China to waive tariffs on some US soybeans, pork in goodwill gesture

In a positive gesture, China said on Friday that it will waive import tariffs for some soybeans and pork shipments from the United States, as the two sides try to thrash out a broader agreement to defuse their protracted trade war. The tariff waivers were based on applications by individual firms for U.S. soybeans and pork imports, the finance ministry said in a statement, citing a decision by the country’s cabinet. That includes tariffs of 25% on both U.S. soybeans and pork in July 2018 and a f


In a positive gesture, China said on Friday that it will waive import tariffs for some soybeans and pork shipments from the United States, as the two sides try to thrash out a broader agreement to defuse their protracted trade war.
The tariff waivers were based on applications by individual firms for U.S. soybeans and pork imports, the finance ministry said in a statement, citing a decision by the country’s cabinet.
That includes tariffs of 25% on both U.S. soybeans and pork in July 2018 and a f
China to waive tariffs on some US soybeans, pork in goodwill gesture Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-06
Keywords: news, cnbc, companies, united, war, trade, soybeans, waive, pork, tariffs, china, gesture, washington, goodwill, chinese, 2018


China to waive tariffs on some US soybeans, pork in goodwill gesture

In a positive gesture, China said on Friday that it will waive import tariffs for some soybeans and pork shipments from the United States, as the two sides try to thrash out a broader agreement to defuse their protracted trade war. The tariff waivers were based on applications by individual firms for U.S. soybeans and pork imports, the finance ministry said in a statement, citing a decision by the country’s cabinet. It did not specify the quantities involved. China had imposed the levies in response to tariffs launched by Washington over allegations that China steals and forces the transfer of American intellectual property to Chinese firms, known as Section 301. That includes tariffs of 25% on both U.S. soybeans and pork in July 2018 and a further 10% on pork and 5% on soybeans in September this year.

This photo taken on July 19, 2018 shows a worker loading sacks of animal feed made from soybeans at the Hopefull Grain and Oil Group in Sanhe, in China’s northern Hebei province. The company is currently using soybeans imported from Brazil, after recently changing from U.S. soybeans. Greg Baker | AFP | Getty Images

The waiver comes amid negotiations between the United States and China to conclude a ‘phase one’ or interim deal to de-escalate a 17-month trade war that has roiled financial markets, disrupted supply chains and weighed on global economic growth. A deal had initially been expected last month, but the two sides are said to be still seeking agreement on major issues such as which tariffs to roll back and the size of U.S. farm purchases China is willing to make. Though President Donald Trump struck an upbeat tone on progress in talks on Thursday, a new round of U.S. tariffs covering about $156 billion of Chinese imports is set to kick in just over a week away on Dec. 15. China’s tariff waivers on key U.S. agricultural products is a sign of its commitment to the deal, said an industry source who declined to be identified because of the sensitivity of the matter. “The goal (of this move) is to expand purchases and reassure the United States,” said a Chinese source who advises Beijing on the trade talks. “It should be interpreted as a positive signal. Despite the many political difficulties the two sides face, economic and trade cooperation and moves to stop the escalation of the trade war are in the interest of both parties.” Since late 2018, Washington has similarly exempted some Chinese goods from U.S. tariffs, even as the tone of the trade talks waxed and waned. At end-October, the Office of the U.S. Trade Representative (USTR) began accepting tariff exclusion requests for Chinese goods subject to additional taxes in effect since Sept. 1. Prior to that, 14 batches of exclusions for Chinese products had been granted between December 2018 and mid-October this year. Washington imposed additional tariffs on about $125 billion worth of Chinese goods on Sept. 1, on top of 25% tariffs levied on an earlier $250 billion list of industrial and consumer goods.

US Soybeans


Company: cnbc, Activity: cnbc, Date: 2019-12-06
Keywords: news, cnbc, companies, united, war, trade, soybeans, waive, pork, tariffs, china, gesture, washington, goodwill, chinese, 2018


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That prehistoric fossil in your attic may be a tax break

Whether you’d like to give away several thousand bushels of soybeans or a prehistoric fossil, there just might be a charity that’s willing to receive it. As a result, fewer people are expected to itemize in 2018 and fewer individuals will qualify to claim their charitable donations on their taxes. For those who can itemize, cash donations and highly appreciated stocks often are the items generous filers want to give away. For instance, Fidelity Charitable received close to $1 billion in so-calle


Whether you’d like to give away several thousand bushels of soybeans or a prehistoric fossil, there just might be a charity that’s willing to receive it. As a result, fewer people are expected to itemize in 2018 and fewer individuals will qualify to claim their charitable donations on their taxes. For those who can itemize, cash donations and highly appreciated stocks often are the items generous filers want to give away. For instance, Fidelity Charitable received close to $1 billion in so-calle
That prehistoric fossil in your attic may be a tax break Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-23  Authors: darla mercado, frank rothe, photonica, getty images, francois guillot, afp, source, goodwill, susan watkins, daniel grill
Keywords: news, cnbc, companies, donations, tax, attic, deduction, fidelity, prehistoric, break, charitable, itemize, giving, willing, individuals, fewer, fossil, including


That prehistoric fossil in your attic may be a tax break

Whether you’d like to give away several thousand bushels of soybeans or a prehistoric fossil, there just might be a charity that’s willing to receive it.

Year-end tends to be a busy time for individuals who are in a giving mood. Donors seeking a break on their 2018 taxes must make their charitable contributions before Dec. 31.

Keep in mind that it’s also harder to take the deduction for charitable giving, as the Tax Cuts and Jobs Act has roughly doubled the standard deduction to $12,000 for singles and $24,000 for married couples who file jointly and limited certain itemized deductions, including a break for state and local taxes.

As a result, fewer people are expected to itemize in 2018 and fewer individuals will qualify to claim their charitable donations on their taxes.

For those who can itemize, cash donations and highly appreciated stocks often are the items generous filers want to give away. However, these aren’t the only things charitable organizations are willing to take.

For instance, Fidelity Charitable received close to $1 billion in so-called complex assets in 2017.

“Complex assets are basically what isn’t traded publicly, including private shares, bitcoin, real estate and bags of corn,” said Amy Pirozzolo, vice president at Fidelity Charitable.


Company: cnbc, Activity: cnbc, Date: 2018-11-23  Authors: darla mercado, frank rothe, photonica, getty images, francois guillot, afp, source, goodwill, susan watkins, daniel grill
Keywords: news, cnbc, companies, donations, tax, attic, deduction, fidelity, prehistoric, break, charitable, itemize, giving, willing, individuals, fewer, fossil, including


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‘Stranger Things’ star Millie Bobby Brown named UNICEF’s youngest-ever goodwill ambassador

The United Nations International Children’s Emergency Fund (UNICEF) welcomed Brown, 14, as the latest Goodwill Ambassador for the non-profit on Tuesday, making her the youngest person ever to step into the position. “Given UNICEF’s global role as the world’s leading voice for children and young people, to be the youngest-ever Goodwill Ambassador for UNICEF is more than an honor. Brown has supported UNICEF’s work since 2016, having hosted the non-profit’s 70th anniversary celebrations that year.


The United Nations International Children’s Emergency Fund (UNICEF) welcomed Brown, 14, as the latest Goodwill Ambassador for the non-profit on Tuesday, making her the youngest person ever to step into the position. “Given UNICEF’s global role as the world’s leading voice for children and young people, to be the youngest-ever Goodwill Ambassador for UNICEF is more than an honor. Brown has supported UNICEF’s work since 2016, having hosted the non-profit’s 70th anniversary celebrations that year.
‘Stranger Things’ star Millie Bobby Brown named UNICEF’s youngest-ever goodwill ambassador Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-21  Authors: alexandra gibbs, lev radin pacific press, lightrocket, getty images
Keywords: news, cnbc, companies, unicefs, things, ambassador, actress, brown, star, young, youngestever, work, children, bobby, stranger, world, named, millie, including, goodwill


'Stranger Things' star Millie Bobby Brown named UNICEF's youngest-ever goodwill ambassador

When she’s not starring on Netflix’s “Stranger Things,” Emmy award-nominated actress Millie Bobby Brown takes time to promote causes she’s passionate about — and during this year’s World Children’s Day, she was recognized for doing just that.

The United Nations International Children’s Emergency Fund (UNICEF) welcomed Brown, 14, as the latest Goodwill Ambassador for the non-profit on Tuesday, making her the youngest person ever to step into the position.

“Given UNICEF’s global role as the world’s leading voice for children and young people, to be the youngest-ever Goodwill Ambassador for UNICEF is more than an honor. It’s a powerful privilege,” the actress said during a press conference at the UN headquarters in New York.

As a globally-recognized actor, with millions of social media followers, Brown plans on using her platform to highlight issues affecting younger people, such as poverty, violence and lack of education or shelter.

“I will speak out for the millions of children and young people whose voices have been silenced for far too long,” she said.

“I will shine a light on the issues that vulnerable children and young people have suffered around the world, including representing them at places where they haven’t yet had a seat at the table.”

“Most of all, I will make sure children and young people know their rights and I will do everything I can to empower them, to be the change they want to see in the world.”

During her speech, the actress said that she was looking forward to meeting and helping as many children as possible — and in doing so, she hopes her fans will be motivated to raise their own voices.

Brown has supported UNICEF’s work since 2016, having hosted the non-profit’s 70th anniversary celebrations that year. In addition to highlighting UNICEF’s work on her platforms, she draws attention to a whole host of other topics, including gender equality and gun violence.

As a Goodwill Ambassador for the non-profit, Brown will be joining the ranks of many others who’ve taken on this role, including Orlando Bloom, Shakira, David Beckham and Priyanka Chopra.


Company: cnbc, Activity: cnbc, Date: 2018-11-21  Authors: alexandra gibbs, lev radin pacific press, lightrocket, getty images
Keywords: news, cnbc, companies, unicefs, things, ambassador, actress, brown, star, young, youngestever, work, children, bobby, stranger, world, named, millie, including, goodwill


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Venture capitalist Gene Munster questions Facebook’s efforts to bring goodwill to the world

Facebook, Twitter and Google head to Capitol Hill: Here’s what to expert 1 Hour Ago | 04:49Venture capitalist Gene Munster said Thursday he questions the amount of good Facebook brings to the world. For businesses to change the world as well as thrive, they have to do “some form of good,” Munster said. They’ve added a lot of AI, they’ve added 20,000 people to vet out fake news, they’ve added transparency to some of their ad units.” The term FAANG, refers to Facebook, Apple, Amazon, Netflix and G


Facebook, Twitter and Google head to Capitol Hill: Here’s what to expert 1 Hour Ago | 04:49Venture capitalist Gene Munster said Thursday he questions the amount of good Facebook brings to the world. For businesses to change the world as well as thrive, they have to do “some form of good,” Munster said. They’ve added a lot of AI, they’ve added 20,000 people to vet out fake news, they’ve added transparency to some of their ad units.” The term FAANG, refers to Facebook, Apple, Amazon, Netflix and G
Venture capitalist Gene Munster questions Facebook’s efforts to bring goodwill to the world Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-30  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, google, lot, apple, facebooks, world, good, tech, munster, gene, added, venture, bring, goodwill, theyve, questions, facebook, capitalist, efforts


Venture capitalist Gene Munster questions Facebook's efforts to bring goodwill to the world

Facebook, Twitter and Google head to Capitol Hill: Here’s what to expert 1 Hour Ago | 04:49

Venture capitalist Gene Munster said Thursday he questions the amount of good Facebook brings to the world.

“Fundamentally [they] just don’t do a lot of good for the world,” the former long-time tech analyst and founder of Loup Ventures told CNBC’s “Squawk Box.”

For businesses to change the world as well as thrive, they have to do “some form of good,” Munster said. He added he “questions some of that related to Facebook.”

“If you look at Facebook’s F8 conference and some of the announcements they made around building community, whether it’s dating or groups, that is an indication that Facebook also recognizes that people don’t feel as good,” said Munster, who spent more than two decades as an influential tech analyst at Piper Jaffray.

Facebook did not immediately respond to CNBC’s request for comment on Munster’s remarks.

But Munster expects Facebook will come out as a winner after company officials testify next week on Capitol Hill, specifically because COO Sheryl Sandberg will be representing the company.

Sandberg and Twitter CEO Jack Dorsey agreed to attend the hearing with the Senate Intelligence Committee on their role in protecting elections from misinformation and disinformation. Google declined to offer anybody from the C-suite.

“[Sandberg] obviously does an outstanding job,” Munster said. The company has also “done a lot around election interference. They’ve added a lot of AI, they’ve added 20,000 people to vet out fake news, they’ve added transparency to some of their ad units.”

Facebook has suffered from a number of setbacks since reports on March 17 that Cambridge Analytica had harvested the data of tens of millions of users of the social network without their permission.

Struggling with data leaks and fake news scandals, Facebook shares plunged 19 percent on July 26, a day after it warned about slower sales growth for the third and fourth quarters and a reduced forecast for long-term profit margins.

Munster argued last month that the leading tech FAANG stocks as a group may not be a safe bet for investors, saying he expects a “divergence” in the next six to 12 months.

The term FAANG, refers to Facebook, Apple, Amazon, Netflix and Google-parent Alphabet.

At the time, Munster said he saw a different path for Apple, Google, and Amazon. He said “outperformance” in the technology sector will be driven by those three stocks, particularly Apple.


Company: cnbc, Activity: cnbc, Date: 2018-08-30  Authors: berkeley lovelace jr
Keywords: news, cnbc, companies, google, lot, apple, facebooks, world, good, tech, munster, gene, added, venture, bring, goodwill, theyve, questions, facebook, capitalist, efforts


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Li Bingbing: The actress who took on China’s ivory trade

She regards her “meaningful” off-screen achievements as an environmental activist just as highly as her on-screen roles. For nine years, Li has been a goodwill ambassador for the United Nation’s Environment Programme (UNEP). The actress credits her long-standing passion for environmental activism for gaining attention from the highest global stage any activist could wish for. And then they invited me to be the goodwill ambassador for UNEP. And that’s what I really want to be,” Li told CNBC’s Tan


She regards her “meaningful” off-screen achievements as an environmental activist just as highly as her on-screen roles. For nine years, Li has been a goodwill ambassador for the United Nation’s Environment Programme (UNEP). The actress credits her long-standing passion for environmental activism for gaining attention from the highest global stage any activist could wish for. And then they invited me to be the goodwill ambassador for UNEP. And that’s what I really want to be,” Li told CNBC’s Tan
Li Bingbing: The actress who took on China’s ivory trade Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-06-28  Authors: shafi musaddique
Keywords: news, cnbc, companies, goodwill, took, activist, wish, environmental, ambassador, ivory, chinas, united, unepthe, li, actress, attention, hollywood, bingbing, trade


Li Bingbing: The actress who took on China's ivory trade

Having 40 million followers on social media and starring in a Hollywood blockbuster would be enough for most people to rest on their laurels. Not for Li Bingbing.

Regarded as one of China’s most famous actresses, the 45-year-old’s determination to learn English as a second language helped her to land Hollywood action hero roles in “Resident Evil: Retribution” and “Transformers: Age of Extinction.”

What she does away from acting is arguably more noteworthy. She regards her “meaningful” off-screen achievements as an environmental activist just as highly as her on-screen roles.

For nine years, Li has been a goodwill ambassador for the United Nation’s Environment Programme (UNEP).

The actress credits her long-standing passion for environmental activism for gaining attention from the highest global stage any activist could wish for.

“I’d already done a lot of environmental protection things so I think they paid attention to me. And then they invited me to be the goodwill ambassador for UNEP. And that’s what I really want to be,” Li told CNBC’s Tania Bryer.


Company: cnbc, Activity: cnbc, Date: 2018-06-28  Authors: shafi musaddique
Keywords: news, cnbc, companies, goodwill, took, activist, wish, environmental, ambassador, ivory, chinas, united, unepthe, li, actress, attention, hollywood, bingbing, trade


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Li Bingbing: The actress who took on China’s ivory trade

She regards her “meaningful” off-screen achievements as an environmental activist just as highly as her on-screen roles. For nine years, Li has been a goodwill ambassador for the United Nation’s Environment Programme (UNEP). The actress credits her long-standing passion for environmental activism for gaining attention from the highest global stage any activist could wish for. And then they invited me to be the goodwill ambassador for UNEP. And that’s what I really want to be,” Li told CNBC’s Tan


She regards her “meaningful” off-screen achievements as an environmental activist just as highly as her on-screen roles. For nine years, Li has been a goodwill ambassador for the United Nation’s Environment Programme (UNEP). The actress credits her long-standing passion for environmental activism for gaining attention from the highest global stage any activist could wish for. And then they invited me to be the goodwill ambassador for UNEP. And that’s what I really want to be,” Li told CNBC’s Tan
Li Bingbing: The actress who took on China’s ivory trade Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-06-07  Authors: shafi musaddique
Keywords: news, cnbc, companies, wish, chinas, bingbing, environmental, hollywood, attention, took, actress, goodwill, ivory, trade, activist, ambassador, united, unepthe, li


Li Bingbing: The actress who took on China's ivory trade

Having 40 million followers on social media and starring in a Hollywood blockbuster would be enough for most people to rest on their laurels. Not for Li Bingbing.

Regarded as one of China’s most famous actresses, the 45-year-old’s determination to learn English as a second language helped her to land Hollywood action hero roles in “Resident Evil: Retribution” and “Transformers: Age of Extinction.”

What she does away from acting is arguably more noteworthy. She regards her “meaningful” off-screen achievements as an environmental activist just as highly as her on-screen roles.

For nine years, Li has been a goodwill ambassador for the United Nation’s Environment Programme (UNEP).

The actress credits her long-standing passion for environmental activism for gaining attention from the highest global stage any activist could wish for.

“I’d already done a lot of environmental protection things so I think they paid attention to me. And then they invited me to be the goodwill ambassador for UNEP. And that’s what I really want to be,” Li told CNBC’s Tania Bryer.


Company: cnbc, Activity: cnbc, Date: 2018-06-07  Authors: shafi musaddique
Keywords: news, cnbc, companies, wish, chinas, bingbing, environmental, hollywood, attention, took, actress, goodwill, ivory, trade, activist, ambassador, united, unepthe, li


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Authorities: New bombing reported at Austin Goodwill store

Emergency teams were responding Tuesday night to another reported explosion in Texas’ capital, this one at a Goodwill store in the southern part of the city. Even before the report of the Goodwill blast, it had already been a busy day for authorities. Meanwhile, authorities also closed off an Austin-area FedEx store where they believe the bomb that exploded was shipped to the distribution center. Before it exploded, the package had been sent from Austin and was addressed to a home in Austin, Tex


Emergency teams were responding Tuesday night to another reported explosion in Texas’ capital, this one at a Goodwill store in the southern part of the city. Even before the report of the Goodwill blast, it had already been a busy day for authorities. Meanwhile, authorities also closed off an Austin-area FedEx store where they believe the bomb that exploded was shipped to the distribution center. Before it exploded, the package had been sent from Austin and was addressed to a home in Austin, Tex
Authorities: New bombing reported at Austin Goodwill store Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-03-20
Keywords: news, cnbc, companies, reported, austin, investigators, store, bombing, person, center, surveillance, goodwill, authorities, package, fedex, exploded


Authorities: New bombing reported at Austin Goodwill store

Emergency teams were responding Tuesday night to another reported explosion in Texas’ capital, this one at a Goodwill store in the southern part of the city.

In a tweet, the Austin Police Department urged residents to avoid the area. Austin-Travis County EMS said there had been reports of at least one person injured, though it was not immediately clear how serious the injuries were.

It came as investigators who have pursued a suspected serial bomber terrorizing Austin for weeks uncovered what seemed like valuable new leads in the case.

Even before the report of the Goodwill blast, it had already been a busy day for authorities. Before dawn Tuesday, a bomb inside a package exploded around 1 a.m. as it passed along a conveyer belt at a FedEx shipping center near San Antonio, causing minor injuries to a worker.

The Austin Police Department, the FBI and other federal agencies confirmed that the package center blast was related to four previous ones that killed two people and seriously injured four others.

That explosion occurred at a FedEx facility in Schertz, just northeast of San Antonio and about 60 miles (95 kilometers) southwest of Austin.

Later in the morning, police sent a bomb squad to a FedEx facility outside the Austin airport to check on a suspicious package that was reported around 6:20 a.m. Federal agencies and police later said that package had indeed contained an explosive that was successfully intercepted by authorities. They added that the intercepted package, too, was believed to be related to the other bombings.

Meanwhile, authorities also closed off an Austin-area FedEx store where they believe the bomb that exploded was shipped to the distribution center. They roped off a large area around the shopping center in the enclave of Sunset Valley and were collecting evidence, including surveillance camera footage.

Then, authorities closed off an Austin-area FedEx store where they believe the bomb that exploded was shipped to the distribution center — roping off a large area around the shopping center in the enclave of Sunset Valley and were collecting evidence, including surveillance camera footage.

U.S. Rep. Michael McCaul, a Republican from Austin who is chairman of the House Homeland Security Committee, said that investigators have obtained surveillance videos that “could possibly” show a suspect, but are still poring through video.

“I hope his biggest mistake was going through FedEx,” McCaul, who has spoken to federal investigators and Austin police Chief Brian Manley, said of the bomber in a phone interview.

He added that the person responsible for the bombings had previously been “very sophisticated in going around surveillance cameras.”

“They’ve got a couple of videos that could possibly be the person but they’re not sure at this point,” McCaul said.

Before it exploded, the package had been sent from Austin and was addressed to a home in Austin, Texas Attorney General Ken Paxton said.

In a statement, FedEx officials said the same person responsible for sending the package also shipped a second parcel that has been secured and turned over to law enforcement. A company spokeswoman refused to say if that second package might have been linked to the one reported at the distribution center near the airport.

The Schertz blast came less than two days after a bombing wounded two men Sunday night in a quiet Austin neighborhood about 3 miles (5 kilometers) from the FedEx store. It was triggered by a nearly invisible tripwire, suggesting a “higher level of sophistication” than agents saw in three package bombs previously left on doorsteps, according to Fred Milanowski, the agent in charge of the Houston division of the Bureau of Alcohol, Tobacco, Firearms and Explosives.

A criminologist at the University of Alabama said if a single perpetrator is behind the blasts, changing the means of delivery increases the bomber’s chance of getting caught.

“I think it would suggest that the bomber is trying to stay unpredictable,” Adam Lankford said. “But it also increases the likelihood that he would make a mistake.”

Authorities have not identified the two men who were hurt Sunday, saying only that they are in their 20s and white. But William Grote told The Associated Press that his grandson was one of them and that he had what appeared to be nails embedded in his knees.

On the night of the fourth bombing, one of the victims was riding a bike in the street and the other was on a sidewalk when they hit the tripwire.

“It was so dark they couldn’t tell, and they tripped,” Grote said.

In Washington, President Donald Trump said the assailant behind the bombing is “very sick.”

During an Oval Office meeting Tuesday with Saudi Arabia’s Crown Prince Mohammed bin Salman, the president said, “This is obviously a very sick individual or individuals,” and authorities are “working to get to the bottom of it.”

Despite bombing tactics that have now shifted, investigators have repeated prior warnings about not touching unexpected packages and urged people to be wary of any stray object left in public. Austin police say they have now responded to more than 1,200 reports of suspicious packages in a little more than a week — without finding anything dangerous.

Officers originally pointed to possible hate crimes, but the victims have now been black, Hispanic and white and from different parts of the city.

“We are clearly dealing with what we believe to be a serial bomber,” Manley says.


Company: cnbc, Activity: cnbc, Date: 2018-03-20
Keywords: news, cnbc, companies, reported, austin, investigators, store, bombing, person, center, surveillance, goodwill, authorities, package, fedex, exploded


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Amazon’s soaring goodwill balance shows how Whole Foods buy was a long-term bet

An often overlooked part of Amazon’s balance sheet gives clues to the company’s thinking behind the $13 billion Whole Foods acquisition: goodwill. Goodwill — the amount Amazon paid for beyond what’s valued on Whole Foods’ balance sheet — accounted for $9 billion, or roughly 70 percent, of the $13 billion acquisition price, according to Amazon’s annual report disclosed last week. The heavy goodwill balance shows Amazon’s confidence in turning Whole Foods into a bigger revenue driver in the future


An often overlooked part of Amazon’s balance sheet gives clues to the company’s thinking behind the $13 billion Whole Foods acquisition: goodwill. Goodwill — the amount Amazon paid for beyond what’s valued on Whole Foods’ balance sheet — accounted for $9 billion, or roughly 70 percent, of the $13 billion acquisition price, according to Amazon’s annual report disclosed last week. The heavy goodwill balance shows Amazon’s confidence in turning Whole Foods into a bigger revenue driver in the future
Amazon’s soaring goodwill balance shows how Whole Foods buy was a long-term bet Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-02-06  Authors: eugene kim, daniel acker, bloomberg, getty images
Keywords: news, games, cnbc, companies, longterm, goodwill, amazons, acquisition, buy, business, write, foods, sheet, billion, bet, shows, deal, balance, soaring


Amazon's soaring goodwill balance shows how Whole Foods buy was a long-term bet

An often overlooked part of Amazon’s balance sheet gives clues to the company’s thinking behind the $13 billion Whole Foods acquisition: goodwill.

Goodwill — the amount Amazon paid for beyond what’s valued on Whole Foods’ balance sheet — accounted for $9 billion, or roughly 70 percent, of the $13 billion acquisition price, according to Amazon’s annual report disclosed last week.

That means 70 percent of the cost was for things that are hard to measure, like Whole Foods’ potential for future growth, while only 30 percent was spent on buying actual assets, like existing stores or business relationships.

“The acquisition price is being allocated mostly to goodwill, suggesting that Amazon is mostly buying the opportunity to break into this business, not because of Whole Foods’ existing business,” said Alan Brott, an accounting professor at Columbia University.

The heavy goodwill balance shows Amazon’s confidence in turning Whole Foods into a bigger revenue driver in the future. But it also adds risk: Goodwill is tested for impairment every year, and when acquisitions don’t work out as expected, companies must write it off, directly impacting the bottom line.

Peter Atwater, president at the financial research firm Financial Insyghts, said the risk of a goodwill write off is important, pointing to other tech giants that had to write off large goodwill values in recent years, such as Microsoft with Nokia or Hewlett Packard with Autonomy.

On top of that, the Whole Foods deal stands out because the 70 percent goodwill portion is higher than most other deals involving a physical store brand, Atwater said. Companies that don’t own a lot of tangible assets, like software makers, tend to draw higher goodwill, but it’s rare for companies in physical retail to get such high goodwill in a deal. For example, when CVS paid $1.9 billion for Target’s pharmacy business in 2015, only $916 million, or 48 percent, of the deal accounted for goodwill.

“It’s a very significant premium for a company that’s in an old industry like grocery shopping,” Atwater said. “The issue is going to be whether strategically they can create the value that is now reflected in the balance sheet in the form of that goodwill.”

As a result of the Whole Foods acquisition, Amazon’s goodwill balance has ballooned to $13.4 billion as of the end of 2017, the highest ever, and the first time it accounted for more than 10 percent of its total assets.


Company: cnbc, Activity: cnbc, Date: 2018-02-06  Authors: eugene kim, daniel acker, bloomberg, getty images
Keywords: news, games, cnbc, companies, longterm, goodwill, amazons, acquisition, buy, business, write, foods, sheet, billion, bet, shows, deal, balance, soaring


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Cate Blanchett on being a UNHCR Goodwill ambassador and raising awareness about refugees at Davos

Actress and campaigner Cate Blanchett called on the world to adopt a more compassionate approach to refugees on Tuesday. The UNHCR goodwill ambassador explained to an audience at the World Economic Forum (WEF) in Davos, Switzerland, that not only do refugees need support in the form of nutrition, healthcare and shelter, they also need to be heard, to have their stories put in a positive light. According to UNHCR’s Global Trends 2016 report, developing regions hosted 84 percent of the world’s ref


Actress and campaigner Cate Blanchett called on the world to adopt a more compassionate approach to refugees on Tuesday. The UNHCR goodwill ambassador explained to an audience at the World Economic Forum (WEF) in Davos, Switzerland, that not only do refugees need support in the form of nutrition, healthcare and shelter, they also need to be heard, to have their stories put in a positive light. According to UNHCR’s Global Trends 2016 report, developing regions hosted 84 percent of the world’s ref
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Cate Blanchett on being a UNHCR Goodwill ambassador and raising awareness about refugees at Davos

Actress and campaigner Cate Blanchett called on the world to adopt a more compassionate approach to refugees on Tuesday.

The UNHCR goodwill ambassador explained to an audience at the World Economic Forum (WEF) in Davos, Switzerland, that not only do refugees need support in the form of nutrition, healthcare and shelter, they also need to be heard, to have their stories put in a positive light.

In 2016, a Pew Research Center report on the refugee crisis in Europe found that in eight out of 10 European nations surveyed, over 50 percent saw incoming refugees as increasing “the likelihood of terrorism”in their country.

According to UNHCR’s Global Trends 2016 report, developing regions hosted 84 percent of the world’s refugees under UNHCR’s mandate, with some of the poorest nations offering asylum to 28 percent of the global total, or 4.9 million refugees.

“There has to be a burden share, no one country can house these people. And you’ve got to remember that these are not terrorists, these are innocent people,” Blanchett said during a session titled “An Insight, An Idea With Cate Blanchett.”

“Everyone I’ve met, they all want to return home and they want to be useful to their host countries.”


Company: cnbc, Activity: cnbc, Date: 2018-01-24  Authors: alexandra gibbs, harold cunningham, getty images entertainment, getty images, fabrice coffrini, afp
Keywords: news, games, cnbc, companies, goodwill, unhcr, ambassador, raising, need, awareness, global, 2016, cate, world, unhcrs, blanchett, report, davos, refugees, nations


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Mugabe removed as WHO goodwill envoy after outrage

Zimbabwean President Robert Mugabe has been removed as a goodwill ambassador, the World Health Organization said on Sunday, following outrage among Western donors and rights groups at his appointment. President Robert Mugabe as WHO Goodwill Ambassador for NCDs (non-communicable diseases) in Africa. As a result I havedecided to rescind the appointment,” Tedros said. Jeremy Farrar, a global health specialist and director of the Wellcome Trust charity and the NCD alliance, representing health group


Zimbabwean President Robert Mugabe has been removed as a goodwill ambassador, the World Health Organization said on Sunday, following outrage among Western donors and rights groups at his appointment. President Robert Mugabe as WHO Goodwill Ambassador for NCDs (non-communicable diseases) in Africa. As a result I havedecided to rescind the appointment,” Tedros said. Jeremy Farrar, a global health specialist and director of the Wellcome Trust charity and the NCD alliance, representing health group
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Company: cnbc, Activity: cnbc, Date: 2017-10-22  Authors: jekasai njikizana, afp, getty images
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Mugabe removed as WHO goodwill envoy after outrage

Zimbabwean President Robert Mugabe has been removed as a goodwill ambassador, the World Health Organization said on Sunday, following outrage among Western donors and rights groups at his appointment.

WHO Director-General Tedros Adhanom Ghebreyesus named Mugabe to the largely ceremonial post at a meeting on Wednesday in Uruguay on chronic diseases attended by both men.

At the time, Tedros praised Zimbabwe as “a country that places universal health coverage and health promotion at the centre of its policies to provide healthcare to all.”

But Tedros said in a statement that he had listened to those expressing concerns and heard the “different issues” raised.

“Over the last few days, I have reflected on my appointment of H.E. President Robert Mugabe as WHO Goodwill Ambassador for NCDs (non-communicable diseases) in Africa. As a result I have

decided to rescind the appointment,” Tedros said.

The decision had been taken after consultation with the Harare government and was “in the best interests of the World Health Organization,” he said.

Jeremy Farrar, a global health specialist and director of the Wellcome Trust charity and the NCD alliance, representing health groups combating chronic diseases, welcomed the reversal.

“Dr Tedros deserves all our support to ensure he and WHO build a global health movement that is inclusive and works to improve health for everyone,” Farrar said in a statement.

Zimbabwean Foreign Minister Walter Muzembi accepted the move while insisting that WHO had “benefited tremendously” from having nominated Mugabe and the media buzz it brought to health issues.

“So on the balance, it is wiser to let go, and help WHO focus on its mandate while we focus Zimbabwe on its membership obligations,” Muzembi said in a government statement.

Several former and current WHO staff had said privately they were appalled at the “poor judgement” and “miscalculation” by Tedros, elected the first African head of WHO in May.

Mugabe was head of the African Union when the bloc endorsed Tedros — a former health and foreign minister of Ethiopia — over other African candidates for the top post, without any real

regional contest, they said.

Mugabe, 93, is blamed in the West for destroying Zimbabwe’s economy and for numerous human rights abuses during his 37 years leading the country as either president or prime minister.

Britain had said Mugabe’s appointment as a goodwill ambassador was “surprising and disappointing” and that it risked overshadowing the WHO’s global work. The United States, which has imposed sanctions on Mugabe for alleged human rights violations, also voiced disappointment.

“He (Tedros) has to remember where his funding comes from,” said one health official who declined to be identified.

The Trump administration, which is already questioning financial support for some United Nations agencies, is WHO’s largest single donor.

WHO is struggling to recover a reputation tarnished by its slowness in tackling the Ebola epidemic that killed more than 11,000 people in West Africa from 2014-2015 under Tedros’

predecessor, Margaret Chan.

The agency is now grappling with a massive cholera outbreak in Yemen that has infected some 800,000 people in the past year and a plague outbreak in Madagascar that has killed nearly 100

in two months.


Company: cnbc, Activity: cnbc, Date: 2017-10-22  Authors: jekasai njikizana, afp, getty images
Keywords: news, games, cnbc, companies, outrage, goodwill, diseases, removed, health, mugabe, rights, ambassador, president, appointment, global, envoy, tedros


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