Toys R Us built a kingdom and the world’s biggest toy store. Then, they lost it.

Toys R Us’ status as the most important toy store in town left it cavalier, if cocky at times, according to conversations with former employees, executives and industry insiders, who spoke to CNBC on the condition of anonymity. The story begins with Lazarus, the store’s visionary who wanted the “R” written backward — an ode to childlike scrawl. Lazarus, who has been described as one of the great merchants of his time, expanded a baby furniture store he owned into a toy store. In its heyday in th


Toys R Us’ status as the most important toy store in town left it cavalier, if cocky at times, according to conversations with former employees, executives and industry insiders, who spoke to CNBC on the condition of anonymity. The story begins with Lazarus, the store’s visionary who wanted the “R” written backward — an ode to childlike scrawl. Lazarus, who has been described as one of the great merchants of his time, expanded a baby furniture store he owned into a toy store. In its heyday in th
Toys R Us built a kingdom and the world’s biggest toy store. Then, they lost it. Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-26  Authors: lauren hirsch, eduardo munoz, jacques m chenet, corbis, getty images, scott mlyn, peter foley, bloomberg, jason alden
Keywords: news, cnbc, companies, written, toy, biggest, toys, worlds, built, went, store, lost, stores, lazarus, world, week, kingdom, important


Toys R Us built a kingdom and the world's biggest toy store. Then, they lost it.

The toy emporium that Charles P. Lazarus envisioned has been reduced to dusty floors and empty shelves.

Much has been said about the demise of the toy empire, which this week announced its plan to liquidate. There have been fingers pointed at corporate raiders, Amazon and big-box stores. All contributed to its undoing.

Ultimately, though, Toys R Us’ collapse is a story of loyalty run dry. The store in its early days fostered devotion from customers and toymakers. In the end, it lost hold on both.

Toys R Us’ status as the most important toy store in town left it cavalier, if cocky at times, according to conversations with former employees, executives and industry insiders, who spoke to CNBC on the condition of anonymity. It didn’t invest in its stores, even as it was adding to the fleet, leaving it vulnerable when new competition moved in.

The story begins with Lazarus, the store’s visionary who wanted the “R” written backward — an ode to childlike scrawl. Lazarus, who has been described as one of the great merchants of his time, expanded a baby furniture store he owned into a toy store. By 1978, he had created a toy superstore large enough to become a public company.

In its heyday in the 1980s and 1990s, it was the most important toy store in the country, if not the world. Its strength grew as competitors Kiddie City and Child World went out of business.


Company: cnbc, Activity: cnbc, Date: 2019-01-26  Authors: lauren hirsch, eduardo munoz, jacques m chenet, corbis, getty images, scott mlyn, peter foley, bloomberg, jason alden
Keywords: news, cnbc, companies, written, toy, biggest, toys, worlds, built, went, store, lost, stores, lazarus, world, week, kingdom, important


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Here’s how to ace the most important part of a job interview

“Asking about the company’s mission is good,” Wolfe said. Ever wonder about the reasoning behind the so-called curveball interview questions? “The company is trying to evaluate a unique skill set or culture fit that isn’t easily identifiable using other types of questions,” Barker said. “Anyone should expect these to come up in an interview,” Wolfe said. Don’t focus on the negative.”


“Asking about the company’s mission is good,” Wolfe said. Ever wonder about the reasoning behind the so-called curveball interview questions? “The company is trying to evaluate a unique skill set or culture fit that isn’t easily identifiable using other types of questions,” Barker said. “Anyone should expect these to come up in an interview,” Wolfe said. Don’t focus on the negative.”
Here’s how to ace the most important part of a job interview Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-18  Authors: jill cornfield, fangxianuo, getty images
Keywords: news, cnbc, companies, company, good, understand, questions, focus, barker, wolfe, dont, interview, job, ace, important, heres, resources


Here's how to ace the most important part of a job interview

During the interview process, you definitely walk a line between showing your best self and not sounding overly boastful.

Instead of one-word descriptions or adjectives, give full descriptions of your strengths, says Heather Barker, director of human resources at TGS, a Houston data company.

“The answer can’t just be, ‘I’m really good at communication,’ or ‘I’m a perfectionist,'” Barker said.

Tell a story or anecdote that illustrates your commitment to long hours, and the results of your superior communication ability.

List three ways you pay attention to detail. “Identify what you are good at, why and how you’ve done so in the past,” Barker said. If your manager gave positive feedback on a project, mention that, as well.

One piece of advice Paul Wolfe, senior vice president of human resources at Indeed.com, the job site, always gives is to research the company. Understand as much as possible from Glassdoor reviews and other information that’s available online.

“You’re probably a few degrees of separation from someone who works there,” Wolfe said. By all means, reach out for advice.

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Get a handle on the culture and mission. This background can help you come up with a set of go-to questions to ask the recruiter.

You definitely want to arrive armed with questions. “The thing that strikes me [is] when I ask candidates what questions they have for me and they don’t have any ,” said Wolfe. “That’s a bit of a red flag. Are they really interested in this company?”

A good question in most situations is asking what the company culture is like. Wolfe recommends asking it of everyone you meet during the interview process to see if the answers are similar or not. “Asking about the company’s mission is good,” Wolfe said. “It helps you to understand their focus and if they can clearly state it.”

Ever wonder about the reasoning behind the so-called curveball interview questions?

“The company is trying to evaluate a unique skill set or culture fit that isn’t easily identifiable using other types of questions,” Barker said. So if you’re asked to figure out the weight of a 747 jet, but all the documentation has been lost, and there’s no large-enough scale, don’t panic.

“Ask for clarification,” Barker said. “Provide alternative solutions and ask questions. How many resources do you have?”

Sticky questions about salary or why you left your last job should be answered honestly. “Anyone should expect these to come up in an interview,” Wolfe said. “Focus on what you’re looking for in a new company or a new role. Don’t focus on the negative.”

No need to lie. Wolfe recommends moving on quickly to your future goals and the type of role you are looking for.

As the interview is ending, have at least three questions prepared, says Regina Duffey Moravek, an HR professional with Bravely, a confidential HR and workplace coaching platform.

This final stage is a chance to burnish yourself as a candidate. Make your questions all about them, not what the position can do for you. “It’s your chance to show you understand their goals and challenges, and show how you are going to help meet those challenges,” Moravek said.


Company: cnbc, Activity: cnbc, Date: 2018-10-18  Authors: jill cornfield, fangxianuo, getty images
Keywords: news, cnbc, companies, company, good, understand, questions, focus, barker, wolfe, dont, interview, job, ace, important, heres, resources


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Twilio just spent $2 billion on a company that helps send mass emails

Twilio just spent $2 billion to buy SendGrid, a company that helps send mass emails, the company said Monday. Shares of Twilio fell more than 4 percent in extended trading after the announcement. SendGrid offers companies a cloud-based service for sending emails at a large scale. The acquisition allows software developers to “manage all of their important communication channels — voice, messaging, video, and now email as well,” Twilio said in a statement. Twilio offers software for secure messag


Twilio just spent $2 billion to buy SendGrid, a company that helps send mass emails, the company said Monday. Shares of Twilio fell more than 4 percent in extended trading after the announcement. SendGrid offers companies a cloud-based service for sending emails at a large scale. The acquisition allows software developers to “manage all of their important communication channels — voice, messaging, video, and now email as well,” Twilio said in a statement. Twilio offers software for secure messag
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Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: sara salinas, abigail stevenson
Keywords: news, cnbc, companies, statementtwilio, offers, messaging, companies, twilio, important, emails, company, billion, helps, spent, sendgrid, send, software, email, mass


Twilio just spent $2 billion on a company that helps send mass emails

Twilio just spent $2 billion to buy SendGrid, a company that helps send mass emails, the company said Monday.

Shares of Twilio fell more than 4 percent in extended trading after the announcement. SendGrid jumped about 15 percent.

SendGrid offers companies a cloud-based service for sending emails at a large scale. The acquisition allows software developers to “manage all of their important communication channels — voice, messaging, video, and now email as well,” Twilio said in a statement.

Twilio offers software for secure messaging platforms and competes with companies such as Avaya and Cisco.

“Increasingly, our customers are asking us to solve all of their strategic communications challenges — regardless of channel. Email is a vital communications channel for companies around the world, and so it was important to us to include this capability in our platform,” Twilio CEO Jeff Lawson said in a statement.

Twilio stock has far outpaced the overall market this year, up more than 220 percent in 2018. As of Monday’s close, shares were within 14 percent of 52-weeks highs.

The all-stock transaction is expected to close in the first half of 2019.

WATCH: Twilio CEO on company’s business model


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: sara salinas, abigail stevenson
Keywords: news, cnbc, companies, statementtwilio, offers, messaging, companies, twilio, important, emails, company, billion, helps, spent, sendgrid, send, software, email, mass


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Facebook early exec Sean Parker: Why he left consumer tech for health

Sean Parker, founder of Napster and the first president of Facebook, pivoted to medical technology because he worried about how his social media and consumer internet products were impacting society. “You’re not 100 percent sure if you’re having a totally positive or totally negative impact in the world when you’re working in consumer internet,” Parker explained at the Wired25 conference in San Francisco on Monday. In 2016, he started the Parker Institute for Cancer Immunotherapy (PICI) to devel


Sean Parker, founder of Napster and the first president of Facebook, pivoted to medical technology because he worried about how his social media and consumer internet products were impacting society. “You’re not 100 percent sure if you’re having a totally positive or totally negative impact in the world when you’re working in consumer internet,” Parker explained at the Wired25 conference in San Francisco on Monday. In 2016, he started the Parker Institute for Cancer Immunotherapy (PICI) to devel
Facebook early exec Sean Parker: Why he left consumer tech for health Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: michelle castillo, matt winkelmeyer, getty images
Keywords: news, cnbc, companies, products, having, tech, internet, youre, parker, impact, early, health, facebook, exec, important, sean, consumer, work, world, left


Facebook early exec Sean Parker: Why he left consumer tech for health

Sean Parker, founder of Napster and the first president of Facebook, pivoted to medical technology because he worried about how his social media and consumer internet products were impacting society.

“You’re not 100 percent sure if you’re having a totally positive or totally negative impact in the world when you’re working in consumer internet,” Parker explained at the Wired25 conference in San Francisco on Monday.

“You’re spending a lot of time trying to make your products as addictive as possible. Transitioning to life sciences is incredibly refreshing, because you really feel as though the energy and time you are putting into it are helping people. It’s about saving lives, really changing people’s lives, advancing medicine.”

Parker said he could never have predicted the impact Facebook would have on today’s world, pointing out the move to mobile made it “ubiquitous” and “rewire(d) the fabric of society.” In 2016, he started the Parker Institute for Cancer Immunotherapy (PICI) to develop better cancer treatments.

“I, at some point, got a little bit frustrated with the monoculture of the consumer internet world,” Parker said. “It feels somewhat unsatisfying to constantly make products for teenage girls…. You worry about what this effect may be having on their development and on society.”

It was refreshing to work with scientists instead of Silicon Valley entrepreneurs, he said.

“Every 22-year- old shows up at your doorstep with this sort of belief that they are going to be the next Mark Zuckerberg, and they deserve to be a billionaire, and their company deserves an absolutely obscene valuation,” Parker said.

Scientists find the work itself “the true reward,” Parker said. His new work reminds Parker of the early days working on the Internet when people like him were more interested in making products that were “great for the world.”

“Scientists have a level of humility where they have quite a bit of pride in their work, and being published is important, and being recognized by your peers is important, and having an impact on patients is important – but scientists aren’t running around trying to get rich and don’t have the same distorted expectations about how rich they are going to become,” he pointed out.


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: michelle castillo, matt winkelmeyer, getty images
Keywords: news, cnbc, companies, products, having, tech, internet, youre, parker, impact, early, health, facebook, exec, important, sean, consumer, work, world, left


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US inflation is the world’s most important economic variable

U.S. inflation is the world’s most important economic variable. That proposition is explained by its corollary: Rising inflation is the only problem the U.S. Federal Reserve cannot solve by increasing its money supply. But none of those measures are applicable to situations of accelerating inflation and a deteriorating outlook for the value of fixed-income assets. That is a problem the Fed must address with sustained liquidity withdrawals, increasing credit costs and the ensuing growth recession


U.S. inflation is the world’s most important economic variable. That proposition is explained by its corollary: Rising inflation is the only problem the U.S. Federal Reserve cannot solve by increasing its money supply. But none of those measures are applicable to situations of accelerating inflation and a deteriorating outlook for the value of fixed-income assets. That is a problem the Fed must address with sustained liquidity withdrawals, increasing credit costs and the ensuing growth recession
US inflation is the world’s most important economic variable Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-08  Authors: dr michael ivanovitch, aaron p bernstein
Keywords: news, cnbc, companies, important, problem, markets, increasing, worlds, inflation, rest, economic, economy, yield, rising, fed, variable, credit


US inflation is the world's most important economic variable

U.S. inflation is the world’s most important economic variable.

That proposition is explained by its corollary: Rising inflation is the only problem the U.S. Federal Reserve cannot solve by increasing its money supply.

The Fed can deal with structural problems in credit markets by means of enhanced supervision, regulatory provisions and, all else failing, by open-ended lending in cases of systemic threats to the financial system’s stability.

But none of those measures are applicable to situations of accelerating inflation and a deteriorating outlook for the value of fixed-income assets. That is a problem the Fed must address with sustained liquidity withdrawals, increasing credit costs and the ensuing growth recession of the U.S. economy.

The rest seems obvious: By virtue of its size and powerful policy transmission channels, the American economy sets the pace to demand, output and employment in the rest of the world.

That’s a permanent feature of the world economy some people, and countries, mistakenly take for a thing of the past. Here are a few thoughts on how the Fed will set them straight in the months ahead.

Last week’s 15 basis points increase in the yield of the Treasury’s benchmark 10-year note is a clear signal that bond markets are asking for rising inflation premiums to hold the government’s long-term liabilities. In other words, unhinged inflation expectations are indicating markets’ declining confidence in the Fed’s ability to deliver stable prices over the relevant investment horizon.


Company: cnbc, Activity: cnbc, Date: 2018-10-08  Authors: dr michael ivanovitch, aaron p bernstein
Keywords: news, cnbc, companies, important, problem, markets, increasing, worlds, inflation, rest, economic, economy, yield, rising, fed, variable, credit


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Forget cars, plastics could soon become the ‘single most important driver’ of oil demand

Petrochemical products like plastics will become the most prominent driver of oil demand over the coming years, the executive director of the International Energy Agency (IEA) told CNBC Monday. “When we discuss oil demand, peak oil demand (and) oil market dynamics, the focus is solely on cars — which is completely wrong,” Fatih Birol, executive director at the IEA, told CNBC’s “Street Signs” Monday. “When we look at the next 10 to 15 years, the single most important driver of global oil demand g


Petrochemical products like plastics will become the most prominent driver of oil demand over the coming years, the executive director of the International Energy Agency (IEA) told CNBC Monday. “When we discuss oil demand, peak oil demand (and) oil market dynamics, the focus is solely on cars — which is completely wrong,” Fatih Birol, executive director at the IEA, told CNBC’s “Street Signs” Monday. “When we look at the next 10 to 15 years, the single most important driver of global oil demand g
Forget cars, plastics could soon become the ‘single most important driver’ of oil demand Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-08  Authors: sam meredith, getty images
Keywords: news, cnbc, companies, growth, important, forget, petrochemicals, petrochemical, single, oil, plastics, demand, mondaywhen, soon, executive, cars, told, driver, iea


Forget cars, plastics could soon become the 'single most important driver' of oil demand

Petrochemical products like plastics will become the most prominent driver of oil demand over the coming years, the executive director of the International Energy Agency (IEA) told CNBC Monday.

“When we discuss oil demand, peak oil demand (and) oil market dynamics, the focus is solely on cars — which is completely wrong,” Fatih Birol, executive director at the IEA, told CNBC’s “Street Signs” Monday.

“When we look at the next 10 to 15 years, the single most important driver of global oil demand growth is petrochemicals,” Birol said.

In a report published late last week, the IEA said it expects robust growth in emerging economies — such as India and China — to propel demand for plastics and other petrochemical products.

Meanwhile, oil demand for transport is projected to slow by 2050 because of the meteoric rise of electric vehicles and more efficient combustion engines, the IEA said.

The Paris-based agency added this would then be offset by rising demand in petrochemicals.


Company: cnbc, Activity: cnbc, Date: 2018-10-08  Authors: sam meredith, getty images
Keywords: news, cnbc, companies, growth, important, forget, petrochemicals, petrochemical, single, oil, plastics, demand, mondaywhen, soon, executive, cars, told, driver, iea


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The five most important numbers from today’s jobs report

These are the five most important numbers from Friday morning’s nonfarm payrolls report for September:134,000: That was the total amount added to payrolls, according to the Labor Department. The number was well below Refinitiv estimates of 185,000 and the slowest pace since the 14,000 added in September 2017. 3.7 percent: September’s unemployment rate was down two-tenths of a point from August and was at the lowest level since December 1969, when the jobless level hit 3.5 percent. 87,000: July a


These are the five most important numbers from Friday morning’s nonfarm payrolls report for September:134,000: That was the total amount added to payrolls, according to the Labor Department. The number was well below Refinitiv estimates of 185,000 and the slowest pace since the 14,000 added in September 2017. 3.7 percent: September’s unemployment rate was down two-tenths of a point from August and was at the lowest level since December 1969, when the jobless level hit 3.5 percent. 87,000: July a
The five most important numbers from today’s jobs report Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-05  Authors: jeff cox, scott eisen, bloomberg, getty images
Keywords: news, cnbc, companies, strong, labor, report, added, important, market, level, question, higher, jobs, unemployment, rate, numbers, todays


The five most important numbers from today's jobs report

These are the five most important numbers from Friday morning’s nonfarm payrolls report for September:

134,000: That was the total amount added to payrolls, according to the Labor Department. The number was well below Refinitiv estimates of 185,000 and the slowest pace since the 14,000 added in September 2017.

3.7 percent: September’s unemployment rate was down two-tenths of a point from August and was at the lowest level since December 1969, when the jobless level hit 3.5 percent.

87,000: July and August numbers were revised substantially higher, with the 69,000 added in August the biggest upward adjustment of the year and more proof that the labor market remains strong despite Friday’s miss.

263,000: The level of people working part time for economic reasons, a group sometimes referred to as involuntary part-timers or the underemployed, surged during the month, accounting for a tick higher in the so-called real unemployment rate to 7.5 percent.

2.8 percent: Those watching the jobs report are keeping a keen eye on the increase in average hourly earnings, which was in line with economists’ expectations but not showing signs of major wage pressures — yet.

Quotable: “With little doubt that the labor market is strong, the question for market participants has been whether that strength will translate into higher wages and thus into higher inflation. Today’s data don’t settle the question, but next month’s might.” — Eric Winograd, senior economist at AB.


Company: cnbc, Activity: cnbc, Date: 2018-10-05  Authors: jeff cox, scott eisen, bloomberg, getty images
Keywords: news, cnbc, companies, strong, labor, report, added, important, market, level, question, higher, jobs, unemployment, rate, numbers, todays


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Jeff Bezos explains why Blue Origin is ‘the most important work I’m doing’

Bezos, who has a net worth of around $161.7 billion, is also the founder of private spaceflight services company Blue Origin, which is developing reusable rockets. “I think Blue Origin is incredibly important,” Bezos said at the gala, where he was presented with an award recognizing his efforts to advance important fields including space exploration. He pointed to how Facebook chief Mark Zuckerberg built the social networking giant with his co-founders from his dorm room. “Two kids in their dorm


Bezos, who has a net worth of around $161.7 billion, is also the founder of private spaceflight services company Blue Origin, which is developing reusable rockets. “I think Blue Origin is incredibly important,” Bezos said at the gala, where he was presented with an award recognizing his efforts to advance important fields including space exploration. He pointed to how Facebook chief Mark Zuckerberg built the social networking giant with his co-founders from his dorm room. “Two kids in their dorm
Jeff Bezos explains why Blue Origin is ‘the most important work I’m doing’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-03  Authors: saheli roy choudhury, matthew staver, bloomberg, getty images
Keywords: news, cnbc, companies, jeff, explains, cost, work, origin, im, bezos, doing, rockets, reusable, important, space, dorm, blue, room


Jeff Bezos explains why Blue Origin is 'the most important work I'm doing'

Amazon’s chiefJeff Bezos wants to build low-cost infrastructure that can help the next generation become space entrepreneurs.

“It’s the most important work I’m doing,” said Bezos, the founder and CEO of Amazon, at a gala organized by the Partnership for Public Service in Washington D.C on Tuesday.

Bezos, who has a net worth of around $161.7 billion, is also the founder of private spaceflight services company Blue Origin, which is developing reusable rockets. Industry stakeholders claim that reusable rockets might lead to tremendous cost savings in space ventures.

“I think Blue Origin is incredibly important,” Bezos said at the gala, where he was presented with an award recognizing his efforts to advance important fields including space exploration.

There are plenty of energy and resources in the solar system for future generations, he explained, but most of that would be inaccessible unless the cost of space travel — currently amounting to billions of dollars — can be reduced.

In the last two decades, internet entrepreneurs have built very successful technology companies. He pointed to how Facebook chief Mark Zuckerberg built the social networking giant with his co-founders from his dorm room.

“Two kids in their dorm room created Facebook, which has a half-trillion-dollar market cap. It’s a giant company,” Bezos said. “Two kids in their dorm room today can’t do anything big in space. It’s not practical. The price of admission is just too high.”

That’s where Blue Origin can come in and do much of the “heavy lifting” and create low-cost space infrastructure, said the Amazon chief. That includes building reusable rockets that can “dramatically” reduce cost.


Company: cnbc, Activity: cnbc, Date: 2018-10-03  Authors: saheli roy choudhury, matthew staver, bloomberg, getty images
Keywords: news, cnbc, companies, jeff, explains, cost, work, origin, im, bezos, doing, rockets, reusable, important, space, dorm, blue, room


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Microsoft is expected to unveil new Surface computers Tuesday night

Microsoft is expected to announce new versions of its existing Surface computers on Tuesday evening at an event it is hosting in New York. Microsoft launched the Surface Pro, the latest version of its laptop/tablet hybrid computer, in June 2017. Also, about a year ago, Microsoft launched the Surface Book 2 and the Surface Laptop, two computers that could use an update to Intel’s latest eighth-generation processors. Microsoft Surface computers are becoming increasingly important. Apple is expecte


Microsoft is expected to announce new versions of its existing Surface computers on Tuesday evening at an event it is hosting in New York. Microsoft launched the Surface Pro, the latest version of its laptop/tablet hybrid computer, in June 2017. Also, about a year ago, Microsoft launched the Surface Book 2 and the Surface Laptop, two computers that could use an update to Intel’s latest eighth-generation processors. Microsoft Surface computers are becoming increasingly important. Apple is expecte
Microsoft is expected to unveil new Surface computers Tuesday night Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-02  Authors: todd haselton, justin sullivan getty images
Keywords: news, cnbc, companies, night, expected, pro, computers, latest, launched, important, unveil, microsoft, version, mac, computer, surface


Microsoft is expected to unveil new Surface computers Tuesday night

Microsoft is expected to announce new versions of its existing Surface computers on Tuesday evening at an event it is hosting in New York.

Microsoft launched the Surface Pro, the latest version of its laptop/tablet hybrid computer, in June 2017. It hasn’t updated that computer since. Also, about a year ago, Microsoft launched the Surface Book 2 and the Surface Laptop, two computers that could use an update to Intel’s latest eighth-generation processors. Microsoft may also use its event to unveil a new version of its desktop computer, the Surface Studio, which was initially announced two years ago in October 2016.

Microsoft Surface computers are becoming increasingly important. In August, the company said that Surface device revenues were up 25 percent, thanks to some of the devices that it launched earlier in the year.

The timing is also important. Apple is expected to refresh several of its Mac computers this fall, potentially as soon as this month. A report from Bloomberg in August said Apple is planning a new cheaper MacBook Air with a Retina display and a new Mac Mini Pro.

Correction: This story was revised to correct when the Surface Pro was launched. It was in June 2017.


Company: cnbc, Activity: cnbc, Date: 2018-10-02  Authors: todd haselton, justin sullivan getty images
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The Most Important Least-Noticed Economic Event of the Decade

Entering 2015, things were looking pretty good for the United States. In other words, through the summer of 2015 it sure looked to many Fed officials as if the sound move was to start raising interest rates. At the Treasury Department, which is responsible for the United States’ currency policies, it seemed well into 2015 that the strengthening dollar was mostly benign. “It was driven by strong U.S. fundamentals.”But in late summer 2015, financial markets started to react more violently to the f


Entering 2015, things were looking pretty good for the United States. In other words, through the summer of 2015 it sure looked to many Fed officials as if the sound move was to start raising interest rates. At the Treasury Department, which is responsible for the United States’ currency policies, it seemed well into 2015 that the strengthening dollar was mostly benign. “It was driven by strong U.S. fundamentals.”But in late summer 2015, financial markets started to react more violently to the f
The Most Important Least-Noticed Economic Event of the Decade Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-29  Authors: neil irwin, chris wattie
Keywords: news, cnbc, companies, decade, treasury, started, economic, 2015, important, financial, economy, united, leastnoticed, officials, states, fed, policy, event


The Most Important Least-Noticed Economic Event of the Decade

When Federal Reserve officials meet eight times a year to set interest rate policy, their job, assigned by Congress, is to figure out what is best for the United States economy.

Their job isn’t to set a policy that will be best for China or Brazil or Indonesia. Entering 2015, things were looking pretty good for the United States. Inflation was below the 2 percent level the Fed aims for, but the traditional economic models on which the central bankers had long relied predicted that it would start to rise thanks to a rapidly falling unemployment rate.

Even when prices for oil and other commodities started falling in the middle of the year, the Fed’s models viewed it as a positive for the overall economy.

Sure, some oil drillers and farmers might experience lower incomes, but consumers everywhere would enjoy cheaper gasoline and grocery bills. Although officials spent a lot of time monitoring the global economy, the fact remained that the United States wasn’t as dependent on exports as many smaller countries.

The 2008 financial crisis had shown how the American and European banking systems were deeply intertwined, but the same couldn’t be said of the ties with Chinese banks.

In other words, through the summer of 2015 it sure looked to many Fed officials as if the sound move was to start raising interest rates.

At the Treasury Department, which is responsible for the United States’ currency policies, it seemed well into 2015 that the strengthening dollar was mostly benign.

“There was a sense that the U.S. was doing well and the rest of the world was not doing very well,” said Nathan Sheets, a Treasury under secretary at the time and now chief economist at PGIM Fixed Income. “It was driven by strong U.S. fundamentals.”

But in late summer 2015, financial markets started to react more violently to the feedback loop of global currencies and commodities.

It started to seem as if some of the old rules of thumb — about how a rising dollar or falling oil prices might affect the economy — might not apply. Perhaps the economics models used by forecasters had become outdated, failing to fully account for the ways surging energy production had become more intertwined with the manufacturing sector and the financial markets.

“These things were all interconnected in different ways, and they all cycled back on the same industries and parts of the economy,” said Jay Shambaugh, a member of the Obama White House Council of Economic Advisers at the time.

Still, distilling that complex story into crisp memos for senior officials was no easy task.

“You have to make memos short and to the point in the White House, and it was hard to say what exactly we thought was happening,” he said.

Behind closed doors at the Fed, officials started debating whether this outburst of volatility in markets really posed a risk to the overall economy. Should they stick to their plans to raise interest rates steadily, or slow down?

Over two days in October, the debate played out publicly. Stan Fischer, the vice chairman of the Fed, was reluctant to adjust the planned rate increases, not wishing to let swings in financial markets dictate policy.

“We do not currently anticipate that the effects of these recent developments on the U.S. economy will prove to be large enough to have a significant effect on the path for policy,” he said in a speech in Lima, Peru, on Oct. 11, 2015.

Lael Brainard, a Federal Reserve governor who had worked on international issues at the Treasury, was quite a bit more worried.

“There is a risk that the intensification of international cross currents could weigh more heavily on U.S. demand directly, or that the anticipation of a sharper divergence in U.S. policy could impose restraint through additional tightening of financial conditions,” she said on Oct. 12 in Washington.

Ms. Brainard was right.


Company: cnbc, Activity: cnbc, Date: 2018-09-29  Authors: neil irwin, chris wattie
Keywords: news, cnbc, companies, decade, treasury, started, economic, 2015, important, financial, economy, united, leastnoticed, officials, states, fed, policy, event


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