Ford loses $1.7 billion in fourth quarter, disappoints on 2020 forecast

DEARBORN, Mich. – Ford Motor lost $1.67 billion during the fourth quarter and missed Wall Street earnings expectations on increased pension contributions and higher North American warranty and labor costs. The automaker disappointed Wall Street with its earnings projections for 2020. It’s projecting full-year earnings of between 94 cents and $1.20 a share, or adjusted earnings before interest and taxes of $5.6 billion and $6.6 billion. The company made $6.4 billion in 2019, slightly below a revi


DEARBORN, Mich. – Ford Motor lost $1.67 billion during the fourth quarter and missed Wall Street earnings expectations on increased pension contributions and higher North American warranty and labor costs.
The automaker disappointed Wall Street with its earnings projections for 2020.
It’s projecting full-year earnings of between 94 cents and $1.20 a share, or adjusted earnings before interest and taxes of $5.6 billion and $6.6 billion.
The company made $6.4 billion in 2019, slightly below a revi
Ford loses $1.7 billion in fourth quarter, disappoints on 2020 forecast Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-04  Authors: michael wayland
Keywords: news, cnbc, companies, quarter, disappoints, company, billion, versus, forecast, loses, 2020, street, ford, fourth, cents, share, earnings, wall


Ford loses $1.7 billion in fourth quarter, disappoints on 2020 forecast

DEARBORN, Mich. – Ford Motor lost $1.67 billion during the fourth quarter and missed Wall Street earnings expectations on increased pension contributions and higher North American warranty and labor costs.

Ford shares plunged by about 9% during after-hours trading Tuesday to about $8.30 per share. The company released its earnings after the markets closed.

The automaker disappointed Wall Street with its earnings projections for 2020. It’s projecting full-year earnings of between 94 cents and $1.20 a share, or adjusted earnings before interest and taxes of $5.6 billion and $6.6 billion.

The company made $6.4 billion in 2019, slightly below a revised forecast for the year following a botched launch of its redesigned Ford Explorer SUV. Ford expects adjusted free cash flow of between $2.4 billion and $3.4 billion in 2020.

The Dearborn, Michigan-based automaker last month said it would take a pretax hit of about $2.2 billion in the fourth quarter due to contributions to its employee pension plans and retirement benefits.

Here’s what Wall Street expected, according to Refinitiv consensus estimates:

Adjusted earnings: 12 cents per share versus 15 cents per share expected

Automotive revenue: $36.7 billion versus $36.49 billion expected

Ford CEO Jim Hackett during a call with investors on Tuesday described the company as being “at a crossroads” as it executes an $11 billion global restructuring plan through the early-2020s.

“Our leadership team is determined to return to world-class levels of operational execution,” he said. “We will do that without losing any momentum in creating a Ford Motor Co. that will thrive and generate long-term value in these fast, changing times.”


Company: cnbc, Activity: cnbc, Date: 2020-02-04  Authors: michael wayland
Keywords: news, cnbc, companies, quarter, disappoints, company, billion, versus, forecast, loses, 2020, street, ford, fourth, cents, share, earnings, wall


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Newspaper industry loses one of its last big backers in Buffett, who delivered Washington Post as a kid

Berkshire bought dozens of small daily and weekly newspapers, mostly through a $142 million deal with Media General in 2012. He delivered The Washington Post as a child, bought a very profitable Post stake in the 1970s, had a close friendship with Post publisher Katherine Graham, and reads five newspapers daily. In 1968, Berkshire bought The Omaha Sun. When Berkshire bought The Buffalo News in 1977, he asked Lipsey to help run it. CNBC’s Warren Buffett Archive has a collection of video clips of


Berkshire bought dozens of small daily and weekly newspapers, mostly through a $142 million deal with Media General in 2012.
He delivered The Washington Post as a child, bought a very profitable Post stake in the 1970s, had a close friendship with Post publisher Katherine Graham, and reads five newspapers daily.
In 1968, Berkshire bought The Omaha Sun.
When Berkshire bought The Buffalo News in 1977, he asked Lipsey to help run it.
CNBC’s Warren Buffett Archive has a collection of video clips of
Newspaper industry loses one of its last big backers in Buffett, who delivered Washington Post as a kid Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-29  Authors: alex crippen
Keywords: news, cnbc, companies, local, bought, washington, newspaper, newspapers, big, backers, berkshire, rate, kid, loses, million, small, post, industry, buffett, delivered, business


Newspaper industry loses one of its last big backers in Buffett, who delivered Washington Post as a kid

Warren Buffett, a life-long newspaper fan and booster, is giving up on his bet that local news would help protect papers in small to medium-sized cities.

Berkshire Hathaway is selling its 31 newspapers to Lee Enterprises for $140 million in cash.

The deal includes Buffett’s home-town daily, The Omaha World-Herald, and The Buffalo News, a longtime Berkshire property.

After telling shareholders in 2009 that “unending losses” were possible for some newspapers, and predicting Berkshire would not buy “at any price,” Buffett changed his mind just a few years later.

Berkshire bought dozens of small daily and weekly newspapers, mostly through a $142 million deal with Media General in 2012.

In a 2013 “Squawk Box” interview, Buffett acknowledged that newspapers were in trouble as they faced strong competition from internet news sources. But, he said, big-city newspapers were in a lot more trouble than smaller papers.

“The local community paper is really indispensable to the people of the community,” Buffett said.

He called local papers a “good business currently,” but a “declining” business. “The rate of decline will depend on how indispensable we make ourselves,” he said.

Buffett’s love of newspapers goes way back. He delivered The Washington Post as a child, bought a very profitable Post stake in the 1970s, had a close friendship with Post publisher Katherine Graham, and reads five newspapers daily.

In 1968, Berkshire bought The Omaha Sun. In 1973, it became the first weekly to win a Pulitzer Prize when it was honored for an investigation into the finances of Boys Town, a local charity. Buffett became close friends with the Sun’s Stan Lipsey, beginning a 50-year relationship. Buffett later said, “We had unbelievable fun together. We jogged together, we ate ice cream, and we ran the News together.”

When Berkshire bought The Buffalo News in 1977, he asked Lipsey to help run it. He helped the paper survive a circulation war with a rival in the 1980s.

Some skeptics suggested Buffett’s bet on local newspapers in the 2010s was prompted more by his love of the business than a desire to make money for Berkshire.

Asked at the 2013 Berkshire shareholders meeting to explain why he was buying into a small, struggling business rather than putting the company’s money into something bigger with a higher rate of return, Buffett offered a lengthy response about tax advantages and his expectations for a “decent” return, while acknowledging that any profits wouldn’t “move the needle” much for Berkshire.

When Buffett was done, his partner Charlie Munger added his own interpretation, prompting laughter from the audience. “Well, I think what you’re saying is that it’s an exception and you like doing it.”

Buffett’s retreat from newspapers does have one redeeming feature for Berkshire. The deal includes a $576 million loan to the buyer to help pay for the purchase and to refinance its long-term debt. The annual interest rate for the 25-year loan: a hefty 9%.

CNBC’s Warren Buffett Archive has a collection of video clips of Buffett talking over the years about newspapers: “Buffett’s complicated relationship with the newspaper business.”


Company: cnbc, Activity: cnbc, Date: 2020-01-29  Authors: alex crippen
Keywords: news, cnbc, companies, local, bought, washington, newspaper, newspapers, big, backers, berkshire, rate, kid, loses, million, small, post, industry, buffett, delivered, business


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Bloomberg to fund sizable campaign effort through November even if he loses Democratic nomination

Bloomberg’s vast tech operation will also be redirected to help the eventual nominee, as Democrats struggle to compete with the vaunted digital operation built by Trump campaign manager Brad Parscale. “Mike Bloomberg is either going to be the nominee or the most important person supporting the Democratic nominee for president,” said Kevin Sheekey, Bloomberg’s campaign manager. Bloomberg used a data-driven approach as mayor and his namesake company, Bloomberg LP, pioneered data “terminals” for fi


Bloomberg’s vast tech operation will also be redirected to help the eventual nominee, as Democrats struggle to compete with the vaunted digital operation built by Trump campaign manager Brad Parscale.
“Mike Bloomberg is either going to be the nominee or the most important person supporting the Democratic nominee for president,” said Kevin Sheekey, Bloomberg’s campaign manager.
Bloomberg used a data-driven approach as mayor and his namesake company, Bloomberg LP, pioneered data “terminals” for fi
Bloomberg to fund sizable campaign effort through November even if he loses Democratic nomination Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-10  Authors: josh lederman, stephanie ruhle
Keywords: news, cnbc, companies, states, bloomberg, staffers, fund, nominee, york, race, nomination, loses, effort, campaign, trump, democratic, sizable, pac


Bloomberg to fund sizable campaign effort through November even if he loses Democratic nomination

2020 Democratic presidential hopeful and former New York Mayor Michael Bloomberg speaks during an event to open a campaign office at Eastern Market in Detroit, Michigan, on December 21, 2019.

Former New York Mayor Michael Bloomberg’s massive campaign apparatus and an army of some 500 staffers will march on through the general election in November even if he loses the Democratic nomination, campaign officials tell NBC News, shifting their efforts toward working to elect whoever the party selects to face President Donald Trump.

Bloomberg’s vast tech operation will also be redirected to help the eventual nominee, as Democrats struggle to compete with the vaunted digital operation built by Trump campaign manager Brad Parscale. Hawkfish, a digital company started by Bloomberg that’s carrying out his $100 million online ad campaign, will be retained through Election Day to help defeat President Donald Trump, the officials said.

Awaiting another nominee would be a shadow field operation across the country that’s currently unparalleled in size by any of the other candidates in the presidential race. The roughly 500 staff Bloomberg has committed to paying through November include those in battleground states like Florida, North Carolina, Michigan, Pennsylvania and Wisconsin, as well as in Arizona.

“Mike Bloomberg is either going to be the nominee or the most important person supporting the Democratic nominee for president,” said Kevin Sheekey, Bloomberg’s campaign manager. “He is dedicated to getting Trump out of the White House.”

The unusual move illustrates how Bloomberg, who made a late entrance into the race in November, is working to cast himself as a team player for Democrats who’s more interested in seeing Trump defeated than his own White House ambitions. Since he entered, Bloomberg’s campaign has worked to allay concerns that he could be a spoiler in the race by helping tip the nomination toward a less electable candidate.

It also means that whoever wins the Democratic nomination may have resources at the ready in the most critical states by the time the general election kicks off. That could potentially reduce the incumbent advantage enjoyed by Trump, who faces no serious primary challenge and whose re-election campaign is already focused squarely on the general election.

The digital operation through Hawkfish could also offer an edge, drawing on Bloomberg’s extensive data and analytics capabilities. Bloomberg used a data-driven approach as mayor and his namesake company, Bloomberg LP, pioneered data “terminals” for financial analytics.

If another Democrat wins the nomination, the Bloomberg-funded staffers won’t work directly for the nominee, which would constitute an in-kind contribution by Bloomberg to the campaign that would exceed federal contribution limits. Rather, those staffers would be paid by an independent funding vehicle supported by Bloomberg, officials said.

By law, those staffers and Hawkfish would not be able to coordinate their activities with the nominee’s campaign. The arrangement would likely be similar to how super PACs, which can accept unlimited, can spend limitless sums working to defeat or elect candidates as long as they act independently.

In states where the Democratic nominee will be competing in the fall, the Bloomberg staffers could play a critical role driving up Democratic turnout, in line with the former mayor’s pledge to spend more than $15 million this election on get-out-the-vote efforts. They could also organize their own events, ad campaigns and other organizing tactics in support of the nominee, so long as it’s not coordinated with the campaign.

Bloomberg already has a super PAC, Independence USA PAC, that could be used to facilitate the effort. In 2018, Bloomberg spent more than $110 million through that PAC to help elect Democratic candidates for the House, according to the PAC. The vast majority of those candidates won their races.

Since entering the race in November, Bloomberg has rapidly hired more than 800 staffers, including 500 field organizers and staff in more than 30 states and another 300 staffers in his campaign’s New York headquarters. He’s already unleashed more than $100 million on advertising and is on track to have a dozen offices in Ohio, nine in Michigan and 17 in Florida, his campaign has said.

Josh Lederman reported from Washington, Stephanie Ruhle reported from New York.


Company: cnbc, Activity: cnbc, Date: 2020-01-10  Authors: josh lederman, stephanie ruhle
Keywords: news, cnbc, companies, states, bloomberg, staffers, fund, nominee, york, race, nomination, loses, effort, campaign, trump, democratic, sizable, pac


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Trump loses bid to dismiss defamation suit by E. Jean Carroll, writer who accused him of rape

E. Jean Carroll visits ‘Tell Me Everything’ with John Fugelsang the SiriusXM Studios on July 11, 2019 in New York. Carroll sued Trump in November, claiming he defamed her by saying she lied about the rape and that she was motivated by money and a political agenda to make up the allegation. In her ruling, Ling-Cohan also rejected Trump’s effort to postpone discovery in the case. Carroll’s lawyer Robbie Kaplan said, “We are pleased, yet unsurprised, that the Court refused to tolerate Donald Trump’


E. Jean Carroll visits ‘Tell Me Everything’ with John Fugelsang the SiriusXM Studios on July 11, 2019 in New York.
Carroll sued Trump in November, claiming he defamed her by saying she lied about the rape and that she was motivated by money and a political agenda to make up the allegation.
In her ruling, Ling-Cohan also rejected Trump’s effort to postpone discovery in the case.
Carroll’s lawyer Robbie Kaplan said, “We are pleased, yet unsurprised, that the Court refused to tolerate Donald Trump’
Trump loses bid to dismiss defamation suit by E. Jean Carroll, writer who accused him of rape Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-10  Authors: dan mangan
Keywords: news, cnbc, companies, dismiss, defamation, suit, trump, lingcohan, jean, york, trumps, sued, carroll, effort, writer, united, donald, bid, loses, judge, rape


Trump loses bid to dismiss defamation suit by E. Jean Carroll, writer who accused him of rape

E. Jean Carroll visits ‘Tell Me Everything’ with John Fugelsang the SiriusXM Studios on July 11, 2019 in New York.

President Donald Trump has lost an effort to get a New York judge to dismiss a lawsuit against him by E. Jean Carroll, the writer who alleges that he raped her in the changing room of a Manhattan luxury department store decades earlier.

Carroll sued Trump in November, claiming he defamed her by saying she lied about the rape and that she was motivated by money and a political agenda to make up the allegation.

Trump earlier this month asked Manhattan Supreme Court Judge Doris Ling-Cohan to toss out Carroll’s lawsuit, arguing that because he made those statements about her while in Washington, D.C., and not in New York state, he could not be sued for them in a New York court.

Ling-Cohan, in a ruling released Thursday, rejected that argument, saying Trump’s lawyer Laurence Rosen failed to offer evidence that the president was not subject to the jurisdiction of the New York court.

“Although defendant Trump, through his counsel, claims lack of personal jurisdiction, notably, there is not even a tweet, much less an affidavit, by defendant Trump in support of his motion,” Ling-Cohan wrote.

Instead, the judge noted, Trump’s attorney merely argued that Ling-Cohan should “take judicial notice that the President of the United States has resided in the United States for the past three years.”

In her ruling, Ling-Cohan also rejected Trump’s effort to postpone discovery in the case.

That will allow Carroll to seek evidence from Trump and his testimony in response to her suit.

“WE MOVE AHEAD!” Carroll wrote on Twitter, crowing that Ling-Cohan “DENIES @realDonaldTrump’s lame effort to get suit tossed.”

Carroll’s lawyer Robbie Kaplan said, “We are pleased, yet unsurprised, that the Court refused to tolerate Donald Trump’s latest attempt to avoid discovery in our client’s case.”

“We look forward to moving ahead and proving that Donald Trump lied when he told the world that he did not rape our client and had not even met her,” Kaplan said.


Company: cnbc, Activity: cnbc, Date: 2020-01-10  Authors: dan mangan
Keywords: news, cnbc, companies, dismiss, defamation, suit, trump, lingcohan, jean, york, trumps, sued, carroll, effort, writer, united, donald, bid, loses, judge, rape


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Spain’s Sanchez loses first bid to be confirmed as PM, aims for Tuesday vote

Spanish Prime Minister Pedro Sanchez attends a debate on the government’s 2019 budget during a parliament session in Madrid on February 13, 2019. Spain’s Socialist leader Pedro Sanchez failed on Sunday in a first attempt to get parliament’s backing to form a government, leaving him two days to secure support to end an eight-month political gridlock. Sanchez has been acting prime minister since a first inconclusive election in April and November did not produce a conclusive result. Earlier this w


Spanish Prime Minister Pedro Sanchez attends a debate on the government’s 2019 budget during a parliament session in Madrid on February 13, 2019.
Spain’s Socialist leader Pedro Sanchez failed on Sunday in a first attempt to get parliament’s backing to form a government, leaving him two days to secure support to end an eight-month political gridlock.
Sanchez has been acting prime minister since a first inconclusive election in April and November did not produce a conclusive result.
Earlier this w
Spain’s Sanchez loses first bid to be confirmed as PM, aims for Tuesday vote Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-05
Keywords: news, cnbc, companies, bid, pedro, regional, small, majority, party, prime, aims, sanchez, vote, loses, votes, socialist, minister, confirmed, spains


Spain's Sanchez loses first bid to be confirmed as PM, aims for Tuesday vote

Spanish Prime Minister Pedro Sanchez attends a debate on the government’s 2019 budget during a parliament session in Madrid on February 13, 2019.

Spain’s Socialist leader Pedro Sanchez failed on Sunday in a first attempt to get parliament’s backing to form a government, leaving him two days to secure support to end an eight-month political gridlock.

Sanchez has been acting prime minister since a first inconclusive election in April and November did not produce a conclusive result. He needed an absolute majority of at least 176 votes in his favour in the 350-seat house to be confirmed as prime minister but failed to get it.

He obtained 166 votes in favur and 165 against, with 18 abstentions, while one lawmaker did not attend.

On Tuesday, Sanchez will only need a simple majority – more “yes” than “no” votes. He is likely to get that after securing a commitment from the 13 lawmakers of Catalonia’s largest separatist party, Esquerra Republicana de Catalunya (ERC), to abstain.

Earlier this week, Socialist Party leader Sanchez and Pablo Iglesias, head of the far-left party Unidas Podemos, restated their intention to form the first coalition government in Spain’s recent history.

The two parties together have 155 seats, short of a majority, so Sanchez is reliant on the votes of small regional parties.

In a sign of how close the race could be on Tuesday, a member from the small regional party Coalicion Canaria, Ana Oramas, voted against Sanchez instead of abstaining as her party had agreed on Friday.

During Sunday morning’s debate, Sanchez stressed that a Socialist-Podemos coalition would take a progressive approach. Sanchez and Iglesias have said they will push for tax hikes on high-income earners and companies and also intend to roll back a labour reform passed by a previous conservative government.

The morning was marked by tension during the speech of Mertxe Aizpurua of pro-independence Basque party EH Bildu. Aizpurua called the conservative and right wing parties People’s Party, Vox and Ciudadanos “Francoists”, a reference to late dictator Francisco Franco, and criticised the Constitution and King Felipe.

She was met with boos and shouts of “murderers”.


Company: cnbc, Activity: cnbc, Date: 2020-01-05
Keywords: news, cnbc, companies, bid, pedro, regional, small, majority, party, prime, aims, sanchez, vote, loses, votes, socialist, minister, confirmed, spains


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Tesla loses its third general counsel in the last year

SpaceX owner and Tesla CEO Elon Musk gestures during a conversation at the E3 gaming convention in Los Angeles, June 13, 2019. Tesla’s general counsel is leaving the company, marking the latest executive departure for the electric-car maker. Jonathan Chang, who worked at Tesla for almost nine years, has taken a position as general counsel at SambaNova, the AI chip start-up announced Thursday. With Chang’s departure, Tesla has now lost three general counsels in the past year. Tesla’s general coun


SpaceX owner and Tesla CEO Elon Musk gestures during a conversation at the E3 gaming convention in Los Angeles, June 13, 2019.
Tesla’s general counsel is leaving the company, marking the latest executive departure for the electric-car maker.
Jonathan Chang, who worked at Tesla for almost nine years, has taken a position as general counsel at SambaNova, the AI chip start-up announced Thursday.
With Chang’s departure, Tesla has now lost three general counsels in the past year.
Tesla’s general coun
Tesla loses its third general counsel in the last year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-12  Authors: annie palmer
Keywords: news, cnbc, companies, ceo, company, general, departure, loses, unsworth, tesla, musk, counsel, tweets, changs


Tesla loses its third general counsel in the last year

SpaceX owner and Tesla CEO Elon Musk gestures during a conversation at the E3 gaming convention in Los Angeles, June 13, 2019.

Tesla’s general counsel is leaving the company, marking the latest executive departure for the electric-car maker.

Jonathan Chang, who worked at Tesla for almost nine years, has taken a position as general counsel at SambaNova, the AI chip start-up announced Thursday. In a statement, SambaNova CEO Rodrigo Liang said the company “looks forward to growing the company” with Chang on board.

SambaNova, based in Palo Alto, recently landed an investment from the venture capital arm of Google parent Alphabet.

With Chang’s departure, Tesla has now lost three general counsels in the past year. Tesla’s general counsel Todd Maron left the company in December 2018. Maron’s successor, Dane Butswinkas, left the company in February 2019 after just two months on the job because he was not a good cultural fit, a source familiar with the situation told CNBC at the time.

News of Chang’s departure was first reported by Bloomberg. Tesla did not respond to multiple requests for comment.

Tesla underwent several tumultuous months of controversy during Chang’s tenure. In addition to Musk’s tweets about taking the company private, he also caught the ire of the Securities and Exchange Commission after posting inaccurate tweets about Tesla vehicle production.

Earlier this month, Musk was found not liable in a trial over tweets in which he called British cave diver Vernon Unsworth a “pedo guy.” Unsworth brought the suit against Musk in September 2018, after the Tesla and SpaceX CEO had called him “sus” (suspicious) and a “pedo guy” on Twitter earlier that summer. Musk also characterized the spelunker as a “child rapist” in e-mails to Buzzfeed reporter Ryan Mac and practically requested the lawsuit in August 2018 with a tweet that said, “Don’t you think it’s strange he hasn’t sued me?”

In his testimony during the defamation trial this week, Musk apologized to Unsworth and said he did not believe the cave explorer was a pedophile.

— CNBC’s Lora Kolodny contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-12-12  Authors: annie palmer
Keywords: news, cnbc, companies, ceo, company, general, departure, loses, unsworth, tesla, musk, counsel, tweets, changs


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Trump loses appeal to block Deutsche Bank, Capital One from handing his financial records to Congress

President Donald Trump listens during a listening session on youth vaping of electronic cigarette on November 22, 2019 in the Cabinet Room of the White House in Washington, DC. A federal appeals court ruled Tuesday that Deutsche Bank and Capital One can hand over years of President Donald Trump’s financial records in compliance with House Democrats’ subpoenas. The ruling in the U.S. Second Circuit Court of Appeals offers another loss in the courts for Trump, who has fought attempts to obtain his


President Donald Trump listens during a listening session on youth vaping of electronic cigarette on November 22, 2019 in the Cabinet Room of the White House in Washington, DC.
A federal appeals court ruled Tuesday that Deutsche Bank and Capital One can hand over years of President Donald Trump’s financial records in compliance with House Democrats’ subpoenas.
The ruling in the U.S. Second Circuit Court of Appeals offers another loss in the courts for Trump, who has fought attempts to obtain his
Trump loses appeal to block Deutsche Bank, Capital One from handing his financial records to Congress Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-03  Authors: kevin breuninger tucker higgins, kevin breuninger, tucker higgins
Keywords: news, cnbc, companies, white, handing, block, issued, capital, records, trump, deutsche, financial, bank, president, loses, congress, washington, house, court, appeals


Trump loses appeal to block Deutsche Bank, Capital One from handing his financial records to Congress

President Donald Trump listens during a listening session on youth vaping of electronic cigarette on November 22, 2019 in the Cabinet Room of the White House in Washington, DC.

A federal appeals court ruled Tuesday that Deutsche Bank and Capital One can hand over years of President Donald Trump’s financial records in compliance with House Democrats’ subpoenas.

The ruling in the U.S. Second Circuit Court of Appeals offers another loss in the courts for Trump, who has fought attempts to obtain his financial records, including his tax returns, through multiple lawsuits.

The case is likely destined for the Supreme Court, where the president has already appealed two other lower court rulings requiring him to share his hidden financial documents.

Neither the White House nor a lawyer for Trump immediately responded to CNBC’s request for comment on the ruling.

In May, U.S. District Court Judge Edgardo Ramos ruled that the two banks can comply with subpoenas issued by the Democrat-led House Intelligence and Financial Services Committees to hand over financial records related to Trump, his businesses and members of his family.

Trump appealed Ramos’ ruling two days later.

The other two cases involve subpoenas issued to the president’s longtime accounting firm Mazars USA.

The justices are likely to decide whether to hear the cases in the coming days. On Thursday, the president’s private legal team is expected to submit its formal petition to the top court asking it to review a decision by the federal appeals court in Washington, D.C., that ordered Mazars to comply with a subpoena issued by the House Oversight Committee.

The justices will meet in private later this month to discuss the petition in the other case, over a subpoena issued to the firm by state prosecutors in New York.


Company: cnbc, Activity: cnbc, Date: 2019-12-03  Authors: kevin breuninger tucker higgins, kevin breuninger, tucker higgins
Keywords: news, cnbc, companies, white, handing, block, issued, capital, records, trump, deutsche, financial, bank, president, loses, congress, washington, house, court, appeals


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Fisher Investments loses Chicago police pension; total losses exceed $3 billion

Fisher Investments has lost more than $3 billion in assets as government pensions and other institutional partners have left. The Windy City’s police pension fund has about $2.6 billion in total assets as of Oct. 30. The Chicago police pension fund is ending its $67 million relationship with Fisher Investments. Major pension clients to have left Fisher include the Los Angeles fire and police pension, which pulled $522 million and the Michigan Investment Board, which is withdrawing $600 million.


Fisher Investments has lost more than $3 billion in assets as government pensions and other institutional partners have left.
The Windy City’s police pension fund has about $2.6 billion in total assets as of Oct. 30.
The Chicago police pension fund is ending its $67 million relationship with Fisher Investments.
Major pension clients to have left Fisher include the Los Angeles fire and police pension, which pulled $522 million and the Michigan Investment Board, which is withdrawing $600 million.

Fisher Investments loses Chicago police pension; total losses exceed $3 billion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-19  Authors: darla mercado
Keywords: news, cnbc, companies, chicago, losses, assets, oct, institutional, fund, investors, clients, billion, exceed, pension, fisher, loses, investments, total, million


Fisher Investments loses Chicago police pension; total losses exceed $3 billion

Kenneth Fisher, founder, chairman and chief executive officer of Fisher Investments, speaks during a television interview in New York, May 10, 2010.

Fisher Investments has lost more than $3 billion in assets as government pensions and other institutional partners have left.

The Windy City’s police pension fund has about $2.6 billion in total assets as of Oct. 30. The pension’s board passed a motion to put Fisher on its watch list last month, wrote Thomas Beyna, board president.

The Policemen’s Annuity and Benefit Fund of Chicago joins a number of institutional investors that have cut ties with the Camas, Washington-based asset manager following sexist comments billionaire founder Ken Fisher made at a conference on Oct. 8. There, he likened winning new clients to picking up women at a bar .

The Chicago police pension fund is ending its $67 million relationship with Fisher Investments.

Fisher had $94 billion in assets under management as of Dec. 31, 2018, according to their filing with the Securities and Exchange Commission.

That figure reached $112 billion as of Sept. 30, 2019, according to the firm.

Major pension clients to have left Fisher include the Los Angeles fire and police pension, which pulled $522 million and the Michigan Investment Board, which is withdrawing $600 million.

Last month, giant investment bank Goldman Sachs confirmed Fisher would no longer be an underlying manager for the Goldman Sachs Multi-Manager Global Equity Fund in an Oct. 25 filing with the SEC. It pulled $234 million from the firm.

While the institutional investors have reacted quickly to the controversy, retail clients have largely remained.

In the week following Fisher’s comments, about 1% of individual investors raised concerns, with about $20 million in lost assets as a result, according to a research note from Mercer, an advisor to institutional investors.

Mercer spoke with Fisher executives on Oct. 14 to assess the fallout from the founder’s comments.

Individual clients account for about $60 billion of the $94 billion in assets that Fisher oversaw as of the end of 2018.

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Company: cnbc, Activity: cnbc, Date: 2019-11-19  Authors: darla mercado
Keywords: news, cnbc, companies, chicago, losses, assets, oct, institutional, fund, investors, clients, billion, exceed, pension, fisher, loses, investments, total, million


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Trump loses challenge to New York law that allows release of his state tax returns to Congress — but could get another bite at apple

President Donald Trump attends the opening ceremony of the Veterans Day Parade in Madison Square Park on November 11, 2019 in New York City. A federal judge in Washington, D.C., on Monday dismissed President Donald Trump’s lawsuit seeking to bar a House committee from using a New York state law to obtain his state tax returns, suggesting the president’s legal action belonged in another courthouse. The ruling by Judge Carl Nichols does not mean that Trump’s state tax returns will be released to t


President Donald Trump attends the opening ceremony of the Veterans Day Parade in Madison Square Park on November 11, 2019 in New York City.
A federal judge in Washington, D.C., on Monday dismissed President Donald Trump’s lawsuit seeking to bar a House committee from using a New York state law to obtain his state tax returns, suggesting the president’s legal action belonged in another courthouse.
The ruling by Judge Carl Nichols does not mean that Trump’s state tax returns will be released to t
Trump loses challenge to New York law that allows release of his state tax returns to Congress — but could get another bite at apple Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: dan mangan
Keywords: news, cnbc, companies, challenge, release, returns, state, washington, trumps, trump, law, york, loses, congress, committee, tax, ways


Trump loses challenge to New York law that allows release of his state tax returns to Congress — but could get another bite at apple

President Donald Trump attends the opening ceremony of the Veterans Day Parade in Madison Square Park on November 11, 2019 in New York City.

A federal judge in Washington, D.C., on Monday dismissed President Donald Trump’s lawsuit seeking to bar a House committee from using a New York state law to obtain his state tax returns, suggesting the president’s legal action belonged in another courthouse.

The ruling by Judge Carl Nichols does not mean that Trump’s state tax returns will be released to the House Ways and Means Committee anytime soon.

Neither that committee, nor the two other congressional committees that under certain circumstances can obtain a president’s tax returns under the new state law, has actually invoked it to get Trump’s state returns.

Nichols’ ruling in Trump’s own suit had failed to establish that a judge in Washington federal court had jurisdiction over a challenge to New York’s law, known as the TRUST Act.

That act allows the chairs of the Ways and Means Committee, the Senate Finance Committee and the Joint Committee on Taxation, to get New York state returns of certain federal, state and local public officials, “for a specifed and legitimate legislative purpose.”

Nichols’ ruling said that Trump did not establish a conspiracy between the Ways and Means Committee and New York officials, which could have established that a Washington court had jurisdiction over the suit.

“Nowhere in his Amended Complaint does Mr. Trump allege the existence of a conspiracy; in fact, the word ‘conspiracy’ does not even appear in his pleadings,” Nichols wrote.

But Nichols did note that Trump “may renew his claim” that New York state tax officials are barred from releasing his state tax returns in the event that they are sought by one of the congressional committees under the New York law.


Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: dan mangan
Keywords: news, cnbc, companies, challenge, release, returns, state, washington, trumps, trump, law, york, loses, congress, committee, tax, ways


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Boris Johnson loses vote to hold UK election on Dec. 12, says government will try again Tuesday

Prime Minister Boris Johnson arrives at Downing Street on October 28, 2019 in London, England. Leon Neal | Getty Images News | Getty ImagesLawmakers in the U.K. have rejected the government’s request to hold a general election on Dec. 12. Johnson said the government will try again with a new route for a Dec. 12 election in a vote on Tuesday, saying it was time to “get Brexit done.” Since 2017, the Conservative Party has needed the votes of Northern Ireland’s DUP (Democratic Unionist Party) party


Prime Minister Boris Johnson arrives at Downing Street on October 28, 2019 in London, England.
Leon Neal | Getty Images News | Getty ImagesLawmakers in the U.K. have rejected the government’s request to hold a general election on Dec. 12.
Johnson said the government will try again with a new route for a Dec. 12 election in a vote on Tuesday, saying it was time to “get Brexit done.”
Since 2017, the Conservative Party has needed the votes of Northern Ireland’s DUP (Democratic Unionist Party) party
Boris Johnson loses vote to hold UK election on Dec. 12, says government will try again Tuesday Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-28  Authors: david reid
Keywords: news, cnbc, companies, hold, election, try, dec, brexit, parliaments, loses, johnson, parliament, boris, party, vote, opposition, plan


Boris Johnson loses vote to hold UK election on Dec. 12, says government will try again Tuesday

Prime Minister Boris Johnson arrives at Downing Street on October 28, 2019 in London, England. Leon Neal | Getty Images News | Getty Images

Lawmakers in the U.K. have rejected the government’s request to hold a general election on Dec. 12. A House of Commons will vote on Monday, with lawmakers deciding on whether to approve Johnson’s request in return for more time to adopt his Brexit deal, Reuters reported. Under the rules, two-thirds of Parliament, or 434 MPs, needed to approve the motion for it to pass, but it got only 299 as opposition lawmakers declined the opportunity to take on Prime Minister Boris Johnson at the ballot box. Johnson said the government will try again with a new route for a Dec. 12 election in a vote on Tuesday, saying it was time to “get Brexit done.” Johnson’s defeat means he is now likely to seek a different route to an election – by passing a law with a simple majority that bypasses the 2011 Fixed-term Parliaments Act.

To do so, he would need the support of opposition parties such as the Scottish National Party (SNP) and the Liberal Democrats, which have been pushing for a Dec. 9 election, along with a guarantee that Johnson will not resume debate on the divorce deal he has agreed with Brussels. “Later on this evening, the government will give notice of presentation for a short bill for an election on the 12th of December so we can finally get Brexit done,” Johnson told Parliament. The second-largest party in Parliament, Labour, and its leader Jeremy Corbyn had previously said they will not back an election unless the possibility of a no-deal Brexit is removed. Going to the polls is viewed by the Conservative-led government as the best way to secure a strong-enough hold over Parliament that can, in turn, smooth the passage of its Brexit plan. Since 2017, the Conservative Party has needed the votes of Northern Ireland’s DUP (Democratic Unionist Party) party to hold a slender House of Commons majority. A consensus of polls suggests that the Conservatives would likely improve its position if a general election was held in the current political atmosphere. Naturally, opposition lawmakers are therefore split as to whether an election is a good idea. Some claim the U.K. government will use a fresh mandate to force through a no deal, while others questioned the granting of a pre-Christmas election that Johnson looks well-placed to win.

Attention now turns to a separate plan which could see an election agreed for Dec. 9. This would need a change to current law, allowing only a simple majority of MPs to secure a national vote. Parliament’s fourth-largest party, the Liberal Democrats, is reportedly considering working with the Conservative Party on the plan and some within the Scottish National Party (SNP) — Parliament’s third-largest party — would also vote for it.

‘Flextension’


Company: cnbc, Activity: cnbc, Date: 2019-10-28  Authors: david reid
Keywords: news, cnbc, companies, hold, election, try, dec, brexit, parliaments, loses, johnson, parliament, boris, party, vote, opposition, plan


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