Huawei CEO says company doesn’t spy for China and praises Trump in rare appearance

Huawei would never allow China’s government to access customer data, even if Beijing requested it, the CEO and founder of the company repeatedly emphasized Tuesday, amid continued political pressure on the Chinese technology giant. Ren, speaking Mandarin and using a company-provided translator, told the group that Huawei has never handed data to Beijing. We will never harm any nation or any individual,” Ren told the journalists assembled at Huawei’s headquarters in Shenzhen, China. “China’s mini


Huawei would never allow China’s government to access customer data, even if Beijing requested it, the CEO and founder of the company repeatedly emphasized Tuesday, amid continued political pressure on the Chinese technology giant. Ren, speaking Mandarin and using a company-provided translator, told the group that Huawei has never handed data to Beijing. We will never harm any nation or any individual,” Ren told the journalists assembled at Huawei’s headquarters in Shenzhen, China. “China’s mini
Huawei CEO says company doesn’t spy for China and praises Trump in rare appearance Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: arjun kharpal, fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, praises, appearance, huawei, doesnt, party, data, china, ren, customer, rare, told, chinas, request, business, company, spy, ceo, trump


Huawei CEO says company doesn't spy for China and praises Trump in rare appearance

Huawei would never allow China’s government to access customer data, even if Beijing requested it, the CEO and founder of the company repeatedly emphasized Tuesday, amid continued political pressure on the Chinese technology giant.

In a rare sit down with international media, Ren Zhengfei addressed concerns raised by the U.S. government, which has warned that the company’s equipment could allow the Chinese government to have a backdoor into a nation’s telecommunications network.

Ren, speaking Mandarin and using a company-provided translator, told the group that Huawei has never handed data to Beijing.

“When it comes to cybersecurity and privacy protection we are committed to be sided with our customers. We will never harm any nation or any individual,” Ren told the journalists assembled at Huawei’s headquarters in Shenzhen, China.

“China’s ministry of foreign affairs has officially clarified that no law in China requires any company to install mandatory back doors. Huawei and me personally have never received any request from any government to provide improper information,” Ren added.

Ren, a former soldier in the People’s Liberation Army and a current Communist Party member, has faced several years of questions about his relationship between those organizations and his company. Despite his history, Ren told the representatives of the international media that his longtime affiliation with China’s authoritarian party would not affect his ability to fight against that same government if it requested user data.

“The values of a business entity is customer first, is customer centricity. We are a business organization so we must follow business rules. And in that context I don’t see close connection between my personal political believe and our business actions we are going to take as a business entity. And I think I already made myself very clear right now, we will definitely say no to such a request,” Ren said, when asked by CNBC about whether his ties to China’s ruling party would stop him from fighting any kind of data request.


Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: arjun kharpal, fabrice coffrini, afp, getty images
Keywords: news, cnbc, companies, praises, appearance, huawei, doesnt, party, data, china, ren, customer, rare, told, chinas, request, business, company, spy, ceo, trump


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Facebook will invest $300 million to help local news survive

Facebook will invest $300 million over three years in local news globally as it faces blistering criticism over its role in the erosion of the news business worldwide. “But we also have an opportunity, and a responsibility, to help local news organizations grow and thrive.” The recipients of the investments include the Pulitzer Center, Report for America, Knight-Lenfest Local News Transformation Fund, the Local Media Association and Local Media Consortium, the American Journalism Project and the


Facebook will invest $300 million over three years in local news globally as it faces blistering criticism over its role in the erosion of the news business worldwide. “But we also have an opportunity, and a responsibility, to help local news organizations grow and thrive.” The recipients of the investments include the Pulitzer Center, Report for America, Knight-Lenfest Local News Transformation Fund, the Local Media Association and Local Media Consortium, the American Journalism Project and the
Facebook will invest $300 million to help local news survive Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: getty images, christina farr
Keywords: news, cnbc, companies, local, million, help, newsrooms, business, media, products, investments, invest, facebook, 300, survive, program, investment


Facebook will invest $300 million to help local news survive

Facebook will invest $300 million over three years in local news globally as it faces blistering criticism over its role in the erosion of the news business worldwide.

The investment in time and money is a significant expansion of a plan to help newsrooms in the U.S. and abroad create and sustain viable business models to survive, the company said on Tuesday.

Unlike earlier investments in the news business, this latest round is distinguished by how it is not tied to Facebook-related products, recipients of the investments say.

Earlier rounds of investments in the news business were designed to encourage publishers to rely on delivering its products over Facebook, which eventually hurt many news organizations when Facebook’s strategies shifted.

“We’re going to continue fighting fake news, misinformation, and low quality news on Facebook,” Campbell Brown, Facebook’s vice president of Global News Partnerships said in a statement. “But we also have an opportunity, and a responsibility, to help local news organizations grow and thrive.”

Critics have slammed Facebook for its role in providing a platform for hate speech, misinformation and political meddling.

The first round of investments in the U.S. will help bolster resources for local reporting, help research how to use technology to improve news gathering and create new products, recruit “trainee community journalists” and place them in local newsrooms and also help fund a program modeled after the Peace Corp, which will place 1,000 journalists in local newsrooms over five years.

The recipients of the investments include the Pulitzer Center, Report for America, Knight-Lenfest Local News Transformation Fund, the Local Media Association and Local Media Consortium, the American Journalism Project and the Community News Project.

Fran Wills, CEO of the Local Media Consortium, an alliance of 80 news companies representing 2,200 outlets, said Facebook is helping the group create a branded content program aimed at attracting new advertisers. “Facebook is making this investment to help support local media companies … open up new revenue streams that will support local journalism,” she said.

Last December, it announced a $6 million investment in local publishers in Britain. It also plans to expand an “Accelerator” program it launched last year to help local newsrooms such as the San Francisco Chronicle and the Denver Post improve its ability to attract subscribers and membership donations.

“It’s in their best interest to have as much credible content as they can have on their platform and that’s a direct benefit to consumers,” Wills said.

Subscribe to CNBC on YouTube.

Watch: Social media detox — why quitting Instagram and Facebook made me happier


Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: getty images, christina farr
Keywords: news, cnbc, companies, local, million, help, newsrooms, business, media, products, investments, invest, facebook, 300, survive, program, investment


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Brexit takes a toll on Britain’s financial sector, outlook weak

“A combination of macroeconomic and Brexit uncertainty, regulatory compliance and global market volatility are taking a toll on the UK’s financial services sector,” CBI Chief Economist Rain Newton-Smith said. Britain’s parliament is expected to vote on Tuesday to reject the divorce settlement with the European Union, an outcome that would prolong uncertainty for the financial sector. It marks a reversal for investment management, which has grown well since the financial crisis as risk-averse ban


“A combination of macroeconomic and Brexit uncertainty, regulatory compliance and global market volatility are taking a toll on the UK’s financial services sector,” CBI Chief Economist Rain Newton-Smith said. Britain’s parliament is expected to vote on Tuesday to reject the divorce settlement with the European Union, an outcome that would prolong uncertainty for the financial sector. It marks a reversal for investment management, which has grown well since the financial crisis as risk-averse ban
Brexit takes a toll on Britain’s financial sector, outlook weak Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-14  Authors: sean gallup, getty images news, getty images
Keywords: news, cnbc, companies, financial, britains, expected, uncertainty, demand, business, britain, weak, takes, brexit, investment, outlook, sector, survey, quarter, toll


Brexit takes a toll on Britain's financial sector, outlook weak

Uncertainty over Brexit and the economy have led demand for Britain’s financial services to shrink for the first time in five years, with no immediate sign of an improvement, a survey by business group CBI and PwC showed.

And profitability in the sector which raises most tax in Britain was flat for the third quarter in a row in the three months to December 2018, the survey released on Monday said.

The survey of 84 firms said demand is expected to continue falling during the quarter to March, with profitability also expected to drop for the first time in three years.

“A combination of macroeconomic and Brexit uncertainty, regulatory compliance and global market volatility are taking a toll on the UK’s financial services sector,” CBI Chief Economist Rain Newton-Smith said.

“The persistent weakness in optimism and the deterioration in expectations sound a warning for the outlook.”

Britain’s parliament is expected to vote on Tuesday to reject the divorce settlement with the European Union, an outcome that would prolong uncertainty for the financial sector.

But many banks, insurers and asset managers who use Britain as their EU base are opening hubs in the bloc to avoid being locked out of the continent if Britain crashes out of the EU in March without a deal.

The survey painted a mixed picture for the sector, with business holding up among insurers, while volumes were flat or easing at banks, building societies and specialist lenders.

The survey found a “striking loss of momentum” at investment managers, who reported the steepest fall in activity since the financial crisis a decade ago.

A large majority of investment management firms surveyed were less optimistic about their prospects in coming months, with business from overseas customers taking a hit.

It marks a reversal for investment management, which has grown well since the financial crisis as risk-averse banks draw in their horns. It now faces volatile asset prices and weaker demand, the survey showed.

Despite an overall gloomy tone, headcount in the financial sector is expected to rise in the current quarter and investment intentions remain broadly stable, the survey said.


Company: cnbc, Activity: cnbc, Date: 2019-01-14  Authors: sean gallup, getty images news, getty images
Keywords: news, cnbc, companies, financial, britains, expected, uncertainty, demand, business, britain, weak, takes, brexit, investment, outlook, sector, survey, quarter, toll


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

How a Facebook post drove a banker to launch a multimillion-dollar vertical farming business

Next time you feel guilty about idling away your commute on social media, remember that inspiration can come from all sources. That was certainly the case for Benjamin Swan, whose subway scrolling sparked an idea that led him to quit his corporate job and embark on a multimillion-dollar business venture. “It all started with an article on Facebook,” Swan told CNBC’s Christine Tan in a recent episode of “Managing Asia.”


Next time you feel guilty about idling away your commute on social media, remember that inspiration can come from all sources. That was certainly the case for Benjamin Swan, whose subway scrolling sparked an idea that led him to quit his corporate job and embark on a multimillion-dollar business venture. “It all started with an article on Facebook,” Swan told CNBC’s Christine Tan in a recent episode of “Managing Asia.”
How a Facebook post drove a banker to launch a multimillion-dollar vertical farming business Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-14  Authors: karen gilchrist, -benjamin swan, co-founder, ceo of sustenir
Keywords: news, cnbc, companies, post, social, launch, multimilliondollar, business, scrolling, farming, told, facebook, banker, swan, drove, subway, sparked, sourcesthat, tan, started, ventureit, vertical


How a Facebook post drove a banker to launch a multimillion-dollar vertical farming business

Next time you feel guilty about idling away your commute on social media, remember that inspiration can come from all sources.

That was certainly the case for Benjamin Swan, whose subway scrolling sparked an idea that led him to quit his corporate job and embark on a multimillion-dollar business venture.

“It all started with an article on Facebook,” Swan told CNBC’s Christine Tan in a recent episode of “Managing Asia.”


Company: cnbc, Activity: cnbc, Date: 2019-01-14  Authors: karen gilchrist, -benjamin swan, co-founder, ceo of sustenir
Keywords: news, cnbc, companies, post, social, launch, multimilliondollar, business, scrolling, farming, told, facebook, banker, swan, drove, subway, sparked, sourcesthat, tan, started, ventureit, vertical


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Cramer Remix: PVH just changed the retail narrative

The parent company of Calvin Klein and Tommy Hilfiger has “changed the narrative” for the retail sector, and its stock still has more upside, CNBC’s Jim Cramer said Monday after the major averages fell slightly on earnings worries. But after PVH recently raised its fourth-quarter and full-year guidance, announcing it would restructure the struggling parts of its Calvin Klein business, the prospects seriously improved for the international retailer and its counterparts, Cramer said. And, hey, if


The parent company of Calvin Klein and Tommy Hilfiger has “changed the narrative” for the retail sector, and its stock still has more upside, CNBC’s Jim Cramer said Monday after the major averages fell slightly on earnings worries. But after PVH recently raised its fourth-quarter and full-year guidance, announcing it would restructure the struggling parts of its Calvin Klein business, the prospects seriously improved for the international retailer and its counterparts, Cramer said. And, hey, if
Cramer Remix: PVH just changed the retail narrative Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-14  Authors: elizabeth gurdus, getty images, sean proctor, bloomberg
Keywords: news, cnbc, companies, upside, stock, changed, earnings, cramer, klein, business, retail, narrative, pvh, remix, calvin, pvhs


Cramer Remix: PVH just changed the retail narrative

The parent company of Calvin Klein and Tommy Hilfiger has “changed the narrative” for the retail sector, and its stock still has more upside, CNBC’s Jim Cramer said Monday after the major averages fell slightly on earnings worries.

“PVH had a very rough time in the second half of 2018. Even though shares have rallied $18 from their Christmas Eve lows, … the darned thing is still down $65, or 38 percent, from its highs last summer,” the “Mad Money” host said.

But after PVH recently raised its fourth-quarter and full-year guidance, announcing it would restructure the struggling parts of its Calvin Klein business, the prospects seriously improved for the international retailer and its counterparts, Cramer said.

“Contrary to the worries on Wall Street, PVH is actually doing better than expected across all of its businesses, whether you go by brand or by geography,” he said, recapping the announcement. “Even their Chinese business is pretty much unchanged, and North America’s strong. And, hey, if PVH can breath new life into Calvin Klein, that will be a huge positive.”

All in all, with PVH’s stock trading at only nine times next year’s earnings estimates, Cramer said investors were getting a buying opportunity in the apparel play — and some welcome relief in other retail names.

“These numbers showed that PVH’s earnings are much, much, much more resilient than most people believed,” he said. “I say there’s a lot more upside.”


Company: cnbc, Activity: cnbc, Date: 2019-01-14  Authors: elizabeth gurdus, getty images, sean proctor, bloomberg
Keywords: news, cnbc, companies, upside, stock, changed, earnings, cramer, klein, business, retail, narrative, pvh, remix, calvin, pvhs


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Ford CEO says a ‘big surprise’ coming next year with electric vehicles

Ford Motor is gearing up to launch new electric cars as soon as next year, CEO Jim Hackett told CNBC on Sunday. Ford has previously announced its plans to invest $11 billion in electric vehicles by 2022 and produce 40 hybrid and fully electric cars, in a plan to revive its slowing business. However, the company’s chief told CNBC that drivers should be prepared for ‘a big surprise’ from Ford. “We talked about a huge investment in electric vehicles. We have a pretty big surprise coming next year,”


Ford Motor is gearing up to launch new electric cars as soon as next year, CEO Jim Hackett told CNBC on Sunday. Ford has previously announced its plans to invest $11 billion in electric vehicles by 2022 and produce 40 hybrid and fully electric cars, in a plan to revive its slowing business. However, the company’s chief told CNBC that drivers should be prepared for ‘a big surprise’ from Ford. “We talked about a huge investment in electric vehicles. We have a pretty big surprise coming next year,”
Ford CEO says a ‘big surprise’ coming next year with electric vehicles Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-13  Authors: yun li
Keywords: news, cnbc, companies, business, big, months, ceo, electric, coming, told, ford, surprise, vehicles, hackett, plans


Ford CEO says a 'big surprise' coming next year with electric vehicles

Ford Motor is gearing up to launch new electric cars as soon as next year, CEO Jim Hackett told CNBC on Sunday.

Ford has previously announced its plans to invest $11 billion in electric vehicles by 2022 and produce 40 hybrid and fully electric cars, in a plan to revive its slowing business. However, the company’s chief told CNBC that drivers should be prepared for ‘a big surprise’ from Ford.

“We talked about a huge investment in electric vehicles. We have 16 models that are in design and development. We have a pretty big surprise coming next year,” Hackett told CNBC’s Phil LeBeau on the sidelines of the Detroit Auto Show, which kicks off this week.

During the first nine months in 2018, Ford’s profit dropped a whooping 27 percent from the same period in 2017. Shares of Ford, which tumbled 39 percent in 2018, are hunkered under $10 a share for the first time since 2012.

“Some of the pain in the margins additionally [is] because the vehicles are old. We have on average the oldest fleet in the industry and we are going to have average the newest fleet. 75 percent of the portfolio is being turned over,” the CEO said.

The company is also in the middle of a massive restructuring with an aim to slash costs by $14 billion over the next five years. Ford recently announced plans to cut thousands of jobs in Europe as well as discontinuing some unprofitable lines there.

Yet in the face of a skeptical market Hackett defended Ford’s moves to right its ship. He told CNBC that investors “needed to be a little patient with some of the long-lived problems that haven’t been addressed that I’m going to represent. In less than 19 months, I’ve addressed every one of them.”

Many companies have expressed concerns about American brands potentially falling out of favor in China. For example, tech giant Apple cut its forecast in January, sounding alarms that an economic slowdown will weigh on its business. However, Hackett is not so worried.

“China’s optimism is still high with us,” he told CNBC. “The brand is one of the highest-ranking brands in the country. Even at the highest levels of the government they see it as a family-owned business that middle America loves. The Chinese want to relate to American businesses like that,” Hackett added.


Company: cnbc, Activity: cnbc, Date: 2019-01-13  Authors: yun li
Keywords: news, cnbc, companies, business, big, months, ceo, electric, coming, told, ford, surprise, vehicles, hackett, plans


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Entrepreneurs dedicated to energy access

Operational support and, potentially, local support, to set up workable distribution pilots or facilitate national or international scale-up. Publicity to raise the entrepreneur’s profile and make the project more attractive to potential investors and partners. “We’re convinced that combined expertise and means are the key to growing the energy access sector. This winner’s solution solves that problem by deploying mini-grids.” Mucho Mangoes buys mangoes and bananas from surrounding farmers to re


Operational support and, potentially, local support, to set up workable distribution pilots or facilitate national or international scale-up. Publicity to raise the entrepreneur’s profile and make the project more attractive to potential investors and partners. “We’re convinced that combined expertise and means are the key to growing the energy access sector. This winner’s solution solves that problem by deploying mini-grids.” Mucho Mangoes buys mangoes and bananas from surrounding farmers to re
Entrepreneurs dedicated to energy access Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-09
Keywords: news, cnbc, companies, kenya, business, winners, local, entrepreneurs, energy, solarpowered, smart, access, women, dedicated, solution, support, mangoes


Entrepreneurs dedicated to energy access

After being evaluated on six stringent criteria, five winners will receive support and coaching, based on their needs and the partners’ respective abilities and resources.

Strategy consulting to map out sustainable business models or win and retain customers.

Operational support and, potentially, local support, to set up workable distribution pilots or facilitate national or international scale-up.

Publicity to raise the entrepreneur’s profile and make the project more attractive to potential investors and partners.

Funding of up to $50,000 per winner.

“We’re convinced that combined expertise and means are the key to growing the energy access sector. We have to be able to get people together, help drive local development and promote innovation, while fulfilling the promise to nurture profitable ideas that can be reproduced,” adds Florian Temime.

Applications were accepted from June 27 to July 29, 2018. Five winners were announced from among the many entries:

AGSOL, active in Kenya, Tanzania and Zambia, which develops and markets smart solar-powered farm equipment. “Women in these countries spend two hours a day milling grain by hand or carrying 10 to 20 kilograms of grain to a mill. These small electric machines are set up in villages; the women can stay put and create a local micro-business.”

Kivu Green Energy, which has been successfully operating a mini-grid in the Democratic Republic of the Congo since 2017. “The country’s geography is such that cities of 200,000 people may not be connected to a grid. This winner’s solution solves that problem by deploying mini-grids.”

Mucho Mangoes in Kenya, which has devised solar drying solutions to limit post-harvest waste. Mucho Mangoes buys mangoes and bananas from surrounding farmers to resell dried mangoes and banana flour to local stores. “We really fell for this tiny, very local company, whose enthusiastic CEO’s smart approach to dealing with the problem made us all want to support him!”

Solar Freeze in Kenya, which offers solar-powered cold storage units. “Not only does the entrepreneur’s business model lend itself to creating business activity via micro-franchising, his technology lessens dependence on seasonal markets, while cutting waste.”

Sunny Irrigation in Kenya, which makes smart solar pumps that come with sensors to optimize their use. “This solution addresses an often-overlooked target, namely smallholders with less than an acre of cropland. By offering small-scale irrigation, this company fills a real gap.”

Says Florian Temime in conclusion: “Some winners are really bowled over when they hear the news. That means we made the right choice and will help them realize their entrepreneurial dream. That’s also a success and a point of pride for us!”


Company: cnbc, Activity: cnbc, Date: 2019-01-09
Keywords: news, cnbc, companies, kenya, business, winners, local, entrepreneurs, energy, solarpowered, smart, access, women, dedicated, solution, support, mangoes


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Constellation Brands stock drops on disappointing 2019 outlook

Shares of Constellation Brands skidded as much as 11 percent Wednesday morning as the Corona brewer tries to offset its disappointing wine and spirits business with the latest craze: cannabis. As a way of moving beyond its wine business, Constellation has been pushing into the cannabis industry. The company, which is the third-largest beer company in the United States, closed a $4 billion investment in the Canadian marijuana company Canopy Growth in November. It is also looking to sell some of i


Shares of Constellation Brands skidded as much as 11 percent Wednesday morning as the Corona brewer tries to offset its disappointing wine and spirits business with the latest craze: cannabis. As a way of moving beyond its wine business, Constellation has been pushing into the cannabis industry. The company, which is the third-largest beer company in the United States, closed a $4 billion investment in the Canadian marijuana company Canopy Growth in November. It is also looking to sell some of i
Constellation Brands stock drops on disappointing 2019 outlook Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-09  Authors: amelia lucas, scott mlyn, david paul morris, bloomberg, getty images, adam jeffery
Keywords: news, cnbc, companies, disappointing, wine, marijuana, stock, outlook, constellation, 2019, company, newlands, brands, spirits, business, drops, worth


Constellation Brands stock drops on disappointing 2019 outlook

Shares of Constellation Brands skidded as much as 11 percent Wednesday morning as the Corona brewer tries to offset its disappointing wine and spirits business with the latest craze: cannabis.

Global alcohol consumption has been dropping as consumers find other vices — like marijuana. As a way of moving beyond its wine business, Constellation has been pushing into the cannabis industry. The company, which is the third-largest beer company in the United States, closed a $4 billion investment in the Canadian marijuana company Canopy Growth in November. It is also looking to sell some of its U.S.-based wine brands in a deal that could be worth more than $3 billion.

President and COO Bill Newlands, who will succeed Bob Sands as CEO in March, has been overseeing the wine and spirits business as the company decides on a strategy to address its disappointing performance.

“We’ve have been challenged by the lower end of our [wine] business, which in totality has been flat or down,” Newlands told analysts on the conference call. “We continue to be slightly overweighted in that sector of the business.”


Company: cnbc, Activity: cnbc, Date: 2019-01-09  Authors: amelia lucas, scott mlyn, david paul morris, bloomberg, getty images, adam jeffery
Keywords: news, cnbc, companies, disappointing, wine, marijuana, stock, outlook, constellation, 2019, company, newlands, brands, spirits, business, drops, worth


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Cramer on chip stocks’ reversal: ‘You can’t wait for an all-clear sign’ to buy

Investors shouldn’t wait for “ironclad proof” that business is improving at Micron, Nvidia and Lam Research before they buy the semiconductor companies’ stocks, CNBC’s Jim Cramer said Wednesday as stocks inched higher. “The next time stocks drop, I need you to think about this group. “You can’t wait for an all-clear sign. “You can’t wait for the price of [dynamic random-access memory chips] — that’s Micron’s main product — to bottom. The chip stocks’ rally also speaks to the broader market layou


Investors shouldn’t wait for “ironclad proof” that business is improving at Micron, Nvidia and Lam Research before they buy the semiconductor companies’ stocks, CNBC’s Jim Cramer said Wednesday as stocks inched higher. “The next time stocks drop, I need you to think about this group. “You can’t wait for an all-clear sign. “You can’t wait for the price of [dynamic random-access memory chips] — that’s Micron’s main product — to bottom. The chip stocks’ rally also speaks to the broader market layou
Cramer on chip stocks’ reversal: ‘You can’t wait for an all-clear sign’ to buy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-09  Authors: elizabeth gurdus
Keywords: news, cnbc, companies, nvidia, sign, turn, cramer, wait, business, cant, think, reversal, chip, stocks, stock, rally, chips, buy, allclear


Cramer on chip stocks' reversal: 'You can't wait for an all-clear sign' to buy

Investors shouldn’t wait for “ironclad proof” that business is improving at Micron, Nvidia and Lam Research before they buy the semiconductor companies’ stocks, CNBC’s Jim Cramer said Wednesday as stocks inched higher.

“If you wait for ironclad proof that a troubled business has turned itself around, you’ll miss most of the upside from that turn,” he said on “Mad Money” after all three chip stocks surged. “The next time stocks drop, I need you to think about this group. It’s bottomed, and the rally? It’s just beginning.”

In Wednesday’s session, Micron climbed 5.04 percent, Nvidia rose 1.97 percent and Lam Research gained 5.16 percent. While the semiconductor industry has been under pressure in recent months due to supply-demand imbalances, the rallies encouraged Cramer that the worst could soon be over.

“You can’t wait for an all-clear sign. When you think a troubled business is ready to turn around, you need to buy its stock before the bad news comes to an end,” he said. “The semis led us down last quarter, and now, I think they have the ability to lead us higher this quarter, although a lot of people might find that hard to believe.”

Still, Cramer preached caution for investors looking to make near-term profits: all three companies could still report at least one more disappointing quarter, even as they’ll likely enjoy a stronger second half of 2019, he said.

Wall Street seems to agree. On Monday, BMO Capital Markets analysts upgraded Micron on expectations that business will improve and predicted a 50 percent rebound in the stock this year, but stated that “fundamentals will likely get worse before they get better.” Bernstein followed suit with a slightly less bullish upgrade.

“These analysts … are absolutely right,” Cramer said, pointing out that Micron’s stock is the cheapest in the S&P 500 with its 4.4 times price-to-earnings multiple. “You can’t wait for the price of [dynamic random-access memory chips] — that’s Micron’s main product — to bottom. You have to get in ahead of the bottom.”

The same goes for Nvidia, which struggled to manage an inventory glut in 2018 as some of its chips that were used for cryptocurrency mining saw lower demand, Cramer said.

“I like Nvidia here: the company just cut prices for its new Turing line of chips, one reason I believe their adoption will be far more rapid than Wall Street expects,” he argued. “Plus, Nvidia never lost its hold on autonomous driving, machine learning [or the] data center — the strength in those areas has just been obscured by the crypto collapse.”

Shares of Lam Research also tend to bottom “well before” management flags customer weakness to its stakeholders, Cramer said, adding that the equipment maker’s stock climb is “all about anticipation.”

The chip stocks’ rally also speaks to the broader market layout, the “Mad Money” host said. The Federal Reserve’s interest rate hikes may have cooled the economy sufficiently, but not so drastically that stocks don’t have room to rally, he said.

“This rally is about a turn in the second half,” he said. “If you believe the trade war will simmer down, if you believe Fed Chief Jay Powell will hold off on raising interest rates — that he’ll make decisions based on the actual data like he told us last week — then the worldwide economic expansion can restart, and basic building blocks like Micron’s chips can make a comeback in pricing.”


Company: cnbc, Activity: cnbc, Date: 2019-01-09  Authors: elizabeth gurdus
Keywords: news, cnbc, companies, nvidia, sign, turn, cramer, wait, business, cant, think, reversal, chip, stocks, stock, rally, chips, buy, allclear


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

New documents link Huawei to suspected front companies in Iran, Syria

U.S. authorities allege CFO Meng Wanzhou deceived international banks into clearing transactions with Iran by claiming the two companies were independent of Huawei, when in fact Huawei controlled them. Huawei has maintained the two are independent: equipment seller Skycom and shell company Canicula Holdings. The documents reveal that a high-level Huawei executive appears to have been appointed Skycom’s Iran manager. They also show that at least three Chinese-named individuals had signing rights


U.S. authorities allege CFO Meng Wanzhou deceived international banks into clearing transactions with Iran by claiming the two companies were independent of Huawei, when in fact Huawei controlled them. Huawei has maintained the two are independent: equipment seller Skycom and shell company Canicula Holdings. The documents reveal that a high-level Huawei executive appears to have been appointed Skycom’s Iran manager. They also show that at least three Chinese-named individuals had signing rights
New documents link Huawei to suspected front companies in Iran, Syria Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-08  Authors: alexander bibik, jane wolsak
Keywords: news, cnbc, companies, companies, authorities, equipment, company, iran, syria, link, meng, documents, skycom, business, suspected, washington, huawei


New documents link Huawei to suspected front companies in Iran, Syria

The U.S. case against the chief financial officer of China’s Huawei, who was arrested in Canada last month, centers on the company’s suspected ties to two obscure companies. One is a telecom equipment seller that operated in Tehran; the other is that firm’s owner, a holding company registered in Mauritius.

U.S. authorities allege CFO Meng Wanzhou deceived international banks into clearing transactions with Iran by claiming the two companies were independent of Huawei, when in fact Huawei controlled them. Huawei has maintained the two are independent: equipment seller Skycom and shell company Canicula Holdings.

But corporate filings and other documents found by Reuters in Iran and Syria show that Huawei, the world’s largest supplier of telecommunications network equipment, is more closely linked to both firms than previously known.

The documents reveal that a high-level Huawei executive appears to have been appointed Skycom’s Iran manager. They also show that at least three Chinese-named individuals had signing rights for both Huawei and Skycom bank accounts in Iran. Reuters also discovered that a Middle Eastern lawyer said Huawei conducted operations in Syria through Canicula.

The previously unreported ties between Huawei and the two companies could bear on the U.S. case against Meng, who is the daughter of Huawei founder Ren Zhengfei, by further undermining Huawei’s claims that Skycom was merely an arms-length business partner.

Huawei, U.S. authorities assert, retained control of Skycom, using it to sell telecom equipment to Iran and move money out via the international banking system. As a result of the deception, U.S. authorities say, banks unwittingly cleared hundreds of millions of dollars of transactions that potentially violated economic sanctions Washington had in place at the time against doing business with Iran.

Meng did not respond to a request for comment by Reuters, and Huawei declined to answer questions for this story. Canicula’s offices could not be reached. A Justice Department spokesman in Washington declined to comment.

Meng was released on C$10 million ($7.5 million) bail on Dec. 11 and remains in Vancouver while Washington tries to extradite her. In the United States, Meng would face charges in connection with an alleged conspiracy to defraud multiple financial institutions, with a maximum sentence of 30 years for each charge. The exact charges have not been made public.

Huawei said last month it has been given little information about the U.S. allegations “and is not aware of any wrongdoing by Ms. Meng.” The company has described its relationship with Skycom as “a normal business partnership.” It has said it has fully complied with all laws and regulations and required Skycom to do the same.

Meng’s arrest on a U.S. warrant has caused an uproar in China. It comes at a time of growing trade and military tensions between Washington and Beijing, and amid worries by U.S. intelligence that Huawei’s telecommunications equipment could contain “backdoors” for Chinese espionage. The firm has repeatedly denied such claims. Nevertheless, Australia and New Zealand recently banned Huawei from building their next generation of mobile phone networks, and British authorities have also expressed concerns.


Company: cnbc, Activity: cnbc, Date: 2019-01-08  Authors: alexander bibik, jane wolsak
Keywords: news, cnbc, companies, companies, authorities, equipment, company, iran, syria, link, meng, documents, skycom, business, suspected, washington, huawei


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post