Toys R Us built a kingdom and the world’s biggest toy store. Then, they lost it.

Toys R Us’ status as the most important toy store in town left it cavalier, if cocky at times, according to conversations with former employees, executives and industry insiders, who spoke to CNBC on the condition of anonymity. The story begins with Lazarus, the store’s visionary who wanted the “R” written backward — an ode to childlike scrawl. Lazarus, who has been described as one of the great merchants of his time, expanded a baby furniture store he owned into a toy store. In its heyday in th


Toys R Us’ status as the most important toy store in town left it cavalier, if cocky at times, according to conversations with former employees, executives and industry insiders, who spoke to CNBC on the condition of anonymity. The story begins with Lazarus, the store’s visionary who wanted the “R” written backward — an ode to childlike scrawl. Lazarus, who has been described as one of the great merchants of his time, expanded a baby furniture store he owned into a toy store. In its heyday in th
Toys R Us built a kingdom and the world’s biggest toy store. Then, they lost it. Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-26  Authors: lauren hirsch, eduardo munoz, jacques m chenet, corbis, getty images, scott mlyn, peter foley, bloomberg, jason alden
Keywords: news, cnbc, companies, written, toy, biggest, toys, worlds, built, went, store, lost, stores, lazarus, world, week, kingdom, important


Toys R Us built a kingdom and the world's biggest toy store. Then, they lost it.

The toy emporium that Charles P. Lazarus envisioned has been reduced to dusty floors and empty shelves.

Much has been said about the demise of the toy empire, which this week announced its plan to liquidate. There have been fingers pointed at corporate raiders, Amazon and big-box stores. All contributed to its undoing.

Ultimately, though, Toys R Us’ collapse is a story of loyalty run dry. The store in its early days fostered devotion from customers and toymakers. In the end, it lost hold on both.

Toys R Us’ status as the most important toy store in town left it cavalier, if cocky at times, according to conversations with former employees, executives and industry insiders, who spoke to CNBC on the condition of anonymity. It didn’t invest in its stores, even as it was adding to the fleet, leaving it vulnerable when new competition moved in.

The story begins with Lazarus, the store’s visionary who wanted the “R” written backward — an ode to childlike scrawl. Lazarus, who has been described as one of the great merchants of his time, expanded a baby furniture store he owned into a toy store. By 1978, he had created a toy superstore large enough to become a public company.

In its heyday in the 1980s and 1990s, it was the most important toy store in the country, if not the world. Its strength grew as competitors Kiddie City and Child World went out of business.


Company: cnbc, Activity: cnbc, Date: 2019-01-26  Authors: lauren hirsch, eduardo munoz, jacques m chenet, corbis, getty images, scott mlyn, peter foley, bloomberg, jason alden
Keywords: news, cnbc, companies, written, toy, biggest, toys, worlds, built, went, store, lost, stores, lazarus, world, week, kingdom, important


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Australian prime minister to meet independent lawmakers to shore-up government

Australian Prime Minister Scott Morrison will meet with independent lawmakers as early as Monday in a bid to shore up support for his government as it is poised to lose its one seat parliamentary majority. Several independent lawmakers have so far offered only qualified support for Morrison to continue, warning that their backing would be conditional on the policy changes. Cathy McGowan, a member of the ruling government who resigned to sit as an independent, said she expects a meeting between t


Australian Prime Minister Scott Morrison will meet with independent lawmakers as early as Monday in a bid to shore up support for his government as it is poised to lose its one seat parliamentary majority. Several independent lawmakers have so far offered only qualified support for Morrison to continue, warning that their backing would be conditional on the policy changes. Cathy McGowan, a member of the ruling government who resigned to sit as an independent, said she expects a meeting between t
Australian prime minister to meet independent lawmakers to shore-up government Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: brendon thorne, bloomberg, getty images
Keywords: news, cnbc, companies, independent, shoreup, votes, australian, prime, support, told, lawmakers, seat, ruling, meet, morrison, minister


Australian prime minister to meet independent lawmakers to shore-up government

Australian Prime Minister Scott Morrison will meet with independent lawmakers as early as Monday in a bid to shore up support for his government as it is poised to lose its one seat parliamentary majority.

The ruling Liberal Party saw a 20 percent swing against it at a by-election in Sydney, leaving the government reliant on support of five independents to survive.

Several independent lawmakers have so far offered only qualified support for Morrison to continue, warning that their backing would be conditional on the policy changes.

Cathy McGowan, a member of the ruling government who resigned to sit as an independent, said she expects a meeting between the five lawmakers and the prime minister to happen on Monday.

“Ideally, I’d like the government to go full term, but we, the crossbenchers, will have those discussions today with the prime minister, the treasurer and various other ministers,” McGowan told the Australian Broadcasting Corporation.

Morrison must return to the polls by May 2019.

Sources familiar with the plans of the other independent lawmakers told Reuters no meeting has yet been scheduled though talks are ongoing. A spokesman for Morrison declined to comment.

Morrison’s move to meet with the independent lawmakers comes as his Liberal Party candidate maintains a slim chance of victory in the electorate of Wentworth.

Independent candidate Kerryn Phelps has a lead of more than 1,600 votes, though several thousand postal votes are still be counted.

Morrison on Saturday surrendered the seat, vacated by former prime minister Malcolm Turnbull after his retirement from politics following his ousting as leader in August, though he later admitted he may have conceded too soon.

The ballot was propelled into international prominence after Morrison’s late attempt to garner support from Jewish voters, who account for 13 percent of Wentworth’s electorate, by suggesting Australia could recognize Jerusalem as Israel’s capital and move its embassy there from Tel Aviv.


Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: brendon thorne, bloomberg, getty images
Keywords: news, cnbc, companies, independent, shoreup, votes, australian, prime, support, told, lawmakers, seat, ruling, meet, morrison, minister


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Scandal causes foreigners to dump more than $1 billion in Saudi stocks, report says

Foreign investors dumped $1.1 billion of Saudi stocks last week, among the biggest weekly outflows since data became available in 2015. The heavy sales coincided with the country’s growing crisis after the killing of journalist Jamal Khashoggi, according to Bloomberg. The stock sales came from qualified foreign institutional investors, who were net sellers of 4 billion riyals of stocks. Local retail investors were also net sellers last week while Saudi institutions were net buyers, the report sa


Foreign investors dumped $1.1 billion of Saudi stocks last week, among the biggest weekly outflows since data became available in 2015. The heavy sales coincided with the country’s growing crisis after the killing of journalist Jamal Khashoggi, according to Bloomberg. The stock sales came from qualified foreign institutional investors, who were net sellers of 4 billion riyals of stocks. Local retail investors were also net sellers last week while Saudi institutions were net buyers, the report sa
Scandal causes foreigners to dump more than $1 billion in Saudi stocks, report says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: liz moyer, fayex nureldine, afp, getty images
Keywords: news, cnbc, companies, sales, causes, billion, foreigners, stocks, scandal, saudi, report, investors, foreign, bloomberg, market, sellers, dump, week, net


Scandal causes foreigners to dump more than $1 billion in Saudi stocks, report says

Foreign investors dumped $1.1 billion of Saudi stocks last week, among the biggest weekly outflows since data became available in 2015. The heavy sales coincided with the country’s growing crisis after the killing of journalist Jamal Khashoggi, according to Bloomberg.

The stock sales came from qualified foreign institutional investors, who were net sellers of 4 billion riyals of stocks. Local retail investors were also net sellers last week while Saudi institutions were net buyers, the report said.

There was only one other worse week, in September 2017, relating to a single transaction, Bloomberg said.

The Saudi All-Share index is down 4.4 percent this month, on pace for its worst month since October 2017, though it regained much of its losses Monday. It closed down 0.15 percent after being down as much as 3.35 percent.

Saudi Arabia has been trying to attract foreign investment as it diversifies its economy away from oil. Its market regulator, Tadawul, is going forward with reforms to bring the market into alignment with international standards. Index providers S&P Dow Jones, FTSE Russell and MSCI all said they were going to upgrade the kingdom to an “emerging market” starting next year, a move that was expected to draw billions of dollars of investment, especially from passive funds.

Foreigners are sill net buyers of Saudi stocks for the year, Bloomberg said.

Read the full Bloomberg story here.


Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: liz moyer, fayex nureldine, afp, getty images
Keywords: news, cnbc, companies, sales, causes, billion, foreigners, stocks, scandal, saudi, report, investors, foreign, bloomberg, market, sellers, dump, week, net


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Salaries for blockchain engineers are skyrocketing, now on par with AI experts

The value of cryptocurrencies might be down in the dumps, but demand for blockchain engineers has never been higher. Blockchain engineers are making between $150,000 and $175,000 on average, according to global stats provided to CNBC by Hired, a San Francisco firm that helps clients recruit tech candidates. That’s quite a premium over the $135,000 salaries that typical software engineers earn on average, according to Hired, which uses data from its service to compile the stats. In fact, salaries


The value of cryptocurrencies might be down in the dumps, but demand for blockchain engineers has never been higher. Blockchain engineers are making between $150,000 and $175,000 on average, according to global stats provided to CNBC by Hired, a San Francisco firm that helps clients recruit tech candidates. That’s quite a premium over the $135,000 salaries that typical software engineers earn on average, according to Hired, which uses data from its service to compile the stats. In fact, salaries
Salaries for blockchain engineers are skyrocketing, now on par with AI experts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-21  Authors: salvador rodriguez, eclipse_images, getty images, michael nagle, bloomberg
Keywords: news, cnbc, companies, experts, according, value, engineers, uses, blockchain, average, salaries, work, companies, ai, par, hired, skyrocketing


Salaries for blockchain engineers are skyrocketing, now on par with AI experts

The value of cryptocurrencies might be down in the dumps, but demand for blockchain engineers has never been higher.

Blockchain engineers are making between $150,000 and $175,000 on average, according to global stats provided to CNBC by Hired, a San Francisco firm that helps clients recruit tech candidates. That’s quite a premium over the $135,000 salaries that typical software engineers earn on average, according to Hired, which uses data from its service to compile the stats.

In fact, salaries for engineers with blockchain expertise are on par with developers who specialize in artificial intelligence, and higher than any other specialized engineering roles, Hired says.

Demand has grown as large companies have begun to work on projects that make use of the technology. Facebook, Amazon, IBM and Microsoft are among companies that have job listings at the moment for blockchain engineers.


Company: cnbc, Activity: cnbc, Date: 2018-10-21  Authors: salvador rodriguez, eclipse_images, getty images, michael nagle, bloomberg
Keywords: news, cnbc, companies, experts, according, value, engineers, uses, blockchain, average, salaries, work, companies, ai, par, hired, skyrocketing


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U.S. economic growth could send the 10-year yield as high as 4.5%

“I calculate fair value at around 4.5 percent in the 10-year,” Jack Ablin, founding partner and CIO at Cresset Wealth Advisors, told CNBC’s “Futures Now” on Thursday. “Historically the 10-year Treasury tended to track nominal GDP just as the overnight fed funds rate tends to track real GDP.” By Ablin’s calculations, the real economic run rate at 2.5 percent and a 2 percent inflation rate brings nominal GDP to 4.5 percent. Ablin said the yield on the 10-year should be roughly level with that figu


“I calculate fair value at around 4.5 percent in the 10-year,” Jack Ablin, founding partner and CIO at Cresset Wealth Advisors, told CNBC’s “Futures Now” on Thursday. “Historically the 10-year Treasury tended to track nominal GDP just as the overnight fed funds rate tends to track real GDP.” By Ablin’s calculations, the real economic run rate at 2.5 percent and a 2 percent inflation rate brings nominal GDP to 4.5 percent. Ablin said the yield on the 10-year should be roughly level with that figu
U.S. economic growth could send the 10-year yield as high as 4.5% Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-21  Authors: keris lahiff, terry j alcorn, getty images, daniel acker, bloomberg, susana vera, david a grogan
Keywords: news, cnbc, companies, economic, level, bond, treasury, 45, 10year, growth, yields, bonds, rate, high, ablin, yield, send


U.S. economic growth could send the 10-year yield as high as 4.5%

The 10-year yield should be as high as 4.5 percent: Cresset’s Jack Ablin 11:13 AM ET Fri, 19 Oct 2018 | 01:21

A Federal Reserve turned hawkish and a Treasury Department keeping bond markets well supplied have carried yields to their highest levels in seven years.

And at least one veteran investor says an economy that’s running very hot could lead benchmark interest rates much higher.

“I calculate fair value at around 4.5 percent in the 10-year,” Jack Ablin, founding partner and CIO at Cresset Wealth Advisors, told CNBC’s “Futures Now” on Thursday. “Historically the 10-year Treasury tended to track nominal GDP just as the overnight fed funds rate tends to track real GDP.”

A run up in interest rates could derail growth, making it more expensive for consumers to borrow while raising debt costs for companies.

By Ablin’s calculations, the real economic run rate at 2.5 percent and a 2 percent inflation rate brings nominal GDP to 4.5 percent. Ablin said the yield on the 10-year should be roughly level with that figure.

If that was to happen, the 10-year yield would soar to its highest level since October 2007.

Yields could spike to that level once global central banks move more aggressively to drain financial markets of excess cash. As it stands, the world’s policymakers have slowly eased out of crisis-era monetary conditions, keeping bond prices high and yields low by curtailing their bond purchases.

“We still have this crisis level monetary policy in the system,” said Ablin. “The European Central Bank is still putting money in buying bonds and the Bank of Japan is still putting money in buying bonds. In fact, there is still $6.5 trillion of bonds globally sporting yields below zero.”


Company: cnbc, Activity: cnbc, Date: 2018-10-21  Authors: keris lahiff, terry j alcorn, getty images, daniel acker, bloomberg, susana vera, david a grogan
Keywords: news, cnbc, companies, economic, level, bond, treasury, 45, 10year, growth, yields, bonds, rate, high, ablin, yield, send


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Google EU antitrust ruling does not threaten dominance

Last week, Google complied with the European Union’s $5 billion antitrust ruling by changing how it bundles its apps, and allowing phone manufacturers to make devices with modified — or “forked” — versions of Android alongside phones with Google’s version. But as details leak out about how exactly these changes will be structured, it’s hard to imagine that they’ll make a dent in Google’s mobile dominance in the EU. From the beginning, Google has denied stifling competition and is still appealing


Last week, Google complied with the European Union’s $5 billion antitrust ruling by changing how it bundles its apps, and allowing phone manufacturers to make devices with modified — or “forked” — versions of Android alongside phones with Google’s version. But as details leak out about how exactly these changes will be structured, it’s hard to imagine that they’ll make a dent in Google’s mobile dominance in the EU. From the beginning, Google has denied stifling competition and is still appealing
Google EU antitrust ruling does not threaten dominance Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-21  Authors: jillian donfro, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, google, ruling, does, googles, android, week, versions, antitrust, threaten, changes, weakening, eu, dominance, worldwide


Google EU antitrust ruling does not threaten dominance

Last week, Google complied with the European Union’s $5 billion antitrust ruling by changing how it bundles its apps, and allowing phone manufacturers to make devices with modified — or “forked” — versions of Android alongside phones with Google’s version.

But as details leak out about how exactly these changes will be structured, it’s hard to imagine that they’ll make a dent in Google’s mobile dominance in the EU.

From the beginning, Google has denied stifling competition and is still appealing the EU’s decision, though these changes prevent it from having to pay additional fines in the meantime (it had 90 days to change its conduct before facing charges of up to 5 percent of Alphabet’s average daily worldwide revenue).

Still, Android, which Google gives away for free, has 74 percent market share in Europe, according to StatCounter. In July, EU antitrust regulators ruled that Google was using this dominance to push consumers towards its own search engine and other services —where it makes money — and weakening rival app makers in the process.


Company: cnbc, Activity: cnbc, Date: 2018-10-21  Authors: jillian donfro, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, google, ruling, does, googles, android, week, versions, antitrust, threaten, changes, weakening, eu, dominance, worldwide


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Cramer Remix: It’s not a good time to be a company like United Rentals

CNBC’s Jim Cramer knew he had to explain the stark weakness in shares of United Rentals after the stock of the largest equipment rental company in the United States lost 15 percent on Thursday and hit another 52-week low Friday. “October has been a Freddy Krueger-esque nightmare for United Rentals. United Rentals is “incredibly cyclical,” meaning that its success is tied to the state of the economy. “In a potential Fed-mandated slowdown, stocks like United Rentals … become totally toxic.” And ev


CNBC’s Jim Cramer knew he had to explain the stark weakness in shares of United Rentals after the stock of the largest equipment rental company in the United States lost 15 percent on Thursday and hit another 52-week low Friday. “October has been a Freddy Krueger-esque nightmare for United Rentals. United Rentals is “incredibly cyclical,” meaning that its success is tied to the state of the economy. “In a potential Fed-mandated slowdown, stocks like United Rentals … become totally toxic.” And ev
Cramer Remix: It’s not a good time to be a company like United Rentals Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: elizabeth gurdus, vcg, getty images, peter foley, bloomberg, alex wong
Keywords: news, cnbc, companies, united, rentals, good, cramer, wall, slowdown, fed, interest, street, remix, crushed, company


Cramer Remix: It's not a good time to be a company like United Rentals

CNBC’s Jim Cramer knew he had to explain the stark weakness in shares of United Rentals after the stock of the largest equipment rental company in the United States lost 15 percent on Thursday and hit another 52-week low Friday.

“October has been a Freddy Krueger-esque nightmare for United Rentals. The darned thing is down 28 percent just since the beginning of the month,” the “Mad Money” host said.

Part of the problem? United Rentals is “incredibly cyclical,” meaning that its success is tied to the state of the economy. And the Federal Reserve’s interest rate hike agenda isn’t exactly boding well for the industrial giant, Cramer said.

“When the Fed signals that it’s going to keep raising interest rates, making new building more expensive, everybody on Wall Street knows that’s bad for business,” he said. “In a potential Fed-mandated slowdown, stocks like United Rentals … become totally toxic.”

And even though Cramer thought the company was actually doing “just fine,” he warned that the actual earnings results don’t matter to Wall Street in the same way they used to.

“Investors [are] looking for any excuse to bail because they know the numbers will be a crushed in a slowdown,” he said. “So be careful, because until the Fed relents, we could see many more cyclicals that get crushed after reporting good quarters that just happen to have a slight amount of hair on them.”


Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: elizabeth gurdus, vcg, getty images, peter foley, bloomberg, alex wong
Keywords: news, cnbc, companies, united, rentals, good, cramer, wall, slowdown, fed, interest, street, remix, crushed, company


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US intelligence officials are concerned about voter-influence efforts from Russia, China, and Iran

U.S. intelligence officials say they’re concerned about “ongoing campaigns” by Russia, China, Iran and other countries to undermine confidence in American democracy. In a joint statement, the Office of the Director of National Intelligence, the Homeland Security Department, the Justice Department and the FBI say they’re worried about activities that “seek to influence voter perceptions and decision-making” in the 2018 and 2020 elections. The agencies say the “ongoing campaigns” could take many f


U.S. intelligence officials say they’re concerned about “ongoing campaigns” by Russia, China, Iran and other countries to undermine confidence in American democracy. In a joint statement, the Office of the Director of National Intelligence, the Homeland Security Department, the Justice Department and the FBI say they’re worried about activities that “seek to influence voter perceptions and decision-making” in the 2018 and 2020 elections. The agencies say the “ongoing campaigns” could take many f
US intelligence officials are concerned about voter-influence efforts from Russia, China, and Iran Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: al drago, bloomberg, getty images
Keywords: news, cnbc, companies, officials, intelligence, china, ongoing, media, voterinfluence, say, russia, iran, influence, concerned, efforts, campaigns, theyre, department


US intelligence officials are concerned about voter-influence efforts from Russia, China, and Iran

U.S. intelligence officials say they’re concerned about “ongoing campaigns” by Russia, China, Iran and other countries to undermine confidence in American democracy.

In a joint statement, the Office of the Director of National Intelligence, the Homeland Security Department, the Justice Department and the FBI say they’re worried about activities that “seek to influence voter perceptions and decision-making” in the 2018 and 2020 elections.

The agencies say the “ongoing campaigns” could take many forms. Examples include attempts to influence voters through social media, sponsoring content in English language media such as the Russian outlet RT, or “seeding disinformation through sympathetic spokespersons regarding political candidates and disseminating foreign propaganda.”

Intelligence officials said last year that Russia sought to influence the 2016 presidential election through similar means.


Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: al drago, bloomberg, getty images
Keywords: news, cnbc, companies, officials, intelligence, china, ongoing, media, voterinfluence, say, russia, iran, influence, concerned, efforts, campaigns, theyre, department


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Banks urge US regulators to reconsider ‘Volcker Rule’ tweaks

Several industry groups also pushed regulators to better streamline their supervisory work. The five regulators share responsibility for enforcing the Volcker Rule, but banks have long complained that being overseen by so many agencies can be onerous and create conflicting demands. However, industry groups were generally supportive of a proposal to tailor the rule by reducing its requirements for banks with less than $10 billion in trading assets. Consumer groups are also pushing regulators to r


Several industry groups also pushed regulators to better streamline their supervisory work. The five regulators share responsibility for enforcing the Volcker Rule, but banks have long complained that being overseen by so many agencies can be onerous and create conflicting demands. However, industry groups were generally supportive of a proposal to tailor the rule by reducing its requirements for banks with less than $10 billion in trading assets. Consumer groups are also pushing regulators to r
Banks urge US regulators to reconsider ‘Volcker Rule’ tweaks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: michael nagle, bloomberg, getty images
Keywords: news, cnbc, companies, volcker, federal, commission, banks, trading, agencies, tweaks, reconsider, comment, urge, regulators, rule, industry, groups


Banks urge US regulators to reconsider 'Volcker Rule' tweaks

In particular, they said the agencies should toss out a proposed new test for assessing whether trades are speculative that would focus on the accounting treatment of the instruments traded.

The five agencies are the Federal Reserve, the Office of the Comptroller of the Currency, the Securities and Exchange Commission, the Federal Deposit Insurance Corp and the Commodity Futures Trading Commission.

Reuters reported in June that banks had identified the “accounting prong” as a major problem that could actually make life far harder by capturing even more trades than the current rule.

The Financial Services Forum, which represents the heads of the nation’s largest banks, said on Thursday that the test was “overbroad and inconsistent” and should be scrapped.

The Federal Reserve declined to comment, but officials at the central bank have said in the past that they are very open to industry feedback on how to improve the proposal.

Regulators had hoped to advance the rule-changes by year end, but one regulatory source involved in the discussions said industry pushback would complicate the process and potentially extend that timeline.

Several industry groups also pushed regulators to better streamline their supervisory work. The five regulators share responsibility for enforcing the Volcker Rule, but banks have long complained that being overseen by so many agencies can be onerous and create conflicting demands.

However, industry groups were generally supportive of a proposal to tailor the rule by reducing its requirements for banks with less than $10 billion in trading assets.

Consumer groups are also pushing regulators to rethink, arguing the proposal would weaken the rule and in turn put the financial system at risk.

“It creates numerous loopholes, intentionally blinds regulators, eliminates reporting requirements, and leaves the banks to self-regulate,” said Dennis Kelleher, president and chief executive of Better Markets, a group that lobbies for tighter regulation.

Spokespeople for the Office of the Comptroller of the Currency, the Securities and Exchange Commission and the Federal Deposit Insurance Corp. declined to comment. Spokespeople for the Commodity Futures Trading Commission did not immediately respond to a request for comment.


Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: michael nagle, bloomberg, getty images
Keywords: news, cnbc, companies, volcker, federal, commission, banks, trading, agencies, tweaks, reconsider, comment, urge, regulators, rule, industry, groups


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Apple’s Tim Cook calls for retraction on Chinese spy chip story: ‘There’s no truth to this’

Apple CEO Tim Cook is calling for Bloomberg to retract its story about Chinese spy chips embedded in the company’s server equipment, telling Buzzfeed News in an interview, “This did not happen. “I was involved in our response to this story from the beginning,” Cook said according to Buzzfeed. The news magazine alleged data center hardware used by Apple and Amazon Web Services, and provided by server company Super Micro, was under surveillance by the Chinese government. “Apple has never found mal


Apple CEO Tim Cook is calling for Bloomberg to retract its story about Chinese spy chips embedded in the company’s server equipment, telling Buzzfeed News in an interview, “This did not happen. “I was involved in our response to this story from the beginning,” Cook said according to Buzzfeed. The news magazine alleged data center hardware used by Apple and Amazon Web Services, and provided by server company Super Micro, was under surveillance by the Chinese government. “Apple has never found mal
Apple’s Tim Cook calls for retraction on Chinese spy chip story: ‘There’s no truth to this’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: sara salinas, visual china group, getty images
Keywords: news, cnbc, companies, retraction, chinese, apples, apple, retract, cook, statement, server, chip, tim, report, company, bloomberg, spy, calls, truth, companies, sources, theres, response


Apple's Tim Cook calls for retraction on Chinese spy chip story: 'There's no truth to this'

Apple CEO Tim Cook is calling for Bloomberg to retract its story about Chinese spy chips embedded in the company’s server equipment, telling Buzzfeed News in an interview, “This did not happen. There’s no truth to this.”

“I was involved in our response to this story from the beginning,” Cook said according to Buzzfeed. “I personally talked to the Bloomberg reporters along with Bruce Sewell who was then our general counsel. We were very clear with them that this did not happen, and answered all their questions. … Each time they brought this up to us, the story changed and each time we investigated we found nothing.”

Cook also said Bloomberg should “do that right thing and retract” the story.

It’s the latest and strongest of denials from Apple in response to the October story in Bloomberg Businessweek. The news magazine alleged data center hardware used by Apple and Amazon Web Services, and provided by server company Super Micro, was under surveillance by the Chinese government. Practically all the companies named in the report denied Bloomberg’s claim.

“Apple has never found malicious chips in our servers,” Apple said earlier this month in response to the report. “Finally, in response to questions we have received from other news organizations since Businessweek published its story, we are not under any kind of gag order or other confidentiality obligations.”

A representative for Bloomberg said the company stands by its story.

“Bloomberg Businessweek’s investigation is the result of more than a year of reporting, during which we conducted more than 100 interviews. Seventeen individual sources, including government officials and insiders at the companies, confirmed the manipulation of hardware and other elements of the attacks. We also published three companies’ full statements, as well as a statement from China’s Ministry of Foreign Affairs. We stand by our story and are confident in our reporting and sources,” the company said in a statement to CNBC.

Read the full interview on Buzzfeed’s site.

—CNBC’s Kate Fazzini and Todd Haselton contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: sara salinas, visual china group, getty images
Keywords: news, cnbc, companies, retraction, chinese, apples, apple, retract, cook, statement, server, chip, tim, report, company, bloomberg, spy, calls, truth, companies, sources, theres, response


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