Jeff Bezos’ Day One Fund gives $97.5 million to 24 groups helping the homeless

Amazon CEO Jeff Bezos on Tuesday named 24 organizations that will receive a collective $97.5 million in grants from his new philanthropic fund for their work to help the homeless population. Bezos — the wealthiest man in modern history, with a net worth of more than $125 billion, estimated by Forbes — launched the $2 billion “Day One Fund” in September. At the time, Bezos said the fund would be split between the Day 1 Families Fund, with the goal of helping homeless families, and the Day 1 Acade


Amazon CEO Jeff Bezos on Tuesday named 24 organizations that will receive a collective $97.5 million in grants from his new philanthropic fund for their work to help the homeless population. Bezos — the wealthiest man in modern history, with a net worth of more than $125 billion, estimated by Forbes — launched the $2 billion “Day One Fund” in September. At the time, Bezos said the fund would be split between the Day 1 Families Fund, with the goal of helping homeless families, and the Day 1 Acade
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Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: lauren feiner, jason redmond, afp, getty images
Keywords: news, cnbc, companies, bezos, day, services, jeff, 25, housing, 975, washington, service, houston, million, gives, fund, millioncatholic, families, helping, groups, homeless


Jeff Bezos' Day One Fund gives $97.5 million to 24 groups helping the homeless

Amazon CEO Jeff Bezos on Tuesday named 24 organizations that will receive a collective $97.5 million in grants from his new philanthropic fund for their work to help the homeless population.

The news comes one week after Amazon’s HQ2 decision launched fears around displacement of affordable housing in the two locations it chose to expand its operations — Long Island City in New York and an area of Arlington, Virginia.

Bezos — the wealthiest man in modern history, with a net worth of more than $125 billion, estimated by Forbes — launched the $2 billion “Day One Fund” in September. At the time, Bezos said the fund would be split between the Day 1 Families Fund, with the goal of helping homeless families, and the Day 1 Academies Fund, with the aim of creating high-quality, nonprofit preschools for low-income communities. Tuesday’s announcement was for the recipients of the Day 1 Families Fund grants.

The 24 organizations are spread throughout 16 states and the District of Columbia.

Below is the full list of recipients:

Abode Services, Fremont, CA • $5 million

Catholic Charities Archdiocese of New Orleans, New Orleans, LA • $5 million

Catholic Charities of the Archdiocese of Miami, Miami, FL • $5 million

Catholic Community Services of Western Washington, Tacoma, WA • $5 million

Community of Hope, Washington, DC • $5 million

Community Rebuilders, Grand Rapids, MI • $5 million

Crossroads Rhode Island, Providence, RI • $5 million

District Alliance for Safe Housing (DASH), Washington, DC • $2.5 million

Emerald Development and Economic Network, Cleveland, OH • $2.5 million

FrontLine Service, Cleveland, OH • $2.5 million

Hamilton Families, San Francisco, CA • $2.5 million

Heartland Family Service, Omaha, NE • $5 million

Housing Families First, Henrico, VA • $2.5 million

JOIN, Portland, OR • $5 million

LA Family Housing, North Hollywood, CA • $5 million

Northern Virginia Family Service, Oakton, VA • $2.5 million

Primo Center for Women and Children, Chicago, IL • $2.5 million

Refugee Women’s Alliance, Seattle, WA • $2.5 million

SEARCH Homeless Services, Houston, TX • $5 million

Simpson Housing Services, Minneapolis, MN • $2.5 million

The Salvation Army, Center of Hope, Charlotte, NC • $5 million

The Salvation Army of Greater Houston, Houston, TX • $5 million

UMOM New Day Centers, Phoenix, AZ • $5 million

Urban Resource Institute, New York, NY • $5 million

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Company: cnbc, Activity: cnbc, Date: 2018-11-20  Authors: lauren feiner, jason redmond, afp, getty images
Keywords: news, cnbc, companies, bezos, day, services, jeff, 25, housing, 975, washington, service, houston, million, gives, fund, millioncatholic, families, helping, groups, homeless


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Arlan Hamilton founded VC firm Backstage Capital while homeless

To cover the cost of taking the course at Stanford, Hamilton spoke out on social media and was nominated for scholarship. For months following the Stanford course, Hamilton stayed in San Francisco. One Silicon Valley connection she made was with Sam Altman, president of seed accelerator Y Combinator. Sam Altman didn’t invest in Backstage, but he did give Hamilton a loan. “I met her at the Stanford course, because she was there to learn how to invest her family dollars in an impactful way,” says


To cover the cost of taking the course at Stanford, Hamilton spoke out on social media and was nominated for scholarship. For months following the Stanford course, Hamilton stayed in San Francisco. One Silicon Valley connection she made was with Sam Altman, president of seed accelerator Y Combinator. Sam Altman didn’t invest in Backstage, but he did give Hamilton a loan. “I met her at the Stanford course, because she was there to learn how to invest her family dollars in an impactful way,” says
Arlan Hamilton founded VC firm Backstage Capital while homeless Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: abigail hess
Keywords: news, cnbc, companies, backstage, invest, capital, vc, silicon, investor, arlan, firm, loan, stanford, altman, valley, homeless, day, founded, course, hamilton


Arlan Hamilton founded VC firm Backstage Capital while homeless

When Hamilton felt she had learned everything the could on her own, she set her sights on attending a two-week pilot course at Stanford University organized by early-stage venture fund and seed accelerator 500 Startups.

Still, she had no way to afford the tuition, fees or travel associated with taking the course. She was living with her mom, and at one point in time she remembers looking in her bank account and seeing just $12. That, she says, “was a good day. A positive bank account was rare.”

To cover the cost of taking the course at Stanford, Hamilton spoke out on social media and was nominated for scholarship. Her vocal presence on Twitter caught the attention of people like Twitter, Uber and Instagram investor Chris Sacca, who helped her raise the rest of the funds she needed to get to California.

At Stanford she’d meet classmates and mentors who were millionaires and return each night to an Airbnb, unable to afford dinner. But the connections she made through the course would prove to be invaluable.

For months following the Stanford course, Hamilton stayed in San Francisco. Her savings dried up quickly, and when they did, she slept at the airport. “My mom actually would send me money like $10 at a time when she could put it together,” Hamilton says of the days she spent sleeping at the airport. “She didn’t have anything for me. And you know that probably the worst part was having her, you know, see me like that.”

Hamilton would travel across Silicon Valley each day to meet with investors, founders and experts to talk about her vision, learn about the industry and build relationships with entrepreneurs she hoped to one day invest in. “I’d wake up every day and take a train either to Silicon Valley for meetings or up to San Francisco for meetings, and people were none the wiser.”

Occasionally, Hamilton would borrow money from a family member in order to get a hotel room to “pull myself together for a night and feel human.” One Silicon Valley connection she made was with Sam Altman, president of seed accelerator Y Combinator. Hamilton used LinkedIn to connect with his brother, Jack Altman, who forwarded her pitch along. Sam Altman didn’t invest in Backstage, but he did give Hamilton a loan. She says that Altman sent her a text that said, “The world needs what you’re doing and we’ve got to make it work for you.”

“He actually gave me a loan and made it possible for me to live in Austin for a few weeks, so that I could just progress a little bit and not be so much in dire straits,” she recalls. “He did that without anyone knowing or wanting anything in return, except to have the loan paid back at some point whenever I could.”

Those funds bought Hamilton more time to pursue potential investors. She found her first one in tech-insider and angel investor Susan Kimberlain. “I met her at the Stanford course, because she was there to learn how to invest her family dollars in an impactful way,” says Hamilton. “We spoke for a few months and September 15th, 2015, she said she was in.”

Kimberlain wrote Hamilton a check for $25,000 and became Backstage’s first investor.


Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: abigail hess
Keywords: news, cnbc, companies, backstage, invest, capital, vc, silicon, investor, arlan, firm, loan, stanford, altman, valley, homeless, day, founded, course, hamilton


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Cloud stocks get hammered, with Salesforce suffering worst day since early 2016

Salesforce had its worst day since February 2016, plunging 8.7 percent on Monday to $121.01, leading a swoon in shares of companies that sell subscription software. Workday fell 7.6 percent, ServiceNow dropped 8.4 percent and Atlassian fell 8.7 percent. A number of cloud stocks plummeted more than 10 percent, including Okta, Coupa, Everbridge, Five9, HubSpot, Shopify, Tableau, Twilio and Zendesk. Joe Terranova, chief market strategist with Virtus Investment Partners, told CNBC on Monday that con


Salesforce had its worst day since February 2016, plunging 8.7 percent on Monday to $121.01, leading a swoon in shares of companies that sell subscription software. Workday fell 7.6 percent, ServiceNow dropped 8.4 percent and Atlassian fell 8.7 percent. A number of cloud stocks plummeted more than 10 percent, including Okta, Coupa, Everbridge, Five9, HubSpot, Shopify, Tableau, Twilio and Zendesk. Joe Terranova, chief market strategist with Virtus Investment Partners, told CNBC on Monday that con
Cloud stocks get hammered, with Salesforce suffering worst day since early 2016 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: jordan novet, adam galica
Keywords: news, cnbc, companies, day, zendesk, suffering, saw, software, twilio, worst, salesforce, hammered, stocks, early, cloud, 2016, fell, 87, market, terranova, slide


Cloud stocks get hammered, with Salesforce suffering worst day since early 2016

The market sell-off is is crushing cloud stocks.

Salesforce had its worst day since February 2016, plunging 8.7 percent on Monday to $121.01, leading a swoon in shares of companies that sell subscription software. Workday fell 7.6 percent, ServiceNow dropped 8.4 percent and Atlassian fell 8.7 percent.

A number of cloud stocks plummeted more than 10 percent, including Okta, Coupa, Everbridge, Five9, HubSpot, Shopify, Tableau, Twilio and Zendesk. The sector has been hot this year, spurred by big acquisitions, IPOs and a general shift in spending from desktop software to the cloud.

There was no obvious catalyst to Monday’s slide, with earnings season behind us and businesses thinning out ahead of the Thanksgiving holiday. But the broader market decline is having an outsized impact on technology. Facebook continues to drop on unfavorable news regarding abuse of its platform and Apple slid after the Wall Street Journal reported the company has cut production orders for new iPhones.

Joe Terranova, chief market strategist with Virtus Investment Partners, told CNBC on Monday that concerns around economic growth are hurting tech companies.

“You’re not seeing what you saw at the beginning of this year,” Terranova said. “Whereas you saw a significant enterprise spend on software, on services — that’s dissipating.”

The Dow Jones Industrial Average and S&P 500 both fell more than 1.5 percent, while the tech-heavy Nasdaq lost 3 percent, and is now 13 percent below its high reached in August.

Even after the cloud slide that began in late September, Salesforce is still up 18 percent for the year, while Twilio is up more than 200 percent.

WATCH: We could be in a bear market, but this expert sees opportunity for investors


Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: jordan novet, adam galica
Keywords: news, cnbc, companies, day, zendesk, suffering, saw, software, twilio, worst, salesforce, hammered, stocks, early, cloud, 2016, fell, 87, market, terranova, slide


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Natural gas prices plunge 18 percent in a second wild day of trading

Volatile natural gas prices plummeted 18 percent, reversing nearly all of Wednesday’s sharp gains, after U.S. inventories showed a slight increase in supply. Gas supply is at a 15-year low for this time of year; at the same time, cold weather has driven strong early heating demand. Natural gas prices surged more than 18 percent Wednesday, as panicky buyers reacted to new weather reports showing a colder forecast amid concerns the U.S. has too little gas in storage. Natural gas is still 30 percen


Volatile natural gas prices plummeted 18 percent, reversing nearly all of Wednesday’s sharp gains, after U.S. inventories showed a slight increase in supply. Gas supply is at a 15-year low for this time of year; at the same time, cold weather has driven strong early heating demand. Natural gas prices surged more than 18 percent Wednesday, as panicky buyers reacted to new weather reports showing a colder forecast amid concerns the U.S. has too little gas in storage. Natural gas is still 30 percen
Natural gas prices plunge 18 percent in a second wild day of trading Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: patti domm, getty images
Keywords: news, cnbc, companies, second, weather, squeeze, showed, plunge, cubic, natural, storage, gas, wild, cold, 18, higher, kilduff, trading, day, prices


Natural gas prices plunge 18 percent in a second wild day of trading

Volatile natural gas prices plummeted 18 percent, reversing nearly all of Wednesday’s sharp gains, after U.S. inventories showed a slight increase in supply.

Selling was already underway even before the 10:30 a.m ET report from the Energy Information Administration showed natural gas supplies rose by 39 billion cubic feet. S&P Global Platts reported analysts expected 38 billion cubic feet.

Total gas in storage now stands at 3.247 trillion cubic feet, but is still 15 percent below the 5-year average and 14 percent below last year. Gas supply is at a 15-year low for this time of year; at the same time, cold weather has driven strong early heating demand.

Natural gas prices surged more than 18 percent Wednesday, as panicky buyers reacted to new weather reports showing a colder forecast amid concerns the U.S. has too little gas in storage. Futures were trading at about $3.98 per mmBtu Thursday, after reaching $4.83 the day earlier.

Wednesday’s move higher set the stage for the big decline, as analysts said much of the buying appeared to be traders who were caught on the wrong side of the trade and forced to react to a short squeeze.

“It was a total short squeeze. It was an epic blow off top yesterday. We had record volume in the contracts, and it was clearly a squeeze or forced liquidation,” said John Kilduff, partner with Again Capital.

Natural gas is still 30 percent higher in November, and more cold forecasts could send it higher again.

“There’s still a bullish looking chart, but this recent parabolic move higher had to be processed and really retraced for the market to normalize,” said Kilduff. He said gas prices could fall to support at $4 and then return to the $3.50 per mmBtu level, unless another cold wave is expected.

“You’re going to need another round of weather for it to try to scale those heights again,” said Kilduff.


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: patti domm, getty images
Keywords: news, cnbc, companies, second, weather, squeeze, showed, plunge, cubic, natural, storage, gas, wild, cold, 18, higher, kilduff, trading, day, prices


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KB Home shares crater toward worst day since 1992

KB Home shares fell 18 percent on Thursday, headed for its worst day of trading since August 1992. Credit Suisse, Wells Fargo, Barclays and Wedbush all slashed their price targets on KB Home stock. Bank of America Merrill Lynch cut both its rating to neutral from buy and its price target to $24 a share from $26 a share. Wall Street previously expected KB Home to report revenue of $1.43 billion in the fourth quarter, according to a FactSet survey. KB Home traded as low as $16.91 a share on Thursd


KB Home shares fell 18 percent on Thursday, headed for its worst day of trading since August 1992. Credit Suisse, Wells Fargo, Barclays and Wedbush all slashed their price targets on KB Home stock. Bank of America Merrill Lynch cut both its rating to neutral from buy and its price target to $24 a share from $26 a share. Wall Street previously expected KB Home to report revenue of $1.43 billion in the fourth quarter, according to a FactSet survey. KB Home traded as low as $16.91 a share on Thursd
KB Home shares crater toward worst day since 1992 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: michael sheetz, irfan khan, los angeles times, getty images
Keywords: news, cnbc, companies, crater, quarter, guidance, fourth, worst, shares, kb, share, expected, mezger, billion, 1992, price, range, day


KB Home shares crater toward worst day since 1992

KB Home shares fell 18 percent on Thursday, headed for its worst day of trading since August 1992.

The Los Angeles-based homebuilding company provided lower-than-expected guidance for its fourth-quarter results. Credit Suisse, Wells Fargo, Barclays and Wedbush all slashed their price targets on KB Home stock. Bank of America Merrill Lynch cut both its rating to neutral from buy and its price target to $24 a share from $26 a share.

“We believe our housing revenues for the fourth quarter will be in the range of $1.31 [billion] to $1.34 billion, lower relative to prior guidance” of $1.39 billion to $1.45 billion, KB Home CEO Jeff Mezger said on a conference call. Wall Street previously expected KB Home to report revenue of $1.43 billion in the fourth quarter, according to a FactSet survey.

The lowered guidance was “due to an expected negative impact on our central region deliveries from the historic range experienced in Texas, fewer than anticipated spec sales and deliveries, and potential delayed closings over the next couple of weeks in California due to impacts from the recent large wildfires,” Mezger added.

KB Home traded as low as $16.91 a share on Thursday.


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: michael sheetz, irfan khan, los angeles times, getty images
Keywords: news, cnbc, companies, crater, quarter, guidance, fourth, worst, shares, kb, share, expected, mezger, billion, 1992, price, range, day


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Jeff Bezos to employees: ‘One day, Amazon will fail’ but our job is to delay it as long as possible

The key to prolonging that demise, Bezos continued, is for the company to “obsess over customers” and to avoid looking inward, worrying about itself. “If we start to focus on ourselves, instead of focusing on our customers, that will be the beginning of the end,” he said. “We have to try and delay that day for as long as possible.” Amazon’s workforce has grown by more than 20-fold in the last eight years to over 600,000 employees, and the stock price has more than quadrupled since 2013. This wee


The key to prolonging that demise, Bezos continued, is for the company to “obsess over customers” and to avoid looking inward, worrying about itself. “If we start to focus on ourselves, instead of focusing on our customers, that will be the beginning of the end,” he said. “We have to try and delay that day for as long as possible.” Amazon’s workforce has grown by more than 20-fold in the last eight years to over 600,000 employees, and the stock price has more than quadrupled since 2013. This wee
Jeff Bezos to employees: ‘One day, Amazon will fail’ but our job is to delay it as long as possible Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: eugene kim, alex wong, getty images
Keywords: news, cnbc, companies, job, fail, bezos, jeff, day, workforce, yorks, woo, possible, delay, amazons, customers, amazon, worrying, employees, company, long


Jeff Bezos to employees: 'One day, Amazon will fail' but our job is to delay it as long as possible

The key to prolonging that demise, Bezos continued, is for the company to “obsess over customers” and to avoid looking inward, worrying about itself.

“If we start to focus on ourselves, instead of focusing on our customers, that will be the beginning of the end,” he said. “We have to try and delay that day for as long as possible.”

Bezos’ comments come at a time of unprecedented success at Amazon, with its core retail business continuing to grow while the company is winning the massive cloud-computing market and gaining rapid adoption of its Alexa voice assistant in the home.

But some employees are expressing concern about the pace of expansion. Amazon’s workforce has grown by more than 20-fold in the last eight years to over 600,000 employees, and the stock price has more than quadrupled since 2013.

The company has caught the ire of President Trump, who has employed personal attacks against Bezos, and is now catching flack for demanding that cities spend a year coming up with a roster of incentives attractive enough to woo Amazon’s HQ2. This week, the company announced it will open offices in New York’s Long Island City and the Virginia suburbs of Washington, D.C., with plans to add 25,000 jobs in each location.


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: eugene kim, alex wong, getty images
Keywords: news, cnbc, companies, job, fail, bezos, jeff, day, workforce, yorks, woo, possible, delay, amazons, customers, amazon, worrying, employees, company, long


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Black Friday 2018 hours: Here’s a list of when retailers will be open

And during the holidays, many shoppers will take advantage of key shopping days like Black Friday and Cyber Monday to score the best deals. Black Friday by itself is expected to be the busiest shopping day of the year. Some families will get an even earlier start at stores on Thanksgiving Day, with a slew of major retailers opening their doors then. Twenty-seven percent of consumers surveyed say they plan to start shopping either on Thanksgiving Day or later in the month of November. The average


And during the holidays, many shoppers will take advantage of key shopping days like Black Friday and Cyber Monday to score the best deals. Black Friday by itself is expected to be the busiest shopping day of the year. Some families will get an even earlier start at stores on Thanksgiving Day, with a slew of major retailers opening their doors then. Twenty-seven percent of consumers surveyed say they plan to start shopping either on Thanksgiving Day or later in the month of November. The average
Black Friday 2018 hours: Here’s a list of when retailers will be open Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: lauren thomas
Keywords: news, cnbc, companies, deloitte, heres, season, day, list, thanksgiving, open, shoppers, retailers, hours, black, holiday, shopping, expected, 2018, start


Black Friday 2018 hours: Here's a list of when retailers will be open

Retailers are gearing up for shoppers to turn up in droves this holiday season, with sales for the industry expected to climb more than 4 percent from a year ago, topping $700 billion.

And during the holidays, many shoppers will take advantage of key shopping days like Black Friday and Cyber Monday to score the best deals. Black Friday by itself is expected to be the busiest shopping day of the year. Some families will get an even earlier start at stores on Thanksgiving Day, with a slew of major retailers opening their doors then.

Overall, the number of shoppers who procrastinate to buy gifts is declining, according to NPD Group’s Marshal Cohen. “With fewer ‘last minute Charlies’ and widespread early deals stealing from the back-end of this shopping season, we should gear up for another front-loaded holiday,” he said.

It’s true — 60 percent of shoppers say this year they plan to start buying for the holiday season before Thanksgiving, according to a survey of more than 4,000 people by Deloitte. Twenty-seven percent of consumers surveyed say they plan to start shopping either on Thanksgiving Day or later in the month of November. Younger shoppers this year will be more reliant on discount days like Black Friday and Cyber Monday than baby boomers and seniors, Deloitte also found.

The average household, per another study by Deloitte, is expected to spend roughly $1,500 this holiday season, up 25 percent from a year ago. And they’ll be spending on everything from electronics to apparel, toys and home goods, while self-gifting is also expected to be more frequent thanks to such strong consumer confidence in the U.S.

Target CEO Brian Cornell earlier this year said he hadn’t seen such a robust consumer environment in his career, and he anticipates the best holiday season yet for the big-box retailer.


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: lauren thomas
Keywords: news, cnbc, companies, deloitte, heres, season, day, list, thanksgiving, open, shoppers, retailers, hours, black, holiday, shopping, expected, 2018, start


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Oil extends slide from 7 percent slump the day before as outlook darkens

U.S. West Texas Intermediate (WTI) crude oil futures were at $55.50 per barrel at 0514 GMT, down 19 cents from their last settlement. International benchmark Brent crude oil futures were down 22 cents at $65.25 per barrel. The slump in spot prices has turned the entire forward curve for crude oil upside down. By mid-November, the curve had flipped into contango, when crude prices for immediate delivery are cheaper than those for later dispatch. “This will, in our view, cap any upside above $85 p


U.S. West Texas Intermediate (WTI) crude oil futures were at $55.50 per barrel at 0514 GMT, down 19 cents from their last settlement. International benchmark Brent crude oil futures were down 22 cents at $65.25 per barrel. The slump in spot prices has turned the entire forward curve for crude oil upside down. By mid-November, the curve had flipped into contango, when crude prices for immediate delivery are cheaper than those for later dispatch. “This will, in our view, cap any upside above $85 p
Oil extends slide from 7 percent slump the day before as outlook darkens Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14
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Oil extends slide from 7 percent slump the day before as outlook darkens

Oil markets slipped again on Wednesday, extending losses from a 7 percent plunge the previous session as surging supply and the spectre of faltering demand scared off investors.

U.S. West Texas Intermediate (WTI) crude oil futures were at $55.50 per barrel at 0514 GMT, down 19 cents from their last settlement.

International benchmark Brent crude oil futures were down 22 cents at $65.25 per barrel.

Crude oil has lost over a quarter of its value since early October in what has become one of the biggest declines since prices collapsed in 2014.

The slump in spot prices has turned the entire forward curve for crude oil upside down.

Spot prices in September were significantly higher than those for later delivery, a structure known as backwardation that implies a tight market as it is unattractive to put oil into storage.

By mid-November, the curve had flipped into contango, when crude prices for immediate delivery are cheaper than those for later dispatch. That implies an oversupplied market as it makes it attractive to store oil for later sale.

Oil markets are being pressured from two sides: a surge in supply and increasing concerns about an economic slowdown.

U.S. crude oil output from its seven major shale basins is expected to hit a record of 7.94 million barrels per day (bpd) in December, the U.S. Department of Energy’s Energy Information Administration (EIA) said on Tuesday.

That surge in onshore output has helped overall U.S. crude production hit a record 11.6 million bpd, making the United States the world’s biggest oil producer ahead of Russia and Saudi Arabia.

Most analysts expect U.S. output to climb above 12 million bpd within the first half of 2019.

“This will, in our view, cap any upside above $85 per barrel (for oil prices),” said Jon Andersson, head of commodities at Vontobel Asset Management.

The surge in U.S. production is contributing to rising stockpiles.

U.S. crude stocks climbed by 7.8 million barrels in the week ending Nov. 2 to 432 million as refineries cut output, data from industry group the American Petroleum Institute showed on Tuesday.

The producer cartel of the Organization of the Petroleum Exporting Countries (OPEC) has been watching the jump in supply and price slump with concern.

OPEC has been making increasingly frequent public statements that it would start withholding crude in 2019 to tighten supply and prop up prices.

“OPEC and Russia are under pressure to reduce current production levels, which is a decision that we expect to be taken at the next OPEC meeting on Dec. 6,” said Andersson.

That puts OPEC on a collision course with U.S. President Donald Trump, who publicly supports low oil prices and who has called on OPEC not to cut production.


Company: cnbc, Activity: cnbc, Date: 2018-11-14
Keywords: news, cnbc, companies, crude, million, output, extends, surge, slump, supply, later, slide, day, oil, outlook, prices, darkens, production, opec


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Kevin O’Leary: If you want to get rich, start working 25 hours a day, 7 days a week

“You’re going to work 25 hours a day, seven days a week, forever. You’re going to be competing with tons of determined people who “want to kick your ass. For his part, O’Leary is an expert at hustle and hard work. He typically wakes up at around 4:30 a.m. and juggles his many ventures, from managing his “Shark Tank” investments to lecturing at universities to running a number of his own businesses. “The biggest myth of being an entrepreneur is that you’re going to get rich overnight,” O’Leary sa


“You’re going to work 25 hours a day, seven days a week, forever. You’re going to be competing with tons of determined people who “want to kick your ass. For his part, O’Leary is an expert at hustle and hard work. He typically wakes up at around 4:30 a.m. and juggles his many ventures, from managing his “Shark Tank” investments to lecturing at universities to running a number of his own businesses. “The biggest myth of being an entrepreneur is that you’re going to get rich overnight,” O’Leary sa
Kevin O’Leary: If you want to get rich, start working 25 hours a day, 7 days a week Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: sarah berger
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Kevin O'Leary: If you want to get rich, start working 25 hours a day, 7 days a week

Everybody seems to be striving for work-life balance. But if you want to be an entrepreneur, especially one who’s rich and successful, that’s not an option — you have to be prepared to work very hard, says financial expert and star of ABC’s “Shark Tank” Kevin O’Leary.

“If I have to give one piece of advice to someone who’s thinking about starting a business, I tell them this: Forget about balance,” O’Leary tells CNBC’s Make It. “You’re going to work 25 hours a day, seven days a week, forever.

“That’s what it takes to be successful.”

You’re going to be competing with tons of determined people who “want to kick your ass. It’s a job 24-7,” he continues.

“Get over it, and get ready for it.”

O’Leary isn’t the only money mogul to recommend a rigorous work schedule. Self-made millionaire Grant Cardone has said that while most people work 9 to 5, he works 95 hours per week, and if you ever want to be a millionaire, you need to do the same.

For his part, O’Leary is an expert at hustle and hard work. He typically wakes up at around 4:30 a.m. and juggles his many ventures, from managing his “Shark Tank” investments to lecturing at universities to running a number of his own businesses.

When it comes to investing in other entrepreneurs, he doles hundreds of thousands of dollars on “Shark Tank” each season, but only when he’s convinced they’ll work extremely hard to be successful.

“The biggest myth of being an entrepreneur is that you’re going to get rich overnight,” O’Leary says. “It practically never happens. Most people slog it out for years, and sometimes even decades.”

Still, O’Leary also says that when it comes to entrepreneurship, money shouldn’t be the motivating factor. What should keep you going through those long weeks and rough patches is the pursuit of personal freedom. And that’s what you should focus on.

“It’s a long, hard journey, but it’s worth it,” O’Leary says. “It’s not about the greed of money, it’s about the pursuit of personal freedom. If you’re successful as an entrepreneur, you will set yourself free, and that’s worth fighting for.”

Don’t miss: Here’s the mental trick this introverted Duolingo exec uses to lead effectively

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Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: sarah berger
Keywords: news, cnbc, companies, hard, working, week, oleary, shark, 25, thats, money, entrepreneur, going, start, day, hours, work, youre, tank, kevin, rich, days


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Kevin O'Leary: Get ready to work 25 hours a day to become successful in business

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Kevin O’Leary says in order for you to become successful in business, you have to work 25 hours a day, 7 days a week.


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