5 questions to ask yourself if you’re unsure about applying for a new credit card

If your credit card no longer suits your needs, it may be time to apply for a new one. Some credit card issuers have tools that can help you decide if the card you’re considering makes sense for your lifestyle. The best way to get the most of your credit card is to pay your bill on time and in full each month. However, if you want to shop around for the best credit card offers, consider pre-qualification forms. Just know, pre-qualification is not a guarantee of approval and when you submit a for


If your credit card no longer suits your needs, it may be time to apply for a new one.
Some credit card issuers have tools that can help you decide if the card you’re considering makes sense for your lifestyle.
The best way to get the most of your credit card is to pay your bill on time and in full each month.
However, if you want to shop around for the best credit card offers, consider pre-qualification forms.
Just know, pre-qualification is not a guarantee of approval and when you submit a for
5 questions to ask yourself if you’re unsure about applying for a new credit card Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: alexandria white anna hecht, alexandria white, anna hecht
Keywords: news, cnbc, companies, applying, youre, cash, consider, questions, fee, apr, unsure, credit, offers, card, interest, ask, cards, big


5 questions to ask yourself if you're unsure about applying for a new credit card

If your credit card no longer suits your needs, it may be time to apply for a new one. To decide whether you’ve outgrown your current card, there are a few different things to consider. Below, CNBC Select walks you through the questions to ask yourself before pulling the trigger on a new card.

1. Are you earning rewards in the right categories?

Because different credit cards offer different rewards based on the spending category, it’s smart to consider where most of your money is actually going. For instance, if you regularly dine out, you may want to consider getting the Capital One® Savor® Cash Rewards Credit Card, which offers 4% cash-back on dining. Or, if you are big on cooking, the Blue Cash Preferred® Card from American Express earns users 6% back on up to $6,000 spent per year at U.S. supermarkets (then 1%). (See rates and fees.) Some credit card issuers have tools that can help you decide if the card you’re considering makes sense for your lifestyle. For example, the TD Cash Credit Card, which offers 2% cash back at grocery stores and 3% cash back on dining, has a calculator that estimates how much you could earn annually based on your monthly spend on dining, groceries, travel, and other purchases.

2. Are you paying high interest?

The best way to get the most of your credit card is to pay your bill on time and in full each month. But if that’s not possible, you don’t want to be stuck paying a high interest rates on the money you owe. If you’ve got a card with a big balance and a steep interest rate, you might want to consider doing a balance transfer to a credit card with a 0% intro APR. The Wells Fargo Platinum Visa® card offers 0% interest for the first 18 months (then 17.24% to 26.74% variable APR) and the U.S. Bank Visa® Platinum Card offers 0% APR for the first 18 billing cycles (then 14.24% to 25.24% variable APR). (Read more about how balance transfer cards work.)

3. Does the annual fee outweigh the benefits?

It’s tempting to sign up for a card with a high annual fee because they often come with a lot of cool perks, like statement credits, access to upgrades and big welcome bonuses. But before you shell over money for a card, you want to make sure you can afford the fee and will use the card enough that it’s worth the cost. For instance, let’s say you frequently travel and are looking at travel credit cards. These cards can have annual fees upwards of $450, but often provide numerous statement credits and perks that help offset the steep fee. The Chase Sapphire Reserve® comes with a $450 annual fee, but offers a $300 annual travel credit and access to over 1,000 lounges with Priority Pass Select membership (valued at approximately $429). Those perks effectively add up to over a $729 value and don’t include credit for a Global Entry ($100) or TSA PreCheck ($85) application (every four years).

4. Do you have a big purchase coming up?

If you plan on taking on a large expense, such as a major appliance or cost of a medical procedure, it can be a good idea to put that charge on a card offering no interest on new purchases for six to 18 months. These cards allow you to pay off debt over time without incurring interest fees — just make sure you pay off your balance in full by the end of the intro period. One option for financing a big purchase is the Capital One® Quicksilver® Cash Rewards Credit Card. This card offers no interest for the first 15 months on new purchases (then 15.74% to 25.74% variable APR). Plus, you earn 1.5% cash back on every purchase.

5. Have you applied for a card in the last six months?

If you apply for credit cards too frequently, card issuers may see this as a red flag and potential indicator that you may not be a responsible cardholder. However, if you want to shop around for the best credit card offers, consider pre-qualification forms. Most card issuers offer pre-qualification, which allows you to check your qualification chances without hurting your credit score. Simply fill in some information and receive an answer to whether you may qualify, with no damage to your credit score. Just know, pre-qualification is not a guarantee of approval and when you submit a formal credit card application your credit will be pulled, which dings your score. For rates and fees of the Blue Cash Preferred® Card from American Express, please click here.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: alexandria white anna hecht, alexandria white, anna hecht
Keywords: news, cnbc, companies, applying, youre, cash, consider, questions, fee, apr, unsure, credit, offers, card, interest, ask, cards, big


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The ‘Big Four’ banks have now reported, and one looks poised for a breakout, charts suggest

Shares of Bank of America, J.P. Morgan, Wells Fargo and Citigroup have all made meaningful gains following their respective earnings reports. The SPDR S&P Bank ETF (KBE), which tracks the group, has followed suit, climbing 5% since last Thursday. “Take a look at the chart of J.P. Morgan,” which is a holding in KBE, Johnson said. Johnson said the action was so positive that J.P. Morgan could climb as high as $150 over the next six months. J.P. Morgan and the KBE fell by less than 1% on Wednesday.


Shares of Bank of America, J.P. Morgan, Wells Fargo and Citigroup have all made meaningful gains following their respective earnings reports.
The SPDR S&P Bank ETF (KBE), which tracks the group, has followed suit, climbing 5% since last Thursday.
“Take a look at the chart of J.P. Morgan,” which is a holding in KBE, Johnson said.
Johnson said the action was so positive that J.P. Morgan could climb as high as $150 over the next six months.
J.P. Morgan and the KBE fell by less than 1% on Wednesday.
The ‘Big Four’ banks have now reported, and one looks poised for a breakout, charts suggest Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: lizzy gurdus
Keywords: news, cnbc, companies, charts, group, poised, banks, positive, piper, reported, looks, citigroup, johnson, kbe, morgan, past, breakout, big, suggest, months


The 'Big Four' banks have now reported, and one looks poised for a breakout, charts suggest

The Big Four have gotten a boost.

Shares of Bank of America, J.P. Morgan, Wells Fargo and Citigroup have all made meaningful gains following their respective earnings reports.

The SPDR S&P Bank ETF (KBE), which tracks the group, has followed suit, climbing 5% since last Thursday.

The positive action could be an indicator of what’s to come for the group, says Craig Johnson, senior technical research analyst at Piper Jaffray.

“Based upon the charts, we’re at an interesting inflection point,” he said Wednesday on CNBC’s “Trading Nation.”

“We’re getting very close to reversing the downtrend off of those March ’18 highs, and from our perspective, a reversal here would be a very positive sign for this index,” he said. “So, I like what I see here on the setup with the overall index chart.”

Besides the fact that the KBE’s trend relative to the S&P 500 has also broken through some upside resistance — a bullish move Johnson took as potential confirmation of the reversal — some individual names within the group are also getting stronger, he said.

“Take a look at the chart of J.P. Morgan,” which is a holding in KBE, Johnson said. “It looks like your classic kind of inverted head-and-shoulders pattern that’s starting to break out.”

While technicians largely view standard head-and-shoulder patterns as bearish signs that an uptrend could turn lower, inverted head-and-shoulder formations are seen as a downtrend could turn higher.

Johnson said the action was so positive that J.P. Morgan could climb as high as $150 over the next six months. That would be a nearly 33% increase from the stock’s Wednesday closing price of $119.68. It has climbed less than 8% in the last six months.

John Petrides, a portfolio manager for Tocqueville Asset Management’s wealth management group, preferred the Big Four and their peers to the financial sector’s smaller players.

“I think the large-cap, diversified money centers are attractive here from a valuation standpoint,” he said in the same “Trading Nation” interview. “Look at what they were able to do, navigating through what has been a flat to at times inverted yield curve over the past nine months.”

That resilience has also played out through the Federal Reserve’s recent interest rate cuts, a sign that the big banks can handily push past times of uncertainty, Petrides said.

“Twelve months ago, the U.S. 10-year [Treasury yield] was at 3.1%. Now it’s 1.7, and the banks just had really fantastic earnings and their loan portfolios are holding in,” he said. “So at current valuations, by and large, I think the large-cap money centers are quite attractive here.”

J.P. Morgan and the KBE fell by less than 1% on Wednesday. Citigroup fell by over 2%, Wells Fargo lost about 1%, and Bank of America gained more than 1%.

Disclosure: Piper Jaffray has received compensation for noninvestment banking securities related products or services from or has had a client relationship with Citigroup within the past 12 months. Piper Jaffray also makes a market in Citigroup, and will buy and sell the securities of Citigroup on a principal basis.

Disclaimer


Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: lizzy gurdus
Keywords: news, cnbc, companies, charts, group, poised, banks, positive, piper, reported, looks, citigroup, johnson, kbe, morgan, past, breakout, big, suggest, months


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Facebook co-founder Chris Hughes launches $10 million Anti-Monopoly Fund

Facebook co-founder-turned-critic Chris Hughes is continuing his fight against what he sees as the company’s monopoly power, announcing a new $10 million Anti-Monopoly Fund on Thursday. The fund, an initiative of Hughes’ Economic Security Project, will back existing and new academic research, policy and organizing work concerning market power. The project will extend its focus beyond Facebook and Big Tech to combat market dominance across industries with investments until March 2021. “We are at


Facebook co-founder-turned-critic Chris Hughes is continuing his fight against what he sees as the company’s monopoly power, announcing a new $10 million Anti-Monopoly Fund on Thursday.
The fund, an initiative of Hughes’ Economic Security Project, will back existing and new academic research, policy and organizing work concerning market power.
The project will extend its focus beyond Facebook and Big Tech to combat market dominance across industries with investments until March 2021.
“We are at
Facebook co-founder Chris Hughes launches $10 million Anti-Monopoly Fund Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: lauren feiner
Keywords: news, cnbc, companies, launches, antimonopoly, facebook, tech, fund, big, million, hughes, times, cofounder, market, antitrust, industry, power, chris, work


Facebook co-founder Chris Hughes launches $10 million Anti-Monopoly Fund

Facebook co-founder-turned-critic Chris Hughes is continuing his fight against what he sees as the company’s monopoly power, announcing a new $10 million Anti-Monopoly Fund on Thursday.

The fund, an initiative of Hughes’ Economic Security Project, will back existing and new academic research, policy and organizing work concerning market power. The project will extend its focus beyond Facebook and Big Tech to combat market dominance across industries with investments until March 2021. Partners for the initiative include the Ford Foundation, Knight Foundation and George Soros-backed Open Society Foundations, among others, according to a press release.

“We are at a pivotal moment where cultural and political momentum are aligned to rein in the unchecked behavior of Big Tech,” Hughes said in a statement alongside the fund’s announcement. “In addition to the necessary scrutiny of the tech industry, there is also a need and opportunity to take meaningful action on monopoly power across industries that’s led to corporate interests in the driver’s seat of our political and economic system for far too long.”

Hughes publicly called to break up Facebook in a May New York Times op-ed, saying, “The most problematic aspect of Facebook’s power is [CEO] Mark [Zuckerberg]’s unilateral control over speech.” Hughes left the company to work for Barack Obama’s 2008 presidential campaign and said in the Times piece that he liquidated his Facebook shares in 2012 and no longer owns shares of any social media company.

The launch comes as Facebook fields antitrust inquiries from the Federal Trade Commission, the House Judiciary Committee, several state attorneys general and potentially the Department of Justice, which has pledged to conduct a broad review of market power in the tech industry. Google also faces its own slew of probes, and Amazon and Apple have both also received questions from the House Judiciary Committee into their practices.

As the investigations get started, Facebook has continued to stir up D.C. officials with plans to implement end-to-end encryption across its messaging services and to launch a new cryptocurrency called libra. Zuckerberg will face lawmakers next week to discuss the company’s cryptocurrency plans and will undoubtedly be asked about how the currency could add to Facebook’s power.

Facebook declined to comment on the fund.

Concerns about Big Tech’s power have spilled over into the presidential race. At Tuesday night’s Democratic debate, the nine candidates who responded to a question about antitrust action against the industry differed on their approaches, but shared fears of tech firms’ unregulated power.

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WATCH: How US antitrust law works, and what it means for Big Tech


Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: lauren feiner
Keywords: news, cnbc, companies, launches, antimonopoly, facebook, tech, fund, big, million, hughes, times, cofounder, market, antitrust, industry, power, chris, work


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Three big mistakes to avoid during Medicare open enrollment

Of the 60 million or so Medicare beneficiaries, roughly 22.2 million people are enrolled in Advantage Plans, according to the Centers for Medicare and Medicaid Services. The remainder are on original Medicare and often pair it with a standalone drug plan and/or a so-called Medigap policy. The average monthly premium among Advantage Plans is forecast to be $23 next year, down from close to $27 in 2019. Assuming there’s no better optionThe number of Advantage plans you can pick from largely depend


Of the 60 million or so Medicare beneficiaries, roughly 22.2 million people are enrolled in Advantage Plans, according to the Centers for Medicare and Medicaid Services.
The remainder are on original Medicare and often pair it with a standalone drug plan and/or a so-called Medigap policy.
The average monthly premium among Advantage Plans is forecast to be $23 next year, down from close to $27 in 2019.
Assuming there’s no better optionThe number of Advantage plans you can pick from largely depend
Three big mistakes to avoid during Medicare open enrollment Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: sarah obrien
Keywords: news, cnbc, companies, mistakes, premiums, coverage, outofpocket, enrollment, plans, advantage, 2020, medicare, drug, according, avoid, big, plan, open


Three big mistakes to avoid during Medicare open enrollment

Hero Images | Getty Images

Even if Medicare’s open enrollment period sounds like a big snore fest, you might sleep better next year if you take advantage of it. For the program’s 60 million beneficiaries, that yearly fall window — Oct. 15 through Dec. 7 — offers the chance to make changes that take effect Jan. 1. While you aren’t required to do anything — your coverage will automatically renew if you take no action — passing on the chance review your plan could cost you in 2020. “The danger is that at the time of service, you’ll be surprised when you have a different copay or out-of-pocket expense that you weren’t anticipating,” said Elizabeth Gavino, founder of Lewin & Gavino in New York and an independent broker and general agent for Medicare plans. More from Personal Finance:

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Four ways to not outlive your retirement savings During this annual fall enrollment period, you can: Switch to an Advantage Plan from original Medicare (Part A hospital coverage and Part B outpatient coverage);

Switch to original Medicare from an Advantage Plan;

Move from one Advantage Plan to another;

Move from one prescription drug plan (Part D) to another, or purchase one if you did not when first eligible (although you could face a penalty for late enrollment). Of the 60 million or so Medicare beneficiaries, roughly 22.2 million people are enrolled in Advantage Plans, according to the Centers for Medicare and Medicaid Services. That number is expected to rise to 24.4 million in 2020. The remainder are on original Medicare and often pair it with a standalone drug plan and/or a so-called Medigap policy. Be aware that generally speaking, autumn open enrollment has nothing to do with Medigap plans, which operate under separate rules. Here are mistakes to avoid when it comes to the current six-week window to make changes.

Ignoring the whole thing

Even if your Advantage plan or drug coverage served you well this year, there’s no guarantee that you’ll feel the same way in 2020. While insurers are federally regulated, the specifics of their options can vary greatly from plan to plan, county to county and year to year. Changes can affect your premiums, deductibles, co-pays and covered services, along with participating doctors, hospitals, pharmacies and other providers. The average monthly premium among Advantage Plans is forecast to be $23 next year, down from close to $27 in 2019. This year, 56% of enrollees paid no premium for those plans, according to the Kaiser Family Foundation. Regardless of what that payment would be, keep in mind that it’s in addition to your Part B premium. Although there’s been no official word yet on that base amount for 2020, it’s projected to rise to $144.30 from $135.50 this year, according to the latest Medicare Trustees report. (Higher-income beneficiaries pay more.)

Of course, premiums are are not the only factor you should consider. “The lower premiums have higher deductibles and copays, and the higher premiums tend to have lower amounts for those,” said Danielle Roberts, co-founder of insurance firm Boomer Benefits in Fort Worth, Texas. “Look at what it will cost you overall.” The average out-of-pocket limit for in-network services among Advantage plan enrollees in either HMOs or PPOs this year is $5,059, according to the Kaiser Family Foundation. “You should know your worst-case scenario and be prepared to afford the maximum out-of-pocket for the plan you choose,” Gavino said.

You should know your worst-case scenario and be prepared to afford the maximum out-of-pocket for the plan you choose. Elizabeth Gavino Founder of Lewin & Gavino

Monthly premiums for standalone prescription drug plans will also be lower next year, dropping to $30 from $32.50 in 2019. (Again, higher earners pay more.) However, as with Advantage Plans, a lower premium doesn’t necessarily mean your total out-of-pocket cost would be less. Depending on the plan’s formulary — how it prices the drugs it covers — and the coverage restrictions in place, the amount you pay for certain drugs could be more in 2020. You can compare coverage through the Medicare.gov Plan Finder tool, although be aware that some of the information you’re given may be incomplete. You might have to look at the plan’s formulary to get details on things like whether you’d have to try out cheaper alternatives first (so-called step therapy) or if there are quantity limits on the medicine you take. To make sure your doctor, pharmacy or other provider is still in network, you also have to check with the insurance company that offers the plan. You can either visit the provider’s website or call. And if you work with a Medicare agent, that person also should be prepared to help you.

Assuming there’s no better option

The number of Advantage plans you can pick from largely depends on where you live. The more rural the area, the fewer the options you’re likely to have. For example, in Wyoming and Alaska, fewer than 10% of all beneficiaries are in Advantage plans in 2019, according to the Kaiser Family Foundation. Nationwide, that share is more than 30%. However, new plans continuously become available, as insurance carriers expand their options and coverage areas and new players enter the market. This makes it important to make sure there isn’t a more cost-effective option for you.

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New stand-alone prescription drug plans also could be available where you live, which makes it worthwhile to comparison-shop. “Your plan might be great, but if one similarly priced saves you $500 next year, you’d probably want to know about that,” Roberts said. “If you don’t do the analysis, you might miss out on that savings.”

Assuming your health won’t change


Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: sarah obrien
Keywords: news, cnbc, companies, mistakes, premiums, coverage, outofpocket, enrollment, plans, advantage, 2020, medicare, drug, according, avoid, big, plan, open


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Bill Gates: ‘Government needs to get involved’ to regulate big tech companies

It’s time for the government to step in and regulate big tech companies, says Microsoft co-founder Bill Gates. Gates expects that one area where we’re likely to see additional government regulation of tech companies is around the issue of data privacy. Facebook, Google and other tech companies (Microsoft included) have been rocked by a series of privacy scandals in recent years that affected millions of users’ personal information. “There will be more regulation of the tech sector, things like p


It’s time for the government to step in and regulate big tech companies, says Microsoft co-founder Bill Gates.
Gates expects that one area where we’re likely to see additional government regulation of tech companies is around the issue of data privacy.
Facebook, Google and other tech companies (Microsoft included) have been rocked by a series of privacy scandals in recent years that affected millions of users’ personal information.
“There will be more regulation of the tech sector, things like p
Bill Gates: ‘Government needs to get involved’ to regulate big tech companies Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: tom huddleston jr
Keywords: news, cnbc, companies, bill, regulation, platforms, needs, privacy, regulate, users, involved, companies, interview, need, tech, online, big, gates


Bill Gates: 'Government needs to get involved' to regulate big tech companies

It’s time for the government to step in and regulate big tech companies, says Microsoft co-founder Bill Gates.

With tech giants like Google, Facebook, Amazon and others exerting so much influence over culture and the economy, not to mention users’ daily lives, it’s become necessary for lawmakers to become more involved in how those companies deal with essential issues like privacy and cyberbullying, Gates said in an interview posted online by Bloomberg on Wednesday.

“Technology has become so central that government has to think: What does that mean about elections? What does that mean about bullying?” Gates said in the interview, which took place at the Economic Club of Washington, DC in June. “So, yes, the government needs to get involved.”

Gates expects that one area where we’re likely to see additional government regulation of tech companies is around the issue of data privacy. Facebook, Google and other tech companies (Microsoft included) have been rocked by a series of privacy scandals in recent years that affected millions of users’ personal information.

“There will be more regulation of the tech sector, things like privacy … there should be, at some point, federal regulation that relates to that,” Gates said.

Meanwhile, the fact that more and more people today get their information online, including from social media platforms, has sparked concerns from regulators over whether or not tech companies are taking enough precautions to stop the spread of misinformation on their platforms. Count Gates among those who believe that government regulations could help ensure that the information being widely disseminated on many of those online platforms can be trusted.

“The fact that, now, this is the way people consume media has really brought it into a realm where we need to shape it so that the benefits need to outweigh the negatives,” he said in the interview.


Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: tom huddleston jr
Keywords: news, cnbc, companies, bill, regulation, platforms, needs, privacy, regulate, users, involved, companies, interview, need, tech, online, big, gates


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Big Tech had its first big debate moment, and Democrats came out swinging

Big Tech had its first big moment in the 2020 presidential election during the latest Democratic debate. The big question came from the debate moderators: Do the largest tech companies need to be broken up? Not all the candidates, including Joe Biden, were called upon to answer the question of how Big Tech companies should be regulated. Elizabeth WarrenWarren’s rhetoric around the Big Tech has steered much of the conversation around how to regulate the industry. We need to enforce our antitrust


Big Tech had its first big moment in the 2020 presidential election during the latest Democratic debate.
The big question came from the debate moderators: Do the largest tech companies need to be broken up?
Not all the candidates, including Joe Biden, were called upon to answer the question of how Big Tech companies should be regulated.
Elizabeth WarrenWarren’s rhetoric around the Big Tech has steered much of the conversation around how to regulate the industry.
We need to enforce our antitrust
Big Tech had its first big debate moment, and Democrats came out swinging Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-16  Authors: lauren feiner
Keywords: news, cnbc, companies, harris, tech, came, large, antitrust, companies, swinging, moment, democrats, warren, president, big, debate, yang


Big Tech had its first big debate moment, and Democrats came out swinging

Big Tech had its first big moment in the 2020 presidential election during the latest Democratic debate. The big question came from the debate moderators: Do the largest tech companies need to be broken up? Massachusetts Sen. Elizabeth Warren’s call to break up Facebook, Amazon, Google and Apple framed much of the discussion around tech regulation. While each candidate who responded to the question Tuesday night agreed that unregulated power of these large firms poses a problem, few committed as firmly to break them up. Not all the candidates, including Joe Biden, were called upon to answer the question of how Big Tech companies should be regulated. Here are responses from those candidates who were asked about the question:

Andrew Yang

Yang, a tech entrepreneur himself, has been something of a darling to tech workers. The top three groups of contributors to his campaign are employees from Google parent company Alphabet, Amazon and Microsoft. But even Yang said the industry deserves more oversight. “As usual, Senator Warren is 100% right in diagnosing the problem,” Yang said at the debate. “There are absolutely excesses in technology, and in some cases having them divest parts of their business is the right move. But we also have to be realistic that competition doesn’t solve all of the problems.” Yang said no one “wants to use the fourth-best navigation app” and that breaking up Big Tech companies won’t necessarily “revive Main Street businesses around the country.” Antitrust action also won’t solve health problems that are correlated with children’s early exposure to technology, Yang said. Yang suggested that the current antitrust framework, developed in the 20th century, is not adequate to deal with today’s industries. “We need new solutions and a new toolkit,” he said. Later in the debate, Yang proposed an alternative solution to giving consumers more power in comparison to technology giants. “The best way we can fight back against Big Tech companies is to say our data is our property,” Yang said. “Right now, our data is worth more than oil. How many of you can remember getting your data check in the mail? It got lost, it went to Facebook, Amazon, Google. If we say this is our property and we share in the gains, that’s the best way that we can balance the scales against the Big Tech companies.”

Elizabeth Warren

Warren’s rhetoric around the Big Tech has steered much of the conversation around how to regulate the industry. The senator came out with her plan to “break up Big Tech” back in March and announced prior to the debate Tuesday that she would not accept donations from Big Tech executives over $200, widening the pool of donors from which she won’t accept large contributions. Warren has also said she won’t take large donations from executives at large banks, Big Pharma or fossil fuel companies. “You can’t go behind closed doors and take the money of these executives and then turn around and expect that these are the people who are going to actually finally enforce the laws,” Warren said on the debate stage. Addressing her stance on Big Tech, Warren used Amazon as an example, saying the company “runs the platform, gets all the information, and then goes into competition with those little businesses. Look, you get to be the umpire in the baseball game or you get to have a team, but you don’t get to do both at the same time. We need to enforce our antitrust laws, break up these giant companies that are dominating Big Tech, Big Pharma, Big Oil, all of them.” One area where Warren did not push as hard on tech was over Twitter’s decision to keep President Donald Trump’s tweets and account on the platform. Asked by Sen. Kamala Harris why Warren didn’t join her call for Twitter to suspend his account, Warren said, “I don’t just want to push Trump off Twitter, I want to push him out of the White House.”

Kamala Harris

Sen. Kamala Harris (D-CA) and Sen. Elizabeth Warren (D-MA) appear on television screens in the Media Center as they go back and forth during the Democratic Presidential Debate at Otterbein University on October 15, 2019 in Westerville, Ohio. Chip Somodevilla | Getty Images

Addressing her call for Twitter to suspend Trump’s account, Harris said it is “a grave injustice when rules apply to some but not to all, and in particular when the rules that apply to the powerless don’t apply to the powerful.” Harris wrote a letter to Twitter CEO Jack Dorsey earlier this month requesting he consider suspending Trump’s account for allegedly attempting to “target, harass” and “out” the whistleblower who made Trump the subject of an impeachment inquiry. Harris separately addressed a question about Facebook CEO Mark Zuckerberg’s claim that splitting up large tech companies would make it harder for those companies to tackle problems like disinformation around elections. “That’s a ridiculous argument he’s making,” Harris said.

Amy Klobuchar

The senator from Minnesota pointed out her position as the ranking member on the Senate Antitrust Subcommittee, which has been heavily involved in the conversation around Big Tech by questioning tech executives about their practices as well as the agency heads investigating the large tech firms. Klobuchar said that in her private sector experience representing companies trying to enter the telecom market, she saw prices go down in the long distance market once more competition was introduced. She called the current moment “another Gilded Age.” Klobuchar suggested taking a different approach to the antitrust conversation. “Start talking about this as a pro-competition issue,” Klobuchar said. “This used to be a Republican and Democratic issue, because America, our founding fathers, actually wanted to have less consolidation, we were a place of entrepreneurship.”

Bernie Sanders

Sanders seemed to take a similar stance to Warren’s, condemning the consolidation of industries including not just tech but also finance and media. “We need a president who has the guts to appoint an attorney general who will take on these huge monopolies, protect small business and protect consumers by ending the price fixing that you see every day,” Sanders said.

Beto O’Rourke

O’Rourke said the key to tech regulation is treating companies like publishers rather than utilities. The former congressman from Texas pointed to the false ad Warren recently ran on Facebook to see how far the company would go in refusing to fact check ads by politicians. “We would allow no publisher to do what Facebook is doing, to publish that ad that Senator Warren has rightfully called out, that CNN has refused to air because it is untrue and tells lies about the vice president,” O’Rourke said. “Treat them like the publisher that they are, that’s what I will do as president.” O’Rourke said he would “be unafraid to break up big businesses if we have to do that,” but he made a subtle jab at Warren by saying he doesn’t believe “it is the role of a president or a candidate for the presidency to specifically call out which companies will be broken up. That’s something that Donald Trump has done in part because he sees enemies in the press and wants to diminish their power, it’s not something that we should do.”

Cory Booker

Booker said the problem with tech is not just potentially anticompetitive behavior, but also how it is used “to undermine our democracy.” “We have a reality in this country where antitrust from pharma to farms is causing trouble. And we have to deal with this,” Booker said. “As president of the United States I will put people in place that enforce antitrust laws.”

Julian Castro

The former secretary of Housing and Urban Development did not specify how he would tackle the Big Tech companies but said “we’re on the right track in terms of updating how we look at monopolistic practices.” He added: “We need to take a stronger stance when it comes to cracking down on monopolistic trade practices, and that’s what I would do as president.”

Tom Steyer


Company: cnbc, Activity: cnbc, Date: 2019-10-16  Authors: lauren feiner
Keywords: news, cnbc, companies, harris, tech, came, large, antitrust, companies, swinging, moment, democrats, warren, president, big, debate, yang


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Warren pledges to turn down money from Big Tech and top Wall Street executives

Sen. Elizabeth Warren, D-Mass., took another stance against Big Tech and Wall Street firms on Tuesday by pledging to turn down large contributions from their executives. Warren announced on her campaign website that she will decline contributions over $200 from executives at Big Tech companies, large banks, private equity firms or hedge funds. Warren has been campaigning on her plan to “break up Big Tech” since March and has long been an outspoken critic of the finance industry. Warren has capit


Sen. Elizabeth Warren, D-Mass., took another stance against Big Tech and Wall Street firms on Tuesday by pledging to turn down large contributions from their executives. Warren announced on her campaign website that she will decline contributions over $200 from executives at Big Tech companies, large banks, private equity firms or hedge funds. Warren has been campaigning on her plan to “break up Big Tech” since March and has long been an outspoken critic of the finance industry. Warren has capit
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Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: lauren feiner tucker higgins, lauren feiner, tucker higgins
Keywords: news, cnbc, companies, campaign, tech, recently, private, turn, street, wall, executives, money, told, shes, warren, pledges, big


Warren pledges to turn down money from Big Tech and top Wall Street executives

Presidential candidate and U.S. Senator Elizabeth Warren (D-MA) speaks at a campaign rally at Keene State College in Keene, New Hampshire, September 25, 2019.

Sen. Elizabeth Warren, D-Mass., took another stance against Big Tech and Wall Street firms on Tuesday by pledging to turn down large contributions from their executives.

Warren announced on her campaign website that she will decline contributions over $200 from executives at Big Tech companies, large banks, private equity firms or hedge funds. After previously pledging not to take large contributions from pharmaceutical executives, Warren’s announcement on Tuesday expanded the umbrella of forbidden donors.

Some Democratic donors in those sectors have already expressed reluctance to side with the Massachusetts progressive.

“You’re in a box because you’re a Democrat and you’re thinking, ‘I want to help the party, but she’s going to hurt me, so I’m going to help President Trump,'” a senior private equity executive recently told CNBC on the condition of anonymity.

Warren has doubled down on her attacks on the tech and banking industries in recent weeks, claiming their executives wield a disproportionate amount of power on politics and elections. Warren has been campaigning on her plan to “break up Big Tech” since March and has long been an outspoken critic of the finance industry.

Warren has capitalized on the fear she’s stirred in executives at tech and banking firms over her campaign. After CNBC reported that Democratic donors on Wall Street are privately warning they may sit out or even back President Donald Trump’s re-election campaign should she be the nominee, Warren tweeted that she “won’t back down from fighting for the big, structural change we need.”

After a recording of a private staff meeting with Facebook CEO Mark Zuckerberg leaked calling her potential presidency an “existential” threat to the business, Warren used it in her ads encouraging supporters to donate to her campaign. This week, she escalated her fight with the company over its new policy that states ads placed by politicians will not be fact checked by deliberately running a false ad of her own.

Warren’s attacks on Big Tech have not kept some pockets of Silicon Valley from supporting her. Several Democratic donors in the region recently told CNBC they are now planning to support her campaign despite her unambiguous jabs at the tech industry.

“I think people are begrudgingly coming around to admit that she’s the best answer, because Bernie [Sanders] is crazy,” a California-based money manager recently told CNBC on the condition of anonymity. “The guy they thought they were going to get in Joe Biden is looking like an old man, and I think they are looking around and wondering who else is there.”

-CNBC’s Brian Schwartz contributed to this report.

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WATCH: Sen. Elizabeth Warren criticizes Facebook’s handling of political ads


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: lauren feiner tucker higgins, lauren feiner, tucker higgins
Keywords: news, cnbc, companies, campaign, tech, recently, private, turn, street, wall, executives, money, told, shes, warren, pledges, big


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Fake videos could be the next big problem in the 2020 elections

“Deepfake” videos could be an even bigger problem in 2020. Experts warn that deepfakes can weaponize false information and, because of the ease of creating fake content, videos can be made and distributed promptly, allowing fake videos to reach millions in seconds. 2020 electionsPaul Barrett, adjunct professor of law at New York University, explained that there are two ways deepfake videos could affect elections. Domestic disinformationIt currently is not a federal crime in the U.S. to create fa


“Deepfake” videos could be an even bigger problem in 2020. Experts warn that deepfakes can weaponize false information and, because of the ease of creating fake content, videos can be made and distributed promptly, allowing fake videos to reach millions in seconds. 2020 electionsPaul Barrett, adjunct professor of law at New York University, explained that there are two ways deepfake videos could affect elections. Domestic disinformationIt currently is not a federal crime in the U.S. to create fa
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Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: grace shao
Keywords: news, cnbc, companies, videos, president, deepfake, fake, false, 2020, election, problem, elections, video, technology, deepfakes, big


Fake videos could be the next big problem in the 2020 elections

A woman views a manipulated video of President Donald Trump and former president Barack Obama, illustrating how deepfake technology can deceive viewers. Rob Lever | AFP | Getty Images

Fake news was a big problem for the 2016 election. “Deepfake” videos could be an even bigger problem in 2020. Deepfake technology can be used to create videos that seem to show politicians saying things they never said, or doing things they never have done. The technology first gained widespread attention in April 2018, when comedian Jordan Peele created a video that pretended to show former President Barack Obama insulting President Donald Trump in a speech. The technology is a problem not only because the videos are fake and easy make, but also because like “fake news” articles on social media, they are likely to be shared. “Deepfakes can be made by anyone with a computer, internet access, and interest in influencing an election,” said John Villasenor, a professor at UCLA focusing on artificial intelligence and cybersecurity. He explained that “they are a powerful new tool for those who might want to (use) misinformation to influence an election.” Experts warn that deepfakes can weaponize false information and, because of the ease of creating fake content, videos can be made and distributed promptly, allowing fake videos to reach millions in seconds. The term “deepfakes” refers to manipulated videos or other digital representations produced by sophisticated artificial intelligence that yield seemingly realistic, but fabricated images and sounds.

2020 elections

Paul Barrett, adjunct professor of law at New York University, explained that there are two ways deepfake videos could affect elections. For one, Barrett said, “a skillfully made deepfake video could persuade voters that a particular candidate said or did something she didn’t say or do.”

What we are seeing now is that (cyberwar) has a twin called ‘likewar,’ the hacking of people on social networks, by driving ideas viral through likes, shares, and lies. Peter Singer senior fellow, New America

A video released on Facebook in June appeared to show House Speaker Nancy Pelosi stumbling through a speech when, in reality, she did not. Villasenor told CNBC that deepfakes can undermine the reputations of politicians and easily influence voter sentiment, making them very dangerous, yet “powerful.” “If there are a multitude of deepfakes over the course of an election campaign, voters could grow cynical about the ability to tell truth from falsehood. Cynicism could lead to apathy, low voter turnout, and disillusionment with the entire political system,” said NYU’s Barrett.

Domestic disinformation

It currently is not a federal crime in the U.S. to create fake videos. But “using a fake video to commit another crime — such as extortion or fraud or harassment — would be illegal under the laws covering the other crimes,” said Barrett. He added that the legality of creating deepfakes could change in the future, as a number of bills hoping to curb their use have been introduced in Congress. The first federal bill targeting deepfakes, the Malicious Deep Fake Prohibition Act, was introduced in December 2018. Meanwhile, states including California and Texas have enacted laws that make deepfakes illegal when they’re used to interfere with elections.

In June, the DEEPFAKES Accountability Act, short for “Defending Each and Every Person from False Appearances by Keeping Exploitation Subject to Accountability Act,” was introduced. If passed, it would require that creators of false videos to label them as such or face up to five years in prison. “Indeed, the technology can be used for both entertainment, business, and politics, so it is unlikely to be outlawed ever completely,” said Peter Singer, cybersecurity and defense focused strategist and senior fellow at policy think tank, New America. He added that although it is legal, deepfakes should be labeled to let viewers know what they’re seeing is a simulation. “Just as @realdonaldtrump has a small blue check on his account to let you now that it is him,” Singer wrote. Deepfake technology is on the rise as data shows most Americans are worried about fake news. Nearly seven-in-ten (68%) say made-up news and information greatly affect Americans’ confidence in government institutions, according to a 2019 survey conducted by Pew Research Center. About half (54%) of the 6,127 respondents said misinformation has impacted Americans’ confidence in each other. That survey also found that half of respondents see false news as a big problem for the country. That’s a bigger share than those who said they viewed terrorism (34%), illegal immigration (38%), racism (40%) and sexism (26%) as top issues in the U.S.

On the corporate side, social media behemoth Facebook was criticized for not being able to identify fake videos when the Pelosi video circulated. In response, Facebook and Microsoft promised to collaborate with top universities across the country and create a large database of fake videos to study detection methods.

‘Hostilities that never really happened’


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: grace shao
Keywords: news, cnbc, companies, videos, president, deepfake, fake, false, 2020, election, problem, elections, video, technology, deepfakes, big


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Bezos will ‘break up his own company’ before regulators do, Atlantic writer who profiled the CEO predicts

Jeff Bezos, founder and chief executive officer of Amazon.com Inc., speaks during a discussion at the Air Force Association’s Air, Space and Cyber Conference in National Harbor, Maryland, U.S., on Wednesday, Sept. 19, 2018. Amazon CEO Jeff Bezos could break up his own company before regulators do so themselves, Atlantic writer Franklin Foer predicts. “I think that eventually Bezos, who is seeing around corners, is going to break up his own company,” Foer said. Andy Jassy, CEO of AWS, said in an


Jeff Bezos, founder and chief executive officer of Amazon.com Inc., speaks during a discussion at the Air Force Association’s Air, Space and Cyber Conference in National Harbor, Maryland, U.S., on Wednesday, Sept. 19, 2018. Amazon CEO Jeff Bezos could break up his own company before regulators do so themselves, Atlantic writer Franklin Foer predicts. “I think that eventually Bezos, who is seeing around corners, is going to break up his own company,” Foer said. Andy Jassy, CEO of AWS, said in an
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Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: lauren feiner
Keywords: news, cnbc, companies, atlantic, amazon, regulators, company, profiled, business, jeff, break, data, big, predicts, ceo, writer, amazons, aws, bezos


Bezos will 'break up his own company' before regulators do, Atlantic writer who profiled the CEO predicts

Jeff Bezos, founder and chief executive officer of Amazon.com Inc., speaks during a discussion at the Air Force Association’s Air, Space and Cyber Conference in National Harbor, Maryland, U.S., on Wednesday, Sept. 19, 2018.

Amazon CEO Jeff Bezos could break up his own company before regulators do so themselves, Atlantic writer Franklin Foer predicts.

Foer, who wrote the Atlantic’s November cover story entitled “Jeff Bezos’s Master Plan,” said in an interview Tuesday on CNBC’s “Squawk Box” that people close to the CEO believe spinning off Amazon Web Services from the e-commerce business “would be the obvious thing for [Bezos] to do in the face of this.”

“I think that eventually Bezos, who is seeing around corners, is going to break up his own company,” Foer said. “AWS exists as its own fantastically profitable business. There’s no reason that it needs to be connected to Amazon the e-retailer. And as he looks at what’s happening in politics, where there’s this increasing bipartisan consensus that Big Tech is a problem, I’m pretty sure he’s going to say, ‘OK fine.'”

An Amazon spokesperson declined to comment.

Andy Jassy, CEO of AWS, said in an interview in June that Amazon would comply if regulators required a spinoff. But Jassy said there was no benefit to separating AWS now.

AWS accounted for 13% of Amazon’s total revenue in the second quarter of 2019, but a whopping 52% of its $3.1 billion in operating income for the quarter.

So far, Google and Facebook have received the lion’s share of antitrust speculation. But Amazon still faces headwinds in the form of an antitrust inquiry from the House Judiciary Committee and a reported probe by the Federal Trade Commission. The U.S. Justice Department has also announced a broad review of the tech industry, though it did not call out specific companies.

Lawmakers have previously focused on the data Amazon collects from third-party sellers on its e-commerce platform, where it also sells its own goods, questioning whether Amazon uses data from other merchants to its own advantage. In its recent request for information from the company, the House Judiciary Committee leaders asked how AWS and other areas of Amazon’s business share data with one another.

Foer speculated that AWS sees working with the federal government as a big opportunity that could have been a factor in Amazon’s decision to choose an area near Washington, D.C., for its second headquarters. AWS has been fighting for a $10 billion cloud contract with the Pentagon and has sold its facial recognition software to law enforcement agencies.

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WATCH: Amazon is so much more than online shopping — here’s how big its become


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: lauren feiner
Keywords: news, cnbc, companies, atlantic, amazon, regulators, company, profiled, business, jeff, break, data, big, predicts, ceo, writer, amazons, aws, bezos


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Big bank earnings are about to kick off—here are 3 ways to play the deluge

“This persistent low-rate environment is going to favor the bigger banks,” said Chris Hempstead, top ETF consultant and former head of ETF sales at Deutsche Bank. “The bigger banks have a much deeper capital market structure that they can leverage for revenue that the regional banks don’t have.” The XLF has outperformed the SPDR S&P Regional Banking ETF, an equal-weighted fund that trades under the ticker KRE, by about 5% year to date. “IAT — if you want to play PNC and US [Bancorp], that’s the


“This persistent low-rate environment is going to favor the bigger banks,” said Chris Hempstead, top ETF consultant and former head of ETF sales at Deutsche Bank. “The bigger banks have a much deeper capital market structure that they can leverage for revenue that the regional banks don’t have.” The XLF has outperformed the SPDR S&P Regional Banking ETF, an equal-weighted fund that trades under the ticker KRE, by about 5% year to date. “IAT — if you want to play PNC and US [Bancorp], that’s the
Big bank earnings are about to kick off—here are 3 ways to play the deluge Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: lizzy gurdus
Keywords: news, cnbc, companies, banks, big, kre, regional, going, iat, ways, kick, play, xlf, earnings, bank, offhere, deluge, fund, etf, rosenbluth


Big bank earnings are about to kick off—here are 3 ways to play the deluge

Can you bank on the banks?

It’s a fair question, considering the uncertainty surrounding financial stocks — as global slowdown concerns and expectations for more interest rate cuts grip the market — but experts haven’t lost hope just yet.

With big banks Goldman Sachs, J.P. Morgan, Wells Fargo and others marking the unofficial start of earnings season Tuesday with their reports, there are still buying opportunities in the exchange-traded fund space that investors can use to capitalize on the moves, two market watchers said Monday on CNBC’s “ETF Edge.”

“This persistent low-rate environment is going to favor the bigger banks,” said Chris Hempstead, top ETF consultant and former head of ETF sales at Deutsche Bank. “The bigger banks have a much deeper capital market structure that they can leverage for revenue that the regional banks don’t have.”

That means an ETF such as the Financial Select Sector SPDR Fund, ticker XLF, could be in a prime position to push higher this week, Todd Rosenbluth, senior director of ETF and mutual fund research at CFRA, said in the same interview.

The XLF has outperformed the SPDR S&P Regional Banking ETF, an equal-weighted fund that trades under the ticker KRE, by about 5% year to date.

“[With] the larger companies, which tend to be in more of the market-cap-weighted products like XLF … or the iShares Regional Bank ETF [ticker IAT], you’re going to have more diversification of the revenue stream,” Rosenbluth said.

“It’s not as dependent upon loans and loan growth, but broader areas of revenue that you’re going to have: asset management, wealth management, trading and capital markets,” he said. “That diversification is going to help in a lower-for-longer interest rate environment.”

That leaves questions around the fate of the regional banks, but as members of that subgroup grow in size — with five bank stocks now accounting for roughly half of IAT’s market-cap-weighted portfolio — investors’ choices are expanding as well.

“It highlights how important it is to look inside the portfolio,” Rosenbluth said, noting that if investors compare IAT with KRE, they’ll find a “big difference in the number of holdings, big difference in the size of those holdings and [in] the position — so, roughly 2 or 3% of the assets in those larger regional banks [in KRE] as opposed to 8 or 9%.”

In short, “You’ve really got to look under the hood with ETFs,” Rosenbluth said.

Hempstead agreed.

“We’re always saying, ‘Do your homework, do your research,'” Hempstead said. “IAT — if you want to play PNC and US [Bancorp], that’s the better ETF for you. Most people gravitate to KRE. There’s nothing wrong with KRE, it’s equal-weighted, but people look at it because it has higher volume. But tradability? IAT is right there with it.”

XLF closed slightly higher on Monday. IAT and KRE each sank by less than a tenth of 1%.

Disclaimer


Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: lizzy gurdus
Keywords: news, cnbc, companies, banks, big, kre, regional, going, iat, ways, kick, play, xlf, earnings, bank, offhere, deluge, fund, etf, rosenbluth


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