Cboe to stop listing bitcoin futures as interest in crypto trading cools

The major U.S. exchange company that paved the way for bitcoin futures has had a change of heart. Cboe Global Markets, which rolled out the first bitcoin futures contracts in December 2017, has decided to stop adding new ones. In a statement last week, the Cboe Futures Exchange said it will not add new bitcoin futures in March. In the meantime, active bitcoin contracts are still available to trade, but the last of them expires in June. Its Chicago-based rival CME Group debuted its own cash-settl


The major U.S. exchange company that paved the way for bitcoin futures has had a change of heart. Cboe Global Markets, which rolled out the first bitcoin futures contracts in December 2017, has decided to stop adding new ones. In a statement last week, the Cboe Futures Exchange said it will not add new bitcoin futures in March. In the meantime, active bitcoin contracts are still available to trade, but the last of them expires in June. Its Chicago-based rival CME Group debuted its own cash-settl
Cboe to stop listing bitcoin futures as interest in crypto trading cools Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: kate rooney, jim young, bloomberg, getty images
Keywords: news, cnbc, companies, futures, interest, crypto, trading, contracts, marketplace, cools, bitcoin, volume, exchange, near, stop, listing, investors, way, cboe


Cboe to stop listing bitcoin futures as interest in crypto trading cools

The major U.S. exchange company that paved the way for bitcoin futures has had a change of heart.

Cboe Global Markets, which rolled out the first bitcoin futures contracts in December 2017, has decided to stop adding new ones. In a statement last week, the Cboe Futures Exchange said it will not add new bitcoin futures in March. It did not rule out the possibility of other cryptocurrency derivatives, though, and “is assessing” its approach for how it plans to continue.

In the meantime, active bitcoin contracts are still available to trade, but the last of them expires in June.

Futures are a way for investors to bet on whether the price of a commodity — in this case bitcoin — will rise or fall. The contracts expire each month, meaning an exchange has to continuously list more if it wants to keep the market alive.

The move by Cboe highlights cooling enthusiasm for bitcoin after an all-out mania led by retail investors in 2017. When the “XBT” futures launched in December of that year, bitcoin was trading near $17,000. Not long after, it shot to almost $20,000. Prices have come crashing down by 80 percent since. Bitcoin was trading near $4,000 as of Monday afternoon.

Cboe was not the only exchange to try to capitalize on the bitcoin frenzy. Its Chicago-based rival CME Group debuted its own cash-settled bitcoin contracts, also denominated in U.S. dollars, and has not announced any changes. CME’s version has historically seen more trading volume. CME bitcoin futures’ 30-day average volume is more than four times larger than Cboe’s.

When they were introduced, futures gave investors a way to buy and sell cryptocurrency in a regulated marketplace. Those in favor of it said it would be a way to usher institutional investors into the bitcoin marketplace. There has been little evidence of that happening in the form of crypto derivatives.


Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: kate rooney, jim young, bloomberg, getty images
Keywords: news, cnbc, companies, futures, interest, crypto, trading, contracts, marketplace, cools, bitcoin, volume, exchange, near, stop, listing, investors, way, cboe


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Cboe to stop listing bitcoin futures as interest in crypto trading cools

The major U.S. exchange company that paved the way for bitcoin futures has had a change of heart. Cboe Global Markets, which rolled out the first bitcoin futures contracts in December 2017, has decided to stop adding new ones. In a statement last week, the Cboe Futures Exchange said it will not add new bitcoin futures in March. In the meantime, active bitcoin contracts are still available to trade, but the last of them expires in June. Its Chicago-based rival CME Group debuted its own cash-settl


The major U.S. exchange company that paved the way for bitcoin futures has had a change of heart. Cboe Global Markets, which rolled out the first bitcoin futures contracts in December 2017, has decided to stop adding new ones. In a statement last week, the Cboe Futures Exchange said it will not add new bitcoin futures in March. In the meantime, active bitcoin contracts are still available to trade, but the last of them expires in June. Its Chicago-based rival CME Group debuted its own cash-settl
Cboe to stop listing bitcoin futures as interest in crypto trading cools Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: kate rooney, jim young, bloomberg, getty images
Keywords: news, cnbc, companies, futures, interest, crypto, trading, contracts, marketplace, cools, bitcoin, volume, exchange, near, stop, listing, investors, way, cboe


Cboe to stop listing bitcoin futures as interest in crypto trading cools

The major U.S. exchange company that paved the way for bitcoin futures has had a change of heart.

Cboe Global Markets, which rolled out the first bitcoin futures contracts in December 2017, has decided to stop adding new ones. In a statement last week, the Cboe Futures Exchange said it will not add new bitcoin futures in March. It did not rule out the possibility of other cryptocurrency derivatives, though, and “is assessing” its approach for how it plans to continue.

In the meantime, active bitcoin contracts are still available to trade, but the last of them expires in June.

Futures are a way for investors to bet on whether the price of a commodity — in this case bitcoin — will rise or fall. The contracts expire each month, meaning an exchange has to continuously list more if it wants to keep the market alive.

The move by Cboe highlights cooling enthusiasm for bitcoin after an all-out mania led by retail investors in 2017. When the “XBT” futures launched in December of that year, bitcoin was trading near $17,000. Not long after, it shot to almost $20,000. Prices have come crashing down by 80 percent since. Bitcoin was trading near $4,000 as of Monday afternoon.

Cboe was not the only exchange to try to capitalize on the bitcoin frenzy. Its Chicago-based rival CME Group debuted its own cash-settled bitcoin contracts, also denominated in U.S. dollars, and has not announced any changes. CME’s version has historically seen more trading volume. CME bitcoin futures’ 30-day average volume is more than four times larger than Cboe’s.

When they were introduced, futures gave investors a way to buy and sell cryptocurrency in a regulated marketplace. Those in favor of it said it would be a way to usher institutional investors into the bitcoin marketplace. There has been little evidence of that happening in the form of crypto derivatives.


Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: kate rooney, jim young, bloomberg, getty images
Keywords: news, cnbc, companies, futures, interest, crypto, trading, contracts, marketplace, cools, bitcoin, volume, exchange, near, stop, listing, investors, way, cboe


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Microsoft says it’s picking up more big Azure contracts

On Wednesday the company’s chief financial officer, Amy Hood, told analysts on a conference call that the company is picking up more major commitments around using Microsoft Azure, like the five-year deal with Gap Inc. that was announced in November. Last year, Amazon talked for the first time about revenue that had not yet been recognized through contracts that are more than one year long, primarily from AWS. At the end of the third quarter Amazon had $17.8 billion in revenue that hadn’t been r


On Wednesday the company’s chief financial officer, Amy Hood, told analysts on a conference call that the company is picking up more major commitments around using Microsoft Azure, like the five-year deal with Gap Inc. that was announced in November. Last year, Amazon talked for the first time about revenue that had not yet been recognized through contracts that are more than one year long, primarily from AWS. At the end of the third quarter Amazon had $17.8 billion in revenue that hadn’t been r
Microsoft says it’s picking up more big Azure contracts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-31  Authors: jordan novet, daniel berman, bloomberg, getty images
Keywords: news, cnbc, companies, picking, contracts, microsoft, talked, big, amazon, growth, cloud, azure, revenue, quarter, aws


Microsoft says it's picking up more big Azure contracts

Microsoft might not be the biggest cloud provider — that title goes to Amazon — but it is starting to win more long-term cloud deals. On Wednesday the company’s chief financial officer, Amy Hood, told analysts on a conference call that the company is picking up more major commitments around using Microsoft Azure, like the five-year deal with Gap Inc. that was announced in November.

The trend points to Microsoft becoming a more mature operator in the cloud business as it seeks to catch up with market leader Amazon Web Services. Last year, Amazon talked for the first time about revenue that had not yet been recognized through contracts that are more than one year long, primarily from AWS. At the end of the third quarter Amazon had $17.8 billion in revenue that hadn’t been recognized.

Hood first talked about Microsoft picking up “larger and longer-term agreements” on an earnings call last July. She didn’t bring up the subject again on the earnings call in October. Then, on Wednesday, she provided an update.

“Commercial bookings were strong, growing 18 percent and 22 percent in constant currency, driven by solid renewal execution and an increase in the number of larger longer-term Azure contracts,” Hood said.

Microsoft’s commercial bookings growth for the fiscal second quarter exceeded the 7 percent growth one year earlier, and the 15 percent growth from the fiscal first quarter.

Hood’s remarks came a day before Amazon is scheduled to talk about its latest AWS results.

Microsoft’s Azure revenue for the four most recent quarters could be more than $9.5 billion, based on an estimate from Brent Bracelin, managing director of KeyBanc Capital Markets. Meanwhile, AWS revenue in the third quarter alone exceeded $6.5 billion.

WATCH: Wall Street is underestimating opportunity in cloud computing, analyst says


Company: cnbc, Activity: cnbc, Date: 2019-01-31  Authors: jordan novet, daniel berman, bloomberg, getty images
Keywords: news, cnbc, companies, picking, contracts, microsoft, talked, big, amazon, growth, cloud, azure, revenue, quarter, aws


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Boeing warns: Shutdown could hurt business and aviation industry

Boeing’s statement comes as President Donald Trump and Congress are locked in a showdown over funding for Trump’s proposed wall along the nation’s southern border. Trump has refused to sign any bill that doesn’t include money for the barrier, while Democrats have said they would not support a measure with wall funding. Boeing, which is also the world’s second-largest defense firm, bagged a significant number of Pentagon contracts in 2018. In September alone, Boeing was awarded more than 20 contr


Boeing’s statement comes as President Donald Trump and Congress are locked in a showdown over funding for Trump’s proposed wall along the nation’s southern border. Trump has refused to sign any bill that doesn’t include money for the barrier, while Democrats have said they would not support a measure with wall funding. Boeing, which is also the world’s second-largest defense firm, bagged a significant number of Pentagon contracts in 2018. In September alone, Boeing was awarded more than 20 contr
Boeing warns: Shutdown could hurt business and aviation industry Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-23  Authors: amanda macias, brian schwartz, alex flynn, bloomberg, getty images
Keywords: news, cnbc, companies, statement, sector, shutdown, warns, business, funding, contracts, aviation, industry, defense, wall, term, hurt, trump, boeing


Boeing warns: Shutdown could hurt business and aviation industry

Boeing emailed a statement to CNBC on the sidelines of the World Economic Forum in Davos, Switzerland, warning of bigger impacts on its business and the aviation sector if the shutdown drags on:

While the partial government shutdown has not had a material impact on Boeing to date, we are concerned about the short term effects on our friends, families and neighbors in the communities we operate in as well as the long term effects that may begin to weigh on our operational efficiency, pose other challenges for our business and the aviation sector in general. We urge the Administration and Congress to reach a solution to this funding impasse quickly to fully reopen the government and preserve U.S. economic growth.

The company, along with other aerospace and defense firms, is slated to report earnings next week.

Boeing’s statement comes as President Donald Trump and Congress are locked in a showdown over funding for Trump’s proposed wall along the nation’s southern border. Trump has refused to sign any bill that doesn’t include money for the barrier, while Democrats have said they would not support a measure with wall funding. The shutdown entered its 33rd day Wednesday.

While the partial government shutdown, which began nearly five weeks ago, does not impact the Pentagon, some defense firms hold contracts with agencies like NASA and the Department of Homeland Security — which are currently not funded.

Boeing, which is also the world’s second-largest defense firm, bagged a significant number of Pentagon contracts in 2018.

In September alone, Boeing was awarded more than 20 contracts with a cumulative value of $13.7 billion. The defense giant is scheduled to release its fourth quarter and 2018 financial results before the market opens Jan. 30.


Company: cnbc, Activity: cnbc, Date: 2019-01-23  Authors: amanda macias, brian schwartz, alex flynn, bloomberg, getty images
Keywords: news, cnbc, companies, statement, sector, shutdown, warns, business, funding, contracts, aviation, industry, defense, wall, term, hurt, trump, boeing


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Patriots, Chiefs, Rams and Saints all led by QBs on the cheap

In the case of the Chiefs’ Patrick Mahomes ($4.1 million) and Rams’ Jared Goff ($7 million), their annual average salaries are a combined $11 million. Last off-season, the New Orleans’ signal-caller had a lot of leverage when he signed a free-agent deal with the Saints. To take a $25 million per year deal, when others were getting $30 million and above, allowed the Saints to use the extra money on the team. At $20.5 million per year, it’s a bargain for the Patriots, considering that 15 other qua


In the case of the Chiefs’ Patrick Mahomes ($4.1 million) and Rams’ Jared Goff ($7 million), their annual average salaries are a combined $11 million. Last off-season, the New Orleans’ signal-caller had a lot of leverage when he signed a free-agent deal with the Saints. To take a $25 million per year deal, when others were getting $30 million and above, allowed the Saints to use the extra money on the team. At $20.5 million per year, it’s a bargain for the Patriots, considering that 15 other qua
Patriots, Chiefs, Rams and Saints all led by QBs on the cheap Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: eric chemi, kevork djansezian, getty images
Keywords: news, cnbc, companies, million, chiefs, teams, led, patriots, quarterbacks, saints, qbs, cheap, money, contracts, deal, team, rams


Patriots, Chiefs, Rams and Saints all led by QBs on the cheap

When the Kansas City Chiefs, New England Patriots, St. Louis Rams and New Orleans Saints take to the field on Sunday to square off for a Super Bowl berth, each team will share one strikingly similar connection: Their starting quarterbacks all make less money than what they could make on the open market.

In the case of the Chiefs’ Patrick Mahomes ($4.1 million) and Rams’ Jared Goff ($7 million), their annual average salaries are a combined $11 million. That’s because of league-mandated rookie-scale contracts that keeps a lid on what newly drafted players can make.

That cost-effectiveness is unlikely to last long, especially if both players continue to play at stratospheric levels and get offered big contracts at their next signing. But at least for the moment, Goff’s and Mahomes’ relatively low salaries are a big benefit to their teams, allowing them to spend money on weapons all around the quarterbacks.

It’s also why in the past, many young quarterbacks see instant team success. Seattle’s Russell Wilson, Baltimore’s Joe Flacco, San Francisco’s Colin Kaepernick, Dallas’ Dak Prescott, and Washington’s Robert Griffin III are some examples of that effect in the last several years.

Even consider last year’s champion, the Philadelphia Eagles. The team had Carson Wentz for cheap ($6.7 million annual average), which allowed them to have a strong backup in Nick Foles, who took over for an injured Wentz to win the Super Bowl.

Then there are Drew Brees and Tom Brady. Last off-season, the New Orleans’ signal-caller had a lot of leverage when he signed a free-agent deal with the Saints. To take a $25 million per year deal, when others were getting $30 million and above, allowed the Saints to use the extra money on the team. At the time, it was noted as the most team-friendly contract in the league.

Yet Brady’s salary has become a point of debate and confusion for so many years. He consistently takes less money than he could. At $20.5 million per year, it’s a bargain for the Patriots, considering that 15 other quarterbacks league-wide make a higher average salary.

“Certainly the Rams and Chiefs did some serious spending with those cheap contracts in place,” said Andrew Brandt, a sports law professor at Villanova with past experience as an NFL player agent and an executive with the Green Bay Packers. “Tom Brady perennially takes less, and Drew Brees signed a market deal but he could have received more money.”

The pay disparity is even more jarring when considering the league’s six highest paid quarterbacks all missed the playoffs this year, while only one of those teams even finished with a winning record. That includes veterans like Aaron Rodgers ($33.5 million), Matt Ryan ($30 million), Kirk Cousins ($28 million), and Matt Stafford ($27 million).

It’s possible teams start to notice that an extra $5 to $10 million saved on a veteran QB can buy a lot of help at multiple positions. However, that’s nothing compared to a team saving $20 to $30 million by having a young quarterback (who, of course is capable of playing at a very high level) on a rookie contract.


Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: eric chemi, kevork djansezian, getty images
Keywords: news, cnbc, companies, million, chiefs, teams, led, patriots, quarterbacks, saints, qbs, cheap, money, contracts, deal, team, rams


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Anonymous Buffett-like bet on S&P 500 causes a stir on the options market

An anonymous trader caused a stir in the U.S. equity options market on Monday with a massive bet that recalled Warren Buffett’s famous wager on global stocks more than a decade ago. The trader sold 19,000 put options on the S&P 500 Index obligating him or her to buy the market benchmark at 2,100 on Dec. 18, 2020, data from New York-based options analytics firm Trade Alert showed. Buffett’s Berkshire Hathaway sold billions of dollars in stock index options between 2004 and 2008, betting that mark


An anonymous trader caused a stir in the U.S. equity options market on Monday with a massive bet that recalled Warren Buffett’s famous wager on global stocks more than a decade ago. The trader sold 19,000 put options on the S&P 500 Index obligating him or her to buy the market benchmark at 2,100 on Dec. 18, 2020, data from New York-based options analytics firm Trade Alert showed. Buffett’s Berkshire Hathaway sold billions of dollars in stock index options between 2004 and 2008, betting that mark
Anonymous Buffett-like bet on S&P 500 causes a stir on the options market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-15
Keywords: news, cnbc, companies, 500, structured, bet, index, options, sold, stir, sp, causes, trade, market, trader, stocks, buffettlike, anonymous, contracts


Anonymous Buffett-like bet on S&P 500 causes a stir on the options market

An anonymous trader caused a stir in the U.S. equity options market on Monday with a massive bet that recalled Warren Buffett’s famous wager on global stocks more than a decade ago.

The trader sold 19,000 put options on the S&P 500 Index obligating him or her to buy the market benchmark at 2,100 on Dec. 18, 2020, data from New York-based options analytics firm Trade Alert showed.

As long as the index doesn’t drop more than 22 percent from its current level of 2,582 by that date, the bet will earn the trader roughly $175 million in premiums.

Buffett’s Berkshire Hathaway sold billions of dollars in stock index options between 2004 and 2008, betting that markets would rise over the next 15 to 20 years. Although the trades were made anonymously, they were eventually disclosed in regulatory filings.

Berkshire has taken in more than $4 billion in premiums on the options. The holding company has other contracts that have not expired, including a final tranche that will settle in 2026.

While Monday’s sale was nowhere near as large as Buffett’s, the trader could still lose more than half a billion dollars if stocks turn sour over the next couple of years.

For example, if the S&P 500 loses 34 percent of its value by Dec. 18, 2020, the trader will rack up a loss of about $558 million, according to a Refinitiv analysis.

The market has been volatile in recent months, with the S&P finishing 2018 nearly 20 percent lower than its record high in September, although it has recovered half that ground since.

Another lot of about 3,600 of the same puts traded on Monday, helping boost the total number of the contracts to about 24,000 on the day. Some 5,500 of the contracts also changed hands on Friday, according to Trade Alert data.

Some market participants guessed the trader was likely hedging against another position rather than betting outright that stocks will rise.

“The natural sellers of long-term downside puts are structured products desks at banks, who are hedging exposure they get from retail clients who buy structured notes that have embedded short put options,” Benn Eifert, chief investment officer at QVR Advisors in San Francisco, said on Twitter.

“That would be my default guess on this.”


Company: cnbc, Activity: cnbc, Date: 2019-01-15
Keywords: news, cnbc, companies, 500, structured, bet, index, options, sold, stir, sp, causes, trade, market, trader, stocks, buffettlike, anonymous, contracts


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‘I have been wrongly accused’: Read the full statement from Nissan’s Ghosn proclaiming his innocence

I am a U.S. dollar-based individual—my children live in the U.S. and I have strong ties to Lebanon, whose currency has a fixed exchange rate against the U.S. dollar. To deal with this issue, I entered into foreign exchange contracts throughout my tenure at Nissan, beginning in 2002. The other was signed in 2007, when the Nissan stock price was around 1400 yen and the yen/dollar exchange rate was around 114. Nissan is an iconic Japanese company that I care about deeply. I have been wrongly accuse


I am a U.S. dollar-based individual—my children live in the U.S. and I have strong ties to Lebanon, whose currency has a fixed exchange rate against the U.S. dollar. To deal with this issue, I entered into foreign exchange contracts throughout my tenure at Nissan, beginning in 2002. The other was signed in 2007, when the Nissan stock price was around 1400 yen and the yen/dollar exchange rate was around 114. Nissan is an iconic Japanese company that I care about deeply. I have been wrongly accuse
‘I have been wrongly accused’: Read the full statement from Nissan’s Ghosn proclaiming his innocence Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-08  Authors: phil lebeau, tomohiro ohsumi, getty images news, getty images
Keywords: news, cnbc, companies, rate, nissans, yen, ghosn, read, accused, statement, wrongly, exchange, proclaiming, cars, contracts, juffali, detained, japanese, innocence, company, nissan


'I have been wrongly accused': Read the full statement from Nissan's Ghosn proclaiming his innocence

Former Nissan CEO Carlos Ghosn, who has spent the last 51 days detained in a Japanese jail, said Tuesday he is not guilty of financial misconduct.

“I have been wrongly accused and unfairly detained based on meritless and unsubstantiated accusations,” he said in his first comments public comments since he was detained on Nov. 19.

Ghosn’s appearance in court came at a hearing his lawyers requested to ask prosecutors to justify why the auto executive has not been granted bail.

In a lengthy statement Ghosn denied attempting to hide his compensation. Here are his full comments:

January 7, 2019

Statement of Carlos Ghosn

Your Honor,

I am grateful to finally have the opportunity to speak publicly. I look forward to beginning the process of defending myself against the accusations that have been made against me.

First, let me say that I have a genuine love and appreciation for Nissan. I believe strongly that in all of my efforts on behalf of the company, I have acted honorably, legally, and with the knowledge and approval of the appropriate executives inside the company—with the sole purpose of supporting and strengthening Nissan, and helping to restore its place as one of Japan’s finest and most respected companies.

Now I would like to address the allegations.

1.​The FX Forward contracts

When I first joined Nissan and moved to Japan almost 20 years ago, I wanted to be paid in U.S. dollars, but was told that that was not possible and was given an employment contract that required me to be paid in Japanese yen. I have long been concerned about the volatility of the yen relative to the U.S. dollar. I am a U.S. dollar-based individual—my children live in the U.S. and I have strong ties to Lebanon, whose currency has a fixed exchange rate against the U.S. dollar. I wanted predictability in my income in order to help me take care of my family.

To deal with this issue, I entered into foreign exchange contracts throughout my tenure at Nissan, beginning in 2002. Two such contracts are at issue in this proceeding. One was signed in 2006, when the Nissan stock price was around 1500 yen and the yen/dollar rate was around 118. The other was signed in 2007, when the Nissan stock price was around 1400 yen and the yen/dollar exchange rate was around 114.

The 2008–2009 financial crisis caused Nissan’s shares to plummet to 400 yen in October 2008 and to 250 yen in February 2009 (down more than 80% from its peak) and the yen/dollar exchange rate dropped below 80. It was a perfect storm that no one predicted. The entire banking system was frozen, and the bank asked for an immediate increase in my collateral on the contracts, which I could not satisfy on my own.

I was faced with two stark choices:

1. Resign from Nissan, so that I could receive my retirement allowance, which I could then use to provide the necessary collateral. But my moral commitment to Nissan would not allow me to step down during that crucial time; a captain doesn’t jump ship in the middle of a storm.

2. Ask Nissan to temporarily take on the collateral, so long as it came to no cost to the company, while I gathered collateral from my other sources.

I chose option 2. The FX contracts were then transferred back to me without Nissan incurring any loss.

2.​Khaled Juffali

Khaled Juffali has been a long-time supporter and partner of Nissan. During a very difficult period, Khaled Juffali Company helped Nissan solicit financing and helped Nissan solve a complicated problem involving a local distributor—indeed, Juffali helped Nissan restructure struggling distributors throughout the Gulf region, enablingNissan to better compete with rivals like Toyota, which was outperforming Nissan. Juffali also assisted Nissan in negotiating the development of a manufacturing plant in Saudi Arabia, organizing high-level meetings with Saudi officials.

Khaled Juffali Company was appropriately compensated—an amount disclosed to and approved by the appropriate officers at Nissan—in exchange for these critical services that substantially benefited Nissan.

3.​The FIEL Allegations

Four major companies sought to recruit me while I was CEO of Nissan, including Ford (by Bill Ford) and General Motors (by Steve Rattner, the then-Car Czar under President Barack Obama). Even though their proposals were very attractive, I could not in good conscience abandon Nissan while we were in the midst of ourturnaround. Nissan is an iconic Japanese company that I care about deeply. Although I chose not to pursue the other opportunities, I did keep a record of the market compensation for my role, which those companies offeredme if I had taken these jobs. This was an internal benchmark that I kept for my own future reference—it had no legal effect; it was never shared with the directors; and it never represented any kind of binding commitment. Infact, the various proposals for non-compete and advisory services post-retirement made by some members of the board did not reflect or reference my internal calculations, underscoring their hypothetical, non-binding nature.

Contrary to the accusations made by the prosecutors, I never received any compensation from Nissan that was not disclosed, nor did I ever enter into any binding contract with Nissan to be paid a fixed amount that was not disclosed. Moreover, I understood that any draft proposals for post-retirement compensation were reviewed by internal and external lawyers, showing I had no intent to violate the law. For me, the test is the “death test”: if I died today, could my heirs require Nissan to pay anything other than my retirement allowance? The answer is an unequivocal “No.”

4.​Contribution to Nissan

I have dedicated two decades of my life to reviving Nissan and building the Alliance. I worked toward these goals day and night, on the earth and in the air, standing shoulder to shoulder with hardworking Nissan employees around the globe, to create value. The fruits of our labors have been extraordinary. We transformed Nissan, moving it from a position of a debt of 2 trillion yen in 1999 to cash of 1.8 trillion yen at the end of 2006, from 2.5 million cars sold in 1999 at a significant loss to 5.8 million cars sold profitably in 2016. Nissan’s asset base tripled during the period. We saw the revival of icons like the Fairlady Z and Nissan G-TR; Nissan’s industrial entry into Wuhon, China, St. Petersburg, Russia, Chennai, India, and Resende, Brazil; the pioneering of a mass market for electric cars with the Leaf; the jumpstarting of autonomous cars; the introduction of Mitsubishi Motors to the Alliance; and the Alliance becoming the number one auto group in the world in 2017, producing more than 10 million cars annually. We created,directly and indirectly, countless jobs in Japan and reestablished Nissan as a pillar of the Japanese economy.

These accomplishments—secured alongside the peerless team of Nissan employees worldwide—are the greatest joy of my life, next to my family.

5.​Conclusion

Your Honor, I am an innocent of the accusations made against me. I have always acted with integrity and have never been accused of any wrongdoing in my several-decade professional career. I have been wrongly accused and unfairly detained based on meritless and unsubstantiated accusations.

Thank you, your Honor, for listening to me.


Company: cnbc, Activity: cnbc, Date: 2019-01-08  Authors: phil lebeau, tomohiro ohsumi, getty images news, getty images
Keywords: news, cnbc, companies, rate, nissans, yen, ghosn, read, accused, statement, wrongly, exchange, proclaiming, cars, contracts, juffali, detained, japanese, innocence, company, nissan


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China December PMI: Manufacturing activity contracts more than expected

The Chinese National Bureau of Statistics said on Monday official manufacturing Purchasing Managers’ Index (PMI) was 49.4 — lower than the 49.9 analysts expected in a Reuters poll. That was worse than November’s official manufacturing PMI, which was 50.0. Meanwhile, China’s official non-manufacturing PMI came in at 53.8, which was higher than the reading of 53.4 in November. The services sector accounts for more than half of the Chinese economy and the “bright spot” of the improved on-month expa


The Chinese National Bureau of Statistics said on Monday official manufacturing Purchasing Managers’ Index (PMI) was 49.4 — lower than the 49.9 analysts expected in a Reuters poll. That was worse than November’s official manufacturing PMI, which was 50.0. Meanwhile, China’s official non-manufacturing PMI came in at 53.8, which was higher than the reading of 53.4 in November. The services sector accounts for more than half of the Chinese economy and the “bright spot” of the improved on-month expa
China December PMI: Manufacturing activity contracts more than expected Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-31  Authors: huileng tan
Keywords: news, cnbc, companies, china, activity, reading, official, chinese, expected, manufacturing, economy, pmi, trade, ongoing, month, contracts, sector


China December PMI: Manufacturing activity contracts more than expected

‘We need to see some stabilization in Chinese demand’ 4 Hours Ago | 02:46

Activity inChina’s manufacturing sector contracted for the first time in more than two years in the month of December amid a domestic economic slowdown and Beijing’s ongoing trade dispute with the U.S.

The Chinese National Bureau of Statistics said on Monday official manufacturing Purchasing Managers’ Index (PMI) was 49.4 — lower than the 49.9 analysts expected in a Reuters poll. The December reading was the weakest since February 2016, according to Reuters’ record.

That was worse than November’s official manufacturing PMI, which was 50.0. A reading above 50 indicates expansion, while a reading below that signals contraction.

In particular, new export orders contracted for a seventh straight month, with that measure falling to 46.6 from 47.0 in the previous month.

Meanwhile, China’s official non-manufacturing PMI came in at 53.8, which was higher than the reading of 53.4 in November.

The services sector accounts for more than half of the Chinese economy and the “bright spot” of the improved on-month expansion in December points to a rebalancing of the Chinese economy toward more consumption, Nomura economists wrote in a note on Monday.

Economic data from the world’s second-largest economy is being closely watched for signs of damage inflicted by the ongoing trade war between Washington and Beijing.


Company: cnbc, Activity: cnbc, Date: 2018-12-31  Authors: huileng tan
Keywords: news, cnbc, companies, china, activity, reading, official, chinese, expected, manufacturing, economy, pmi, trade, ongoing, month, contracts, sector


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AWS getting bigger upfront commitments from businesses

As Amazon’s cloud service continues to increase its market share, it’s also showing more signs of locking in customers into bigger and longer-term contracts. Those numbers show AWS customers making bigger upfront commitments, giving Amazon a more predictable revenue stream for future years, according to Jefferies analyst Brent Thill. “Bigger commitments mean we have more confidence in revenue as most customers won’t leave AWS once they commit.” But as AWS matured, and became more popular across


As Amazon’s cloud service continues to increase its market share, it’s also showing more signs of locking in customers into bigger and longer-term contracts. Those numbers show AWS customers making bigger upfront commitments, giving Amazon a more predictable revenue stream for future years, according to Jefferies analyst Brent Thill. “Bigger commitments mean we have more confidence in revenue as most customers won’t leave AWS once they commit.” But as AWS matured, and became more popular across
AWS getting bigger upfront commitments from businesses Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-02  Authors: eugene kim
Keywords: news, cnbc, companies, customers, bigger, future, commitments, services, getting, revenue, businesses, contracts, upfront, partner, aws, growth


AWS getting bigger upfront commitments from businesses

As Amazon’s cloud service continues to increase its market share, it’s also showing more signs of locking in customers into bigger and longer-term contracts.

That trend was once again evident at Amazon Web Services’ annual re:Invent conference last week, where executives highlighted the growth in partner deal size. Partner deals typically represent multiyear contracts with bigger companies as they involve large-scale projects.

Terry Wise, vice president of global alliances and channels at AWS, said in his keynote that the total deal size brought in by partner sellers has increased 3.5 times compared with last year, while the rate of growth in partner-led contracts is far outpacing the growth of AWS’ overall business.

Those numbers show AWS customers making bigger upfront commitments, giving Amazon a more predictable revenue stream for future years, according to Jefferies analyst Brent Thill.

“It suggests customers are doing ‘cannonballs’ into the pool versus just dipping their toe in,” Thill told CNBC. “Bigger commitments mean we have more confidence in revenue as most customers won’t leave AWS once they commit.”

AWS became popular with its pay-as-you-go model, which helped draw many start-ups because it only charged for the amount of computing power they used. But as AWS matured, and became more popular across businesses of all sizes, multiyear contracts with upfront commitments, typically preferred by corporate clients, have come to account for a larger share of its revenue.

Perhaps that explains why AWS started disclosing “performance obligations” this year, which it defines as future revenue “associated with commitments in customer contracts for future services that have not yet been recognized.” In its most recent quarter, that amount grew to $17.8 billion, up from $16 billion in the second quarter and $12.4 billion in the first quarter.

It also added a line about such deal structures in its latest earnings filing, saying AWS offers certain services that are “offered as a fixed quantity over a specified term, for which revenue is recognized ratably.”


Company: cnbc, Activity: cnbc, Date: 2018-12-02  Authors: eugene kim
Keywords: news, cnbc, companies, customers, bigger, future, commitments, services, getting, revenue, businesses, contracts, upfront, partner, aws, growth


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NASA picks 9 companies to compete for lunar transportation contracts

The National Aeronautics and Space Administration selected nine space companies on Thursday to compete for $2.6 billion in contracts developing technologies to reach and explore the moon. NASA picked Lockheed Martin, Astrobotic, Firefly Aerospace, Masten Space Systems, Moon Express, Draper, Intuitive Machines, Deep Space Systems and Orbit Beyond. The Commercial Lunar Payload Services program (also known as CLPS) builds upon the Space Policy Directive 1, signed by President Donald Trump last Dece


The National Aeronautics and Space Administration selected nine space companies on Thursday to compete for $2.6 billion in contracts developing technologies to reach and explore the moon. NASA picked Lockheed Martin, Astrobotic, Firefly Aerospace, Masten Space Systems, Moon Express, Draper, Intuitive Machines, Deep Space Systems and Orbit Beyond. The Commercial Lunar Payload Services program (also known as CLPS) builds upon the Space Policy Directive 1, signed by President Donald Trump last Dece
NASA picks 9 companies to compete for lunar transportation contracts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: michael sheetz, rendering courtesy lockheed martin
Keywords: news, cnbc, companies, contracts, agency, compete, picks, companies, space, directive, nasa, transportation, systems, nasas, moon, lunar


NASA picks 9 companies to compete for lunar transportation contracts

The National Aeronautics and Space Administration selected nine space companies on Thursday to compete for $2.6 billion in contracts developing technologies to reach and explore the moon.

NASA picked Lockheed Martin, Astrobotic, Firefly Aerospace, Masten Space Systems, Moon Express, Draper, Intuitive Machines, Deep Space Systems and Orbit Beyond. The agency narrowed the field down to those nine, after receiving interest from more than 30 companies, including SpaceX, Blue Origin and Sierra Nevada Corp.

“We’re doing something that’s never been done before,” NASA Administrator Jim Bridenstine said at the agency’s announcement on Thursday afternoon. “When we go to the moon, we want to be one customer of many customers in a robust marketplace between the Earth and the moon.”

The Commercial Lunar Payload Services program (also known as CLPS) builds upon the Space Policy Directive 1, signed by President Donald Trump last December. The directive called for NASA to return to the moon, directing the agency to send Americans to the lunar surface in preparation for trips to Mars.

Under CLPS, the agency will award multiple contracts for lunar missions over the next 10 years. Companies were only considered if they agreed to deliver the first mission by the end of 2021, according to NASA’s request for bids earlier this year.

WATCH: This Brooklyn startup wants to make spacesuits at a fraction of NASA’s cost


Company: cnbc, Activity: cnbc, Date: 2018-11-29  Authors: michael sheetz, rendering courtesy lockheed martin
Keywords: news, cnbc, companies, contracts, agency, compete, picks, companies, space, directive, nasa, transportation, systems, nasas, moon, lunar


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