx&amp;amp;esheet=50427641&amp;amp;lan=en-US&amp;amp;anchor=http%3A%2F%2Femergealliance.org%2FJoin%2FHowtoJoin.aspx&amp;amp;index=3&amp;amp;md5=37d4202d705d7a1784d5b2c3cce87484" target="_blank">http://emergealliance.org/Join/HowtoJoin.aspx</a>. </p> <p> <b>The EMerge Alliance’s Growing Standards Portfolio</b> </p><div style="height:100%" class="lazyload-placeholder"></div> <p> The EMerge Alliance continues to work toward completing new DC power standards to achieve net-zero energy buildings. The soon-to-be-released Data/Telecom Center standard will provide a practical guide for the hybrid use of DC power in data centers, offering better efficiency, a smaller footprint, improved reliability and lower capital and installation costs. Currently in development, the Campus Microgrid standard will focus on establishing a standard for the integration of DC microgrids throughout whole buildings. Also in progress, the Task Level/Furnishings standard connects DC power to desktop technologies and applications. Moving forward, the Alliance will continue its vision by developing future standards for building services, such as HVAC, and outdoor applications, such as electric vehicle charging. All EMerge Alliance standards include consideration of power, infrastructure, peripheral device and control applications required to operate a building application platform using DC power. </p> <p> <b>About the EMerge Alliance</b> </p> <p> The EMerge Alliance is an open industry association leading the rapid adoption of safe DC power distribution in commercial buildings through the development of EMerge Alliance standards. These innovative standards integrate interior infrastructures, power, controls and devices in common microgrid platforms to facilitate the hybrid use of AC and DC power throughout buildings for unprecedented design and space flexibility, greater energy efficiency and improved sustainability. The nonprofit Alliance is accepting new members at various levels. For more information, please visit <a href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;amp;url=http%3A%2F%2Fwww.EMergeAlliance.org&amp;amp;esheet=50427641&amp;amp;lan=en-US&amp;amp;anchor=www.EMergeAlliance.org&amp;amp;index=4&amp;amp;md5=d2aafd999d21cb0aa0a0d73e7e45811f" target="_blank">www.EMergeAlliance.org</a>. </p> <p> </p> </div>

Progress continues toward integrated standards for DC microgrids in buildings SAN RAMON, Calif.--(BUSINESS WIRE)-- The EMerge Alliance – an open industry association leading the rapid adoption of safe direct-current (DC) power distribution standards for commercial buildings – today announced it has updated the EMerge Alliance Occupied Space standard, the first application platform model for the utilization of low-voltage DC power in commercial interiors. The EMerge Alliance Occupied Space standard creates an integrated, open platform for power, interior infrastructures, controls and a wide variety of peripheral devices to facilitate the hybrid use of AC and DC power within commercial buildings. Version 1.1 includes several important updates to voltage limits, recommended cable sizes and other requirements to assist companies developing products when using the standard. These changes are backwards compatible and maximize the interoperability and efficiency of EMerge Alliance Registered products. According to Alliance Chairman Brian Patterson, the Occupied Space standard version 1.1 allows for better connectivity with the forthcoming EMerge Alliance Task Level/Furnishings standard and contributes to the organization’s push to deliver a portfolio of integrated standards that increase building flexibility and sustainability, while lowering operating costs. These standards also facilitate the direct use of on-site power generation and storage, which eliminates the need for many inefficient power form conversions in buildings. “The standards we’re creating for DC microgrids are the keys to unlocking unprecedented efficiency, flexibility and sustainability in buildings,” said Patterson. “The latest advancements in the EMerge Alliance Occupied Space standard demonstrate that the Alliance is committed to driving the continued development and expansion of standards that will deliver DC power throughout buildings.” The EMerge Alliance Occupied Space standard has been well received by both product manufacturers and the early adopters of the building community. There are more than 50 EMerge Alliance Registered products available for use today, representing everything needed to implement the platform. The EMerge Alliance Occupied Space standard version 1.1 is available exclusively to Governing, Participating and General Members of the Alliance, and a free public overview is available at http://www.emergealliance.org/Standard/RequestStandard.aspx. To join the Alliance, please visit http://emergealliance.org/Join/HowtoJoin.aspx. The EMerge Alliance’s Growing Standards Portfolio The EMerge Alliance continues to work toward completing new DC power standards to achieve net-zero energy buildings. The soon-to-be-released Data/Telecom Center standard will provide a practical guide for the hybrid use of DC power in data centers, offering better efficiency, a smaller footprint, improved reliability and lower capital and installation costs. Currently in development, the Campus Microgrid standard will focus on establishing a standard for the integration of DC microgrids throughout whole buildings. Also in progress, the Task Level/Furnishings standard connects DC power to desktop technologies and applications. Moving forward, the Alliance will continue its vision by developing future standards for building services, such as HVAC, and outdoor applications, such as electric vehicle charging. All EMerge Alliance standards include consideration of power, infrastructure, peripheral device and control applications required to operate a building application platform using DC power. About the EMerge Alliance The EMerge Alliance is an open industry association leading the rapid adoption of safe DC power distribution in commercial buildings through the development of EMerge Alliance standards. These innovative standards integrate interior infrastructures, power, controls and devices in common microgrid platforms to facilitate the hybrid use of AC and DC power throughout buildings for unprecedented design and space flexibility, greater energy efficiency and improved sustainability. The nonprofit Alliance is accepting new members at various levels. For more information, please visit www.EMergeAlliance.org.

2021-10-30 14:11:49.221867

Nadja Swarovski: The luxury sector has been ‘incredibly resilient’ amid the pandemic

https://www.cnbc.com/2021/06/17/nadja-swarovski-luxury-sector-incredibly-resilient-amid-the-pandemic.html

2021-06-17T13:36:06+0000

Vicky McKeever

CNBC

LONDON — Nadja Swarovski, chair of the Swarovski Foundation, said that the luxury sector had effectively embraced the challenge of operating and reaching consumers amid the coronavirus pandemic. Swarovski, the first female executive board member for her family's luxury jewelry brand, was speaking at CNBC's Evolve Global Summit on Wednesday. She told CNBC's Tania Bryer that the "luxury sector, to a certain extent has been incredibly resilient and I think those companies who have been digitally savvy have absolutely embraced this opportunity to communicate with their customers on a digital scale." In addition, Swarovski said it had been "fantastic to see how the fashion industry has embraced this dilemma," with non-essential retail businesses in many countries having been temporarily closed due to lockdowns and other Covid-19 public health restrictions for most of the past year. Swarovski pointed to the use of digital fashion shows, in place of physical events, as well as fashion designers "communicating directly" more with the consumer. For instance, fashion label Alexander McQueen invited fans to take on various design challenges and share their creations on Instagram by tagging the brand, along with the hashtag #McQueenCreators. Danish brand Ganni also launched a challenge inviting fans of the label to create and send in images or artwork around the theme of "Home is where the heart is," to be selected for a place in an exhibition in Copenhagen and potentially win gift cards. Swarovski believed that more direct dialogue with consumers would help designers become more tailored to customer demands and hoped that would help reduce waste in the fashion industry. She pointed out that a quarter of all clothing produced last year went unworn, or even touched, before ending up in waste disposal sites. Data from the U.S. Environmental Protection Agency, showed that on average each American produces about 75 pounds of textile waste a year. "I think with this direct communication and also further transparency in the supply chain, that will be certainly mitigated," Swarovski said.

cnbc, Articles, Alexander McQueen, Sustainable development, Sustainable fashion, Luxury goods retail, Luxury, Jewelry, Technology, Special Reports, Leadership, Business News, Retail, Evolve, source:tagname:CNBC US Source

<div class="group"><p>LONDON — Nadja Swarovski, chair of the Swarovski Foundation, said that the luxury sector had effectively embraced the challenge of operating and reaching consumers amid the coronavirus pandemic. </p><p>Swarovski, the first female executive board member for her family's luxury jewelry brand, was speaking at <a href="https://www.cnbc.com/evolve/">CNBC's Evolve Global Summit</a> on Wednesday. She told CNBC's Tania Bryer that the "luxury sector, to a certain extent has been incredibly resilient and I think those companies who have been digitally savvy have absolutely embraced this opportunity to communicate with their customers on a digital scale." </p><div style="height:100%" class="lazyload-placeholder"></div><p>In addition, Swarovski said it had been "fantastic to see how the fashion industry has embraced this dilemma," with non-essential retail businesses in many countries having been temporarily closed due to lockdowns and other Covid-19 public health restrictions for most of the past year. </p><p>Swarovski pointed to the use of digital fashion shows, in place of physical events, as well as fashion designers "communicating directly" more with the consumer. </p><p>For instance, fashion label Alexander McQueen invited fans to take on various design challenges and <a href="https://www.alexandermcqueen.com/en-us/mcqueen-creators" target="_blank">share their creations on Instagram</a> by tagging the brand, along with the hashtag #McQueenCreators. </p><p>Danish brand Ganni also launched a challenge inviting fans of the label to create and send in images or artwork around the theme of <a href="https://www.ganni.com/en-gb/home-is-where-the-heart-is.html#section10" target="_blank">"Home is where the heart is,"</a> to be selected for a place in an exhibition in Copenhagen and potentially win gift cards. </p><p>Swarovski believed that more direct dialogue with consumers would help designers become more tailored to customer demands and hoped that would help reduce waste in the fashion industry. </p><div style="height:100%" class="lazyload-placeholder"></div><p>She pointed out that a quarter of all clothing produced last year went unworn, or even touched, before ending up in waste disposal sites. </p><p>Data from the U.S. Environmental Protection Agency, showed that on average each American <a href="https://www.cnbc.com/2020/02/07/new-york-fashion-week-how-retailers-are-grappling-with-sustainability.html">produces about 75 pounds of textile</a> waste a year. </p><p>"I think with this direct communication and also further transparency in the supply chain, that will be certainly mitigated," Swarovski said. </p></div>,<div class="group"><p>Swarovski also discussed how sustainability had been built into the Swarovski brand, that was created 125 years ago by her great-great-grandfather, Daniel Swarovski. </p><p>She said that it had been "special, as a female I can say, my great, great-grandfather certainly had the mission to make every woman know what it feels like to wear a diamond but make it affordable." </p><p>Swarovski had established itself on offering "affordable luxury," she said, though the brand made the transition into "conscious luxury" in recent years. </p><p>Swarovski launched its lab-grown line Swarovski Created Diamonds in 2017. It then entered the colored lab-grown diamond market last year.</p></div>

LONDON — Nadja Swarovski, chair of the Swarovski Foundation, said that the luxury sector had effectively embraced the challenge of operating and reaching consumers amid the coronavirus pandemic. Swarovski, the first female executive board member for her family's luxury jewelry brand, was speaking at CNBC's Evolve Global Summit on Wednesday. She told CNBC's Tania Bryer that the "luxury sector, to a certain extent has been incredibly resilient and I think those companies who have been digitally savvy have absolutely embraced this opportunity to communicate with their customers on a digital scale." In addition, Swarovski said it had been "fantastic to see how the fashion industry has embraced this dilemma," with non-essential retail businesses in many countries having been temporarily closed due to lockdowns and other Covid-19 public health restrictions for most of the past year. Swarovski pointed to the use of digital fashion shows, in place of physical events, as well as fashion designers "communicating directly" more with the consumer. For instance, fashion label Alexander McQueen invited fans to take on various design challenges and share their creations on Instagram by tagging the brand, along with the hashtag #McQueenCreators. Danish brand Ganni also launched a challenge inviting fans of the label to create and send in images or artwork around the theme of "Home is where the heart is," to be selected for a place in an exhibition in Copenhagen and potentially win gift cards. Swarovski believed that more direct dialogue with consumers would help designers become more tailored to customer demands and hoped that would help reduce waste in the fashion industry. She pointed out that a quarter of all clothing produced last year went unworn, or even touched, before ending up in waste disposal sites. Data from the U.S. Environmental Protection Agency, showed that on average each American produces about 75 pounds of textile waste a year. "I think with this direct communication and also further transparency in the supply chain, that will be certainly mitigated," Swarovski said. Swarovski also discussed how sustainability had been built into the Swarovski brand, that was created 125 years ago by her great-great-grandfather, Daniel Swarovski. She said that it had been "special, as a female I can say, my great, great-grandfather certainly had the mission to make every woman know what it feels like to wear a diamond but make it affordable." Swarovski had established itself on offering "affordable luxury," she said, though the brand made the transition into "conscious luxury" in recent years. Swarovski launched its lab-grown line Swarovski Created Diamonds in 2017. It then entered the colored lab-grown diamond market last year.

2021-10-30 14:11:49.263240

Global investors find a new love as consumer confidence soars in emerging markets

https://www.cnbc.com/2017/08/04/global-investors-find-a-new-love-as-consumer-conference-soars-in-emerging-markets.html

2017-08-04T09:36:11+0000

Silvia Amaro

CNBC

An increased appetite for emerging markets has grown in recent months, with global investors moving on following excitement over U.S and then European equities. The MSCI Emerging Market Index has soared almost 24 percent since 2017 began. But with dollar weakness - and consequently a strong euro - set to hurt European companies, investors appear to be slowly shifting elsewhere."I actually think that it's more likely that investors will shift towards emerging markets … Where valuations are much more attractive," James Butterfill, head of research and investment strategy at ETF Securities told CNBC, noting that U.S. stocks are too expensive.

cnbc, Articles, STOXX 600, Emerging markets, Investment strategy, Investing, Emerging Markets, source:tagname:CNBC Europe Source

<div class="group"><p>An increased appetite for <a href="http://www.cnbc.com/emerging-markets">emerging markets</a> has grown in recent months, with global investors moving on following excitement over U.S and then European equities. </p><p>The MSCI Emerging Market Index has soared almost 24 percent since 2017 began. But with dollar weakness - and consequently a strong euro - set to hurt European companies, investors appear to be slowly shifting elsewhere.</p><div style="height:100%" class="lazyload-placeholder"></div><p>"I actually think that it's more likely that investors will shift towards emerging markets … Where valuations are much more attractive," James Butterfill, head of research and investment strategy at ETF Securities told CNBC, noting that U.S. stocks are too expensive.</p></div>,<div class="group"><p>Interest for European equities spiked in the first half of the year with the dissipation of the populist threat across Europe, the election of <a href="http://www.cnbc.com/emmanuel-macron">Emmanuel Macron</a> in France, and the economic improvements seen in the euro zone. But recently there's been some patchy earnings reports and a strong euro is likely to further impact profits. As of August 1, 156 companies in the <a href="https://www.cnbc.com/quotes/.STOXX">pan-European STOXX 600</a> had reported earnings for the second quarter. Of these, 49.4 percent reported results exceeding analyst estimates, according to Reuters. In a typical quarter 50 percent beat analyst estimates.</p><p>U.S. equities have also been on the rise on expectations of big infrastructure investments and tax cuts by the new administrations. However, <a href="http://www.cnbc.com/donald-trump">President Donald Trump</a> has yet to fully concrete any of these proposals and asset managers are still wary of valuations on Wall Street. As such, emerging markets might become the next sweet spot for money managers.</p><p>"Investors are starting to see fundamentals way more attractive in emerging markets," Butterfill noted.</p><p>"We're not going to see the taper tantrum that we saw 2013," he added, saying that emerging markets no longer have current account deficits. These indicate the value of the goods and services a country imports exceeds the value of the goods and services it exports. The "taper tantrum" refers to when the <a href="http://www.cnbc.com/federal-reserve">U.S. Federal Reserve</a> announced it was winding down its bond-buying program in 2013, which acutely impacted by emerging markets (EM).</p><div style="height:100%" class="lazyload-placeholder"></div><p>The U.S. central bank is continuing to tighten its monetary policy - now with rate hikes - but analysts note that EMs are at a stronger position than they were in 2013 and the markets have also priced in the expected Fed moves.</p><p>"Even with tightening in the U.S., interest rate differentials are still positive for emerging markets," Zsolt Papp, EMD client portfolio manager at JPMorgan Asset Management, told CNBC.</p><p>"<a href="https://www.cnbc.com/emerging-markets/">Emerging market</a> economies are well placed to absorb the higher U.S. rates. Fed tightening comes in the context of stronger domestic U.S. and EM growth conditions and with EM economies in a substantially better fundamental position versus 2013's taper tantrum episode," he explained.</p><p>Apart from stronger current accounts, analysts have mentioned higher growth and lower inflation as other positive factors in EMs.</p><p>According to data compiled by Pictet Asset Management, strong investment spending and exports have boosted growth in EM countries in the first quarter of this year. Gross domestic product reached an average 4.3 percent across these countries, in comparison with 4 percent in the previous quarter.</p></div>,<div class="group"><p>"EM growth has reached its fastest pace since the third quarter of 2014. The one concern for investors could be private consumption growth, which was flat over the first quarter," Pictet Asset Management said in a research note. However, it added that it sees this metric moving higher given stronger consumer confidence, lower unemployment rates and nominal wage growth.</p><p>Consumer confidence is at its highest level in these countries since December 1993, Pictet also noted.</p><p>Papp from JPMorgan added that the situation for EM corporates has also improved as recent earnings showed. However, analysts also warned that protectionist policies and some geopolitical risks need to be monitored when assessing investments in the EM world.</p><p>"Emerging markets have returned 18 percent year-to-date so investors may be questioning whether there is more mileage and returns in this asset class," Emily Whiting, client portfolio manager at JPMorgan Asset Management, told CNBC.</p><p>Attractive returns, reasonable valuations and softening in U.S. dollar strength "are three reasons why it is not too late to invest in emerging markets," Whiting added.</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>

An increased appetite for emerging markets has grown in recent months, with global investors moving on following excitement over U.S and then European equities. The MSCI Emerging Market Index has soared almost 24 percent since 2017 began. But with dollar weakness - and consequently a strong euro - set to hurt European companies, investors appear to be slowly shifting elsewhere."I actually think that it's more likely that investors will shift towards emerging markets … Where valuations are much more attractive," James Butterfill, head of research and investment strategy at ETF Securities told CNBC, noting that U.S. stocks are too expensive.Interest for European equities spiked in the first half of the year with the dissipation of the populist threat across Europe, the election of Emmanuel Macron in France, and the economic improvements seen in the euro zone. But recently there's been some patchy earnings reports and a strong euro is likely to further impact profits. As of August 1, 156 companies in the pan-European STOXX 600 had reported earnings for the second quarter. Of these, 49.4 percent reported results exceeding analyst estimates, according to Reuters. In a typical quarter 50 percent beat analyst estimates.U.S. equities have also been on the rise on expectations of big infrastructure investments and tax cuts by the new administrations. However, President Donald Trump has yet to fully concrete any of these proposals and asset managers are still wary of valuations on Wall Street. As such, emerging markets might become the next sweet spot for money managers."Investors are starting to see fundamentals way more attractive in emerging markets," Butterfill noted."We're not going to see the taper tantrum that we saw 2013," he added, saying that emerging markets no longer have current account deficits. These indicate the value of the goods and services a country imports exceeds the value of the goods and services it exports. The "taper tantrum" refers to when the U.S. Federal Reserve announced it was winding down its bond-buying program in 2013, which acutely impacted by emerging markets (EM).The U.S. central bank is continuing to tighten its monetary policy - now with rate hikes - but analysts note that EMs are at a stronger position than they were in 2013 and the markets have also priced in the expected Fed moves."Even with tightening in the U.S., interest rate differentials are still positive for emerging markets," Zsolt Papp, EMD client portfolio manager at JPMorgan Asset Management, told CNBC."Emerging market economies are well placed to absorb the higher U.S. rates. Fed tightening comes in the context of stronger domestic U.S. and EM growth conditions and with EM economies in a substantially better fundamental position versus 2013's taper tantrum episode," he explained.Apart from stronger current accounts, analysts have mentioned higher growth and lower inflation as other positive factors in EMs.According to data compiled by Pictet Asset Management, strong investment spending and exports have boosted growth in EM countries in the first quarter of this year. Gross domestic product reached an average 4.3 percent across these countries, in comparison with 4 percent in the previous quarter."EM growth has reached its fastest pace since the third quarter of 2014. The one concern for investors could be private consumption growth, which was flat over the first quarter," Pictet Asset Management said in a research note. However, it added that it sees this metric moving higher given stronger consumer confidence, lower unemployment rates and nominal wage growth.Consumer confidence is at its highest level in these countries since December 1993, Pictet also noted.Papp from JPMorgan added that the situation for EM corporates has also improved as recent earnings showed. However, analysts also warned that protectionist policies and some geopolitical risks need to be monitored when assessing investments in the EM world."Emerging markets have returned 18 percent year-to-date so investors may be questioning whether there is more mileage and returns in this asset class," Emily Whiting, client portfolio manager at JPMorgan Asset Management, told CNBC.Attractive returns, reasonable valuations and softening in U.S. dollar strength "are three reasons why it is not too late to invest in emerging markets," Whiting added.Follow CNBC International on Twitter and Facebook.

2021-10-30 14:11:49.301991

Kevin Durant took a nearly $10 million pay cut to play for the Warriors—here's why

https://www.cnbc.com/2018/06/07/why-kevin-durant-took-a-10-million-pay-cut-to-play-for-the-warriors.html

2018-06-07T15:06:40+0000

Courtney Connley

CNBC

Golden State Warriors star player Kevin Durant proves that there really is no "I" — or "$" — in "team."For the fourth consecutive year, the Warriors are playing against the Cleveland Cavaliers in the NBA finals. But this time around, in order to keep their championship-winning team intact, Durant agreed to a nearly $10 million pay cut ahead of the season. After winning last year's NBA title, Business Insider reports that the 29-year-old signed a two-year contract with the team that pays him $25 million for this 2017-2018 season. That figure is $1.5 million less than he made the previous year, and $9.5 million less than he was eligible to receive.In agreeing to the deal, which USA Today says is worth between $51-$53 million in total, Durant proves that short-term losses can sometimes set you up for long-term gain.

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

2021-10-30 14:11:49.668925

Surge in Products Being Recalled May Be Numbing Consumers

https://www.cnbc.com/2012/06/11/surge-in-products-being-recalled-may-be-numbing-consumers.html

2012-06-11T16:32:50+0000

CNBC

U.S. regulators, retailers and manufacturers are growing increasingly concerned that a surge in the number of products being recalled is resulting in "fatigue" by the public — increasing the chance that consumers could ignore or miss a recall that could ultimately endanger their health.

cnbc, Articles, Merck & Co Inc, Dole Food Company Inc, Wendys Co, Pfizer Inc, McDonald's Corp, General Electric Co, Costco Wholesale Corp, Stericycle Inc, Business News, Economy, US Economy, US: News, source:tagname:USA Today

<div class="group"><p>U.S. regulators, retailers and manufacturers are growing increasingly concerned that a surge in the number of products being recalled is resulting in "fatigue" by the public — increasing the chance that consumers could ignore or miss a recall that could ultimately endanger their health. </p></div>,<div class="group"><p>Consumers last year were deluged with 2,363 recalls, or about 6.5 recalls each day, covering consumer products, pharmaceuticals, medical devices and food, according to data from the U.S. Food and Drug Administration, the Department of Agriculture and the Consumer Product Safety Commission. The recalls announced mark a nearly 14 percent increase from 2,081 in 2010 and compare with about 1,460 in 2007.</p><div style="height:100%" class="lazyload-placeholder"></div><p>Experts say the increase is the result of a combination of greater oversight by regulators, better testing procedures and the use of social media where consumers can quickly point out and discuss problems with other people. </p><p>"We're experiencing recall fatigue in my mind at the consumer level and also perhaps at the business level, and we all have to worry about that," said Mike Rozembajgier, vice president of recalls for Stericycle ExpertRecall, an Indianapolis-based firm which has provided advice and helped major U.S. companies, including Merck, General Electricand Wendy's, carry out recalls. </p><p>"We have this growing concern for safety, but with there being so many recalls going on (is the public) paying attention to them and responding to them in a manner that is necessary for the recalls to be handled effectively?" he said. </p><p>This year alone hundreds of recalls have already been announced. Pfizerrecalled birth control pills after it was found there may have been an inexact number of pills that also could have been out of sequence, increasing the chance of an unintended pregnancy. asked its customers to return about 169,000 high chairs because the restraint buckle could open unexpectedly. And <strong>Dole</strong> warned the public not to eat a lettuce salad mix because of a possible health risk from salmonella. </p><p>Retailers and government regulators are increasingly struggling to reach people who may not know about a recall, or choose to ignore it despite the potential dangers. A 2009 study conducted by Rutgers found 12% of Americans ate food they knew had been recalled and 40% admitted never having looked for recalled products in their homes. </p><div style="height:100%" class="lazyload-placeholder"></div><p>Increasingly, retailers and government agencies are expanding the methods they use to communicate with the public — from social-media technologies such as Twitter and Facebook to more traditional methods such as phone calls and postings within their stores. But the same methods that prove successful in reaching one customer could just as easily be ignored by another. </p><p>"We don't feel that our members are getting bombarded but certainly the general public is and sooner or later you don't know what to believe," said Craig Wilson, vice president for quality assurance and food safety at the warehouse giant Costco  . </p><p>The 602-store warehouse chain uses data supplied from its estimated 60 million members and notifies them within 24 hours if they've purchased a recalled item. It then follows up with a letter. The result is that customers return about 90% of recently recalled products and, in the case of major recalls such as when a food product could cause serious health problems or death, Costco gets "the majority of everything that was sold back." </p><p>But Wilson says the national recall system "doesn't work as designed" and that consumers and retailers alike would benefit from a single, uniform network. He says the CPSC, USDA and FDA each have a different recall system with unique requirements, making it more difficult for companies like his to make sure they are complying with the rules. </p><p>At Rochester, New York-based<strong> Wegmans</strong>, the grocery chain has a detailed recall plan that can require hundreds of people to carry out. The 81-store East Coast chain follows a recall protocol increasingly common among retailers: posting recall information on its web page and within stores for customers, notifying its followers using social media tools and, when possible, calling individuals who may have used a store card for the purchase. </p><p>"We do what we can to protect our customers but then our customers have to protect themselves and they can't do that unless they have the information," said Jeanne Colleluori with Wegmans. Last year alone, Colleluori said Wegmans participated in about 40 recalls, and the retailer was ahead of that pace in 2012 with about 16 recalls as of early May. </p><p>Businesses can ease the burden of a recall on their reputation and bottom line by being honest and upfront with their customers and crafting a response plan before any recall occurs that outlines what they will do with the public, media and regulators, industry watchers say. </p><p>"Many companies are being criticized not because they are not doing the right thing but because they are taking too long," said Sophie Ann Terrisse, chief executive of STC Associates, a brand-management firm. </p><p>She said some firms fail to estimate the work needed to conduct a recall and quickly become overwhelmed, leading to slow responses or poor customer service from representatives who don't have the time or know how to respond properly. "Things can get out of hand very quickly and it's hard to recover from that" for the brand and the company's core audience, said Terrisse. </p><p>Companies involved in recalls all say their primary concern is protecting the public — but they also have a business interest as well. "Our concern is for our customers but we have to protect our name as well, and we are very much aware that when there is a recall if it is a Wegmans brand product our reputation is at stake," said Wegmans' Colleluori. </p><p>Some businesses have managed to take a recall and turn it into a marketing bonanza that benefits the company. Two years ago McDonald's took the unusual step of paying customers a premium to return Shrek glasses to the restaurants following concerns that paint used to depict characters on the glasses contained cadmium — a carcinogen known to cause kidney problems. </p><p>"Mistakes can be made, but the way they are dealt with is by being completely open and letting the customer become part of the recall," said Terrisse. </p><p>For Stericycle ExpertRecall's Rozembajgier, the recall surge has turned into a lucrative business for his company, the largest U.S. firm handing consumer product, food and pharmaceutical recalls. The firm has its hands in nearly every stage of the process from storing a recalled product, helping warehouses and stores remove the item from shelves, dealing with customers and ensuring the company conducting the recall is complying with guidelines set out by U.S. regulators. </p><p>At its five warehouses in Indianapolis totaling 700,000 square feet (about 12 football fields), the firm collects and stores recalled items — everything from household appliance components to sporting/recreational equipment to jewelry. </p><p>In fact, eight years after Merck voluntarily recalled Vioxx, Stericycle ExpertRecall still has a full side of a warehouse stacked floor to ceiling with cases of the arthritis drug. There are still a number of lawsuits pending, and Stericycle ExpertRecall must keep the drug under lock and key until the FDA says it can be destroyed. </p><p>"Recalled products come here to die," said Rozembajgier, whose firm has been involved in nearly 3,000 recalls during the last decade. "If they come to Indianapolis they're not getting back into the supply chain." </p><p>The firm has started to recycle some of the recalled items. For example, it has recycled the batteries and plastic components from recalled medical devices; copper from the wiring in electrical products; and sugar has been extracted from liquid medication. </p><p>The government operates a recalled website, <a href="http://recalls.gov/" target="_blank">http://recalls.gov/</a>, which offers the public information on all recalls including cars, boats, food, consumer products, medicine and cosmetics. </p><p>The U.S. Agriculture Department's Food Safety and Inspection Service improved its recall system in March by rolling out a Twitter feed that targets consumers only if their state is impacted. In the past, FSIS would send out a Tweet to the 250,000 people who follow everything that happens at the agency. </p><p>USDA Secretary Tom Vilsack downplayed the number of recalls that are announced considering the number of products that are produced, items that are sold and meals consumed each day. </p><p>"I think people want to know and need to know and have a right to know if there is a problem with a particular product," said Vilsack. "We're going to look at ways in which we (communicate) and constantly improve how we communicate but we're not going to stop communicating." </p><p><em>This story first appeared in USA Today.</em></p></div>

U.S. regulators, retailers and manufacturers are growing increasingly concerned that a surge in the number of products being recalled is resulting in "fatigue" by the public — increasing the chance that consumers could ignore or miss a recall that could ultimately endanger their health. Consumers last year were deluged with 2,363 recalls, or about 6.5 recalls each day, covering consumer products, pharmaceuticals, medical devices and food, according to data from the U.S. Food and Drug Administration, the Department of Agriculture and the Consumer Product Safety Commission. The recalls announced mark a nearly 14 percent increase from 2,081 in 2010 and compare with about 1,460 in 2007.Experts say the increase is the result of a combination of greater oversight by regulators, better testing procedures and the use of social media where consumers can quickly point out and discuss problems with other people. "We're experiencing recall fatigue in my mind at the consumer level and also perhaps at the business level, and we all have to worry about that," said Mike Rozembajgier, vice president of recalls for Stericycle ExpertRecall, an Indianapolis-based firm which has provided advice and helped major U.S. companies, including Merck, General Electricand Wendy's, carry out recalls. "We have this growing concern for safety, but with there being so many recalls going on (is the public) paying attention to them and responding to them in a manner that is necessary for the recalls to be handled effectively?" he said. This year alone hundreds of recalls have already been announced. Pfizerrecalled birth control pills after it was found there may have been an inexact number of pills that also could have been out of sequence, increasing the chance of an unintended pregnancy. asked its customers to return about 169,000 high chairs because the restraint buckle could open unexpectedly. And Dole warned the public not to eat a lettuce salad mix because of a possible health risk from salmonella. Retailers and government regulators are increasingly struggling to reach people who may not know about a recall, or choose to ignore it despite the potential dangers. A 2009 study conducted by Rutgers found 12% of Americans ate food they knew had been recalled and 40% admitted never having looked for recalled products in their homes. Increasingly, retailers and government agencies are expanding the methods they use to communicate with the public — from social-media technologies such as Twitter and Facebook to more traditional methods such as phone calls and postings within their stores. But the same methods that prove successful in reaching one customer could just as easily be ignored by another. "We don't feel that our members are getting bombarded but certainly the general public is and sooner or later you don't know what to believe," said Craig Wilson, vice president for quality assurance and food safety at the warehouse giant Costco  . The 602-store warehouse chain uses data supplied from its estimated 60 million members and notifies them within 24 hours if they've purchased a recalled item. It then follows up with a letter. The result is that customers return about 90% of recently recalled products and, in the case of major recalls such as when a food product could cause serious health problems or death, Costco gets "the majority of everything that was sold back." But Wilson says the national recall system "doesn't work as designed" and that consumers and retailers alike would benefit from a single, uniform network. He says the CPSC, USDA and FDA each have a different recall system with unique requirements, making it more difficult for companies like his to make sure they are complying with the rules. At Rochester, New York-based Wegmans, the grocery chain has a detailed recall plan that can require hundreds of people to carry out. The 81-store East Coast chain follows a recall protocol increasingly common among retailers: posting recall information on its web page and within stores for customers, notifying its followers using social media tools and, when possible, calling individuals who may have used a store card for the purchase. "We do what we can to protect our customers but then our customers have to protect themselves and they can't do that unless they have the information," said Jeanne Colleluori with Wegmans. Last year alone, Colleluori said Wegmans participated in about 40 recalls, and the retailer was ahead of that pace in 2012 with about 16 recalls as of early May. Businesses can ease the burden of a recall on their reputation and bottom line by being honest and upfront with their customers and crafting a response plan before any recall occurs that outlines what they will do with the public, media and regulators, industry watchers say. "Many companies are being criticized not because they are not doing the right thing but because they are taking too long," said Sophie Ann Terrisse, chief executive of STC Associates, a brand-management firm. She said some firms fail to estimate the work needed to conduct a recall and quickly become overwhelmed, leading to slow responses or poor customer service from representatives who don't have the time or know how to respond properly. "Things can get out of hand very quickly and it's hard to recover from that" for the brand and the company's core audience, said Terrisse. Companies involved in recalls all say their primary concern is protecting the public — but they also have a business interest as well. "Our concern is for our customers but we have to protect our name as well, and we are very much aware that when there is a recall if it is a Wegmans brand product our reputation is at stake," said Wegmans' Colleluori. Some businesses have managed to take a recall and turn it into a marketing bonanza that benefits the company. Two years ago McDonald's took the unusual step of paying customers a premium to return Shrek glasses to the restaurants following concerns that paint used to depict characters on the glasses contained cadmium — a carcinogen known to cause kidney problems. "Mistakes can be made, but the way they are dealt with is by being completely open and letting the customer become part of the recall," said Terrisse. For Stericycle ExpertRecall's Rozembajgier, the recall surge has turned into a lucrative business for his company, the largest U.S. firm handing consumer product, food and pharmaceutical recalls. The firm has its hands in nearly every stage of the process from storing a recalled product, helping warehouses and stores remove the item from shelves, dealing with customers and ensuring the company conducting the recall is complying with guidelines set out by U.S. regulators. At its five warehouses in Indianapolis totaling 700,000 square feet (about 12 football fields), the firm collects and stores recalled items — everything from household appliance components to sporting/recreational equipment to jewelry. In fact, eight years after Merck voluntarily recalled Vioxx, Stericycle ExpertRecall still has a full side of a warehouse stacked floor to ceiling with cases of the arthritis drug. There are still a number of lawsuits pending, and Stericycle ExpertRecall must keep the drug under lock and key until the FDA says it can be destroyed. "Recalled products come here to die," said Rozembajgier, whose firm has been involved in nearly 3,000 recalls during the last decade. "If they come to Indianapolis they're not getting back into the supply chain." The firm has started to recycle some of the recalled items. For example, it has recycled the batteries and plastic components from recalled medical devices; copper from the wiring in electrical products; and sugar has been extracted from liquid medication. The government operates a recalled website, http://recalls.gov/, which offers the public information on all recalls including cars, boats, food, consumer products, medicine and cosmetics. The U.S. Agriculture Department's Food Safety and Inspection Service improved its recall system in March by rolling out a Twitter feed that targets consumers only if their state is impacted. In the past, FSIS would send out a Tweet to the 250,000 people who follow everything that happens at the agency. USDA Secretary Tom Vilsack downplayed the number of recalls that are announced considering the number of products that are produced, items that are sold and meals consumed each day. "I think people want to know and need to know and have a right to know if there is a problem with a particular product," said Vilsack. "We're going to look at ways in which we (communicate) and constantly improve how we communicate but we're not going to stop communicating." This story first appeared in USA Today.

2021-10-30 14:11:49.708145