As Google, Apple and others get into the banking business, here’s what you need to know

Technology firms dominate your online activity, so why not your wallet, too? Most recently, Google has announced it will offer checking accounts as part of a project code-named Cache, notching the boldest move yet by tech into consumer banking. In fact, the company is just the latest Silicon Valley leader to make a bid to be your bank. Meanwhile, Uber has also made a push into financial services and T-Mobile has a mobile-banking service called T-Mobile Money. While still a small segment of the m


Technology firms dominate your online activity, so why not your wallet, too?
Most recently, Google has announced it will offer checking accounts as part of a project code-named Cache, notching the boldest move yet by tech into consumer banking.
In fact, the company is just the latest Silicon Valley leader to make a bid to be your bank.
Meanwhile, Uber has also made a push into financial services and T-Mobile has a mobile-banking service called T-Mobile Money.
While still a small segment of the m
As Google, Apple and others get into the banking business, here’s what you need to know Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-14  Authors: sharon epperson jessica dickler, sharon epperson, jessica dickler, megan leonhardt
Keywords: news, cnbc, companies, tmobile, uber, need, checking, users, google, valley, firms, wealthfront, know, wallet, heres, venmo, way, business, banking, apple


As Google, Apple and others get into the banking business, here's what you need to know

Technology firms dominate your online activity, so why not your wallet, too?

Most recently, Google has announced it will offer checking accounts as part of a project code-named Cache, notching the boldest move yet by tech into consumer banking.

In fact, the company is just the latest Silicon Valley leader to make a bid to be your bank.

Apple, for its part, launched a credit card for iPhone users earlier this year with Goldman Sachs, Amazon has reportedly been in talks with J.P. Morgan Chase over a checking account and just last month Facebook said it is taking on PayPal’s Venmo with a new payments service.

Meanwhile, Uber has also made a push into financial services and T-Mobile has a mobile-banking service called T-Mobile Money.

That’s in addition to new offerings from start-ups such as SoFi, Betterment, Wealthfront, Robinhood and CreditKarma.

While still a small segment of the market, these so-called fintech firms are battling for your banking business in a big way.


Company: cnbc, Activity: cnbc, Date: 2019-12-14  Authors: sharon epperson jessica dickler, sharon epperson, jessica dickler, megan leonhardt
Keywords: news, cnbc, companies, tmobile, uber, need, checking, users, google, valley, firms, wealthfront, know, wallet, heres, venmo, way, business, banking, apple


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Investors fear Pelosi’s drug price plan will kill small biotech firms

Private equity investors are lobbying against Nancy Pelosi’s sweeping drug pricing bill, telling her legislative aides in a series of private meetings in recent weeks that the plan would dry up financing for small biotech companies. Some Democrats, including co-sponsors of Pelosi’s bill, told the venture capitalists they brought a critical new perspective in the drug pricing debate, Stanford said. However, the preliminary analysis from CBO also showed Pelosi’s plan would save Medicare $345 billi


Private equity investors are lobbying against Nancy Pelosi’s sweeping drug pricing bill, telling her legislative aides in a series of private meetings in recent weeks that the plan would dry up financing for small biotech companies.
Some Democrats, including co-sponsors of Pelosi’s bill, told the venture capitalists they brought a critical new perspective in the drug pricing debate, Stanford said.
However, the preliminary analysis from CBO also showed Pelosi’s plan would save Medicare $345 billi
Investors fear Pelosi’s drug price plan will kill small biotech firms Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-10  Authors: berkeley lovelace jr, in berkeleylovelace
Keywords: news, cnbc, companies, kill, drug, senate, price, group, firms, bill, house, lawmakers, plan, biotech, venture, small, pricing, fear, pelosis, investors


Investors fear Pelosi's drug price plan will kill small biotech firms

House Speaker Nancy Pelosi speaks at a Fed Up? Rise Up! rally outside the US Capitol in Washington, DC September 24, 2019.

Private equity investors are lobbying against Nancy Pelosi’s sweeping drug pricing bill, telling her legislative aides in a series of private meetings in recent weeks that the plan would dry up financing for small biotech companies.

A group of venture capitalists, including Peter Kolchinsky of RA Capital Management, Johannes Fruehauf of BioInnovation Capital and Sara Nayeem of New Enterprise Associates, met with Pelosi’s staff as well as moderate House and Senate Democrats on Oct. 29 to discuss their concerns. The investors have had follow-up meetings since, according to John Stanford, executive director of venture capital advocacy group Incubate and attended the meetings.

Small biotech start-ups lead 7 in 10 clinical trials, according to BIO, the industry’s main trade group. The firms, which work to create new, innovative drugs to treat a range of illnesses, often rely on funding from private investors.

Passage of Pelosi’s drug plan, which is scheduled for a vote on the House floor as early as Wednesday, could spur investors to take their money elsewhere, the venture capitalists warned lawmakers. The legislation would allow the U.S. government to negotiate lower prices on the costliest drugs each year.

Some Democrats, including co-sponsors of Pelosi’s bill, told the venture capitalists they brought a critical new perspective in the drug pricing debate, Stanford said. He declined to identify any of the lawmakers in the meetings.

A day after the Oct. 29 meeting, the venture capitalists published a letter, as first reported by STAT News, urging Congress to rethink Pelosi’s proposal, saying it would “lead to an immediate decrease in capital available for early-stage life science companies.”

A spokesman for Pelosi didn’t immediately return calls for comment, but he previously said the bill would provide “real negotiations that require HHS to reward genuine innovation, while protecting American patients from price gouging.”

The potential impact on smaller biotech companies adds a new layer to the drug pricing debate ahead of a highly anticipated House vote on Pelosi’s bill later this week. Talk around Pelosi’s drug pricing plan, which is expected to pass the Democratic-controlled House, has mainly focused on large pharmaceutical companies, some of which are better able to weather sweeping policy proposals.

High prescription drug costs have become a rare bipartisan issue, drawing support from Democrats in Congress and the Trump administration. Health-care remains a top issue for voters ahead of the 2020 presidential election. Congress and the Trump administration are trying to pass legislation before the end of the year that would bring more transparency to health-care costs and, ultimately, lower costs for consumers.

Pelosi and fellow House Democratic leaders have been working for months on a plan to reduce U.S. drug prices. Lawmakers made few changes to Pelosi’s bill when it was passed through three committees — Ways and Means, Education and Labor and the Energy and Commerce committees — along partisan lines in October.

Drugmakers, Congress and the White House agree that Pelosi’s bill would reduce the number of new drugs coming to the U.S. market. But each group’s estimates vary.

Republicans, who oppose Pelosi’s bill, have been quick to cite a report from the nonpartisan Congressional Budget Office that said the plan would lead to a reduction of eight to 15 new drugs coming to the market over 10 years. Industry trade group PhRMA, short for the Pharmaceutical Research and Manufacturers of America, said it would result in at least 56 fewer medicines. The White House claims as many as 100.

However, the preliminary analysis from CBO also showed Pelosi’s plan would save Medicare $345 billion over the decade.

In the Senate, lawmakers are working on their own drug pricing bill, seen as a more “moderate” alternative to Pelosi’s.

Senate Finance Committee Chairman Chuck Grassley, R-Iowa, and ranking Democrat Ron Wyden, of Oregon, unveiled last week a revamped version of their bipartisan drug price bill that is backed by President Donald Trump. It would make changes to Medicare by adding an out-of-pocket maximum for beneficiaries and capping drug price increases at the rate of inflation, among other measures.

Health industry analysts and policy experts say the Senate bill has a higher chance of becoming law than Pelosi’s bill, which Senate Majority Leader Mitch McConnell has vowed not to take action on.


Company: cnbc, Activity: cnbc, Date: 2019-12-10  Authors: berkeley lovelace jr, in berkeleylovelace
Keywords: news, cnbc, companies, kill, drug, senate, price, group, firms, bill, house, lawmakers, plan, biotech, venture, small, pricing, fear, pelosis, investors


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‘Abrupt’ climate policies could see high-emitting firms lose 43% of their value, research claims

Companies with the highest level of carbon emissions will lose 43% of their value by 2025 as governments around the world implement climate policies, a new report has claimed. It analyzed how companies in the MSCI ACWI index — which includes more than 2,700 firms across 49 countries — would be impacted by “an abrupt and disruptive policy response to climate change.” According to the report, an “inevitable policy response” would permanently wipe up to $2.3 trillion from the value of the companies


Companies with the highest level of carbon emissions will lose 43% of their value by 2025 as governments around the world implement climate policies, a new report has claimed.
It analyzed how companies in the MSCI ACWI index — which includes more than 2,700 firms across 49 countries — would be impacted by “an abrupt and disruptive policy response to climate change.”
According to the report, an “inevitable policy response” would permanently wipe up to $2.3 trillion from the value of the companies
‘Abrupt’ climate policies could see high-emitting firms lose 43% of their value, research claims Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-09  Authors: chloe taylor
Keywords: news, cnbc, companies, companies, oil, big, lose, value, report, claims, gas, pri, highemitting, profits, research, firms, abrupt, climate, policies


'Abrupt' climate policies could see high-emitting firms lose 43% of their value, research claims

Companies with the highest level of carbon emissions will lose 43% of their value by 2025 as governments around the world implement climate policies, a new report has claimed.

Published Monday, the report from the UN-backed Principles of Responsible Investing (PRI), Vivid Economics and Energy Transition Advisors estimated how hard the world’s most valuable firms would be hit by environmental policies in the coming decades. It analyzed how companies in the MSCI ACWI index — which includes more than 2,700 firms across 49 countries — would be impacted by “an abrupt and disruptive policy response to climate change.”

According to the report, an “inevitable policy response” would permanently wipe up to $2.3 trillion from the value of the companies in the index.

The 100 highest-emitting companies in the index would lose 43% of their market capitalization by 2025, equivalent to a total loss of $1.4 trillion, it claimed, while the 100 best-performing firms could see their value increase by 33%, a total gain of $700 billion.

Fossil fuel companies would be hardest hit, PRI said, with the report’s authors expecting the sector to lose a third of its value as margins were squeezed by “demand destruction.” Among the biggest losers would be coal companies, according to the forecast, with PRI expecting them to lose 44% of their value and 64% of their profits as a result of new climate policies.

PRI claimed the 10 most valuable companies in the oil and gas sector, meanwhile, could see their valuations drop by 31%, an equivalent loss of half a trillion dollars.

The report predicted that oil would peak around 2027, with corporate profits from the commodity falling by 34%. Natural gas was expected to peak around 2040, with profits from gas expected to decline by 29%, PRI claimed.

Speaking to CNBC’s “Squawk Box Europe” on Monday, Michele Della Vigna, head of EMEA natural resources research at Goldman Sachs, shared a conflicting view, arguing that climate-friendly policies were sparking “the beginning of a major business transformation for big oil.”

“On one side, it takes big oil’s capital and risk management capabilities and applies it to green technologies, from renewables to sequestration to reforestation,” he explained.

“On the other side, by restricting the access to capital for the broader industry in the old oil and gas, it actually lifts the returns and the free cash generation in the oil business allowing them to finance this transition towards green energy — which is why I believe, in climate change, big oil will see improving profitability as they transform into big energy.”

However, Giles Keating, senior advisor at Torchwood Capital, disagreed, describing Della Vigna’s outlook as “a great Panglossian view.”

“Look at what happened with the autos industry, they kind of pretended to do electric cars for a decade and said the technology doesn’t really work, and we all know where that ended up — a collapse in demand, a collapse in their profits and their share prices. I actually think the oil majors are going much the same way,” he told CNBC on Monday.


Company: cnbc, Activity: cnbc, Date: 2019-12-09  Authors: chloe taylor
Keywords: news, cnbc, companies, companies, oil, big, lose, value, report, claims, gas, pri, highemitting, profits, research, firms, abrupt, climate, policies


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US firms dominate arms sales list as 2018 global spend rises to $420 billion

U.S. firms dominate a newly published list of arms and military services spend in 2018, accounting for well over half of global sales. SIPRI said Lockheed Martin’s arms sales exceeded $47 billion, boosted by a ramping up of deliveries of the F-35 fighter jet. Combined, these U.S. firms accounted for more than a third of global military spend in 2018 — at an estimated value of $148 billion. Revenue for all the 43 U.S. firms in the list adds up to $246 billion, around 59% of all arms sales by the


U.S. firms dominate a newly published list of arms and military services spend in 2018, accounting for well over half of global sales.
SIPRI said Lockheed Martin’s arms sales exceeded $47 billion, boosted by a ramping up of deliveries of the F-35 fighter jet.
Combined, these U.S. firms accounted for more than a third of global military spend in 2018 — at an estimated value of $148 billion.
Revenue for all the 43 U.S. firms in the list adds up to $246 billion, around 59% of all arms sales by the
US firms dominate arms sales list as 2018 global spend rises to $420 billion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-09  Authors: david reid
Keywords: news, cnbc, companies, sales, billion, arms, 420, global, defense, 100, rises, spend, 2018, military, dominate, list, firms


US firms dominate arms sales list as 2018 global spend rises to $420 billion

U.S. firms dominate a newly published list of arms and military services spend in 2018, accounting for well over half of global sales.

The findings, published by the Stockholm International Peace Research Institute (SIPRI) on Monday, also calculated that the combined global sales from the world’s 100 biggest defense firms totaled $420 billion during 2018.

The figure, a 4.6% rise on SIPRI’s 2017 estimate, does not include sales from Chinese firms due to what the institute describes as a lack of reliable data.

For the first time since 2002, U.S. companies occupied all five top spots. Lockheed Martin kept its title as the world’s largest arms seller, accounting for 11% of global sales.

SIPRI said Lockheed Martin’s arms sales exceeded $47 billion, boosted by a ramping up of deliveries of the F-35 fighter jet.

Boeing, Northrop Grumman, Raytheon and General Dynamics rounded out the top five spots. Combined, these U.S. firms accounted for more than a third of global military spend in 2018 — at an estimated value of $148 billion.

Revenue for all the 43 U.S. firms in the list adds up to $246 billion, around 59% of all arms sales by the top 100 firms.

Looking elsewhere, the 10 Russian defense companies on the list managed to almost maintain their 2017 figure — selling $36.2 billion worth of military equipment and services.

Almaz-Antey was the only Russian firm to make the top 10 list with the state-owned company having a particular focus on anti-aircraft defense systems.

Combined arms sales of 27 European firms in the top 100 increased slightly in 2018 to $102 billion. U.K. firms accounted for $35.1 billion in 2018, the highest of the European nations.

U.K.-based BAE Systems came sixth in the top 100 list of sales, making it the largest arms seller outside of the United States in 2018.

Eighty of the 100 top arms producers in 2018 were based in the U.S., Europe and Russia. Of the remaining 20, SIPRI said six were based in Japan, three each for Israel, India and South Korea, two in Turkey and one each for Australia, Canada and Singapore.


Company: cnbc, Activity: cnbc, Date: 2019-12-09  Authors: david reid
Keywords: news, cnbc, companies, sales, billion, arms, 420, global, defense, 100, rises, spend, 2018, military, dominate, list, firms


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Morgan Stanley is cutting jobs due to uncertain global environment, sources say

Morgan Stanley is cutting roughly 2% of its workforce due to an uncertain global economic outlook, according to people with knowledge of the situation. New York-based Morgan Stanley had 60,532 employees as of September 30. During the post-financial crisis era marked by declining trading revenues, Wall Street firms often cut jobs towards the end of the year to avoid paying out bonuses. Morgan Stanley is the first known instance of this, but other firms will likely announce cuts as planning for 20


Morgan Stanley is cutting roughly 2% of its workforce due to an uncertain global economic outlook, according to people with knowledge of the situation.
New York-based Morgan Stanley had 60,532 employees as of September 30.
During the post-financial crisis era marked by declining trading revenues, Wall Street firms often cut jobs towards the end of the year to avoid paying out bonuses.
Morgan Stanley is the first known instance of this, but other firms will likely announce cuts as planning for 20
Morgan Stanley is cutting jobs due to uncertain global environment, sources say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-09  Authors: david reid hugh son, david reid, hugh son
Keywords: news, cnbc, companies, jobs, trading, say, morgan, cutting, company, shares, environment, revenue, stanley, bank, cuts, sources, uncertain, global, firms, declined


Morgan Stanley is cutting jobs due to uncertain global environment, sources say

Morgan Stanley is cutting roughly 2% of its workforce due to an uncertain global economic outlook, according to people with knowledge of the situation.

The job cuts at the investment bank, the world’s biggest equities trading firm and a leading mergers adviser, will hit technology and operations roles hardest, said the people, who declined to be named. New York-based Morgan Stanley had 60,532 employees as of September 30.

Mark Lake, a company spokesman, declined to comment.

In October, the bank posted third-quarter profit and revenue figures that beat analysts’ expectations. The company produced $10.1 billion in revenue, exceeding analysts’ average estimate by approximately $500 million.

During the post-financial crisis era marked by declining trading revenues, Wall Street firms often cut jobs towards the end of the year to avoid paying out bonuses. Morgan Stanley is the first known instance of this, but other firms will likely announce cuts as planning for 2020 continues.

Morgan Stanley shares have climbed 25% this year amid a broad rebound in bank shares.


Company: cnbc, Activity: cnbc, Date: 2019-12-09  Authors: david reid hugh son, david reid, hugh son
Keywords: news, cnbc, companies, jobs, trading, say, morgan, cutting, company, shares, environment, revenue, stanley, bank, cuts, sources, uncertain, global, firms, declined


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Coca-Cola CEO: Wall Street plays catch-up rewarding firms for socially responsible investments

Investors are increasingly paying attention to the company’s sustainability efforts, Coca-Cola Chairman and CEO James Quincey told CNBC on Monday. “We have been having our sustainability goals out there for the last 10 years,” Quincey said in a “Squawk on the Street” interview. For example, Coca-Cola, which made 110 billion plastic bottles in 2016, is working toward recovering and recycling the equivalent of 75% of the bottles it produces by next year. Last December, Coke announced two investmen


Investors are increasingly paying attention to the company’s sustainability efforts, Coca-Cola Chairman and CEO James Quincey told CNBC on Monday.
“We have been having our sustainability goals out there for the last 10 years,” Quincey said in a “Squawk on the Street” interview.
For example, Coca-Cola, which made 110 billion plastic bottles in 2016, is working toward recovering and recycling the equivalent of 75% of the bottles it produces by next year.
Last December, Coke announced two investmen
Coca-Cola CEO: Wall Street plays catch-up rewarding firms for socially responsible investments Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-09  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, plays, cocacola, ceo, sustainability, company, wall, quincey, bottles, plastic, investments, recycling, responsible, socially, street, water, recycled, firms, rewarding


Coca-Cola CEO: Wall Street plays catch-up rewarding firms for socially responsible investments

Investors are increasingly paying attention to the company’s sustainability efforts, Coca-Cola Chairman and CEO James Quincey told CNBC on Monday.

“We have been having our sustainability goals out there for the last 10 years,” Quincey said in a “Squawk on the Street” interview. “But the amount of attention by the investor base shot up exponentially in the last few years.”

ESG investing — which weighs environmental, social and governance against traditional profit and loss metrics — has become all the rage on Wall Street, as more and more people look to back companies with missions they can believe in.

For example, Coca-Cola, which made 110 billion plastic bottles in 2016, is working toward recovering and recycling the equivalent of 75% of the bottles it produces by next year. Last December, Coke announced two investments in recycling technologies that will allow it to use recycled plastics for its bottles more efficiently. By 2030, the beverage giant hopes to use 50% recycled content in its bottles.

Quincey also said he’s confident that Coca-Cola can reduce its carbon footprint 25% by 2020, a goal set in 2013. He pointed to the company becoming “water neutral” in 2016 — meaning it replenishes 100% of the water it uses in its finished beverages — as a proof of success.

“We have a track record of setting ambitious sustainability goals, and going after them,” the CEO said. “In the end, there is only one planet, and we all want to live on it, and we want to be able to do so with a good quality of life. That requires us to hit our sustainability goals.”

In its third quarter, Coca-Cola earned 56 cents per share, matching estimates. The company, in October, also delivered quarterly revenue of $9.5 billion, beating expectations, as more customers were attracted by healthier options, like Zero Sugar soda and smaller size cans.

However, the company acknowledged plans to address weaker performance in its water brands. As more consumers reconsider their use of plastic, growth in bottled water sales has slowed. Coca-Cola, among many companies thinking about how to make packaging more environmentally friendly, plans to sell its Dasani water in aluminum bottles and cans.

“We are positioning the company to create a better shared future for all of our stakeholders by delivering on our vision and growing sustainably,” Quincey said in October’s news release detailing the company’s third-quarter financials.

— CNBC’s Amelia Lucas contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-12-09  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, plays, cocacola, ceo, sustainability, company, wall, quincey, bottles, plastic, investments, recycling, responsible, socially, street, water, recycled, firms, rewarding


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China reportedly orders state offices to remove foreign tech which could hit US firms like Microsoft

China Securities said that the order had come from the Chinese Communist party’s Central Office earlier this year, the FT said. China Securities did not respond to a request for comment when contacted by CNBC. Trade war impactBeijing’s move comes against the backdrop of the ongoing U.S.-China trade war in which technology has been front and center. China’s technology firms have been the target of U.S. pressure. China’s latest policy may be seen as one of the most direct moves against U.S. techno


China Securities said that the order had come from the Chinese Communist party’s Central Office earlier this year, the FT said.
China Securities did not respond to a request for comment when contacted by CNBC.
Trade war impactBeijing’s move comes against the backdrop of the ongoing U.S.-China trade war in which technology has been front and center.
China’s technology firms have been the target of U.S. pressure.
China’s latest policy may be seen as one of the most direct moves against U.S. techno
China reportedly orders state offices to remove foreign tech which could hit US firms like Microsoft Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-09  Authors: arjun kharpal
Keywords: news, cnbc, companies, china, state, orders, policy, chinas, firms, securities, offices, war, remove, hit, tech, reportedly, microsoft, chinese, companies, trade, technology, foreign


China reportedly orders state offices to remove foreign tech which could hit US firms like Microsoft

A visitor tries out Microsoft Corp.’s Windows 10 operating system on a tablet. Kiyoshi Ota | Bloomberg | Getty Images

China’s Communist Party has ordered all state offices to remove foreign hardware and software within three years, the Financial Times reported, in a move which could hit major U.S. firms including Microsoft, Dell and HP. The policy has been dubbed “3-5-2” because the replacement of the technology will happen at a pace of 30% in 2020, 50% in 2021, and 20% in 2022, the newspaper said, citing a note from brokerage firm China Securities. Analysts there estimate that 20 million to 30 million pieces of foreign equipment need to be replaced in China. China Securities said that the order had come from the Chinese Communist party’s Central Office earlier this year, the FT said. While the directive is not public, two cybersecurity firms told the FT that their government clients described the policy to them. China Securities did not respond to a request for comment when contacted by CNBC. Meanwhile, China’s Ministry of Industry and Information Technology was not immediately available for comment when contacted by CNBC by fax. Microsoft, HP and Dell did not immediately respond to CNBC’s request for comment outside of business hours. Neil Campling, head of technology, media and telecommunications research at Mirabaud Securities, said the move by the Chinese government aims to protect against an escalation of tensions with the U.S. “That is something that China is looking at to make sure government operations are not affected by escalating tensions with the U.S.,” Campling told CNBC.

Trade war impact

Beijing’s move comes against the backdrop of the ongoing U.S.-China trade war in which technology has been front and center. China’s technology firms have been the target of U.S. pressure. Earlier this year, Huawei was placed on a U.S. blacklist which stopped American firms doing business with the Chinese telecom networking giant. Washington expanded its blacklist in October to include a number of Chinese surveillance firms like Hikvision, one of the world’s biggest companies for such technology. A provision of a U.S. law known as the National Defense Authorization Act also prohibits executive government agencies from procuring telecommunications hardware made by Huawei and another Chinese firm, ZTE.

China’s latest policy may be seen as one of the most direct moves against U.S. technology firms during the trade war. While Chinese government offices often use Chinese PCs such as Lenovo, they run Microsoft’s Windows software and may also use hardware from Dell and HP. The impact on trade negotiations will depend on how the U.S. “digests” China’s move, according to Nick Marro, global trade lead at The Economist Intelligence Unit. “Discrimination against foreign technology has been a part of the policy framework in China for years now, but it’s something that USTR (United States Trade Representative) is already familiar with,” Marro told CNBC. “This might nevertheless complicate the discussions around Huawei, ZTE and other companies in terms of their access to the U.S. market. Much of the popular narrative has centered around the U.S. unfairly banning these Chinese companies from its market; at least with this story, the administration can publicly play the blame game of, ‘well, China’s doing it too, and they’ve been doing it for a long time.'” U.S. companies like Google and Facebook have been blocked from operating in China for several years.

Wider risk


Company: cnbc, Activity: cnbc, Date: 2019-12-09  Authors: arjun kharpal
Keywords: news, cnbc, companies, china, state, orders, policy, chinas, firms, securities, offices, war, remove, hit, tech, reportedly, microsoft, chinese, companies, trade, technology, foreign


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Clients’ health-care spending gets closer look from advisors as costs squeeze budgets

Hero Images | Getty ImagesThe U.S. spent about $3.5 trillion on health care in 2017, or about $11,000 per person. The average 65-year-old male-female couple retiring in 2019 will spend an estimated $285,000 on health care over the rest of their lives, according to Fidelity Investments. “Part of the conversation should be exploring how your client uses the health-care system,” said CFP Stacy Francis, president and CEO of Francis Financial in New York. Financial advisors who try to pinpoint an amo


Hero Images | Getty ImagesThe U.S. spent about $3.5 trillion on health care in 2017, or about $11,000 per person.
The average 65-year-old male-female couple retiring in 2019 will spend an estimated $285,000 on health care over the rest of their lives, according to Fidelity Investments.
“Part of the conversation should be exploring how your client uses the health-care system,” said CFP Stacy Francis, president and CEO of Francis Financial in New York.
Financial advisors who try to pinpoint an amo
Clients’ health-care spending gets closer look from advisors as costs squeeze budgets Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: sarah obrien
Keywords: news, cnbc, companies, squeeze, look, firms, costs, medicare, gets, spending, closer, financial, health, clients, budgets, francis, care, expenses, healthcare, advisors


Clients' health-care spending gets closer look from advisors as costs squeeze budgets

Find yourself struggling to manage your health-care costs in retirement? You’re not alone. As the cost of health care continues climbing faster than the rate of inflation and an aging population is living longer, many financial advisors are focused on the line item in their retired clients’ budgets more than ever. “It’s a cost we see that’s ever-present and it’s gone way up over time,” said certified financial planner Kelly Wright, director of financial planning for Columbia, Maryland-based Pinnacle Advisory Group. Pinnacle ranked No. 80 on the CNBC FA 100 list of top advisor firms for 2019.

The ability to pay for health-care needs is one of the most critical issues of retirement. Hero Images | Getty Images

The U.S. spent about $3.5 trillion on health care in 2017, or about $11,000 per person. By 2027, that outlay is expected to climb to $6 trillion, or about $17,000 per person, according to the Centers for Medicare and Medicaid Services. The average 65-year-old male-female couple retiring in 2019 will spend an estimated $285,000 on health care over the rest of their lives, according to Fidelity Investments. That figure excludes expenses related to long-term care — help with daily activities such as bathing and dressing — which advisors typically calculate separately. “One of the things we want to do is make sure clients have the appropriate health insurance coverage and understand what it does and doesn’t do,” said CFP Victoria Trumbower, managing member of Trumbower Financial Advisors in Bethesda, Maryland. Trumbower Financial also ranked on the CNBC FA 100 list, at No. 22. More from Financial Advisor 100:

CNBC FA 100 2019 list of top-rated financial advisory firms

Top-ranked advisory firms help meet their client’s financial goals

‘Personal touch’ will still dominate financial advice space And, like many other expenses in retirement, health-care spending occurs over many years, if not decades, which means it generally should be factored into a client’s cash flow. And while not everyone will even reach the average amount, others will shell out even more. “Part of the conversation should be exploring how your client uses the health-care system,” said CFP Stacy Francis, president and CEO of Francis Financial in New York. “It can be drastically different from one person to another, which means their expenses can be drastically different.” For example, she said, some clients stick to in-network doctors and use health-care services in an economical way. Others, however, approach their care with gusto. “Some clients have concierge doctors and are paying a private fee for that service,” Francis said. “Or some have significant costs with alternative types of health services like acupuncture or other alternative therapies.”

Financial advisors who try to pinpoint an amount on a yearly basis aim to gather as much information as they can to come up with that number. “It’s a lot of work, but you can look back one or two years, detail and categorize all their expenses and really see what they spend,” Francis said. “If you ask someone what they spend, they’ll miss things.” It’s also important to revisit that number every year. “Some advisors do a plan and then don’t revisit it,” said Carolyn McClanahan, CFP and founder of Life Planning Partners in Jacksonville, Florida. “You need to go back every single year and use that year’s current health-care costs and do projections,” McClanahan said.

You need to go back every single year and use that year’s current health-care costs and do projections. Carolyn McClanahan Founder of Life Planning Partners

Making those forecasts can be tricky, because the rate of inflation is largely an unknown, especially the further out you go. However, health-care spending has outpaced overall inflation on an annualized basis for decades — which means many advisors err on the side of caution and assume that will continue. Francis said her firm uses 4.5% for when making health cost projections. “It’s a hefty number, but unfortunately it’s the real one,” she said. Another way advisors can help clients make sure they are managing their health-care dollars properly is to review their Medicare coverage. Some advisory firms have Medicare specialists in-house who can review a client’s options. Other firms refer clients to someone who does — such as a licensed Medicare broker.


Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: sarah obrien
Keywords: news, cnbc, companies, squeeze, look, firms, costs, medicare, gets, spending, closer, financial, health, clients, budgets, francis, care, expenses, healthcare, advisors


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‘Why I urge rapid closing’ on T-Mobile Sprint deal: Former FCC Chair Reed Hundt

Moreover, the concentration of influence in the owners of these data centers justly gives cause for concern. On the other hand, fewer than 500 big data centers effectively govern the critical computer calculations of the modern world. The United States might ban Chinese firms, but whether we like it or not, the rest of the world will not. This is the burgeoning new ecosystem that the post-merger market structure of communications firms will and must create. The United States might ban Chinese fi


Moreover, the concentration of influence in the owners of these data centers justly gives cause for concern.
On the other hand, fewer than 500 big data centers effectively govern the critical computer calculations of the modern world.
The United States might ban Chinese firms, but whether we like it or not, the rest of the world will not.
This is the burgeoning new ecosystem that the post-merger market structure of communications firms will and must create.
The United States might ban Chinese fi
‘Why I urge rapid closing’ on T-Mobile Sprint deal: Former FCC Chair Reed Hundt Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-02  Authors: reed hundt, former fcc chair
Keywords: news, cnbc, companies, chinese, tmobile, chair, sprint, firms, reed, computing, data, closing, urge, centers, rapid, fcc, wireless, communications, deal, hundt, information


'Why I urge rapid closing' on T-Mobile Sprint deal: Former FCC Chair Reed Hundt

But the break-out of newly robust competition and innovation is near at hand.

Yet close to three decades after the Internet became the critical commercial medium, we still do not have really high-speed broadband to every home. Moreover, the concentration of influence in the owners of these data centers justly gives cause for concern.

On the other hand, fewer than 500 big data centers effectively govern the critical computer calculations of the modern world. These data centers –run by Amazon, Facebook, Google, Microsoft and their Chinese counterparts – transmit massive information over thousands of miles at nearly the speed of light to and from businesses through fiber optic cables.

For decades communications and computing industries have had only limited relationships to each other. Even today for example, most personal computers do not connect directly to a cellular network – only accessing the Internet through embedded Wi-Fi.

The reason is that the demands of technological progress have changed remarkably in a few short years. With the conditions imposed by the federal and state governments including limits on consumer prices and job preservation, the new company and its competitors will help cause the long-awaited convergence of computing and communications necessary to stimulate new economic growth and produce new ways for society to benefit from technology.

As FCC chair in the 1990s I opposed mergers in radio, among Baby Bells, and later between T-Mobile and AT&T. In 2014, I declined to help Sprint buy T-Mobile. But when this time around Sprint asked if I would advise them on how to close their acquisition by T-Mobile I said, absolutely yes.

The United States might ban Chinese firms, but whether we like it or not, the rest of the world will not. To keep up with the pace of change in China and compete worldwide, all American firms need distributed connected computing to be pervasively deployed in our country.

The next evolution in wireless –5G, or the fifth generation of digital wireless technology launched on my watch at the FCC — will expand the data carrying capacity of wireless networks by as much as 1000 times. Millions of sensors – measuring devices with radios – will record the observable world, watching traffic patterns, measuring greenhouse gas emissions, monitoring heart rates, tracking robots in dangerous industrial operations.

Networks built for 5G will gather all this information and transmit it probably less than a mile away, in milliseconds, where computers resembling the big centralized data centers, but at smaller scale, will apply the mathematical calculations generally known as artificial intelligence (AI).

This number-crunching will enable the seemingly magical instructions and predictions that are the essence of AI: redirecting traffic, spotting environmental problems, sending someone to the hospital before the heart attack, making the robots do the hard work.

These services must be created close to where the information is obtained because the results of AI calculations have to be delivered to the point of use in milliseconds – even at the speed of light information cannot be sent thousands of miles, analyzed, and then sent back in time to obtain factory efficiency or save a life.

For this reason, innovators in computing and communications businesses, aware their industries are at last on a collision course, say these mini-data centers are at the “edge” of networks.

This edge, where 5G and AI meet, is new ground for doubling, tripling, probably quadrupling the size of America’s information industries. Barely perceptible now, this new ecosystem would be wide open for competition and innovation.

Big cable, existing wireless firms, and many other new entrants will have tremendous opportunities to create and capture value as they enable distributed connected computing – the name for converged computing and communications. These developments will stimulate cable and fiber-optic firms to build high speed broadband to every residence, as well as generate wireless alternatives.

This is the burgeoning new ecosystem that the post-merger market structure of communications firms will and must create.

There’s one other alarming and significant consideration. Our country is falling behind China in realizing the technological future.

Unlike the era when I was FCC chair, today U. S. firms in all sectors face vigorous competition in global markets from firms in China. Operating under the central government’s direction, Chinese communications firms will roll out 5G to its billion plus people and innumerable businesses. Using AI to create new commercial and consumer applications in their huge domestic market, Chinese firms will learn how to leverage their learning and scale into competing in every other country.

The United States might ban Chinese firms, but whether we like it or not, the rest of the world will not. To keep up with the pace of change in China and compete worldwide, all American firms need distributed connected computing to be pervasively deployed in our country.

For this reason, our platform builders – the communications companies – need to get quickly to the job of building America’s 5G networks. That’s why I urge rapid closing on T-Mobile’s acquisition of Sprint: it is important to propel our economy and society into the era of distributed connected computing in a hurry.

Next week, one of the last remaining hurdles to closing this merger will finally get underway. A handful of US states led by California and New York are suing to try to block the deal which has received all the necessary US government approvals including national security, regulatory, and antitrust. The conditions imposed by these federal agencies and other states which are supporting the merger are constructive and yet another reason T-Mobile and Sprint should be allowed to combine.

Reed Hundt is former chairman of the Federal Communications Commission, a member of the board of various technology firms, an advisor to Sprint as to the pending merger, and recently the author of “A Crisis Wasted: Barack Obama’s Defining Decisions.”

For more insight from CNBC contributors, follow @CNBCopinion on Twitter.


Company: cnbc, Activity: cnbc, Date: 2019-12-02  Authors: reed hundt, former fcc chair
Keywords: news, cnbc, companies, chinese, tmobile, chair, sprint, firms, reed, computing, data, closing, urge, centers, rapid, fcc, wireless, communications, deal, hundt, information


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China’s industrial profits post steepest fall in 8 months

Profits at China’s industrial firms shrank at their fastest pace in eight months in October, tracking sustained drops in producer prices and exports and underscoring slowing momentum in the world’s second-largest economy. Industrial profits fell 9.9% in October year-on-year to 427.56 billion yuan ($60.74 billion), data released by the National Bureau of Statistics showed on Wednesday, marking the biggest drop since January-February period and compared with a 5.3% decline in September. China’s in


Profits at China’s industrial firms shrank at their fastest pace in eight months in October, tracking sustained drops in producer prices and exports and underscoring slowing momentum in the world’s second-largest economy.
Industrial profits fell 9.9% in October year-on-year to 427.56 billion yuan ($60.74 billion), data released by the National Bureau of Statistics showed on Wednesday, marking the biggest drop since January-February period and compared with a 5.3% decline in September.
China’s in
China’s industrial profits post steepest fall in 8 months Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-27
Keywords: news, cnbc, companies, straight, industrial, period, prices, chinas, months, fell, drop, profits, firms, steepest, post, sector, fall


China's industrial profits post steepest fall in 8 months

Profits at China’s industrial firms shrank at their fastest pace in eight months in October, tracking sustained drops in producer prices and exports and underscoring slowing momentum in the world’s second-largest economy.

Industrial profits fell 9.9% in October year-on-year to 427.56 billion yuan ($60.74 billion), data released by the National Bureau of Statistics showed on Wednesday, marking the biggest drop since January-February period and compared with a 5.3% decline in September.

China’s industrial sector has been under pressure in recent months as slowing demand at home and the fallout from the Sino-U.S. trade dispute undercut earnings.

“The big drop in October profits suggests the real economy is still facing plenty of difficulties,” said Nie Wen, economist at Shanghai-based Hwabao Trust, adding that the country’s industrial firms now face a double whammy of falling prices and higher funding costs.

“Profit growth is expected to stay negative for a period of time in the future, likely prompting authorities to unveil more growth-boosting measures in a gradual and restrained way.”

Profit declines for the manufacturing sector deepened in October, as margins contracted by 4.9% in the January-October period, compared with a 3.9% drop in the first nine months of the year. Meanwhile, mining sector profit growth also moderated.

For January-October, industrial firms’ profits fell 2.9% from a year earlier to 5.02 trillion yuan, compared with a 2.1% decline in January September.

China’s producer price index, seen as key indicator of corporate profitability, posted its sharpest fall in more than three years in October as prices for raw materials weakened. The country’s official manufacturing PMI also showed a contraction in activity for the sixth straight month in September with new export orders falling for their 17th straight month.

China’s exports fell in annual terms for the third straight in October, albeit at a slower-than-expected rate.


Company: cnbc, Activity: cnbc, Date: 2019-11-27
Keywords: news, cnbc, companies, straight, industrial, period, prices, chinas, months, fell, drop, profits, firms, steepest, post, sector, fall


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