‘Very unlikely’ for Brexit to be resolved by May 22: Professor

‘Very unlikely’ for Brexit to be resolved by May 22: Professor3 Hours AgoJonathan Portes of King’s College London discusses Brexit and the political future of U.K. Prime Minister Theresa May.


‘Very unlikely’ for Brexit to be resolved by May 22: Professor3 Hours AgoJonathan Portes of King’s College London discusses Brexit and the political future of U.K. Prime Minister Theresa May.
‘Very unlikely’ for Brexit to be resolved by May 22: Professor Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24
Keywords: news, cnbc, companies, professor, professor3, unlikely, political, uk, 22, prime, portes, resolved, brexit, minister, theresa


'Very unlikely' for Brexit to be resolved by May 22: Professor

‘Very unlikely’ for Brexit to be resolved by May 22: Professor

3 Hours Ago

Jonathan Portes of King’s College London discusses Brexit and the political future of U.K. Prime Minister Theresa May.


Company: cnbc, Activity: cnbc, Date: 2019-04-24
Keywords: news, cnbc, companies, professor, professor3, unlikely, political, uk, 22, prime, portes, resolved, brexit, minister, theresa


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DragonEx-最安全稳定的比特币以太坊交易平台。DragonEx is a safe and stable platform for Bitcoin & ETH transaction.


DragonEx-最安全稳定的比特币以太坊交易平台。DragonEx is a safe and stable platform for Bitcoin & ETH transaction. Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24
Keywords: news, cnbc, companies, eth, safe, stable, bitcoin, dragonex最安全稳定的比特币以太坊交易平台dragonex, platform, transaction



Company: cnbc, Activity: cnbc, Date: 2019-04-24
Keywords: news, cnbc, companies, eth, safe, stable, bitcoin, dragonex最安全稳定的比特币以太坊交易平台dragonex, platform, transaction


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Buy Texas Instruments before the company gives the ‘all clear:’ Cramer

Don’t wait for the “all clear” on semiconductor sales to make a bet on Texas Instruments, CNBC’s Jim Cramer said Wednesday. “The executives at Texas Instruments aren’t trying to help you time the semiconductor cycle,” the “Mad Money” host said. On the Tuesday earnings call, Texas Instruments reported its second consecutive quarter of declining sales. Tracking and trading Texas Instruments’ stock outside of that cycle helped Cramer pay his share of rent one summer in the 1980s as he studied for t


Don’t wait for the “all clear” on semiconductor sales to make a bet on Texas Instruments, CNBC’s Jim Cramer said Wednesday. “The executives at Texas Instruments aren’t trying to help you time the semiconductor cycle,” the “Mad Money” host said. On the Tuesday earnings call, Texas Instruments reported its second consecutive quarter of declining sales. Tracking and trading Texas Instruments’ stock outside of that cycle helped Cramer pay his share of rent one summer in the 1980s as he studied for t
Buy Texas Instruments before the company gives the ‘all clear:’ Cramer Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: tyler clifford
Keywords: news, cnbc, companies, stock, sales, reached, instruments, qualcomm, clear, cramer, cycle, buy, gives, company, semiconductor, texas, apple


Buy Texas Instruments before the company gives the 'all clear:' Cramer

Don’t wait for the “all clear” on semiconductor sales to make a bet on Texas Instruments, CNBC’s Jim Cramer said Wednesday.

The semiconductor manufacturer has posted slowing chip sales in recent quarters, and said Tuesday it does not expect demand for chips to improve in 2019. Meanwhile, its shares reached a 52-week high during the session after beating earnings estimates by 13 cents in the last quarter.

“The executives at Texas Instruments aren’t trying to help you time the semiconductor cycle,” the “Mad Money” host said. “They’re just trying to run the business, and that’s a very different thing.”

When an investor waits until he or she gets the green light to pull the trigger, the easy money will have already been made by the time it comes.

Instead, the wise move would be to do some homework and get ahead on the stock while the share price is less expensive.

But it won’t be necessary for the company to confirm that the slowdown has ended, Cramer said. On the Tuesday earnings call, Texas Instruments reported its second consecutive quarter of declining sales. The host said the chip cycle typically lasts as many as five quarters before turning around.

Tracking and trading Texas Instruments’ stock outside of that cycle helped Cramer pay his share of rent one summer in the 1980s as he studied for the New York bar exam.

Following Texas Instruments’ conference call, the stock rose $6 before giving up those gains and more after CFO Rafael Lizardi did not give that “all clear,” Cramer said. He said that was a moment to buy call options on Texas Instruments, and he still thinks the stock is a steal at its closing price above $118 per share.

“If you wait for the cycle to actually turn, you will be way too late,” he said. “Yet, lots of people were desperate for verification from management so they dumped the stock when they didn’t get it. That’s a huge mistake.”

“Oh, and talk about the need to be ahead: Lam Research told you last quarter a bottom could be in hand for semiconductor equipment. It crushed the numbers tonight,” he added.

Cramer said the same logic applied to Apple. The stock was sitting at about $140 in early January when the iPhone maker was laboring to transform itself into a subscription services business and its now-settled royalties dispute with Qualcomm was heating up.

Shares of Apple closed north of $207 on Wednesday after making steady gains throughout the year. A large chunk of the increase came before it reached an agreement with Qualcomm more than a week ago.

Cramer said investors had to be willing to take a chance and buy Apple before the deal was made in order to reap the profits, especially because Apple did not have a 5G plan without Qualcomm’s chips.

“When the two companies reached a settlement last week, [Qualcomm stock] exploded higher — it’s still going higher — but Apple’s stock also rallied about 7 bucks,” he said. “Now, if you had waited until after the settlement, you missed some incredible moves. The big money was made before you got the all clear.”

The same principle applies to recent runs in Disney, Chipotle, and Home Depot, Cramer said.

Shares of Texas Instrument closed Wednesday at $118.43, up more than 25% from the start of the year.

“The early bird gets the worm, people,” Cramer said. “And, in this case, the early bird is the one who knows you need to buy a stock before the underlying business turns around, while the other birds are still cowering in their nests waiting for the call that will always leave them late for dinner.”

Disclosure: Cramer’s charitable trust owns shares of Apple, Walt Disney, Home Depot, and Lam Research.


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: tyler clifford
Keywords: news, cnbc, companies, stock, sales, reached, instruments, qualcomm, clear, cramer, cycle, buy, gives, company, semiconductor, texas, apple


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This self-driving start-up wants to do more than just deliver groceries to your doorstep

Users who download the AutoX app on their mobile phones can place orders for fresh produce and other goods. The company’s aim is to “democratize autonomy” and make self-driving cars universally applicable in areas such as logistics, transportation and delivery, according to Jianxiong Xiao, founder and CEO at AutoX. “For us, we’re creating an (artificial intelligence) platform,” Xiao told told CNBC’s Martin Soong on Tuesday. Those vehicles can transport human beings (and) can do delivery of goods


Users who download the AutoX app on their mobile phones can place orders for fresh produce and other goods. The company’s aim is to “democratize autonomy” and make self-driving cars universally applicable in areas such as logistics, transportation and delivery, according to Jianxiong Xiao, founder and CEO at AutoX. “For us, we’re creating an (artificial intelligence) platform,” Xiao told told CNBC’s Martin Soong on Tuesday. Those vehicles can transport human beings (and) can do delivery of goods
This self-driving start-up wants to do more than just deliver groceries to your doorstep Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, xiao, platform, selfdriving, wants, delivery, told, power, goods, cars, autox, groceries, doorstep, startup, deliver, vehicles


This self-driving start-up wants to do more than just deliver groceries to your doorstep

AutoX CEO: We want to ‘democratize’ self-driving cars 12:58 AM ET Tue, 23 April 2019 | 02:41

Self-driving cars are still a relatively new concept that’s being tested, but one start-up, AutoX, is thinking ahead and looking for different ways autonomous vehicles can be used.

Last year, the company launched a grocery delivery pilot program in San Jose, California. Users who download the AutoX app on their mobile phones can place orders for fresh produce and other goods. Those items will be delivered to them by one of AutoX’s driverless cars.

The company’s aim is to “democratize autonomy” and make self-driving cars universally applicable in areas such as logistics, transportation and delivery, according to Jianxiong Xiao, founder and CEO at AutoX.

“For us, we’re creating an (artificial intelligence) platform,” Xiao told told CNBC’s Martin Soong on Tuesday.

“That can power different vehicles. Those vehicles can transport human beings (and) can do delivery of goods,” he said at the Credit Suisse Global Supertrends Conference in Singapore. “We’re not choosing the vertical segment, but we’re providing the AI platform that can power all these self-driving cars.”

AutoX has raised around $43 million in funds, according to Crunchbase data. It includes an investment from China’s Dongfeng Motor Group.


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, xiao, platform, selfdriving, wants, delivery, told, power, goods, cars, autox, groceries, doorstep, startup, deliver, vehicles


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Makyajart Toptan Kozmetik


Makyajart Toptan Kozmetik Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24
Keywords: news, cnbc, companies, kozmetik, makyajart, toptan



Company: cnbc, Activity: cnbc, Date: 2019-04-24
Keywords: news, cnbc, companies, kozmetik, makyajart, toptan


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Social media influencer faces prison for plot to steal domain name

Adams started a company called State Snaps in 2015 while he was a student at Iowa State University. State Snaps used the slogan “Do It For State!” Another time, Adams threatened one of the domain owner’s friends with a text message that included “gun emojis,” according to the Justice Department. A month later, with the domain owner still unwilling to lower his asking price, Adams drove his cousin, Sherman Hopkins Jr., 43, to the domain owner’s home. During the struggle, the domain owner was shot


Adams started a company called State Snaps in 2015 while he was a student at Iowa State University. State Snaps used the slogan “Do It For State!” Another time, Adams threatened one of the domain owner’s friends with a text message that included “gun emojis,” according to the Justice Department. A month later, with the domain owner still unwilling to lower his asking price, Adams drove his cousin, Sherman Hopkins Jr., 43, to the domain owner’s home. During the struggle, the domain owner was shot
Social media influencer faces prison for plot to steal domain name Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: tom huddleston jr, todd haselton
Keywords: news, cnbc, companies, iowa, hopkins, social, transfer, owner, domain, adams, according, plot, influencer, faces, snaps, owners, prison, media, steal, state


Social media influencer faces prison for plot to steal domain name

From Amazon to Tesla, even major companies have had to battle for control of a desired internet domain name. While a basic domain name can usually be bought for under $20 a year, some businesses still have to spend thousands of dollars — if not millions — to secure a sought-after domain if it’s already owned by someone else.

But for a 26-year-old former social media influencer and entrepreneur, a plot to illegally obtain a domain name for his business could result in a maximum prison sentence of 20 years and a $250,000 fine.

Last week, a jury in Iowa convicted Rossi Lorathio Adams II for his part in plotting a 2017 attack in which an Iowa man was held at gunpoint and ordered to transfer ownership of a web domain name Adams wanted.

Adams started a company called State Snaps in 2015 while he was a student at Iowa State University. The company, a “mash-up of ‘Girls Gone Wild’ and MTV’s ‘Jackass,'” according to The Washington Post, (which mostly posted photos and videos of bad behavior with drunkenness and nudity, and which administrators at Iowa State publicly objected to), quickly earned large followings on Twitter and Snapchat and as many as 1.5 million followers on Instagram.

State Snaps used the slogan “Do It For State!” to promote the brand. Adams’ company already owned the domain “doit4state.com,” the government says, but he wanted the very similar domain name “doitforstate.com” too.

However, the Cedar Rapids man who owned the “doitforstate.com” domain through a GoDaddy account refused to part with it for less than $20,000 — a price that Adams declined to pay, according to court records. (Neither the Justice Department nor court filings from Adams’ case reveal the identity of the owner of the domain, who is only referred to as “E.D.”)

In one instance, in May 2017, Adams showed up at the domain owner’s home in Cedar Rapids wearing a “State Snaps” shirt and insisted he was “here for the name, whatever it takes. I’m not leaving without it,” according to court documents. Another time, Adams threatened one of the domain owner’s friends with a text message that included “gun emojis,” according to the Justice Department.

A month later, with the domain owner still unwilling to lower his asking price, Adams drove his cousin, Sherman Hopkins Jr., 43, to the domain owner’s home. Hopkins entered the home, kicked in the man’s bedroom door and held him at gunpoint to force him to transfer ownership of the domain to Adams’ GoDaddy account. Adams had even written instructions for how to transfer the domain to his account in a note he gave to Hopkins, the Justice Department says.

During the confrontation, Hopkins “pistol whipped the victim several times in the head” before a struggle for the gun ensued between the two men. During the struggle, the domain owner was shot in the leg before gaining control of Hopkins’ gun himself. The victim then shot Hopkins “multiple times in the chest” before calling the police, according to the government.


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: tom huddleston jr, todd haselton
Keywords: news, cnbc, companies, iowa, hopkins, social, transfer, owner, domain, adams, according, plot, influencer, faces, snaps, owners, prison, media, steal, state


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GM wanted too much from EV start-up Rivian, opening door for Ford’s $500 million investment

The Rivian platform will be used for a different product line, said Joe Hinrichs, Ford’s president of automotive operations. Industry analysts say the Rivian platform could eventually be used for other electric vehicles at Ford to help maximize economies of scale. But there is at least one obstacle that could limit future applications, said Brinley, of IHS Markit, the potential capacity of Rivian’s assembly plant. The start-up last year acquired the old Mitsubishi assembly plant in Normal, Illin


The Rivian platform will be used for a different product line, said Joe Hinrichs, Ford’s president of automotive operations. Industry analysts say the Rivian platform could eventually be used for other electric vehicles at Ford to help maximize economies of scale. But there is at least one obstacle that could limit future applications, said Brinley, of IHS Markit, the potential capacity of Rivian’s assembly plant. The start-up last year acquired the old Mitsubishi assembly plant in Normal, Illin
GM wanted too much from EV start-up Rivian, opening door for Ford’s $500 million investment Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: paul a eisenstein, adam jeffery, source, paul eisenstein cnbc
Keywords: news, cnbc, companies, gm, door, assembly, working, vehicle, platform, wanted, investment, fords, vehicles, ev, plant, ford, products, opening, electric, startup, million, rivian


GM wanted too much from EV start-up Rivian, opening door for Ford's $500 million investment

The first generation of Ford’s electrified vehicles, which includes full battery power and hybrids, sacrificed passenger and cargo space to make room for batteries and other components. That is a problem that the automaker aims to address as it gets ready to roll out a second generation of products that also will deliver more than 200 miles in range, or at least double what products like the current Ford Focus EV can manage between charges.

“Ford is going to use Rivian’s flexible skateboard platform to develop an all-new, next-generation battery-electric vehicle,” Hackett told reporters.

But neither he nor other Ford and Rivian officials would discuss specifically what sort of vehicle they are working on. They noted that Ford is already well along in the development of a high-performance electric SUV that is set to debut next year, as well as an all-electric version of the popular Ford F-150 pickup.

The Rivian platform will be used for a different product line, said Joe Hinrichs, Ford’s president of automotive operations. Industry analysts say the Rivian platform could eventually be used for other electric vehicles at Ford to help maximize economies of scale. But there is at least one obstacle that could limit future applications, said Brinley, of IHS Markit, the potential capacity of Rivian’s assembly plant.

The start-up last year acquired the old Mitsubishi assembly plant in Normal, Illinois. The facility has a production capacity of about 250,000 vehicles — or platforms — annually, according to Scaringe. Rivian itself is hoping to sell between 70,000 and 80,000 of its R1T and R1S models annually, and it is working up additional products that could eat up even more of that capacity.

Rivian is also developing vehicles for Amazon. It announced a separate, $700 million investment deal in February with a consortium led by the online retailer. Specific plans have not been revealed, but the electric car maker is believed to be working on some sort of delivery truck for Amazon, said Sam Abuelsamid, an analyst at Navigant Research. And they could use autonomous driving technology developed by two self-driving start-ups Amazon has also invested in.

Rivian will use its Normal plant to produce the platforms Ford plans to use. They will then be shipped to a Ford assembly plant for the rest of the assembly process — though the Detroit automaker did not offer further details. But the number of skateboard vehicle frames available to Ford could be limited unless Rivian expands capacity or lets Ford produce them elsewhere, analysts said.


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: paul a eisenstein, adam jeffery, source, paul eisenstein cnbc
Keywords: news, cnbc, companies, gm, door, assembly, working, vehicle, platform, wanted, investment, fords, vehicles, ev, plant, ford, products, opening, electric, startup, million, rivian


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BlackRock’s Larry Fink says Middle East must avoid other regional investing mistakes

BlackRock CEO: We will play a role in working with domestic investors in Middle East 39 Mins Ago | 03:29The Middle East must tread carefully to ensure it does not make the same investment mistakes as Europe, according to the CEO of the world’s largest asset manager. “The region should not make the mistakes that so many other regions (have made), like in Europe, where there is such shallow participation by locals in investing in their own capital markets,” he added. International investors flocke


BlackRock CEO: We will play a role in working with domestic investors in Middle East 39 Mins Ago | 03:29The Middle East must tread carefully to ensure it does not make the same investment mistakes as Europe, according to the CEO of the world’s largest asset manager. “The region should not make the mistakes that so many other regions (have made), like in Europe, where there is such shallow participation by locals in investing in their own capital markets,” he added. International investors flocke
BlackRock’s Larry Fink says Middle East must avoid other regional investing mistakes Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: sam meredith
Keywords: news, cnbc, companies, worlds, blackrock, east, investing, domestic, fink, avoid, blackrocks, saudi, mistakes, middle, region, working, investors, larry, regional


BlackRock's Larry Fink says Middle East must avoid other regional investing mistakes

BlackRock CEO: We will play a role in working with domestic investors in Middle East 39 Mins Ago | 03:29

The Middle East must tread carefully to ensure it does not make the same investment mistakes as Europe, according to the CEO of the world’s largest asset manager.

“The only way to get more financial inclusion in this region and every region is to have greater participation in the capital market through equities in their retirement plans,” BlackRock Chief Executive Larry Fink told CNBC’s Hadley Gamble during a panel session in Riyadh, Saudi Arabia on Wednesday.

“The region should not make the mistakes that so many other regions (have made), like in Europe, where there is such shallow participation by locals in investing in their own capital markets,” he added.

His comments come at a time when some of the world’s leading financiers are returning to Saudi Arabia after the oil-rich kingdom held some of the year’s largest merger and bond deals.

International investors flocked to lend money to Saudi Arabia’s hugely profitable state-owned oil company earlier this month.

Demand for Saudi Aramco’s bonds surged above $100 billion, according to a source familiar with the situation, more than 10 times the $10 billion that had been expected.

Nonetheless, BlackRock’s Fink said it would be “essential” for Middle East governments to drum up support from domestic investors too.

“I think that’s going to be one of the critical characteristics to build and BlackRock will play a big role in both working with the domestic savers and building their retirement, plus bringing in international investing to invest side by side,” Fink said.


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: sam meredith
Keywords: news, cnbc, companies, worlds, blackrock, east, investing, domestic, fink, avoid, blackrocks, saudi, mistakes, middle, region, working, investors, larry, regional


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Trump’s ex-lawyer Michael Cohen says he’s not guilty of some crimes

President Donald Trump’s former personal lawyer Michael Cohen reportedly told actor Tom Arnold last month that he is not guilty of some of the crimes to which he pleaded guilty to last year after breaking with Trump. Arnold told the paper he recorded Cohen, who is due to begin serving a three-year prison sentence on May 6, without his knowledge. Cohen, like other criminal defendants, told a judge last year when he pleaded guilty that he was doing so because he was actually guilty of the crimes.


President Donald Trump’s former personal lawyer Michael Cohen reportedly told actor Tom Arnold last month that he is not guilty of some of the crimes to which he pleaded guilty to last year after breaking with Trump. Arnold told the paper he recorded Cohen, who is due to begin serving a three-year prison sentence on May 6, without his knowledge. Cohen, like other criminal defendants, told a judge last year when he pleaded guilty that he was doing so because he was actually guilty of the crimes.
Trump’s ex-lawyer Michael Cohen says he’s not guilty of some crimes Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: dan mangan, kevin breuninger, matt mcclain, the washington post, getty images
Keywords: news, cnbc, companies, trump, hes, pleaded, trumps, prosecutors, exlawyer, crimes, cohen, told, arnold, lawyer, michael, having, guilty


Trump's ex-lawyer Michael Cohen says he's not guilty of some crimes

President Donald Trump’s former personal lawyer Michael Cohen reportedly told actor Tom Arnold last month that he is not guilty of some of the crimes to which he pleaded guilty to last year after breaking with Trump.

The Wall Street Journal reported Wednesday that Arnold recorded Cohen in a March 25 phone call telling him that he did not evade taxes, and saying that a criminal charge related to misstating his financial status for his home equity line of credit was “a lie.”

The paper’s story online included audio portions of that 36-minute call, which the Journal said Arnold had provided. Arnold told the paper he recorded Cohen, who is due to begin serving a three-year prison sentence on May 6, without his knowledge.

“I’m a man all alone, and I shouldn’t be alone anymore after more than 100 hours of testimony,” Cohen said, referring to his cooperation with special counsel Robert Mueller, other federal prosecutors and multiple congressional committees.

Cohen, 52, told Arnold on that call that he pleaded guilty to those charges because federal prosecutors in New York City “had me on campaign finance” — another crime that he had pleaded to — and because those prosecutors were targeting his wife.

“I love this woman, and I am not going to let her get dragged into the mud of this crap,” Cohen said. “And I never thought the judge was going to throw a three-year fricking sentence.”

The actor has produced a series of online videos entitled “Trump Tapes with Tom Arnold,” which offered viewers “the search for the truth behind the many rumored and potentially damaging recordings of President Donald Trump.”

Cohen, like other criminal defendants, told a judge last year when he pleaded guilty that he was doing so because he was actually guilty of the crimes.

Cohen’s lawyer Lanny Davis told NBC News on Wednesday that “Michael has taken responsibility for his crimes and will soon report to prison to serve his sentence. While he cannot change the past, he is making every effort to reclaim his life and do right by his family and country. He meant no offense by his statements.”

Cohen pleaded guilty in 2018 to eight federal crimes, five of which were for evading personal income taxes, and one connected to his home equity line of credit.

The other crimes were related to Cohen having facilitated hush money payments to two women, porn star Stormy Daniels and Playboy model Karen McDougal, to keep them quiet about their claims of having sexual affairs with Trump. Cohen also admitted to lying to Congress about details of an ultimately aborted plan to build a Trump Tower in Moscow.

During his call with Arnold, Cohen complained, “My family’s happiness, and my law license … I lost my business…my insurance, my bank accounts, all for what? All for what? Because Trump, you know, had an affair with a porn star?”

“That’s really what this is about.”

Trump has denied having sex with either Daniels or McDougal.

The White House had no immediate comment on the Journal’s story. Peter Carr, a spokesman for Mueller, declined to comment.

Trump’s current lawyer, Rudy Giuliani, blasted Cohen on Twitter.


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: dan mangan, kevin breuninger, matt mcclain, the washington post, getty images
Keywords: news, cnbc, companies, trump, hes, pleaded, trumps, prosecutors, exlawyer, crimes, cohen, told, arnold, lawyer, michael, having, guilty


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SCOTUS conservatives limit class arbitration in divided decision

Roberts argued that under the court’s precedent arbitration is a matter of “consent,” and that consent cannot be inferred from an agreement that is ambiguous. “Today’s opinion is rooted instead in the majority’s belief that class arbitration ‘undermine[s] the central benefits of arbitration itself,’ she wrote. A federal court in California permitted Lamps Plus to force Varela into arbitration, but granted his request for class arbitration. Arbitration cases have taken on increased significance i


Roberts argued that under the court’s precedent arbitration is a matter of “consent,” and that consent cannot be inferred from an agreement that is ambiguous. “Today’s opinion is rooted instead in the majority’s belief that class arbitration ‘undermine[s] the central benefits of arbitration itself,’ she wrote. A federal court in California permitted Lamps Plus to force Varela into arbitration, but granted his request for class arbitration. Arbitration cases have taken on increased significance i
SCOTUS conservatives limit class arbitration in divided decision Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: tucker higgins, mark wilson, getty images
Keywords: news, cnbc, companies, workers, divided, class, court, scotus, courts, consent, limit, law, conservatives, decision, opinion, arbitration, cases


SCOTUS conservatives limit class arbitration in divided decision

The Supreme Court on Wednesday handed a victory to business in a 5-4 ruling along ideological lines that held that workers are not entitled to resolve disputes through class arbitration in cases where their arbitration agreement is ambiguous.

The closely-watched case is the latest in a long string of rulings at the top court strengthening the power of firms to compel their employees to resolve disputes through individual arbitration, a practice that businesses argue is more efficient and worker advocates say enables abuse to go unchecked.

Arbitration is a dispute resolution mechanism that is less formal than the court system which generally favors employers.

The decision follows the court’s landmark ruling on the issue in the 2018 case Epic Systems Corp. v. Lewis, which held, also 5-4, that arbitration agreements requiring workers to submit to individual arbitration must be enforced.

The opinion drew a flurry of criticism from the court’s liberal wing, with each of the four Democratic appointees penning a dissent. But Chief Justice John Roberts, in his opinion for the court, downplayed the criticism, arguing that the “opinion today is far from the watershed” the dissenters claimed it to be.

Roberts argued that under the court’s precedent arbitration is a matter of “consent,” and that consent cannot be inferred from an agreement that is ambiguous. The decision overturned a ruling from the U.S. 9th Circuit Court of Appeals, which held that, under state law, ambiguity in a contract should be resolved against the party that drafted the agreement.

Read more: The Supreme Court could make it harder for workers to sue over issues like sexual harassment and pay discrimination

Justice Elena Kagan said the 9th Circuit’s reasoning was based on “a plain-vanilla rule of contract interpretation.”

“Today’s opinion is rooted instead in the majority’s belief that class arbitration ‘undermine[s] the central benefits of arbitration itself,’ she wrote. “But that policy view—of a piece with the majority’s ideas about class litigation—cannot justify displacing generally applicable state law about how to interpret ambiguous contracts.”

The case involved Frank Varela, an employee at a lighting company, Lamps Plus. In 2016, Varela’s tax information was stolen by a hacker in a breach that affected hundreds of other employees.

Varela filed a lawsuit against the company on behalf of himself and others whose data was stolen. A federal court in California permitted Lamps Plus to force Varela into arbitration, but granted his request for class arbitration. That decision was affirmed by the Ninth Circuit.

“This is a win for employers,” said Lauren Novak, a partner at the law firm Schiff Hardin. “The decision provides clear guidance to the lower courts – the right to proceed as a class cannot be inferred, it will be permissible only if the employer expressly consented to it in the arbitration agreement.”

Justice Ruth Bader Ginsburg, in a dissent, said the court was straying “treacherously” from the court’s previous rulings on what was meant by consent in arbitration cases. She wrote that it was ironic to use the principle of consent “to justify imposing individual arbitration on employees who surely would not choose to proceed solo.”

“The widely experienced neglect [Varela] identified cries out for collective treatment,” Ginsburg wrote. “Shut from the Court’s sight is the ‘Hobson’s choice’ employees face: ‘accept arbitration on their employer’s terms or give up their jobs.'”

Arbitration cases have taken on increased significance in recent years because of added attention to worker disputes over sexual harassment in the workplace. A 2018 report by the Economic Policy Institute, a left-leaning think tank, found that the share of workers subject to forced arbitration agreements has doubled in recent decades and now includes more than half the country’s workforce.

Emily Martin, vice president for education and workplace justice at the National Women’s Law Center, told CNBC in the fall that workers are less likely to come forward with such complaints if they are forced to resolve them as individuals, rather than groups. Raising the funds, and gathering the necessary information, are among the hurdles.

“If you feel like you are the only one, you are much less likely to come forward and say, I deserve better, you can’t treat me like this,” she said.

A number of companies in recent years, including Google and Facebook, have sought to address the issue by ending forced arbitration in cases involving sexual harassment. Ginsburg said those efforts “ameliorate some of the harm” caused by the court’s arbitration decisions, but re-iterated her stance that congressional action is “urgently in order.”


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: tucker higgins, mark wilson, getty images
Keywords: news, cnbc, companies, workers, divided, class, court, scotus, courts, consent, limit, law, conservatives, decision, opinion, arbitration, cases


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