The US is attacking Huawei and China — without its own 5G strategy

The United States and China are racing to build out high-speed 5G networks, and President Donald Trump doesn’t want America to come in second place. Last week, Trump introduced initiatives to speed up the rollout of new wireless networks across the U.S., saying “the race to 5G is a race America must win.” But experts say the U.S. still lacks a clear 5G strategy that goes beyond attacking Huawei, a Chinese tech giant and the world’s biggest supplier of telecommunications equipment. “I think they’


The United States and China are racing to build out high-speed 5G networks, and President Donald Trump doesn’t want America to come in second place. Last week, Trump introduced initiatives to speed up the rollout of new wireless networks across the U.S., saying “the race to 5G is a race America must win.” But experts say the U.S. still lacks a clear 5G strategy that goes beyond attacking Huawei, a Chinese tech giant and the world’s biggest supplier of telecommunications equipment. “I think they’
The US is attacking Huawei and China — without its own 5G strategy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: elizabeth schulze, omar marques, sopa images, lightrocket, getty images, qilai shen, bloomberg
Keywords: news, cnbc, companies, china, america, theyve, race, networks, strategy, worlds, attacking, trump, 5g, huawei


The US is attacking Huawei and China — without its own 5G strategy

The United States and China are racing to build out high-speed 5G networks, and President Donald Trump doesn’t want America to come in second place.

Last week, Trump introduced initiatives to speed up the rollout of new wireless networks across the U.S., saying “the race to 5G is a race America must win.” But experts say the U.S. still lacks a clear 5G strategy that goes beyond attacking Huawei, a Chinese tech giant and the world’s biggest supplier of telecommunications equipment.

“I think they’ve been rather leaden-footed in the way they’ve responded,” Nigel Inkster, a former British intelligence official and senior advisor at the International Institute for Strategic Studies, told CNBC’s Beyond the Valley. “Firstly by lacking an explicit, government-articulated strategy in relation to 5G which is only now starting to emerge, but also in arguing or shaping the challenge from China and from Huawei solely as an espionage issue.”


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: elizabeth schulze, omar marques, sopa images, lightrocket, getty images, qilai shen, bloomberg
Keywords: news, cnbc, companies, china, america, theyve, race, networks, strategy, worlds, attacking, trump, 5g, huawei


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Bed Bath & Beyond refreshes board as co-founders step down

Bed Bath & Beyond said it appointed five new independent members to its board, replacing some directors including co-founders Warren Eisenberg and Leonard Feinstein, after facing pressure from a trio of activist investors to refresh its board. Last month, activist investors Legion Partners Asset Management, Macellum Advisors GP, and Ancora Advisors urged Bed Bath & Beyond to replace its entire board and oust Chief Executive Steven Temares. The company said the activist group was invited to parti


Bed Bath & Beyond said it appointed five new independent members to its board, replacing some directors including co-founders Warren Eisenberg and Leonard Feinstein, after facing pressure from a trio of activist investors to refresh its board. Last month, activist investors Legion Partners Asset Management, Macellum Advisors GP, and Ancora Advisors urged Bed Bath & Beyond to replace its entire board and oust Chief Executive Steven Temares. The company said the activist group was invited to parti
Bed Bath & Beyond refreshes board as co-founders step down Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, step, investors, cofounders, bed, changes, independent, directors, advisors, company, bath, board, activist, refreshes


Bed Bath & Beyond refreshes board as co-founders step down

Bed Bath & Beyond said it appointed five new independent members to its board, replacing some directors including co-founders Warren Eisenberg and Leonard Feinstein, after facing pressure from a trio of activist investors to refresh its board.

Shares of the New Jersey-based company rose about 2% before the bell.

Last month, activist investors Legion Partners Asset Management, Macellum Advisors GP, and Ancora Advisors urged Bed Bath & Beyond to replace its entire board and oust Chief Executive Steven Temares.

The company said the activist group was invited to participate in the transformation of the board, but it declined.

Following the changes effective May 1, the board will comprise 10 directors, nine of whom are independent and six women, the company said.

Bed Bath & Beyond has struggled to keep pace with changing consumer tastes and shopping habits over the years, with sales growth spiraling down to just 1.1% last year compared with 22% in 2003, when Temares took over as CEO.

“The changes announced today reflect significant shareholder input and underscore our commitment to ensuring we have best-in-class governance,” said Patrick Gaston, who was named an independent chairman.


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, step, investors, cofounders, bed, changes, independent, directors, advisors, company, bath, board, activist, refreshes


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Samsung postpones China launch event for its foldable phone amid reports of screen issues

Samsung is postponing its China launch event for its foldable smartphone just days after reports of defective screens on the nearly $2,000 device. The South Korean electronics giant had scheduled an event in Shanghai for April 24 to launch the Samsung Galaxy Fold. It’s unclear for when that event will be rescheduled or when the phone will be available in China. The screen on Samsung’s device can fold in half and open up again to give users a large display. In a statement following the reports of


Samsung is postponing its China launch event for its foldable smartphone just days after reports of defective screens on the nearly $2,000 device. The South Korean electronics giant had scheduled an event in Shanghai for April 24 to launch the Samsung Galaxy Fold. It’s unclear for when that event will be rescheduled or when the phone will be available in China. The screen on Samsung’s device can fold in half and open up again to give users a large display. In a statement following the reports of
Samsung postpones China launch event for its foldable phone amid reports of screen issues Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: arjun kharpal, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, fold, screen, phone, launch, postpones, samsung, event, china, film, display, foldable, users, screens, reports, issues, statement


Samsung postpones China launch event for its foldable phone amid reports of screen issues

Samsung is postponing its China launch event for its foldable smartphone just days after reports of defective screens on the nearly $2,000 device.

The South Korean electronics giant had scheduled an event in Shanghai for April 24 to launch the Samsung Galaxy Fold. A spokesperson confirmed that had been canceled but had no official statement to give. It’s unclear for when that event will be rescheduled or when the phone will be available in China.

Samsung’s Galaxy Fold, unveiled in full in February, is slated to go on sale on April 26 in select markets including the U.S.

CNBC has asked Samsung to clarify whether the postponement of the China event will affect when the device goes on sale in other markets, but the company has yet to answer that query.

The screen on Samsung’s device can fold in half and open up again to give users a large display. However, journalists who reviewed the product over the past few weeks reported issues with the screen. Some of the reviewers removed a protective film which covered the screen, which appeared to result in some problems with the display. But CNBC’s Todd Haselton did not remove that film during his review and his screen ended up flickering and turning off and on at a rapid pace.

In a statement following the reports of damaged screens, Samsung advised users not to remove the protective film and said it was looking into the issue.

“We have received a few reports regarding the main display on the samples provided. We will thoroughly inspect these units in person to determine the cause of the matter,” the company said.


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: arjun kharpal, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, fold, screen, phone, launch, postpones, samsung, event, china, film, display, foldable, users, screens, reports, issues, statement


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California soda tax bill shelved, in reprieve for beverage industry

LOS ANGELES — A bill that would have slapped a statewide tax on sugary drinks in California stalled Monday when the lawmaker who authored it shelved the legislation until next year. AB 138 is opposed by the beverage industry as well as grocer groups and the California Chamber of Commerce. However, the measure is supported by a coalition of organizations, including the California Medical Association, California Dental Association, and American Academy of Pediatrics. This marks the third attempt b


LOS ANGELES — A bill that would have slapped a statewide tax on sugary drinks in California stalled Monday when the lawmaker who authored it shelved the legislation until next year. AB 138 is opposed by the beverage industry as well as grocer groups and the California Chamber of Commerce. However, the measure is supported by a coalition of organizations, including the California Medical Association, California Dental Association, and American Academy of Pediatrics. This marks the third attempt b
California soda tax bill shelved, in reprieve for beverage industry Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: jeff daniels, christopher lee, bloomberg, getty images
Keywords: news, cnbc, companies, beverage, soda, bill, california, drinks, shelved, association, health, legislative, industry, measure, tax, reprieve


California soda tax bill shelved, in reprieve for beverage industry

LOS ANGELES — A bill that would have slapped a statewide tax on sugary drinks in California stalled Monday when the lawmaker who authored it shelved the legislation until next year.

Assembly Bill 138 would have imposed a tax of 2 cents per fluid ounce on soda and other sugar-sweetened beverages such as teas, and sports and energy drinks. It seeks to use the tax revenue to help fund programs to combat diabetes and other chronic health conditions.

AB 138 is opposed by the beverage industry as well as grocer groups and the California Chamber of Commerce. The Howard Jarvis Taxpayers Association, which opposes the bill, estimated the tax could generate more than $3 billion in new costs for Californians.

However, the measure is supported by a coalition of organizations, including the California Medical Association, California Dental Association, and American Academy of Pediatrics.

According to the author of AB 138, Assemblyman Richard Bloom, the proposed soda tax measure will remain in the Assembly Revenue & Taxation Committee over the remainder of this legislative year and will move forward through the legislative process next year. The bill’s language claims there’s a link between the consumption of sweetened beverages and diabetes, obesity and heart disease.

“While this is not the outcome I had hoped for, AB 138 remains alive in the legislative process, albeit on a slower track,” said Bloom, a Democrat. This marks the third attempt by the lawmaker to pass a soda tax, including a “health impact fee” measure on canned soda drinks that legislators voted down last year.

Similarly, the beverage industry also opposed Assembly Bill 766, a measure to ban the sale of jumbo-sized sugary sodas, including 7-Eleven’s Big Gulps. AB 766 was pulled earlier this month from consideration and isn’t expected to be heard during this session.

The beverage industry and its lobbyists have spent nearly $12 million in the last two years in California fighting proposed soda taxes or health warnings, the Los Angeles Times reported earlier this month. The shelving of the proposed tax is seen as a victory for major soda companies such as Coca-Cola and PepsiCo.

Besides taxing soda containers at a rate of 2 cents per ounce, the bill also would add a fee on syrups sold for sugary drinks. A report from the state’s Legislative Analyst Office concluded “a two cent per ounce tax likely would reduce consumption by 15% to 35%.”

“We are glad the Legislature delayed action because California voters oppose a beverage tax which would be an unfair burden on working families, neighborhood businesses and employees already struggling with the state’s high cost of living,” said Steven Maviglio, a spokesman for the American Beverage Association. “We remain committed to working with the Legislature on effective ways to address its budgetary and public health concerns and to ensure that food and beverages remain affordable to all Californians.”

Some have suggested that state legislators may be wary of passing new taxes due to a political firestorm created after the 2017 passage of a gasoline tax increase. Orange County voters in June recalled a Democratic lawmaker from his state Senate seat. Sen. Josh Newman, whose seat was taken by a Republican, had been linked to a $52 billion transportation package, which included a 40% increase in the state’s excise gas tax as well as increased vehicle fees.

“This delay is unfortunate because, with the health outcomes of millions of Californians at stake, there is no time to lose,” said Bloom. “On the other hand, we will now have the time to build an even bigger and stronger coalition of supporters.”


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: jeff daniels, christopher lee, bloomberg, getty images
Keywords: news, cnbc, companies, beverage, soda, bill, california, drinks, shelved, association, health, legislative, industry, measure, tax, reprieve


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Oil surges as US ends Iran sanction waivers—four experts forecast what’s next

Crude prices surged after the announcement, with the U.S. benchmark, West Texas Intermediate crude, gaining nearly 3 percent. So I think that’s one potential silver lining of higher oil. And so my guess is that economic activity stays where it is [and] oil prices will remain relatively constant. That’s going to couple with what we’ve been seeing in Venezuela, this likely forcing the oil price up [like] we’ve seen this morning. RBC Capital Markets’ head of U.S. equity strategy, Lori Calvasina, wa


Crude prices surged after the announcement, with the U.S. benchmark, West Texas Intermediate crude, gaining nearly 3 percent. So I think that’s one potential silver lining of higher oil. And so my guess is that economic activity stays where it is [and] oil prices will remain relatively constant. That’s going to couple with what we’ve been seeing in Venezuela, this likely forcing the oil price up [like] we’ve seen this morning. RBC Capital Markets’ head of U.S. equity strategy, Lori Calvasina, wa
Oil surges as US ends Iran sanction waivers—four experts forecast what’s next Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: lizzy gurdus, eddie seal, bloomberg, getty images, johannes eisele, afp, anna moneymaker, kcna, thomas barwick getty images, source
Keywords: news, cnbc, companies, price, experts, market, forecast, thats, sanction, think, prices, whats, higher, energy, surges, oil, going, ends, iran, crude, waiversfour


Oil surges as US ends Iran sanction waivers—four experts forecast what's next

Things are heating up in the energy market.

The Trump administration announced Monday that it would end exemptions to its sanctions on Iran, a move meant to significantly curb Iran’s oil output. Crude prices surged after the announcement, with the U.S. benchmark, West Texas Intermediate crude, gaining nearly 3 percent.

Here’s what experts say higher oil prices could mean for the broader market:

Savita Subramanian, head of U.S. equity and quantitative strategy at Bank of America Merrill Lynch, said a significant uptick in the price of crude would likely be a double-edged sword:

“[Higher] oil is actually good for corporate profits because the S&P [500] is levered to oil, so I think this could be a source of positive earnings surprise[s] for the year where analysts are penciling in super low expectations. So I think that’s one potential silver lining of higher oil. And then … consumers are making more money, so we might not feel that energy pinch until we get to higher levels. But $5 a gallon in California is not a good environment to be in, so we’re getting to a point where this could turn ugly.”

Aperture Investors CEO Peter Kraus didn’t anticipate major changes to the status quo:

“I think the oil prices are going to continue to reflect this sort of restriction in supply. And we’re not going to see a lot of new drilling based on these prices. We’re not going to see more holes being punched into the world to create more oil at these current prices. And so my guess is that economic activity stays where it is [and] oil prices will remain relatively constant. […] People predicted oil was going to go to $100, $120 a barrel, which I don’t see happening.”

Alex Dryden, global market strategist at J.P. Morgan, said macroeconomic global risks could catch up to the oil market itself:

“I think what you’re looking at is incoming restrictions on supply. That’s going to couple with what we’ve been seeing in Venezuela, this likely forcing the oil price up [like] we’ve seen this morning. Now, again, it’s about how sustainable that oil price is. You look at … the futures market. Go three years out — you typically go out that far when you want to take out political risk and look at how much geopolitical risk premium [is] priced into oil. Right now, it’s some of the highest levels since the Arab Spring. That’s not exactly a great backdrop for energy companies to really be able to continue to put that oil number in in a reliable way going forward. So, certainly some question marks over it.”

RBC Capital Markets’ head of U.S. equity strategy, Lori Calvasina, was fairly bullish on the prospect of higher oil prices for the broader market:


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: lizzy gurdus, eddie seal, bloomberg, getty images, johannes eisele, afp, anna moneymaker, kcna, thomas barwick getty images, source
Keywords: news, cnbc, companies, price, experts, market, forecast, thats, sanction, think, prices, whats, higher, energy, surges, oil, going, ends, iran, crude, waiversfour


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Herman Cain withdraws from consideration for Fed board, Trump says

CNBC survey: Majority say Cain and Moore shouldn’t be confirmed to the Federal Reserve Board 12:29 PM ET Mon, 8 April 2019 | 04:07More importantly, Cain, like Trump, is an outspoken critic of the Federal Reserve, which Cain has accused in the past of “manipulating” the value of the U.S. dollar. In recent weeks, several White House officials expressed what could only be described as tepid support for Cain. There are also concerns among lawmakers and on Wall Street about Trump’s other contentious


CNBC survey: Majority say Cain and Moore shouldn’t be confirmed to the Federal Reserve Board 12:29 PM ET Mon, 8 April 2019 | 04:07More importantly, Cain, like Trump, is an outspoken critic of the Federal Reserve, which Cain has accused in the past of “manipulating” the value of the U.S. dollar. In recent weeks, several White House officials expressed what could only be described as tepid support for Cain. There are also concerns among lawmakers and on Wall Street about Trump’s other contentious
Herman Cain withdraws from consideration for Fed board, Trump says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: christina wilkie, tucker higgins, daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, trump, fed, cain, herman, board, woman, campaign, consideration, sexual, vote, moore, white, withdraws, accused


Herman Cain withdraws from consideration for Fed board, Trump says

CNBC survey: Majority say Cain and Moore shouldn’t be confirmed to the Federal Reserve Board 12:29 PM ET Mon, 8 April 2019 | 04:07

More importantly, Cain, like Trump, is an outspoken critic of the Federal Reserve, which Cain has accused in the past of “manipulating” the value of the U.S. dollar.

In addition to having repeatedly criticized the central bank, Cain has also weathered a series of scandals that first came to light during his 2012 presidential campaign but which would unquestionably have come up again in a Senate confirmation hearing.

In late 2011, Cain suspended his presidential campaign after it emerged that three women had accused him of workplace sexual harassment, a fourth woman accused him of sexual assault, and a fifth woman came forward to allege that she and Cain had carried out a 13-year-long extramarital affair. Cain has denied all the allegations.

The prospect of revisiting the allegations during a heated Senate confirmation hearing and having to publicly defend Cain likely held little appeal for the White House.

In recent weeks, several White House officials expressed what could only be described as tepid support for Cain. Larry Kudlow, the director of the National Economic Council, said this month that Cain was “in the vetting process, we will see how that turns out.”

There are also concerns among lawmakers and on Wall Street about Trump’s other contentious pick for the Fed board, conservative political activist and economics writer Stephen Moore.

It is unclear whether Republican senators will vote against Moore, who has had to contend with claims that he is unqualified for the Fed role as well as revelations about his messy divorce. Moore advised Trump during his 2016 campaign and co-authored a 2018 book called “Trumponomics: Inside the America First Plan to Revive Our Economy.”

WATCH: 4th GOP senator plans to vote against Cain for Fed


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: christina wilkie, tucker higgins, daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, trump, fed, cain, herman, board, woman, campaign, consideration, sexual, vote, moore, white, withdraws, accused


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Luckin Coffee files for US IPO

China’s Luckin Coffee on Monday filed for an initial public offering with the U.S. Securities and Exchange Commission. The coffee chain, which intends to list under the symbol “LK” on the Nasdaq, set a placeholder amount of $100 million to indicate the size of the IPO, a filing with the regulator showed. The size of the IPO stated in preliminary filings is used to calculate registration fees. The final IPO size could be different.


China’s Luckin Coffee on Monday filed for an initial public offering with the U.S. Securities and Exchange Commission. The coffee chain, which intends to list under the symbol “LK” on the Nasdaq, set a placeholder amount of $100 million to indicate the size of the IPO, a filing with the regulator showed. The size of the IPO stated in preliminary filings is used to calculate registration fees. The final IPO size could be different.
Luckin Coffee files for US IPO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: gilles sabrie bloomberg, bloomberg, getty images
Keywords: news, cnbc, companies, symbol, size, ipo, luckin, stated, files, set, regulator, used, showedthe, securities, coffee


Luckin Coffee files for US IPO

China’s Luckin Coffee on Monday filed for an initial public offering with the U.S. Securities and Exchange Commission.

The coffee chain, which intends to list under the symbol “LK” on the Nasdaq, set a placeholder amount of $100 million to indicate the size of the IPO, a filing with the regulator showed.

The size of the IPO stated in preliminary filings is used to calculate registration fees. The final IPO size could be different.


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: gilles sabrie bloomberg, bloomberg, getty images
Keywords: news, cnbc, companies, symbol, size, ipo, luckin, stated, files, set, regulator, used, showedthe, securities, coffee


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Top execs at American weed retailer MedMen quit amid ex-CFO’s claims of financial duress

The chief operating officer and general counsel of MedMen Enterprises have both resigned amid a broader employee shakeup at the American marijuana retailer. Yi joined MedMen in 2016 following roles at Southern California Edison and the Port of Long Beach. The latest employment shuffle comes amid concerns of overspending and an unhealthy work environment at the Culver City, California-based company. Those worries were recently voiced by the company’s former chief financial officer, James Parker,


The chief operating officer and general counsel of MedMen Enterprises have both resigned amid a broader employee shakeup at the American marijuana retailer. Yi joined MedMen in 2016 following roles at Southern California Edison and the Port of Long Beach. The latest employment shuffle comes amid concerns of overspending and an unhealthy work environment at the Culver City, California-based company. Those worries were recently voiced by the company’s former chief financial officer, James Parker,
Top execs at American weed retailer MedMen quit amid ex-CFO’s claims of financial duress Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-19  Authors: thomas franck, scott zamost, jennifer schlesinger, bloomberg, getty images
Keywords: news, cnbc, companies, weed, quit, financial, chief, companys, amid, company, retailer, recently, claims, medmen, work, duress, officer, yi, trager, ceo, excfos, execs


Top execs at American weed retailer MedMen quit amid ex-CFO's claims of financial duress

The chief operating officer and general counsel of MedMen Enterprises have both resigned amid a broader employee shakeup at the American marijuana retailer.

Chief Operating Officer Ben Cook and General Counsel Lisa Sergi Trager — who also served on the company’s board — have quit, a source familiar with the matter tells CNBC. Senior Vice President of Corporate Communications Daniel Yi has also resigned.

Some members of the company’s design and technology teams were also let go as the company tries to makes itself more efficient under CEO Adam Bierman.

Cook, Trager and Yi did not immediately respond to CNBC’s requests for comment. MedMen confirmed the resignations of Cook and Trager later Friday morning in a press release.

“We appreciate the contributions of all current and former MedMen team members as we work to build the world’s leading cannabis company, and I have the utmost confidence in the management team. Their expertise, skill set and experience sets the standard of excellence for the industry,” Bierman said in the release.

Cook, a global supply chain executive with 15 years of experience in retail and consumer brands management, was hired at MedMen in October following tenures at Sam’s Club, Target and Apple. Trager, an alum of both UCLA Law and global consulting firm Deloitte, helped MedMen navigate its various business transactions.

Yi joined MedMen in 2016 following roles at Southern California Edison and the Port of Long Beach. The company also announced on Friday the appointment of Ryan Lissack as chief technology officer.

The latest employment shuffle comes amid concerns of overspending and an unhealthy work environment at the Culver City, California-based company. Those worries were recently voiced by the company’s former chief financial officer, James Parker, who on Jan. 29 filed a lawsuit against MedMen for wrongful dismissal.

In the suit, the ex-CFO detailed what he viewed as a work environment “replete with racial, homophobic and misogynistic epithets and slurs, drug and alcohol abuse, personal humiliation occasioned by the words and deeds of the CEO and President of the company [and] profligate spending by both the CEO and President.”

MedMen, in the middle of litigation, denies those allegations and says the suit is unfounded. Michael Kramer replaced Parker as CFO.

As one of the preeminent multistate cannabis companies in the United States, MedMen has recently drawn the eyes of customers and Wall Street alike.

The company owns and operates 19 facilities ranging from cultivation to retail in Arizona, California, Florida, Nevada and New York, according to its website. It employs more than 1,000 people, has plans to expand into other U.S. states and Canada, and recently posted sales of $29.9 million in the second quarter.

The public company trades on the Canadian Securities Exchange under the ticker MMEN, though the exchange was closed on Friday for the Good Friday holiday. Many stock exchanges refuse to list companies with U.S.-based marijuana operations because of the federal outlaw.


Company: cnbc, Activity: cnbc, Date: 2019-04-19  Authors: thomas franck, scott zamost, jennifer schlesinger, bloomberg, getty images
Keywords: news, cnbc, companies, weed, quit, financial, chief, companys, amid, company, retailer, recently, claims, medmen, work, duress, officer, yi, trager, ceo, excfos, execs


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SEC, Tesla CEO Elon Musk seek one-week delay to resolve contempt motion

Tesla CEO Elon Musk and the Securities and Exchange Commission have asked for a one-week delay to resolve their contempt of court dispute, the parties announced Thursday in a joint submission to a federal judge. The dispute stems from tweets Musk made in February that contained Tesla production forecasts. At first, Musk wrote to his millions of Twitter followers that the electric vehicle-maker would build around 500,000 cars in 2019. The initial tweet was enough to convince the SEC to charge Mus


Tesla CEO Elon Musk and the Securities and Exchange Commission have asked for a one-week delay to resolve their contempt of court dispute, the parties announced Thursday in a joint submission to a federal judge. The dispute stems from tweets Musk made in February that contained Tesla production forecasts. At first, Musk wrote to his millions of Twitter followers that the electric vehicle-maker would build around 500,000 cars in 2019. The initial tweet was enough to convince the SEC to charge Mus
SEC, Tesla CEO Elon Musk seek one-week delay to resolve contempt motion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: matt rosoff, robert ferris, natan dvir, bloomberg, getty images
Keywords: news, cnbc, companies, resolve, elon, parties, court, musk, submission, week, motion, seek, work, delay, contempt, oneweek, agreement, tesla, sec


SEC, Tesla CEO Elon Musk seek one-week delay to resolve contempt motion

Tesla CEO Elon Musk and the Securities and Exchange Commission have asked for a one-week delay to resolve their contempt of court dispute, the parties announced Thursday in a joint submission to a federal judge.

“While we have not reached an agreement, counsel for the SEC, Mr. Musk, and counsel for Tesla met and conferred for over an hour by telephone earlier this week and are continuing to discuss potential resolution. Because our discussions are ongoing, we respectfully request to provide the Court with another joint submission on or before April 25, 2019, indicating whether we have reached an agreement in principle,” the submission says.

On April 4, a federal judge gave Musk and the SEC two weeks to work out their differences, punting a request from the agency to hold him in contempt of court for allegedly violating an October securities fraud settlement. U.S. Judge Alison Nathan said she had “serious concerns that no matter what I decide here, this issue won’t be resolved.” Nathan ordered both parties to “take a deep breath, put on your reasonableness pants” and work out a solution.

Now the parties are asking for one more week to figure it out.

The dispute stems from tweets Musk made in February that contained Tesla production forecasts. At first, Musk wrote to his millions of Twitter followers that the electric vehicle-maker would build around 500,000 cars in 2019. He followed up by tweeting that he meant to say that Tesla would reach a peak annualized production rate of 500,000, but still expected to make only about 400,000 cars this year.

The initial tweet was enough to convince the SEC to charge Musk with contempt for violating an October agreement. That agreement came about as a result of Musk’s tweet last year saying that he had “funding secured” to take Tesla private at $420 per share. Musk and Tesla each paid $20 million fines as part of that settlement.

Former SEC prosecutor Elliot Lutzker told CNBC earlier this month that he does not expect the SEC to try and remove Musk from his CEO role, but believes the settlement will involve a fine larger than $20 million.

–CNBC’s Ryan Ruggiero contributed to this story.


Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: matt rosoff, robert ferris, natan dvir, bloomberg, getty images
Keywords: news, cnbc, companies, resolve, elon, parties, court, musk, submission, week, motion, seek, work, delay, contempt, oneweek, agreement, tesla, sec


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Aston Martin debuts its first electric car—take a look at the Rapid E

Aston Martin, a luxury British car manufacturer, debuted its new and first all-electric production car, the Aston Martin Rapide E, at Shanghai Motor Show in Shanghai, China, on April 16. There will only be 155 units made, according to Aston Martin. Though the price is only available upon application to buy, according to the website, it’s expected to cost around $330,000, according to CNN. There are twin rear-mounted electric motors, which produce 612 horsepower. All that gives the car a max spee


Aston Martin, a luxury British car manufacturer, debuted its new and first all-electric production car, the Aston Martin Rapide E, at Shanghai Motor Show in Shanghai, China, on April 16. There will only be 155 units made, according to Aston Martin. Though the price is only available upon application to buy, according to the website, it’s expected to cost around $330,000, according to CNN. There are twin rear-mounted electric motors, which produce 612 horsepower. All that gives the car a max spee
Aston Martin debuts its first electric car—take a look at the Rapid E Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: jimmy im, bloomberg, getty images, aston martin
Keywords: news, cnbc, companies, car, martin, cartake, hour, according, look, shanghai, 155, miles, rapid, electric, rapide, zero, aston, debuts


Aston Martin debuts its first electric car—take a look at the Rapid E

Aston Martin, a luxury British car manufacturer, debuted its new and first all-electric production car, the Aston Martin Rapide E, at Shanghai Motor Show in Shanghai, China, on April 16. There will only be 155 units made, according to Aston Martin.

Though the price is only available upon application to buy, according to the website, it’s expected to cost around $330,000, according to CNN.

The four-door Rapide E has a 6-liter, V12-engine and is powered by an 800V battery (encased in a carbon fiber and Kevlar casing) with a 65kWh capacity. There are twin rear-mounted electric motors, which produce 612 horsepower. All that gives the car a max speed of 155 miles per hour, and it can go from zero to 60 miles per hour in four seconds.


Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: jimmy im, bloomberg, getty images, aston martin
Keywords: news, cnbc, companies, car, martin, cartake, hour, according, look, shanghai, 155, miles, rapid, electric, rapide, zero, aston, debuts


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