In the battle of Trump personalities, ‘Tariff Man’ is winning, and Wall Street isn’t ready for it

Two of President Donald Trump’s priorities — a strong stock market and a tough China trade deal — are at odds. Year to date, Trump has tweeted about seven times per week on the subjects of China, trade and tariffs — the same average frequency for jobs, stocks and the economy. “Tariff Man,” as Trump once described himself, is winning the battle of the president’s personalities, and “Dow Man” is just going to have to take a back seat for a while. “It’s impossible — the risk reward here is that alm


Two of President Donald Trump’s priorities — a strong stock market and a tough China trade deal — are at odds. Year to date, Trump has tweeted about seven times per week on the subjects of China, trade and tariffs — the same average frequency for jobs, stocks and the economy. “Tariff Man,” as Trump once described himself, is winning the battle of the president’s personalities, and “Dow Man” is just going to have to take a back seat for a while. “It’s impossible — the risk reward here is that alm
In the battle of Trump personalities, ‘Tariff Man’ is winning, and Wall Street isn’t ready for it Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: kate rooney
Keywords: news, cnbc, companies, china, wall, battle, president, research, presidents, economy, trump, winning, tariff, personalities, trade, street, policy, ready, trumps, isnt, tariffs, man


In the battle of Trump personalities, 'Tariff Man' is winning, and Wall Street isn't ready for it

Two of President Donald Trump’s priorities — a strong stock market and a tough China trade deal — are at odds. The conflict is frustrating Wall Street as it chases a moving target of pricing in a particular outcome. Traders are hanging on the president’s every word looking for an easing in his rhetoric and a potential softening in the ongoing trade war. If tweets are any indication, the president’s focus is shifting. In the past two weeks, his Twitter mentions of trade-related terms were double his mentions of the economy and stocks. Year to date, Trump has tweeted about seven times per week on the subjects of China, trade and tariffs — the same average frequency for jobs, stocks and the economy. During the week of May 5, though, his China and trade mentions rose to roughly 46 times, while he mentioned economy-related phrases about 17 times, according to analysis of his Twitter feed. There is some overlap, as he occasionally bundles multiple subjects in the same tweet. “Tariff Man,” as Trump once described himself, is winning the battle of the president’s personalities, and “Dow Man” is just going to have to take a back seat for a while.

‘It’s impossible’

Wall Street analysts find the job of predicting the president’s mindset on a daily basis for clients to be a difficult task. “It’s impossible — the risk reward here is that almost all of this is at the discretion of President Trump,” Raymond James Washington policy analyst Ed Mills said. “You can’t know entirely what his intentions are.” On one hand, Trump is appealing to his base with a tough stance on trade ahead of the 2020 election. But economists say less trade between the world’s largest economies threatens to dampen growth, at least in the near term.

That is taking a toll on global growth expectations and therefore the stock market. The Dow Jones Industrial Average — Trump’s go-to report card for a strong economy — dropped 600 points Monday following new rounds of retaliatory tariffs. It rallied on Tuesday on more trade optimism and again moved higher on Wednesday. Overall, the Dow is down a little more than 3% since Trump escalated the trade war 10 days ago by tweeting a threat to raise tariffs on China, which he followed through with on Friday. “The problem is that the president has two conflicting polls here,” Fundstrat Washington policy strategist Thomas Block told CNBC. “He obviously watches the Dow and has friends who probably call him up and say, ‘Donald, we’re getting killed’ — that’s why that’s one side of Donald Trump. But there has also emerged a very political side.” The political side has increased tariffs from 10% to 25% on $200 billion in Chinese imports. The U.S. is also taking necessary legal steps to slap another round of 25% tariffs on $300 billion of imports, which would happen in June at the earliest. Block highlighted uncertainty that he said is leading him to tell clients to “stay on the sidelines.” “If I felt I understood Donald Trump’s mind better than anybody else and had a high level of confidence about the outcome, Fundstrat would have to pay me more money than they could afford,” Block said. Block said his instinct is that “some sort of agreement” gets done around a June G-20 meeting. But he said Trump’s priorities, and therefore public stance, could change last minute.

‘Turn on a dime’

Isaac Boltansky, director of policy research for Compass Point Research & Trading, is also navigating this fickle market. He said clients are “cognizant of the fact that this narrative can turn on a dime.” “The near-term sentiment shift has been undeniably warranted given recent developments, but investors recognize that the president could change market sentiment with a single tweet,” Boltansky said. Trump rolled out the “Tariff Man” persona in a tweet in early December, a month that saw the S&P 500 drop 9.2% in its worst month since the financial crisis. But the approach has played to his base and is part of the campaign’s strategy heading into 2020. Trump is also using the stance as ammo against Democratic candidate and former Vice President Joe Biden, who supported the Trans-Pacific Partnership. “Tariffs are focused right at the electoral map of Trump, particularly farm states,” said Dan Clifton, a partner and head of policy research for Strategas Research Partners. “At the same time, Trump can make a convincing case that Biden has been weak on China, and a standoff with China benefits his re-election.”

China has responded to U.S. tariffs with its own hike on $60 billion worth of U.S. goods. That hits farmers at “every single angle,” according to an economist at the American Farm Bureau Federation. To curb the effect of Beijing’s retaliatory duties, Trump said this week that farmers would receive about $15 billion in aid. His campaign is betting that farmers will support Trump despite the hit to American agriculture. “A deal with China to end their bad behavior would provide even more long-term benefit to the economy,” Tim Murtaugh, the Trump campaign’s communications director, told CNBC. “Farmers are patriotic and understand that someone had to finally call China to account.” Murtaugh also pointed to a booming economy, another rallying point ahead of 2020. GDP growth in the first quarter grew by 3.2% — its best start to a year since 2015. In April, unemployment fell to its lowest level since 1969.

10% drop before he changes tune


Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: kate rooney
Keywords: news, cnbc, companies, china, wall, battle, president, research, presidents, economy, trump, winning, tariff, personalities, trade, street, policy, ready, trumps, isnt, tariffs, man


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Chevron, the loser in the Anadarko buyout battle, is actually a winner on Wall Street

Michael Wirth, CEO of Chevron, speaking at the 2019 WEF in Davos, Switzerland on Jan. 23rd, 2019. Occidental Petroleum may have spoiled Chevron’s plans to acquire oil and gas driller Anadarko Petroleum, but Wall Street is not pronouncing the oil company the loser in the buyout battle. Several analysts are commending Chevron for declining to counter Occidental’s $38 billion bid for Anadarko. Chevron not only walks away with a $1 billion breakup fee, but showed investors it won’t sacrifice its bud


Michael Wirth, CEO of Chevron, speaking at the 2019 WEF in Davos, Switzerland on Jan. 23rd, 2019. Occidental Petroleum may have spoiled Chevron’s plans to acquire oil and gas driller Anadarko Petroleum, but Wall Street is not pronouncing the oil company the loser in the buyout battle. Several analysts are commending Chevron for declining to counter Occidental’s $38 billion bid for Anadarko. Chevron not only walks away with a $1 billion breakup fee, but showed investors it won’t sacrifice its bud
Chevron, the loser in the Anadarko buyout battle, is actually a winner on Wall Street Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: tom dichristopher
Keywords: news, cnbc, companies, chevron, occidental, street, actually, offer, battle, petroleum, loser, bid, winner, billion, analysts, wall, oil, share, buyout, anadarko


Chevron, the loser in the Anadarko buyout battle, is actually a winner on Wall Street

Michael Wirth, CEO of Chevron, speaking at the 2019 WEF in Davos, Switzerland on Jan. 23rd, 2019.

Occidental Petroleum may have spoiled Chevron’s plans to acquire oil and gas driller Anadarko Petroleum, but Wall Street is not pronouncing the oil company the loser in the buyout battle.

Several analysts are commending Chevron for declining to counter Occidental’s $38 billion bid for Anadarko. Chevron not only walks away with a $1 billion breakup fee, but showed investors it won’t sacrifice its budget sheet in a bidding war, the analysts say.

The San Ramon, California-based energy giant was under pressure to hike its original $65 per share offer into the $70s after the underdog Occidental sweetened its offer this week. For Occidental, funding a $76 per share bid relied in part on agreeing to a steep 8% annual payout to Warren Buffett in order to secure a $10 billion investment from the Oracle of Omaha.


Company: cnbc, Activity: cnbc, Date: 2019-05-09  Authors: tom dichristopher
Keywords: news, cnbc, companies, chevron, occidental, street, actually, offer, battle, petroleum, loser, bid, winner, billion, analysts, wall, oil, share, buyout, anadarko


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Profits in Uber’s core ride-hailing are an ‘Everest uphill battle,’ analyst warns ahead of the IPO

Uber will have a hard time making a profit in its core driving business at least in the near term, Wedbush Securities analyst Dan Ives said Thursday. Profitability at Uber’s standard driving service is going to be “an Everest uphill battle,” said Ives, whose firm put an outperform rating on the company with a price target of $65 per share. Instead, he said Uber’s growth will come from its other ventures such as its Uber Eats food delivery service and shipping platform Uber Freight. 1 player” in


Uber will have a hard time making a profit in its core driving business at least in the near term, Wedbush Securities analyst Dan Ives said Thursday. Profitability at Uber’s standard driving service is going to be “an Everest uphill battle,” said Ives, whose firm put an outperform rating on the company with a price target of $65 per share. Instead, he said Uber’s growth will come from its other ventures such as its Uber Eats food delivery service and shipping platform Uber Freight. 1 player” in
Profits in Uber’s core ride-hailing are an ‘Everest uphill battle,’ analyst warns ahead of the IPO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, uphill, core, ipo, uber, everest, ubers, lyft, driving, ives, white, warns, offering, analyst, battle, profits, service, ridehailing, amazon


Profits in Uber's core ride-hailing are an 'Everest uphill battle,' analyst warns ahead of the IPO

Uber will have a hard time making a profit in its core driving business at least in the near term, Wedbush Securities analyst Dan Ives said Thursday.

In initiating coverage ahead of this month’s initial public offering, Ives argued that Uber will need to set itself apart from rival rail-hailing services like Lyft in order to satisfy investors.

Profitability at Uber’s standard driving service is going to be “an Everest uphill battle,” said Ives, whose firm put an outperform rating on the company with a price target of $65 per share. Instead, he said Uber’s growth will come from its other ventures such as its Uber Eats food delivery service and shipping platform Uber Freight.

Uber is offering 180 million shares at $44 to $50 apiece. On a fully diluted basis, its valuation could top $91.5 billion, making it the biggest public offering since Alibaba. Lyft debuted on Wall Street in late March, gaining about 8% on its IPO day. Since then, Lyft shares as of Tuesday were about 18% below their $72 offering price.

Ives said Uber has established itself has the “clear No. 1 player” in rides, estimating its core driving service is worth about $75 billion. He expects the service could make a profit in five to seven years. “What you’re really trying to do is put more of a fence around your backyard in terms of Uber versus a Lyft,” he said in a “Squawk Box ” interview. However, he added that investors want to see whether Uber goes beyond rides and becomes the “Amazon of transportation” by locking in consumers through its other services.

Like Amazon, Uber has prided itself on diversifying beyond its core driving service for which it’s best known. According to a New York Times report, Uber has been comparing itself to Amazon during its pre-IPO roadshow to justify its losses as it expands. For years, Amazon plowed all the money it made back into the business on the promise of future success, which did in fact happen for the e-commerce giant.

Tom White, a senior research analyst at D.A. Davidson, is “resisting” the narrative that Uber can be the next Amazon. White, speaking in the same CNBC interview as Ives, said he does not see an opportunity for huge diversification in transportation as there is in retail.

“With Amazon, it was pretty clear early on it was a drastically better consumer experience when it came to buying things online,” said White, who started coverage with a neutral rating on Uber and a $53 per-share price target.


Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, uphill, core, ipo, uber, everest, ubers, lyft, driving, ives, white, warns, offering, analyst, battle, profits, service, ridehailing, amazon


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Profits in Uber’s core ride-hailing are an ‘Everest uphill battle,’ analyst warns ahead of the IPO

Uber will have a hard time making a profit in its core driving business at least in the near term, Wedbush Securities analyst Dan Ives said Thursday. Profitability at Uber’s standard driving service is going to be “an Everest uphill battle,” said Ives, whose firm put an outperform rating on the company with a price target of $65 per share. Instead, he said Uber’s growth will come from its other ventures such as its Uber Eats food delivery service and shipping platform Uber Freight. 1 player” in


Uber will have a hard time making a profit in its core driving business at least in the near term, Wedbush Securities analyst Dan Ives said Thursday. Profitability at Uber’s standard driving service is going to be “an Everest uphill battle,” said Ives, whose firm put an outperform rating on the company with a price target of $65 per share. Instead, he said Uber’s growth will come from its other ventures such as its Uber Eats food delivery service and shipping platform Uber Freight. 1 player” in
Profits in Uber’s core ride-hailing are an ‘Everest uphill battle,’ analyst warns ahead of the IPO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, ipo, amazon, driving, core, analyst, white, ridehailing, ives, uphill, ubers, battle, offering, lyft, profits, warns, uber, everest, service


Profits in Uber's core ride-hailing are an 'Everest uphill battle,' analyst warns ahead of the IPO

Uber will have a hard time making a profit in its core driving business at least in the near term, Wedbush Securities analyst Dan Ives said Thursday.

In initiating coverage ahead of this month’s initial public offering, Ives argued that Uber will need to set itself apart from rival rail-hailing services like Lyft in order to satisfy investors.

Profitability at Uber’s standard driving service is going to be “an Everest uphill battle,” said Ives, whose firm put an outperform rating on the company with a price target of $65 per share. Instead, he said Uber’s growth will come from its other ventures such as its Uber Eats food delivery service and shipping platform Uber Freight.

Uber is offering 180 million shares at $44 to $50 apiece. On a fully diluted basis, its valuation could top $91.5 billion, making it the biggest public offering since Alibaba. Lyft debuted on Wall Street in late March, gaining about 8% on its IPO day. Since then, Lyft shares as of Tuesday were about 18% below their $72 offering price.

Ives said Uber has established itself has the “clear No. 1 player” in rides, estimating its core driving service is worth about $75 billion. He expects the service could make a profit in five to seven years. “What you’re really trying to do is put more of a fence around your backyard in terms of Uber versus a Lyft,” he said in a “Squawk Box ” interview. However, he added that investors want to see whether Uber goes beyond rides and becomes the “Amazon of transportation” by locking in consumers through its other services.

Like Amazon, Uber has prided itself on diversifying beyond its core driving service for which it’s best known. According to a New York Times report, Uber has been comparing itself to Amazon during its pre-IPO roadshow to justify its losses as it expands. For years, Amazon plowed all the money it made back into the business on the promise of future success, which did in fact happen for the e-commerce giant.

Tom White, a senior research analyst at D.A. Davidson, is “resisting” the narrative that Uber can be the next Amazon. White, speaking in the same CNBC interview as Ives, said he does not see an opportunity for huge diversification in transportation as there is in retail.

“With Amazon, it was pretty clear early on it was a drastically better consumer experience when it came to buying things online,” said White, who started coverage with a neutral rating on Uber and a $53 per-share price target.


Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, ipo, amazon, driving, core, analyst, white, ridehailing, ives, uphill, ubers, battle, offering, lyft, profits, warns, uber, everest, service


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Chevron, Occidental have fire power left in battle for Anadarko — but they probably won’t use it

Chevron may try to lure Anadarko away from Occidental Petroleum, but some analysts expect a lower bid than its rival. Analysts say Chevron is likely gearing up for another bid for Anadarko but with a lower offer than Occidental’s $38 billion offer. Occidental offered $38 in cash and 0.6094 of a share per Anadarko share, while Chevron bid $16.25 and 0.3869 of a share of its stock per Anadarko share. I think Chevron is a better fit than Anadarko, Occidental.” “We aren’t likely to see [Chevron] bid


Chevron may try to lure Anadarko away from Occidental Petroleum, but some analysts expect a lower bid than its rival. Analysts say Chevron is likely gearing up for another bid for Anadarko but with a lower offer than Occidental’s $38 billion offer. Occidental offered $38 in cash and 0.6094 of a share per Anadarko share, while Chevron bid $16.25 and 0.3869 of a share of its stock per Anadarko share. I think Chevron is a better fit than Anadarko, Occidental.” “We aren’t likely to see [Chevron] bid
Chevron, Occidental have fire power left in battle for Anadarko — but they probably won’t use it Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: patti domm
Keywords: news, cnbc, companies, billion, occidental, offer, wont, deal, bid, left, chevron, think, anadarko, oil, share, battle, power, probably


Chevron, Occidental have fire power left in battle for Anadarko — but they probably won't use it

Chevron may try to lure Anadarko away from Occidental Petroleum, but some analysts expect a lower bid than its rival.

The typically conservative diversified oil companies are eyeing Anadarko’s prime acreage in the Permian Basin, and in the case of Chevron, it also sees deepwater and liquified natural gas assets it likes. Plus Chevron can more easily digest a big deal, something that may make its stock a more attractive piece of the offer, analysts said.

Anadarko said Monday it was considering Occidental’s $38 billion offer, after it agreed to Chevron’s $33 billion takeover bid just weeks ago. That sets the stage for another round of bidding, but Anadarko stock is not responding as if investors expect to see the offers go much higher. Occidental’s bid was worth $76 per share when announced last week, and the stock has lost about 2.8% since then. Anadarko closed Monday at about $72.93, up 13 cents.

“I don’t think Chevron has this as a buy-at-any-cost-type approach,” said Dan Pickering, co-president and chief investment officer of Tudor, Pickering, Holt & Co.

“My guess is Chevron comes back with an improved bid but not necessarily one that is significantly higher or even higher at all than Oxy. Then the ball is in Oxy’s court to tell us how much they want this business. For Oxy, we’re probably approaching the place where if a bid gets much higher than that, the market starts to worry about their leverage,” he said.

The outcome of the high stakes merger battle could also determine whether there’s a deal frenzy in the oil patch. Pickering said it’s only been recently that the stock of the majors has traded at such a premium to exploration and production companies, giving them better currency for deals.

“I think if you get one more transaction, there’s going to be a big rush that will be fear of missing out. Fear of missing out on both a dance partner and a cost opportunity. … One more [major] transaction, and everyone gets nervous they’re missing out. That’s investors and the companies themselves, whether they’re a buyer or seller,” he said.

“To me, it seems like we’re one deal away from a bunch of deals,” he added. “I think it goes back to combinations that make industrial sense.”

Occidental, which had been rebuffed earlier by Anadarko, offered a $76 cash-and-stock deal, valued about $11 more per share than Chevron’s offer on the day it was announced, April 12.

Analysts say Chevron is likely gearing up for another bid for Anadarko but with a lower offer than Occidental’s $38 billion offer. Occidental offered $38 in cash and 0.6094 of a share per Anadarko share, while Chevron bid $16.25 and 0.3869 of a share of its stock per Anadarko share. Chevron has lost about 6% since its deal with Anadarko was announced, lowering the value of its stock portion of the offer.

Anadarko agreed to negotiate with Occidental on its offer, but its board also reaffirmed the recommendation of its existing merger agreement with Chevron.

“I think Anadarko is probably angling for Chevron to raise its bid. It’s a $7 billion gap between Chevron’s bid and Anadarko’s bid,” said Stewart Glickman, energy analyst at CFRA. “They would still be technically better off from a pure numbers stand point. They might be better off with Chevron. … I think Chevron is a better fit than Anadarko, Occidental.”

Glickman said he doesn’t believe Chevron would have to top Occidental’s offer in order to win, but Chevron may have to narrow the gap between the offers. “If part of your selling point is if it’s a growth driver for you, that might work in Chevron’s favor,” he said. “Chevron has a bigger war chest, three times as much cash as Oxy. I think they can afford to do it. Chevron has $9 billion on its books, Occidental has $3 billion. I don’t think Occidental can afford to bid higher than what they already bid. If you’re going to spend $38 billion and they only have $3 billion, then they either have to raise more debt financing or they have to do a secondary. I think Oxy looked at this and said we’re going to make our first and best offer,” he said.

Paul Sankey, Mizuho energy analyst, said he believes both companies could bid into the low $80s per share if they wanted to, and the deal would still be accretive. Occidental also has the $1 billion break up fee on the Chevron deal if it wins.

Occidental also needs shareholder approval, but Chevron does not. “We believe the market has more faith in Chevron’s stated synergies, which appear to be under-promise/over-deliver type numbers, than OXY’s, which appear to be ambitious in order to make their unsolicited bid look viable,” Sankey wrote in a note.

Sankey said Chevron might even be able to squeak out as much as $90 per share, but it won’t. “We aren’t likely to see [Chevron] bid aggressively into a “winner’s curse” type auction. Chevron CEO Mike Wirth said as much on the 1Q conference call on Friday,” noted Sankey.

Pickering said the deal is considered to be transformational by Occidental, but for Chevron it is more a way of business. The risks involved for Occidental are greater.

“If you’re Oxy and oil tanks to $40 [a barrel], in a couple years, all of a sudden the way you did the Anadarko deal looks more aggressive, and if you’re Chevron and oil tanks to $40 maybe you have a little buyer’s remorse, … but your balance sheet is fine and you’re not worried about your leverage. I think Oxy would be more worried about their leverage,” he said.

Pickering said the oil price is not driving the current bids for Anadarko, and the environment is more like the 1990s when major oil companies were formed from mergers, like BP with Amoco and with Arco, and Chevron and Texaco. Companies then were looking for ways to grow their businesses but not counting on higher oil prices.

“Now we’re talking [oil in] mid-$60s, a pretty good price. We have all these macro factors playing in, but I think this process would be taking place if oil was $50 or oil was $70. I think the industrial logic both the buyers are talking about makes sense, and I think the valuation opportunity would have been present at $50 and would probably be present at $70,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: patti domm
Keywords: news, cnbc, companies, billion, occidental, offer, wont, deal, bid, left, chevron, think, anadarko, oil, share, battle, power, probably


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ISIS leader Abu Bakr al-Baghdadi appears in video for first time in 5 years

This image made from video posted on a militant website on Monday, April 29, 2019, purports to show the leader of the Islamic State group, Abu Bakr al-Baghdadi, being interviewed by his group’s Al-Furqan media outlet. The SITE Intelligence group said Abu Bakr al-Baghdadi, in the video, also discussed the Easter Day bombings in Sri Lanka which killed over 250 people and for which the group claimed responsibility. It is his first video appearance since he delivered a sermon at the al-Nuri mosque i


This image made from video posted on a militant website on Monday, April 29, 2019, purports to show the leader of the Islamic State group, Abu Bakr al-Baghdadi, being interviewed by his group’s Al-Furqan media outlet. The SITE Intelligence group said Abu Bakr al-Baghdadi, in the video, also discussed the Easter Day bombings in Sri Lanka which killed over 250 people and for which the group claimed responsibility. It is his first video appearance since he delivered a sermon at the al-Nuri mosque i
ISIS leader Abu Bakr al-Baghdadi appears in video for first time in 5 years Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-29  Authors: david k li, charlie gile
Keywords: news, cnbc, companies, syria, groups, appears, leader, isis, bakr, terror, group, battle, long, syrian, appeared, albaghdadi, video, abu


ISIS leader Abu Bakr al-Baghdadi appears in video for first time in 5 years

This image made from video posted on a militant website on Monday, April 29, 2019, purports to show the leader of the Islamic State group, Abu Bakr al-Baghdadi, being interviewed by his group’s Al-Furqan media outlet.

The shadowy leader of the Islamic State group appeared for the first time in five years in a video released by the extremist group’s propaganda arm on Monday, acknowledging defeat in the group’s last stronghold in Syria but vowing a “long battle” ahead.

The SITE Intelligence group said Abu Bakr al-Baghdadi, in the video, also discussed the Easter Day bombings in Sri Lanka which killed over 250 people and for which the group claimed responsibility.

The video released by Al-Furqan on Monday shows al-Baghdadi with a bushy gray and red beard, wearing a black robe with a beige vest and seated on the floor with what appears to be a machine gun propped up next to him. He is speaking with three men seated opposite him whose faces were covered and blotted out.

It is his first video appearance since he delivered a sermon at the al-Nuri mosque in the Iraqi city of Mosul in 2014. In that video, he appeared as a black-robed figure with a trimmed black beard to deliver a sermon from the pulpit of the mosque in which he urged Muslims around the world to swear allegiance to the caliphate and obey him as its leader.

Al-Baghdadi acknowledged that IS lost the war in the eastern Syrian village of Baghouz, which was captured last month by the U.S.-backed Kurdish-led Syrian Democratic Forces.

“In fact, the battle of Islam and its people against the Crusaders and their followers is a long battle,” he said.

He said the battle of Baghouz demonstrated the “barbarism and brutality” of the West and the “courage, steadfastness and resilience of the nation of Islam.”

“This steadfastness shocked the hearts of the Crusaders in what increased their rage,” he added.

It is unclear when or where the video was filmed. Al-Baghdadi spoke slowly and haltingly in the video.

With a $25 million U.S. bounty on his head, al-Baghdadi is the world’s most wanted man, responsible for steering his chillingly violent organization into mass slaughter of opponents, and directing and inspiring terror attacks across continents and in the heart of Europe.

Despite numerous claims about his death in the past few years, al-Baghdadi’s whereabouts remain a mystery. He appeared in public only once, in 2014. Since then, many of his top aides have been killed, mostly in U.S.-led coalition airstrikes.

He is among the few senior IS commanders still at large after two years of steady battlefield losses that saw the self-styled “caliphate” shrink from an area the size of Britain to a tiny speck in the Euphrates River valley.

Although largely seen as a symbolic figurehead of the global terror network — he was described as “irrelevant for a long time” by a coalition spokesman in 2017 — al-Baghdadi’s capture would be a coveted prize for the various players across both Syria and Iraq.

But so far, he has eluded the Americans, Russians, Syrians, Iraqis and Kurds.


Company: cnbc, Activity: cnbc, Date: 2019-04-29  Authors: david k li, charlie gile
Keywords: news, cnbc, companies, syria, groups, appears, leader, isis, bakr, terror, group, battle, long, syrian, appeared, albaghdadi, video, abu


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Netflix, streaming services win Oscars cinema rule battle

In a win for Netflix, Amazon and other internet streaming services, the Academy of Motion Picture Arts and Sciences has voted not to change its rules for winning an Oscar, Hollywood’s top prize. Some theater owners say short runs at a theater means more people will stay home to watch movies. In February, Netflix won three Oscars for “Roma,” which streamed three weeks after a limited theatrical debut. Netflix tweeted that it “loved cinema” but also supported access for people who cannot afford, o


In a win for Netflix, Amazon and other internet streaming services, the Academy of Motion Picture Arts and Sciences has voted not to change its rules for winning an Oscar, Hollywood’s top prize. Some theater owners say short runs at a theater means more people will stay home to watch movies. In February, Netflix won three Oscars for “Roma,” which streamed three weeks after a limited theatrical debut. Netflix tweeted that it “loved cinema” but also supported access for people who cannot afford, o
Netflix, streaming services win Oscars cinema rule battle Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: mario anzuoni
Keywords: news, cnbc, companies, movie, rules, services, theater, theatrical, win, motion, cinema, say, netflix, streaming, battle, movies, oscars, rule, small, marcus


Netflix, streaming services win Oscars cinema rule battle

In a win for Netflix, Amazon and other internet streaming services, the Academy of Motion Picture Arts and Sciences has voted not to change its rules for winning an Oscar, Hollywood’s top prize.

The decision follows a battle over how long a movie must play on the big screens in theaters before being launched on the internet, DVD, or other mediums that put it on the small screen.

The Academy’s Board of Governors said on Tuesday that the existing rules, which say a movie has to run in a theater for only seven days in Los Angeles to qualify, had won.

“We support the theatrical experience as integral to the art of motion pictures, and this weighed heavily in our discussions,” Academy President John Bailey said in a release.

Some theater owners say short runs at a theater means more people will stay home to watch movies.

And movie producers including Steven Spielberg have said movies that are shown primarily on the small screen should only compete for television awards, such as the Emmys.

In February, Netflix won three Oscars for “Roma,” which streamed three weeks after a limited theatrical debut.

Netflix tweeted that it “loved cinema” but also supported access for people who cannot afford, or do not live close to, theaters.

Shorter windows would keep some customers at home, Greg Marcus, chief executive of The Marcus Corporation, owner of the fourth-largest U.S. theater chain, earlier told Reuters.

“If you damage the business and take away 10 percent of our customers, we won’t be able to reinvest in the theatrical experience,” Marcus said. “That would ultimately hurt content providers.”

Others said consumers are happy with the current system.

Ticket sales in 2018 reached a record $41 billion globally and $12 billion in the United States and Canada, even as Netflix released about 90 movies for streaming.

“We’re not talking about something that’s broken,” Vue International cinemas CEO Tim Richards said in an earlier interview with Reuters.

The Academy’s Bailey said the rule could be revisited next year.

“We plan to further study the profound changes occurring in our industry and continue discussions with our members about these issues,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: mario anzuoni
Keywords: news, cnbc, companies, movie, rules, services, theater, theatrical, win, motion, cinema, say, netflix, streaming, battle, movies, oscars, rule, small, marcus


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Steven Spielberg says his battle with Netflix wasn’t as bad as people made it seem

The anticlimactic vote seemed to close a chapter on a reported feud between the tech giant and legendary Hollywood director Steven Spielberg. But a New York Times report suggests Spielberg’s antipathy for streaming services like Netflix was overblown. “I want people to find their entertainment in any form or fashion that suits them,” Spielberg told the Times in an emailed statement. The sources told the Times that Spielberg is actually more frustrated with theater owners who have refused to comp


The anticlimactic vote seemed to close a chapter on a reported feud between the tech giant and legendary Hollywood director Steven Spielberg. But a New York Times report suggests Spielberg’s antipathy for streaming services like Netflix was overblown. “I want people to find their entertainment in any form or fashion that suits them,” Spielberg told the Times in an emailed statement. The sources told the Times that Spielberg is actually more frustrated with theater owners who have refused to comp
Steven Spielberg says his battle with Netflix wasn’t as bad as people made it seem Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: lauren feiner, matt winkelmeyer, getty images entertainment, getty images
Keywords: news, cnbc, companies, film, theaters, times, netflix, steven, experience, academy, rule, wasnt, spielberg, york, bad, battle, streaming


Steven Spielberg says his battle with Netflix wasn't as bad as people made it seem

Netflix and other streaming platforms solidified their stature in the film industry Tuesday when the Academy of Motion Picture and Arts and Sciences voted to maintain their eligibility for the Academy Awards. The Academy voted to keep a rule that allows any film that has at least a seven-day theatrical run in a Los Angeles theater to be considered for an Oscar.

The anticlimactic vote seemed to close a chapter on a reported feud between the tech giant and legendary Hollywood director Steven Spielberg. But a New York Times report suggests Spielberg’s antipathy for streaming services like Netflix was overblown.

“I want people to find their entertainment in any form or fashion that suits them,” Spielberg told the Times in an emailed statement. “Big screen, small screen — what really matters to me is a great story and everyone should have access to great stories.

“However, I feel people need to have the opportunity to leave the safe and familiar of their lives and go to a place where they can sit in the company of others and have a shared experience — cry together, laugh together, be afraid together — so that when it’s over they might feel a little less like strangers. I want to see the survival of movie theaters. I want the theatrical experience to remain relevant in our culture.”

Netflix made its award-winning film “Roma” available to theaters leading up to the event, but still rubbed some theater-owners the wrong way by refusing to honor the traditional exclusive 90-day window before releasing the film on its own service.

While Spielberg says he is concerned for the future of movie theaters and the experience of watching films, the Times reported that the director feels that his view of streaming platforms has been misrepresented, according to people close to him. The sources told the Times that Spielberg is actually more frustrated with theater owners who have refused to compromise on the 90-day exclusivity rule to play films like Netflix’s “Roma.”

AMC Theatres and Regal Cinemas shut “Roma” out of its showing for best picture contenders leading up to the Academy Awards even after Spielberg asked them to play the film despite it already being available on Netflix, according to the Times.

Spielberg’s production company Amblin Partners and the talent agency representing him did not immediately respond to requests for comment from CNBC. Netflix also did not immediately return a request for comment.

Read the full report at The New York Times.

Subscribe to CNBC on YouTube.

Watch: Oscar host receives letter from DOJ warning about proposed rule change


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: lauren feiner, matt winkelmeyer, getty images entertainment, getty images
Keywords: news, cnbc, companies, film, theaters, times, netflix, steven, experience, academy, rule, wasnt, spielberg, york, bad, battle, streaming


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Inside bikini-photo startup Six4Three’s scrappy battle to put Facebook on trial

For years, Kramer, 35, founder of the now-defunct startup app developer Six4Three, has been involved in a high-stakes legal battle with Facebook. The case started small, and initially attracted little notice beyond tech blogs, but it has grown into a massive headache for Facebook. Facebook reiterated its view that Six4Three’s lawsuit is “meritless” and in an emailed statement questioned the startup’s claims about what the internal documents show. As a result of the lawsuit, Kramer fears becoming


For years, Kramer, 35, founder of the now-defunct startup app developer Six4Three, has been involved in a high-stakes legal battle with Facebook. The case started small, and initially attracted little notice beyond tech blogs, but it has grown into a massive headache for Facebook. Facebook reiterated its view that Six4Three’s lawsuit is “meritless” and in an emailed statement questioned the startup’s claims about what the internal documents show. As a result of the lawsuit, Kramer fears becoming
Inside bikini-photo startup Six4Three’s scrappy battle to put Facebook on trial Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: olivia solon, cyrus farivar, drew angerer, getty images news, getty images
Keywords: news, cnbc, companies, startup, documents, kramer, bikiniphoto, six4three, user, privacy, facebooks, scrappy, line, six4threes, inside, lawsuit, trial, facebook, battle, app


Inside bikini-photo startup Six4Three's scrappy battle to put Facebook on trial

Ted Kramer seemed on edge. While sitting at a Starbucks store recently talking to a reporter, he kept looking over his shoulder mid-conversation, scanning people and cars passing by.

For years, Kramer, 35, founder of the now-defunct startup app developer Six4Three, has been involved in a high-stakes legal battle with Facebook. He suspects the technology company has hired people to surveil him, because he says he has seen people taking photos outside his San Francisco apartment.

Facebook says the surveillance claim is “absolute fantasy” and denied monitoring Kramer.

Kramer’s concern is far from the most bizarre thing about his lawsuit, which has prompted an investigation by the British Parliament and shows no sign of resolution.

The David vs. Goliath contest pits Kramer’s small startup, which in 2013 built a short-lived app to identify Facebook photos of users’ friends in bikinis, against one of the most powerful technology companies in the world. Six4Three sued Facebook in 2015 in state court in San Mateo County after Facebook restricted its access to the user data that its app, called Pikinis, and thousands of other apps, relied on to function.

The case started small, and initially attracted little notice beyond tech blogs, but it has grown into a massive headache for Facebook. Over the course of the case, the social media giant was forced to turn over thousands of pages of internal documents, which show Facebook’s years-long efforts to control its competitors by sharing or withholding Facebook user data. The documents — some of which were published by the British Parliament last year and more of which were recently obtained by Duncan Campbell, a British journalist who shared them with NBC News and other media outlets — show how Facebook publicly described its decisions as driven by user privacy concerns, while the company was actually focused on threats from competitors.

“It’s like we are fishing in this tiny boat with no one else around and we somehow managed to hook a massive great white shark on our line,” Kramer said in his first extensive public comments on the case, a lengthy emailed response to questions that were screened by his attorney. The emails were exchanged between meetings in San Francisco and Redwood City.

“We’ve kept it on the line for four years and have been slowly but surely reeling it in,” Kramer continued in one of the emails. “The more we reel it in, the more tricks it finds to try to yank itself off the line. But it’s still on that line. It has almost tipped our boat over a few times and it may end up tipping the boat over very soon. But we will hold onto that rod even while drowning. We’ll keep pulling that line in. We might go down, but the shark’s coming with us.”

Facebook reiterated its view that Six4Three’s lawsuit is “meritless” and in an emailed statement questioned the startup’s claims about what the internal documents show.

“As we’ve said many times, Six4Three — creators of the Pikinis app — cherry-picked these documents from years ago as part of a lawsuit to force Facebook to share information on friends of the app’s users,” Paul Grewal, Facebook’s deputy general counsel, told NBC News in a statement. “The set of documents, by design, tells only one side of the story and omits important context. We still stand by the platform changes we made in 2014/2015 to prevent people from sharing their friends’ information with developers like the creators of Pikinis.”

NBC News has not been able to determine whether the documents represent a complete picture. Facebook declined to provide additional evidence to support its view that they were cherry-picked.

Facebook has publicly painted Six4Three as an unsuccessful company that sought to exploit the same privacy vulnerabilities in Facebook’s platform as the data-harvesting boogeyman Cambridge Analytica.

But some experts believe the significance of Kramer’s lawsuit goes far beyond an app that might be viewed as unsavory.

“Ted is at the center of one of the most important questions of our decade: How can personal information and privacy be used to harm competition?” said Ashkan Soltani, who previously served as the Federal Trade Commission’s chief technologist and is now an independent privacy researcher based in Oakland, California.

Still, Kramer’s crusade has found few public allies in the tech industry.

At least half a dozen prominent investors and startup founders told NBC News in private conversations that they’re rooting for Six4Three, but that they would not say anything publicly that could harm their relationship with the social network.

As a result of the lawsuit, Kramer fears becoming an outcast in Silicon Valley. But his goal has not changed: to put Facebook’s entire business model on trial — particularly what he views as the company’s bait-and-switch of offering Facebook user data to apps like Pikinis and then removing it.

“This is all because I am standing up for what is right and trying to hold Facebook accountable for its fraud,” Kramer said in an email, “something state and federal governments should have done a long time ago.”


Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: olivia solon, cyrus farivar, drew angerer, getty images news, getty images
Keywords: news, cnbc, companies, startup, documents, kramer, bikiniphoto, six4three, user, privacy, facebooks, scrappy, line, six4threes, inside, lawsuit, trial, facebook, battle, app


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Italy has a $26 billion hole to fix. And it could mean another battle with the EU

The Italian finance ministry is set to release updated fiscal plans Wednesday, with analysts contemplating another dispute with the EU and volatility in the country’s bond market. According to press reports over the weekend, the plans are likely to show a revised 2019 budget deficit and growth of just 0.3% for this year — down from an earlier 1.0% prediction. For 2020, the numbers are expected to show a deficit of 2.1% of its gross domestic product, from a previous 1.8% target. After a tense cou


The Italian finance ministry is set to release updated fiscal plans Wednesday, with analysts contemplating another dispute with the EU and volatility in the country’s bond market. According to press reports over the weekend, the plans are likely to show a revised 2019 budget deficit and growth of just 0.3% for this year — down from an earlier 1.0% prediction. For 2020, the numbers are expected to show a deficit of 2.1% of its gross domestic product, from a previous 1.8% target. After a tense cou
Italy has a $26 billion hole to fix. And it could mean another battle with the EU Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-09  Authors: joumanna bercetche, alessia peirdomenico, bloomberg, getty images
Keywords: news, cnbc, companies, 2019, fix, ministry, mean, yields, billion, 26, battle, hole, revised, eu, italian, finance, deficit, italy, bond, plans, budget


Italy has a $26 billion hole to fix. And it could mean another battle with the EU

The Italian finance ministry is set to release updated fiscal plans Wednesday, with analysts contemplating another dispute with the EU and volatility in the country’s bond market.

According to press reports over the weekend, the plans are likely to show a revised 2019 budget deficit and growth of just 0.3% for this year — down from an earlier 1.0% prediction. For 2020, the numbers are expected to show a deficit of 2.1% of its gross domestic product, from a previous 1.8% target.

The new deficit targets could be wider than the circa 2% number agreed with the European Commission — the EU’s executive arm — toward the end of last year.

Things came to a head between Rome and Brussels last fall after Italy’s coalition government announced a draft budget for 2019 of 2.4%, which would have breached Maastricht Treaty requirements and opened up the possibility of an infringement procedure.

After a tense couple of months, the Italian finance ministry eventually revised the 2019 deficit forecast to 2.04% to avoid sanctions. Financial assets recovered with 10-year bond yields falling back after hitting highs of 3.68% in October. Yields move inversely to sovereign debt prices.


Company: cnbc, Activity: cnbc, Date: 2019-04-09  Authors: joumanna bercetche, alessia peirdomenico, bloomberg, getty images
Keywords: news, cnbc, companies, 2019, fix, ministry, mean, yields, billion, 26, battle, hole, revised, eu, italian, finance, deficit, italy, bond, plans, budget


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