Firms with a female CEO have a better stock price performance, new research says

Sam Edwards | Getty ImagesCompanies with female leaders often perform better on the stock market than those led by men, researchers have claimed. When women were appointed as chief financial officers (CFOs), companies saw different benefits, the report said. “Female CFOs drove more value appreciation, better defended profitability moats, and delivered excess risk-adjusted returns for their firms,” the report said. In the 24 months following the appointment of a female CFO, these companies outper


Sam Edwards | Getty ImagesCompanies with female leaders often perform better on the stock market than those led by men, researchers have claimed.
When women were appointed as chief financial officers (CFOs), companies saw different benefits, the report said.
“Female CFOs drove more value appreciation, better defended profitability moats, and delivered excess risk-adjusted returns for their firms,” the report said.
In the 24 months following the appointment of a female CFO, these companies outper
Firms with a female CEO have a better stock price performance, new research says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: chloe taylor
Keywords: news, cnbc, companies, ceo, following, firms, companies, better, appointment, cfos, performance, outperformed, female, research, report, male, price, stock


Firms with a female CEO have a better stock price performance, new research says

Sam Edwards | Getty Images

Companies with female leaders often perform better on the stock market than those led by men, researchers have claimed. In a report published Thursday, S&P Global analyzed earnings and share price data following 5,825 new executive appointments, of which 578 were women. The companies included in the analysis were all based in the U.S., with the research looking into corporate data published between 2002 and May this year. For every female CEO in the U.S. there were 19 male chief executives, while there were 6.5 male CFOs for every woman in the role at the end of 2018, the report said. In the two years following a new CEO appointment, the stock price for companies that appointed female chief executives outperformed those that appointed men by an average of 20%, the data showed. When women were appointed as chief financial officers (CFOs), companies saw different benefits, the report said.

“Female CFOs drove more value appreciation, better defended profitability moats, and delivered excess risk-adjusted returns for their firms,” the report said. In the 24 months following the appointment of a female CFO, these companies outperformed those with newly-appointed male CFOs by 8% on share price returns, the research said. They also outperformed by 6% on profitability in the same period. “These results are economically and statistically significant,” the report’s authors said of the findings. They also noted that gender diverse boardrooms led to monetary benefits for investors. Firms with greater levels of gender diversity on their board of directors were more profitable than their more male-dominant counterparts, researchers said. However, analysts pointed out that better corporate performance might not necessarily be down to the different actions that a female executive would take. “Our analysis supports that firms with higher earnings quality and lower leverage are firms with a culture conducive to making a female appointment, rather than the premise that stereotypical differences in the actions of the female executives, after their appointment, drive these differences,” the report said.


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: chloe taylor
Keywords: news, cnbc, companies, ceo, following, firms, companies, better, appointment, cfos, performance, outperformed, female, research, report, male, price, stock


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HBO’s ‘Silicon Valley’ final season riffs on Big Tech’s Washington problems and it hits close to home

HBO will premier its sixth and final season of “Silicon Valley” later this month, but its cast says the satirical series is ending at a time when it’s hitting closer to home than ever. The season will premier Oct. 27 and the first episode dives into Silicon Valley’s present-day clash with the U.S. government over monopolies, data privacy, scooters and polyamorous relationships. In the upcoming season premiere, the main character Richard Hendricks sits before congress to testify about user data.


HBO will premier its sixth and final season of “Silicon Valley” later this month, but its cast says the satirical series is ending at a time when it’s hitting closer to home than ever.
The season will premier Oct. 27 and the first episode dives into Silicon Valley’s present-day clash with the U.S. government over monopolies, data privacy, scooters and polyamorous relationships.
In the upcoming season premiere, the main character Richard Hendricks sits before congress to testify about user data.

HBO’s ‘Silicon Valley’ final season riffs on Big Tech’s Washington problems and it hits close to home Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: jennifer elias
Keywords: news, cnbc, companies, silicon, valley, tech, problems, washington, final, making, world, members, techs, hits, season, cast, started, riffs, hbos, companies


HBO's 'Silicon Valley' final season riffs on Big Tech's Washington problems and it hits close to home

HBO will premier its sixth and final season of “Silicon Valley” later this month, but its cast says the satirical series is ending at a time when it’s hitting closer to home than ever.

“We’re a little sentimental because we just wrapped production, but also because we feel like this story is just getting started,” said head of HBO comedy programming Amy Gravitt at a premiere event in San Francisco Wednesday, referring to ongoing issues facing Big Tech.

The season will premier Oct. 27 and the first episode dives into Silicon Valley’s present-day clash with the U.S. government over monopolies, data privacy, scooters and polyamorous relationships. It comes as Big Tech faces increasing scrutiny from the public, lawmakers and presidential candidates alike.

(Consider this your spoiler warning if you want to wait for the show’s premiere.)

In the upcoming season premiere, the main character Richard Hendricks sits before congress to testify about user data. Nervously sweating, he compared his moral standing to that of Facebook and Google, who he said have gotten away with monopolizing advertising and search, only to return back from Washington to learn his company used the same practices.

During a screening in San Francisco Wednesday, cast members reflected on how interactions with the public and with Silicon Valley companies themselves have morphed since the show first aired in 2014.

“A lot has changed in the way people think about tech since the show has started,” said former Twitter CEO Dick Costolo, who moderated a panel discussion with cast members after the screening.

“When we first started, it was bout outsiders trying to make a name and a business and now it’s become about people literally trying to save the world from people who have torn the fabric of society and broken the world,” director Alec Berg said.

Berg and and show creator Mike Judge said even interactions with companies have changed and —at times— proven their on-screen stereotypes.

“At first, at Google, we got a tour from a person who didn’t really know what they were doing and we got a very different tour after the show had come out,” Judge said. “It was like the media relations people — one after another — who’d say ‘Oh it’s great how you’re making fun of these companies who say they are making the world a better place, now let me show you how we are making the world a better place.'”

Actor Thomas Middleditch, who plays the main character Richard Hendricks, said techies approach him saying the show sometimes hits too close to home.

“It’s usually one of two things: ‘Oh man, I love the show — it’s like you had a camera in the room because that happened to me’ or it’s ‘hey man, I hear the show’s really good but I can’t watch it because it makes me relive my trauma at a startup.'”

The cast jokingly threw jabs at the audience, which was a combination of Silicon Valley and Hollywood types.

“How do you feel that they are un-self aware, and we can almost go individual by individual” actor Zach Woods said sarcastically, referring to audience members who work in tech.

“Say your net worth to,” Middleditch added.

Follow @CNBCtech on Twitter for the latest tech industry news.


Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: jennifer elias
Keywords: news, cnbc, companies, silicon, valley, tech, problems, washington, final, making, world, members, techs, hits, season, cast, started, riffs, hbos, companies


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Cannabis legislation progresses, yet US companies and US cannabis investors are moving in reverse

Buoyed by wide-scale public support, legislation to legalize and properly regulate cannabis in the U.S. on the state and federal level continues to gain steam. And what are the risks to U.S. companies and workers who are trying to build out this high growth, CPG (consumer packaged goods) sector? Republican Majority Leader Mitch McConnell’s endorsement of the legislation and continued support is a further testament to Washington’s growing embrace of the cannabis industry. So it comes as a surpris


Buoyed by wide-scale public support, legislation to legalize and properly regulate cannabis in the U.S. on the state and federal level continues to gain steam.
And what are the risks to U.S. companies and workers who are trying to build out this high growth, CPG (consumer packaged goods) sector?
Republican Majority Leader Mitch McConnell’s endorsement of the legislation and continued support is a further testament to Washington’s growing embrace of the cannabis industry.
So it comes as a surpris
Cannabis legislation progresses, yet US companies and US cannabis investors are moving in reverse Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: tim seymour, brady cobb
Keywords: news, cnbc, companies, street, trading, securities, cannabis, moving, investors, support, reverse, banking, americans, legislation, retail, companies, progresses


Cannabis legislation progresses, yet US companies and US cannabis investors are moving in reverse

Buoyed by wide-scale public support, legislation to legalize and properly regulate cannabis in the U.S. on the state and federal level continues to gain steam. So why are commercial and investment banks moving in the opposite direction? And what are the risks to U.S. companies and workers who are trying to build out this high growth, CPG (consumer packaged goods) sector? As a result, the U.S. retail investor has become collateral damage.

The passage of the 2018 Farm Bill, which legalized the cultivation and sale of hemp and hemp derived CBD, signaled federal acceptance and expansion of the cannabis marketplace in the United States. Republican Majority Leader Mitch McConnell’s endorsement of the legislation and continued support is a further testament to Washington’s growing embrace of the cannabis industry. And recently, the House of Representatives passed its version of the SAFE Banking Act, which would give cannabis companies access to the U.S. banking system including retail banking, credit card processing and access to institutional lending (as opposed to dilutive convertible debt financings).

So it comes as a surprise that an influential U.S. commercial bank would take a step to thwart the efforts of Americans to invest in legal cannabis companies with U.S. operations.

Bank of New York Mellon Corp., one of the largest custody and clearing banks in the world, announced earlier this month it would stop accepting positions(custody) or trading with U.S. marijuana-related businesses, a decision which would restrict trading of popular cannabis companies that are listed on Canadian exchanges, but have U.S. operations. Canadian-listed firms without U.S. operations would still be able to be traded.

BNY Mellon’s head-scratching decision has moved in the opposite direction of the thrust of U.S. public opinion. A Gallup poll conducted in 2018 found that 2 out of every 3 Americans support legalizing marijuana, while key 2020 swing states including Nevada and Michigan have adapted to voters’ concerns by legalizing recreational cannabis use.

The only way to provide lasting relief for U.S. investors in cannabis is with legislation from Washington.

Currently, if you’re a U.S. company that employs Americans and provides legal cannabis products to Americans, you have to publicly list your shares on the Canadian Securities Exchange, without the benefit of U.S. Securities and Exchange Commission oversight.

Currently, if you are a U.S. retail investor you must do cross-border trades in order to invest in cannabis stocks with all of the capital and fees flowing right out of Wall Street to Bay Street in Toronto. But more importantly, the protection of US exchanges and securities laws are also missing.


Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: tim seymour, brady cobb
Keywords: news, cnbc, companies, street, trading, securities, cannabis, moving, investors, support, reverse, banking, americans, legislation, retail, companies, progresses


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

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


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


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

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

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

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

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

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

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

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


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


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Andrew Yang: You should get a check in the mail from Facebook, Amazon, Google for your data

Andrew Yang, the Democratic presidential candidate best known for his $1,000-per-month universal basic income platform, says tech giants should pay people for use of their data. “Right now, our data is worth more than oil,” Yang said during Tuesday’s Democratic debate in Ohio. “How many of you remember getting your data check in the mail? According to Yang, companies should first be required to have customers opt-in to data collection, with a “clear and easy-to-understand statement about what is


Andrew Yang, the Democratic presidential candidate best known for his $1,000-per-month universal basic income platform, says tech giants should pay people for use of their data.
“Right now, our data is worth more than oil,” Yang said during Tuesday’s Democratic debate in Ohio.
“How many of you remember getting your data check in the mail?
According to Yang, companies should first be required to have customers opt-in to data collection, with a “clear and easy-to-understand statement about what is
Andrew Yang: You should get a check in the mail from Facebook, Amazon, Google for your data Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: catherine clifford
Keywords: news, cnbc, companies, way, best, tuesdays, andrew, google, optin, amazon, mail, facebook, tech, yang, democratic, share, check, companies, data


Andrew Yang: You should get a check in the mail from Facebook, Amazon, Google for your data

Andrew Yang, the Democratic presidential candidate best known for his $1,000-per-month universal basic income platform, says tech giants should pay people for use of their data.

“Right now, our data is worth more than oil,” Yang said during Tuesday’s Democratic debate in Ohio. “How many of you remember getting your data check in the mail? It got lost. It went to Facebook, Amazon, Google.”

Yang offered the idea as a way to handle such tech megaliths instead of just breaking them up (which some, like Democratic candidate Sen. Elizabeth Warren, have advocated).

Though there are “absolutely excesses in technology and in some cases having them divest parts of their business is the right move,” according to Yang, “we also have to be realistic that competition doesn’t solve all the problems.

“It’s not like any of us wants to use the fourth-best navigation app. That would be like cruel and unusual punishment. There is a reason why no one is using Bing today. Sorry, Microsoft. It’s true,” Yang said during Tuesday’s debate.

Yang said that if “we say this [data] is our property and we share in the gains, that’s the best way we can balance the scales against the big tech companies,” calling it “the best way we can fight back.”

According to Yang, companies should first be required to have customers opt-in to data collection, with a “clear and easy-to-understand statement about what is being collected and how it is going to be used.” Those who do opt-in and share personal data with companies should then “receive a share of the economic value generated from your data.”


Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: catherine clifford
Keywords: news, cnbc, companies, way, best, tuesdays, andrew, google, optin, amazon, mail, facebook, tech, yang, democratic, share, check, companies, data


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

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


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


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

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

Andrew Yang

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

Elizabeth Warren

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

Kamala Harris

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

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

Amy Klobuchar

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

Bernie Sanders

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

Beto O’Rourke

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

Cory Booker

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

Julian Castro

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

Tom Steyer


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


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John Chambers’ band of Cisco geniuses have a new start-up aimed at Amazon Web Services

That’s what ex-Cisco CEO John Chambers is doing with Mario Mazzola, Prem Jain, Luca Cafiero and Soni Jiandani. The foursome arrived at Cisco in 1993 through its acquisition of Crescendo Communications, giving Cisco ethernet switching technology, which would eventually become a core part of its business. After MPLS formed a new start-up called Pensando Systems in 2017, Chambers invested and became its chairman. Now that he no longer controls a major company, Chambers is simply rooting for the tea


That’s what ex-Cisco CEO John Chambers is doing with Mario Mazzola, Prem Jain, Luca Cafiero and Soni Jiandani.
The foursome arrived at Cisco in 1993 through its acquisition of Crescendo Communications, giving Cisco ethernet switching technology, which would eventually become a core part of its business.
After MPLS formed a new start-up called Pensando Systems in 2017, Chambers invested and became its chairman.
Now that he no longer controls a major company, Chambers is simply rooting for the tea
John Chambers’ band of Cisco geniuses have a new start-up aimed at Amazon Web Services Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-16  Authors: jordan novet
Keywords: news, cnbc, companies, geniuses, pensando, cloud, band, services, work, mpls, company, chambers, companies, startup, aimed, nitro, john, web, amazon, cisco


John Chambers' band of Cisco geniuses have a new start-up aimed at Amazon Web Services

Sometimes when you work with successful people, you want to stick with them. That’s what ex-Cisco CEO John Chambers is doing with Mario Mazzola, Prem Jain, Luca Cafiero and Soni Jiandani.

Together they are known, using the first letters of their first names, as MPLS, which doubles as an acronym for a data center networking capability called multiprotocol label switching. The foursome arrived at Cisco in 1993 through its acquisition of Crescendo Communications, giving Cisco ethernet switching technology, which would eventually become a core part of its business. They went on to build start-ups with investments from Cisco, which then were bought by Cisco outright and brought back to the company in arrangements that came to be known as “spin-ins,” most recently with Insieme Networks in 2013.

Chambers stepped aside as Cisco’s chief in 2015. After MPLS formed a new start-up called Pensando Systems in 2017, Chambers invested and became its chairman. Now that he no longer controls a major company, Chambers is simply rooting for the team to build a lasting company on their own.

Pensando’s hardware and software can help companies run their servers more efficiently. The start-up’s chips take on certain computing work that would otherwise be handled by the main chips, freeing them up to do other things.

The emergence of Pensando shows that interesting computing concepts can be popularized by the few large-scale cloud computing companies, which operate vast fleets of computers for other companies to use, not just the companies that sell hardware.

In 2017 Amazon Web Services, the largest cloud provider, announced hardware called Nitro, drawing on work from Annapurna, a semiconductor company Amazon had bought two years earlier. For one thing, Nitro can handle server virtualization, which enables multiple applications to run on a single server.

Pensando aims to provide this versatility to other companies, including rival cloud providers, and the start-up claims its technology delivers five to nine times better performance than Amazon’s Nitro. Cloud provider Oracle has signed up as a customer, as have Equinix, Goldman Sachs and NetApp.

In the past, Cisco has managed the duties of taking to market technologies developed by the MPLS group. This time, it’s all on them. The MPLS team has never missed, Chambers told reporters over dinner in San Francisco this week. He envisions Pensando becoming profitable and said he would like to see the company to go public.

Hewlett Packard Enterprise, Goldman Sachs and Lightspeed Venture Partners have invested in the San Jose, California-based start-up, which is targeting a post-money valuation of $645 million.

WATCH: John Chambers on Hong Kong protests, Huawei and tariffs


Company: cnbc, Activity: cnbc, Date: 2019-10-16  Authors: jordan novet
Keywords: news, cnbc, companies, geniuses, pensando, cloud, band, services, work, mpls, company, chambers, companies, startup, aimed, nitro, john, web, amazon, cisco


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Libra’s co-creator at Facebook touts progress after an exodus of key backers of the crypto coin

The co-creator of Facebook-backed libra defended the cryptocurrency on Wednesday after a number of recent high-profile companies abandoned the effort. The digital currency will not be run by Facebook, but rather by a nonprofit association supported by a range of companies and organizations. Governments so far have been skeptical of the digital coin, with policymakers around the world upping pressure on libra. Facebook CEO Mark Zuckerberg is set to face Congress next week to answer questions on l


The co-creator of Facebook-backed libra defended the cryptocurrency on Wednesday after a number of recent high-profile companies abandoned the effort.
The digital currency will not be run by Facebook, but rather by a nonprofit association supported by a range of companies and organizations.
Governments so far have been skeptical of the digital coin, with policymakers around the world upping pressure on libra.
Facebook CEO Mark Zuckerberg is set to face Congress next week to answer questions on l
Libra’s co-creator at Facebook touts progress after an exodus of key backers of the crypto coin Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-16  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, touts, crypto, progress, way, exodus, cocreator, backers, coin, facebook, libra, key, digital, answer, world, companies, week, libras, marcus, project


Libra's co-creator at Facebook touts progress after an exodus of key backers of the crypto coin

The co-creator of Facebook-backed libra defended the cryptocurrency on Wednesday after a number of recent high-profile companies abandoned the effort.

Libra ran into issues Friday after Visa, Mastercard, Stripe, eBay and Mercado Pago bolted. Booking Holdings, formerly Priceline, left Monday. Each of the companies would have potentially invested $10 million each into the project.

The digital currency will not be run by Facebook, but rather by a nonprofit association supported by a range of companies and organizations.

“It wasn’t a tough week,” said David Marcus, head of Facebook’s Calibra digital wallet, which can serve as a way to store and exchange Libra. Calibra won’t be the only wallet. It will interact with other Libra-accepted platforms.

“I would rather have all of these companies come with us,” he added, saying that he understands companies have to respect shareholders who are skeptical of the digital coin.

Instead, Marcus pointed to Libra’s progress in a “Squawk Box” interview. The founding members, including Uber, Lyft and Spotify, held their first meeting on Monday in Geneva, Switzerland where they settled on an organizational structure and a five-seat board of directors, including Marcus and representatives from Libra-backer Andreessen Horowitz, a leading Silicon Valley venture capital firm.

The goal of Libra — using blockchain, the technology underlying bitcoin on other cryptocurrencies — is to make it as easy to send money across the world as it is to send a photo. But unlike bitcoin and others, Libra will be backed by more stable government-backed money.

Governments so far have been skeptical of the digital coin, with policymakers around the world upping pressure on libra. Facebook CEO Mark Zuckerberg is set to face Congress next week to answer questions on libra.

Though Marcus stressed on Wednesday that the project is just that: an idea with room for improvement. Libra, which was announced in June, is aiming to launch in the first half of 2020.

“It’s kind of odd that all of this is happening at the stage of this project because it’s a project. It’s an idea. It’s a whitepaper. Nothing is operating yet,” he said when asked about the political pressure. “It’s kind of sad in a way to see all the issues that we currently have with the current system.”

Marcus, testifying before House lawmakers, also indicated in July that the group fully plans to move forward with libra.

When asked by Chairwoman Maxine Waters, D-Calif., whether Facebook would postpone its launch plans until regulations were in place, Marcus didn’t give a definitive answer. Waters said his answer “was not a commitment.”


Company: cnbc, Activity: cnbc, Date: 2019-10-16  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, touts, crypto, progress, way, exodus, cocreator, backers, coin, facebook, libra, key, digital, answer, world, companies, week, libras, marcus, project


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Libra co-creator on the high-profile companies withdrawing from the project

Libra co-creator on the high-profile companies withdrawing from the project23 Hours AgoFounding members of the Libra Association met for its first council meeting this week. The members formally signing on include Andreessen Horowitz, Uber, Lyft, Spotify and Coinbase. A number of founding members have pulled out, including eBay, Visa, PayPal and Stripe. David Marcus, co-creator of Libra and head of Calibra at Facebook, joins “Squawk Box” to discuss.


Libra co-creator on the high-profile companies withdrawing from the project23 Hours AgoFounding members of the Libra Association met for its first council meeting this week.
The members formally signing on include Andreessen Horowitz, Uber, Lyft, Spotify and Coinbase.
A number of founding members have pulled out, including eBay, Visa, PayPal and Stripe.
David Marcus, co-creator of Libra and head of Calibra at Facebook, joins “Squawk Box” to discuss.
Libra co-creator on the high-profile companies withdrawing from the project Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-16  Authors: andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, cocreator, stripe, libra, uber, members, withdrawing, companies, squawk, week, highprofile, spotify, visa, project


Libra co-creator on the high-profile companies withdrawing from the project

Libra co-creator on the high-profile companies withdrawing from the project

23 Hours Ago

Founding members of the Libra Association met for its first council meeting this week. The members formally signing on include Andreessen Horowitz, Uber, Lyft, Spotify and Coinbase. A number of founding members have pulled out, including eBay, Visa, PayPal and Stripe. David Marcus, co-creator of Libra and head of Calibra at Facebook, joins “Squawk Box” to discuss.


Company: cnbc, Activity: cnbc, Date: 2019-10-16  Authors: andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, cocreator, stripe, libra, uber, members, withdrawing, companies, squawk, week, highprofile, spotify, visa, project


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Five companies said to be in talks over $22 billion opioid settlement

Five makers and distributors of opioid painkillers are in discussions with state attorneys general over a potential settlement worth about $22 billion in cash, and more in drugs and services, according to people familiar with the situation. Three major drug distributors — McKesson, AmerisourceBergen and Cardinal Health — are in discussions to pay $18 billion, while drugmaker Johnson & Johnson has offered $4 billion, according to the people, who declined to be identified because the talks are pri


Five makers and distributors of opioid painkillers are in discussions with state attorneys general over a potential settlement worth about $22 billion in cash, and more in drugs and services, according to people familiar with the situation.
Three major drug distributors — McKesson, AmerisourceBergen and Cardinal Health — are in discussions to pay $18 billion, while drugmaker Johnson & Johnson has offered $4 billion, according to the people, who declined to be identified because the talks are pri
Five companies said to be in talks over $22 billion opioid settlement Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-16  Authors: meg tirrell
Keywords: news, cnbc, companies, drugs, distributors, opioid, discussions, trial, state, health, talks, according, drug, companies, billion, settlement


Five companies said to be in talks over $22 billion opioid settlement

Five makers and distributors of opioid painkillers are in discussions with state attorneys general over a potential settlement worth about $22 billion in cash, and more in drugs and services, according to people familiar with the situation.

The possible deal comes days before the start of the first federal trial seeking to hold industry to account for the epidemic.

Three major drug distributors — McKesson, AmerisourceBergen and Cardinal Health — are in discussions to pay $18 billion, while drugmaker Johnson & Johnson has offered $4 billion, according to the people, who declined to be identified because the talks are private. Teva Pharmaceuticals is in talks to contribute at least $15 billion worth of drugs, with more value coming from some of the five companies in the form of drugs and services, the people said.

The discussions were first reported by The Wall Street Journal and Bloomberg, which noted the money would be paid in increments of $1 billion a year. An official agreement hasn’t yet been reached. One sticking point, the people say, is over fees for attorneys representing some of the plaintiff counties.

“We’re open to a reasonable settlement,” J&J Chief Financial Officer Joseph Wolk said in an interview Tuesday on CNBC’s “Squawk Box,” before the reports of its $4 billion offer. “Our drugs were less than 1% of the market share of all outstanding opioids, so we want to make sure it’s in proportion, but where it makes sense for all stakeholders, we’ll look to have a settlement.”

News of the discussions comes as jury selection was set to get underway Wednesday in Cleveland, before opening arguments in the federal trial Oct. 21. Some state attorneys general asked the judge in the case to delay the trial as they work on a settlement, but their request was denied, according to The Washington Post.

Some of the defendants also filed a motion Wednesday to postpone the trial “due to eve-of-trial prejudicial publicity,” according to the case docket. The motion, though, is sealed.

More than 2,000 counties, cities and states have sued more than a dozen drug companies, distributors and pharmacies, alleging the industry helped create the nation’s opioid epidemic. The trial set to begin next week involves just two Ohio counties, considered the first “bellwether” trial for the rest of the cases that have been consolidated into a multidistrict litigation centered in Cleveland. The state cases are proceeding separately.

The settlement discussions with the five companies don’t include several other companies named in many cases, including drugmakers Mallinckrodt and Endo International, and pharmacies including CVS Health, Walgreens and Walmart. Nonetheless, Endo’s stock rose 21% Wednesday afternoon, while Mallinckrodt’s rose almost 8%.

Shares of drug distributors also rose.

A “settlement would remove [an] overhang and make [the] group ownable again,” Jefferies analyst Brian Tanquilut wrote in a note about the drug distributors.

The numbers, generally, are lower than many on Wall Street had projected. In a note in August, Morgan Stanley estimated base case liability for Cardinal Health at $8.2 billion, McKesson at $10.9 billion, and AmerisourceBergen at $6.9 billion. The firm’s estimates for J&J and Teva were $5.9 billion and $4.7 billion, respectively.

Some on the state attorneys general side are pushing for Teva to contribute cash in addition to drugs, according to one person familiar. The company has a significant amount of debt and doesn’t have the financial firepower of the distributors and J&J.

Teva declined to comment, as did AmerisourceBergen. Cardinal Health and McKesson didn’t respond to requests for comment.


Company: cnbc, Activity: cnbc, Date: 2019-10-16  Authors: meg tirrell
Keywords: news, cnbc, companies, drugs, distributors, opioid, discussions, trial, state, health, talks, according, drug, companies, billion, settlement


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