Cambodia denies deal to allow armed Chinese forces at its naval base

China will be able to place armed forces at a Cambodian naval base under a secret agreement the two nations have reached, the Wall Street Journal reported on Sunday, although Cambodian officials denied such a deal had been struck. Chinese and Cambodian officials denied such an agreement existed, according to the Journal. “This is the worst-ever made up news against Cambodia,” Cambodian Prime Minister Hun Sen told the pro-government news site Fresh News on Monday. “No such thing could happen beca


China will be able to place armed forces at a Cambodian naval base under a secret agreement the two nations have reached, the Wall Street Journal reported on Sunday, although Cambodian officials denied such a deal had been struck. Chinese and Cambodian officials denied such an agreement existed, according to the Journal. “This is the worst-ever made up news against Cambodia,” Cambodian Prime Minister Hun Sen told the pro-government news site Fresh News on Monday. “No such thing could happen beca
Cambodia denies deal to allow armed Chinese forces at its naval base Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-22
Keywords: news, cnbc, companies, base, military, naval, denies, allow, chinese, china, cambodia, officials, southeast, forces, armed, minister, deal, foreign, asia, cambodian


Cambodia denies deal to allow armed Chinese forces at its naval base

China’s Defence Minister Wei Fenghe (right) shakes hands with Cambodia’s Defence Minister Tea Banh during a visit to a military exhibition in Phnom Penh on June 19, 2018.

China will be able to place armed forces at a Cambodian naval base under a secret agreement the two nations have reached, the Wall Street Journal reported on Sunday, although Cambodian officials denied such a deal had been struck.

The agreement, reached this spring but not made public, gives China exclusive access to part of Cambodia’s Ream Naval Base on the Gulf of Thailand, the Journal reported, citing U.S. and allied officials familiar with the matter.

Such an arrangement would give China an enhanced ability to assert contested territorial claims and economic interests in the South China Sea, challenging U.S. allies in Southeast Asia. Chinese and Cambodian officials denied such an agreement existed, according to the Journal.

“This is the worst-ever made up news against Cambodia,” Cambodian Prime Minister Hun Sen told the pro-government news site Fresh News on Monday.

“No such thing could happen because hosting foreign military bases is against the Cambodian constitution,” he said.

Cambodian defense ministry spokesman Chhum Socheat told Reuters the report was “made up and baseless”.

China, Hun Sen’s strongest regional ally, has poured billions of dollars in development assistance and loans into Cambodia through bilateral frameworks and China’s Belt and Road initiative.

The initiative, unveiled by Chinese President Xi Jinping in 2013, aims to bolster a sprawling network of land and sea links with Southeast Asia, Central Asia, the Middle East, Europe and Africa.

It has attracted a flood of Chinese commercial ventures in Cambodia, including casinos and special economic zones.

The U.S. Defense Department suggested earlier this month China may be attempting to gain a military foothold in Cambodia in a letter to Cambodia asking why the nation had turned down an offer to repair a naval base.

The State Department urged Cambodia in a statement to reject such an arrangement, saying the nation had a “constitutional commitment to its people to pursue an independent foreign policy.”

“We are concerned that any steps by the Cambodian government to invite a foreign military presence in Cambodia would threaten the coherence and centrality of the Association of Southeast Asian Nations (ASEAN) in coordinating regional developments, and disturb peace and stability in Southeast Asia,” the statement said.

Cambodia denied reports last November that Beijing had been lobbying the Southeast Asian country since 2017 for a naval base that could host frigates, destroyers and other vessels of China’s People’s Liberation Army Navy.


Company: cnbc, Activity: cnbc, Date: 2019-07-22
Keywords: news, cnbc, companies, base, military, naval, denies, allow, chinese, china, cambodia, officials, southeast, forces, armed, minister, deal, foreign, asia, cambodian


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

What a failed Iran deal would mean for oil prices and military tensions

ATTA KENARE | AFP | Getty ImagesThe Iranian nuclear deal looks all but dead just one year after the President Donald Trump administration walked away from it and reimposed crippling sanctions on the Islamic Republic. The oil price impactThe direction of oil prices will depend on what Iran does with its nuclear program in the event of the deal’s termination, and whether Tehran’s strategy triggers a military response. “An actual military confrontation or even limited military strikes could cause p


ATTA KENARE | AFP | Getty ImagesThe Iranian nuclear deal looks all but dead just one year after the President Donald Trump administration walked away from it and reimposed crippling sanctions on the Islamic Republic. The oil price impactThe direction of oil prices will depend on what Iran does with its nuclear program in the event of the deal’s termination, and whether Tehran’s strategy triggers a military response. “An actual military confrontation or even limited military strikes could cause p
What a failed Iran deal would mean for oil prices and military tensions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: natasha turak
Keywords: news, cnbc, companies, program, tensions, mean, iran, failed, deal, military, iranian, oil, nuclear, war, sanctions, prices


What a failed Iran deal would mean for oil prices and military tensions

Iranian soldiers take part in the “National Persian Gulf day” in the Strait of Hormuz, on April 30, 2019. ATTA KENARE | AFP | Getty Images

The Iranian nuclear deal looks all but dead just one year after the President Donald Trump administration walked away from it and reimposed crippling sanctions on the Islamic Republic. As Iran’s government starts breaking its agreed uranium enrichment limits, European leaders are floundering to keep it alive. British Foreign Secretary Jeremy Hunt claimed Monday that the Obama-era deal — signed by the U.S., U.K., Iran, Russia, China, France and Germany in 2015 and intended to provide Iran economic relief in exchange for limits on its nuclear program — “isn’t dead yet.” Other European lawmakers frantically stress the dangers of killing the deal, while Tehran says it can always reverse its deal breaches if the EU defies American sanctions and resumes trade with Iran — something it appears largely unable or unwilling to do. For many Iran watchers, the deal has already collapsed. But what will happen if it officially ends, and what are the consequences for the world?

The oil price impact

The direction of oil prices will depend on what Iran does with its nuclear program in the event of the deal’s termination, and whether Tehran’s strategy triggers a military response. “If the deal dies and Iran starts enriching uranium again at 20% levels and spinning the higher speed centrifuges, we will be closer to a military confrontation involving the U.S. and Iran or potentially Israel and Iran,” Helima Croft, global head of commodity strategy at RBC Capital Markets, told CNBC Thursday. “An actual military confrontation or even limited military strikes could cause prices to temporarily spike.”

Iranian leaders have repeatedly claimed they are not after acquiring nuclear weapons, rather civilian nuclear energy. But before the 2015 deal went into action the country was enriching uranium — the fissile material required for a bomb — at 20%, far above the 3.67% level required for an energy program and roughly three months away from reaching 90% enrichment, or weapons-grade uranium. Under the deal, international inspection agencies verified that Iran had brought enrichment down to 3.67%, the level it now says it’s breaching at just over 4%.

For the U.S., I think it all depends on Trump’s domestic political considerations and who is whispering in his ear on a nightly basis. Richard Nephew Program director at the Center on Global Energy Policy, Columbia University, former State Department sanctions expert

“If war were to break out, we estimate that the price of oil would quickly surge to around $150 per barrel following the outbreak of hostilities,” analysts at London-based Capital Economics said in a research note last week. Twenty million barrels of crude per day are produced in the Persian Gulf. Conflict could prompt the closure of the Strait of Hormuz, through which one-third of the world’s seaborne oil passes. Still, oil watchers point out that with the U.S. shale boom and less global reliance on the Persian Gulf than in previous years, there’s probably enough slack in the international market to bring prices back down. “The deal dying and Iran continuing a staged nuclear restart that still keep it fairly far away from reaching nuclear breakout capability could put a floor under oil prices,” Croft said, but with weak demand concerns still high, it “may not move the needle much.”

Military response: Trump’s call

Most analysts maintain war in the Persian Gulf remains unlikely, but fear that with tensions so high and no diplomatic channel of communication, a mere miscalculation could set off a serious conflict. “For the U.S., I think it all depends on Trump’s domestic political considerations and who is whispering in his ear on a nightly basis,” Richard Nephew, sanctions expert and program director at the Center on Global Energy Policy at Columbia University, told CNBC. Trump’s hawkish National Security Advisor John Bolton “had that upper hand for a while,” Nephew said. “Now, it looks like the isolationists do.”

National Security Advisor John Bolton with that notebook as he listens to questions from reporters during a press briefing at the White House January 28, 2019 in Washington, DC. During the briefing, economic sanctions against Venezuela’s state owned oil company were announced in an effort to force Venezuelan President Maduro to step down. Win McNamee | Getty Images News | Getty Images

With his reelection campaign underway and a long-touted pledge to end America’s Middle East wars, recent actions like seemingly absolving Iran of harsh blame for shooting down a U.S. drone in June and calling off a planned retaliatory strike suggest Trump is very reluctant to go to war. However, Trump said Thursday that a U.S. Navy ship had destroyed an Iranian drone in a “defensive action” in the Strait of Hormuz earlier that day. Nephew believes that Iran “will proceed cautiously on the nuclear side and in ways that are non-attributable — where possible — on the regional side.” Some security experts suggest a “surgical strike” on Iranian nuclear facilities by the U.S., if anything, rather than an all-out war. In terms of military capacity, the U.S. has a far greater range than Iran, says Michael Rubin, a former Pentagon official and resident scholar at the American Enterprise Institute in Washington, D.C. “Sure, Iranian speedboats or drones can harass shipping,” Rubin said. “But if the Iranians go too far, the U.S. Navy can strike Iranian small boats and ports from hundreds of miles away in the Indian Ocean, and the Iranian military would have no effective defense.”

Israel’s ‘any means necessary’

Israel, for its part, has said it will use any means necessary to prevent Iran from acquiring a nuclear bomb, though its internal deliberations on the matter are incredibly complex. Between 2010 and 2012 Israel’s intelligence agency, the Mossad, is believed to have been behind the assassinations of four of Iran’s top nuclear scientists, and in 2007 it carried out airstrikes against a suspected nuclear facility in Syria. If Israel were to strike Iran, the big question will be whether the U.S. follows suit and how Iran would respond, which some analysts say would be likely via rocket attacks by its Lebanese proxy Hezbollah. Tamas Varga, a business analyst at PVM Oil Associates in London, still sees a U.S. move toward war as highly unlikely, especially with the 2020 elections looming. “With the U.S. presidential campaign underway, the last thing Donald Trump would need is a jump in domestic retail gasoline prices,” Varga said. “Never say never, but military conflict is currently not plausible.”

What will the nuclear threat look like?


Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: natasha turak
Keywords: news, cnbc, companies, program, tensions, mean, iran, failed, deal, military, iranian, oil, nuclear, war, sanctions, prices


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

The F-35 has already freaked out Iran and changed everything in the Middle East

Standing in front of an F-35 jet parked at an Israeli Air Force base, Netanyahu barely held back a smile as he said that Israel can reach Iran, but Iran cannot reach Israel . But the F-35’s already powerful impact in the Middle East was multiplied extensively during the months leading up to the 2015 Iran nuclear deal. While never confirmed publicly, a good number of military and political leaders in the region believed and still believe the story. The long-rumored threat the F-35 posed to Iran n


Standing in front of an F-35 jet parked at an Israeli Air Force base, Netanyahu barely held back a smile as he said that Israel can reach Iran, but Iran cannot reach Israel . But the F-35’s already powerful impact in the Middle East was multiplied extensively during the months leading up to the 2015 Iran nuclear deal. While never confirmed publicly, a good number of military and political leaders in the region believed and still believe the story. The long-rumored threat the F-35 posed to Iran n
The F-35 has already freaked out Iran and changed everything in the Middle East Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: jake novak
Keywords: news, cnbc, companies, iran, military, freaked, east, israeli, israel, irans, changed, middle, f35, air, jet, political, impact


The F-35 has already freaked out Iran and changed everything in the Middle East

That became even clearer this week thanks to a somewhat cheeky statement by Israeli Prime Minister Benjamin Netanyahu in response to Iran’s provocative moves in the Persian Gulf and other threats from Tehran. Standing in front of an F-35 jet parked at an Israeli Air Force base, Netanyahu barely held back a smile as he said that Israel can reach Iran, but Iran cannot reach Israel .

No conversation about the world’s massive political and economic changes since 2015 is complete without mentioning the F-35 Joint Strike Fighter, developed by Lockheed Martin .

To understand why that soundbite with the visual backdrop was more than just bluster, you have trace the F-35’s incredible history in the Middle East over the past four years.

You don’t have to be a military genius to know that a supersonic jet that can fly undetected by radar for hundreds of miles will make a difference anywhere in the world. But the F-35’s already powerful impact in the Middle East was multiplied extensively during the months leading up to the 2015 Iran nuclear deal. That was still more than a year before the jet was put into service anywhere in the world.

But it was late summer 2015 when reports in the Israeli news media surfaced about how Israelis working on F-35 prototypes had managed to double the jet’s flight and stealth capacity. It wasn’t lost on anyone that the extension meant Israeli Air Force pilots could use the F-35 to fly from Israel to Tehran and back without detection — and without having to refuel at U.S. air bases in Saudi Arabia or Iraq.

Suddenly, U.S.-Israeli air superiority in the region had risen to a new level. Saudi Arabia had already begun the process of cooperating more with Israel on defense and security matters for some time, something Prime Minister Benjamin Netanyahu hinted at during a “60 Minutes” interview after President Trump’s election. But the idea of letting Israeli jets land and refuel in that Arab country was still a stretch in 2015. Iraqi leaders were also not receptive to the idea. But the new technology was now rendering the objections moot.

The move only acted to bring the Saudis and the Israelis closer. It was one thing for the two countries to have a common enemy in Iran that was on the verge of getting billions of dollars and a clear, if supposedly delayed, path to a nuclear weapon. But with the new F-35 and its expanded capacities in the picture, there was something more tangible than political promises and intelligence sharing to hang their hopes on.

All of that made it easier for King Salman to shake up his regime and name Mohammed bin Salman the new crown prince. Mohammad, who is aggressive on defense, wasted little time enhancing military ties with Israel and the U.S. There was even an unconfirmed report that he visited Israel secretly in September 2017.

Yet the most direct effects of the F-35 were still to come. In July 2018, a Kuwaiti newspaper reported that Israel had flown a test mission of at least three F-35 jets to Tehran and back from an airbase near Tel Aviv. While never confirmed publicly, a good number of military and political leaders in the region believed and still believe the story. The long-rumored threat the F-35 posed to Iran now seemed like a reality.

Earlier this month, reports in the same Kuwaiti newspaper said that Iran’s military leadership panicked enough over the purported stealth mission that it kept news of it from reaching Iran’s Supreme Leader Ali Khamenei.

But when Khamenei found out about the mission, he reportedly moved to fire not only Iran’s air force chief but also the long-serving and powerful commander of Iran’s Revolutionary Guard Corps. That’s major impact without even firing a shot.

All of this comes as Turkey’s Prime Minister Tayyip Erdogan has decided to choose procuring Russia’s S-400 missile program at the expense of getting promised F-35s from the U.S. Judging by how much his neighbors in the region fear and revere the F-35, this appears to be a ruinous choice.

The impact of the F-35’s development has had a major financial impact, as well. Since reports of the Israeli stealth enhancement first surfaced, Lockheed Martin shares are up more the 75%. The F-35 program is also the most expensive defense project in U.S. history, and it has faced a long history of criticism for that cost.

But considering how much the very existence of the jet has already achieved in Israel, Saudi Arabia and Iran, it may already be more than worth it.

Jake Novak is a political and economic analyst at Jake Novak News and former CNBC TV producer. You can follow him on Twitter @jakejakeny.

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


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: jake novak
Keywords: news, cnbc, companies, iran, military, freaked, east, israeli, israel, irans, changed, middle, f35, air, jet, political, impact


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Former heads of DHS and NSA explain how the U.S. can keep Huawei at bay

Mike McConnell is vice chairman of Booz Allen Hamilton and formerly served as director of the National Security Agency. Some market segments, such as 5G base stations, have no U.S. competitors. Worse, China’s Huawei focuses on low and mid-band base stations that increase their range and reduce costs, making them appealing to much of the world. In this environment we must bolster our ability to protect the cyber industrial base of the U.S. and our allies. Now is the time for the U.S. to expand it


Mike McConnell is vice chairman of Booz Allen Hamilton and formerly served as director of the National Security Agency. Some market segments, such as 5G base stations, have no U.S. competitors. Worse, China’s Huawei focuses on low and mid-band base stations that increase their range and reduce costs, making them appealing to much of the world. In this environment we must bolster our ability to protect the cyber industrial base of the U.S. and our allies. Now is the time for the U.S. to expand it
Former heads of DHS and NSA explain how the U.S. can keep Huawei at bay Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: michael chertoff, mike mcconnell
Keywords: news, cnbc, companies, national, base, industrial, huawei, 5g, bay, explain, technologies, military, security, heads, vital, stations, dhs, support, nsa


Former heads of DHS and NSA explain how the U.S. can keep Huawei at bay

Michael Chertoff is co-founder of consulting firm Chertoff Group and formerly served as the Secretary of the Department of Homeland Security. Mike McConnell is vice chairman of Booz Allen Hamilton and formerly served as director of the National Security Agency.

On Wednesday, the FCC opened additional mid-band spectrum to support 5G mobile communications in the U.S., reducing reliance on short-range microwave spectrum that comes with high deployment costs. This move will help to ensure the U.S. doesn’t fall further behind other countries in the adoption of 5G, which is expected to spark $12 trillion in new economic activity by 2035, especially in enabling the internet of things.

Perhaps more importantly, this proposal demonstrates one way the U.S. can reinforce elements of what the government calls the “national technology and industrial base” (NTIB), the collection of companies who design, build and supply the U.S. with vital national-security related technologies. These technologies, which now include 5G wireless networks, increasingly underpin everything from the financial sector to the supply chains that deliver our food.

Government support for portions of the NTIB is nothing new. World War II prompted the government to foster the “defense industrial base,” ensuring that American forces had the tanks, aircraft and ships needed to win the war. The Defense Production Act formalized this system at the dawn of the Cold War, granting the President broad authorities to ensure a reliable, domestic supply of vital national security goods. While some defense goods have collateral, non-military uses, others, such as tanks and fighter jets, do not. When the military is the only customer for a good it must place regular orders, or offer other forms of support, in order to guarantee its continued supply.

Yet this system’s limitations are beginning to show. The rapid technological rise of China, and its intellectual property theft, have eroded America’s advantages, while globalization has made it prohibitively expensive to manufacture certain technologies in the U.S. For example, the government’s secure computer chip program has long faced challenges that have severely limited the number of trusted suppliers, driven up costs, and limited the availability of U.S.-made versions of some chips.

Similarly, the economies of scale required to bring advanced technologies to market limit the number of companies that can compete in any given segment. For example, while U.S. vendors still exist, just four companies — Ericsson, Nokia, Huawei and ZTE — account for two-thirds of the global telecommunications equipment market. Some market segments, such as 5G base stations, have no U.S. competitors. Worse, China’s Huawei focuses on low and mid-band base stations that increase their range and reduce costs, making them appealing to much of the world.

As such, we must reexamine how we think about the NTIB, expanding its scope beyond DoD and military operations technologies, and better leverage it to protect our cyber industrial base. Our entire society, not just the military, has become highly technologically dependent. Citizens rely on the same GPS systems, 5G base stations and cloud server technologies used by the military. These technologies power Netflix, the electrical grid, Waze, nuclear submarines and the global financial system. Such dual-use technologies are just as, if not more, important to our national security as any tank, aircraft or ship.

In this environment we must bolster our ability to protect the cyber industrial base of the U.S. and our allies. Fortunately, some pieces for such a move are already in place. Congress has already allowed the Defense Production Act to include dual-use technologies and for coordination with Canada, the U.K., and Australia on securing and protecting our shared industrial bases. However, we must do more.

First, support for our cyber industrial base must grow — the government must take an active role in the roll-out of vital technologies.

In the case of 5G, the U.S. should follow the lead of other countries, freeing vital spectrum and easing the deployment of new base stations. The U.S. must also go further to support key suppliers, either American or allied. In some instances this may require the U.S. government to purchase a certain volume of a technology to ensure the viability of the supplier, as the military does today for naval vessels, or for the government to invest in a key factory, as the Army has at the Joint Systems Manufacturing Center in Ohio.

Second, we must expand our cooperation beyond four allies. Key technology companies, such as Ericsson, Samsung, Nokia and Siemens, are based in other allied countries, such as Sweden, South Korea, Finland and Germany. The U.S. can benefit greatly from enhanced coordination with its allies, leveraging their innovations to address our own technological and manufacturing gaps. Coordination can come in varying forms, including multi-lateral purchase arrangements, like those for the F-35, or by purchasing 5G technologies from Sweden’s Ericsson rather than China’s Huawei.

Now is the time for the U.S. to expand its work to safeguard and grow our cyber industrial base. In an environment of rapid technological change and globalization it is imperative that we take the actions necessary to ensure we continue to have access to secure forms of the advanced technologies that underlie both our economy and military. Without such action we could end up with little choice but to buy from the likes of Huawei — and be forced to accept the security risks that come with it.

Follow @CNBCtech on Twitter for the latest tech industry news.


Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: michael chertoff, mike mcconnell
Keywords: news, cnbc, companies, national, base, industrial, huawei, 5g, bay, explain, technologies, military, security, heads, vital, stations, dhs, support, nsa


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Huawei staff share deep links with Chinese military, new study claims

In this photo illustration, the Huawei logo and Chinese flag is seen displayed on an Android mobile phone. A new analysis of CVs of Huawei staff appeared to reveal deeper links between the technology giant and China’s military and intelligence bodies than had been previously acknowledged by the firm. The paper, which looks at employment records of Huawei employees, concluded that “key mid-level technical personnel employed by Huawei have strong backgrounds in work closely associated with intelli


In this photo illustration, the Huawei logo and Chinese flag is seen displayed on an Android mobile phone. A new analysis of CVs of Huawei staff appeared to reveal deeper links between the technology giant and China’s military and intelligence bodies than had been previously acknowledged by the firm. The paper, which looks at employment records of Huawei employees, concluded that “key mid-level technical personnel employed by Huawei have strong backgrounds in work closely associated with intelli
Huawei staff share deep links with Chinese military, new study claims Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-08  Authors: arjun kharpal
Keywords: news, cnbc, companies, balding, university, study, chinese, intelligence, huawei, claims, deep, military, links, share, staff, employees, concerns, strong


Huawei staff share deep links with Chinese military, new study claims

In this photo illustration, the Huawei logo and Chinese flag is seen displayed on an Android mobile phone.

A new analysis of CVs of Huawei staff appeared to reveal deeper links between the technology giant and China’s military and intelligence bodies than had been previously acknowledged by the firm.

The paper, which looks at employment records of Huawei employees, concluded that “key mid-level technical personnel employed by Huawei have strong backgrounds in work closely associated with intelligence gathering and military activities.” Some employees can be linked “to specific instances of hacking or industrial espionage conducted against Western firms,” it claimed.

The study may heighten concerns among governments who are analyzing claims that Huawei poses a national security risk. Some countries are worried that Huawei could install so-called backdoors in its telecommunications networking equipment that would allow the Chinese government to access user data. Huawei has repeatedly denied it would ever engage in such activity.

The study, conducted by Christopher Balding, an associate professor at Fulbright University Vietnam, and London-based conservative think tank Henry Jackson Society, looked through CVs of Huawei employees that were leaked online from unsecured databases and websites run by recruitment firms.

One CV appeared to show a person who simultaneously held a position at Huawei and a teaching and research role at a military university through which they were employed by the Chinese People’s Liberation Army. Balding linked that employee to a section in the PLA that is responsible for the Chinese military’s space, cyber, and electronic warfare capabilities.

“The circumstantial evidence appears quite strong to support valid concerns about the relationship between Huawei, the PLA, and concerns about intelligence gathering,” Balding said in the paper.


Company: cnbc, Activity: cnbc, Date: 2019-07-08  Authors: arjun kharpal
Keywords: news, cnbc, companies, balding, university, study, chinese, intelligence, huawei, claims, deep, military, links, share, staff, employees, concerns, strong


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Predatory lenders prey on military members. Here’s how to avoid being victimized

After serving overseas, military service members return home to face a new economic reality that often includes, unfortunately, lenders looking to take advantage of their vulnerability. These so-called predatory lenders, which pop up around military bases, try to entice or deceive young soldiers into taking out loans that impose abusive or unfair terms. Unscrupulous auto lenders and credit card companies have also been known to target members of the military. Predatory lenders like to prey on yo


After serving overseas, military service members return home to face a new economic reality that often includes, unfortunately, lenders looking to take advantage of their vulnerability. These so-called predatory lenders, which pop up around military bases, try to entice or deceive young soldiers into taking out loans that impose abusive or unfair terms. Unscrupulous auto lenders and credit card companies have also been known to target members of the military. Predatory lenders like to prey on yo
Predatory lenders prey on military members. Here’s how to avoid being victimized Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-03  Authors: michelle fox
Keywords: news, cnbc, companies, prey, members, predatory, financial, falcone, interest, lending, military, heres, victimized, loan, credit, avoid, lenders


Predatory lenders prey on military members. Here's how to avoid being victimized

After serving overseas, military service members return home to face a new economic reality that often includes, unfortunately, lenders looking to take advantage of their vulnerability. These so-called predatory lenders, which pop up around military bases, try to entice or deceive young soldiers into taking out loans that impose abusive or unfair terms. “Predatory lenders like to prey on young military members because they’re often inexperienced with money, have little to no credit and are usually very excited to spend that first paycheck,” said certified financial planner Tara Falcone, founder of the financial education company ReisUP. She is also a former hedge fund analyst and is married to an officer in the U.S. Navy.

Tara and John Falcone Source: Tara Falcone

The end result is a loan that carries a hefty price tag, with sky-high interest rates and hidden fees. For example, if a soldier is convinced to take out a payday loan, which requires a check dated for the next payday, he could ultimately wind up with an interest rate near 400%. Unscrupulous auto lenders and credit card companies have also been known to target members of the military. “One of my husband’s sailors came to him one day and told him that a car dealership located near base had convinced him to take out a loan for twice the value of the car … [at] an interest rate of nearly 20%,” Falcone said. To remedy the situation, the sailor went to a local federal credit union, got a new loan at a lower rate and then paid off the predatory loan. “By doing that, they saved over $100 on their car payment every month and over $7,000 in interest over time,” she said. More from Invest in You:

Military spouses can take control of work, retirement wealth

How to save for the future when it’s uncertain

Realizing your dreams can motivate you to get rid of debt The government has moved to crack down on predatory lending, enacting the Military Lending Act in 2006. The law caps the interest rate on most consumer loans at 36%, yet military and veteran organizations have recently expressed concern about a lack of lender monitoring. Last year, the Consumer Financial Protection Bureau stopped checking for compliance with the law. Earlier this year, the CFPB’s new director said the agency lacked explicit supervisory authority and requested that Congress give the CFPB that power. “What we are seeing is really a pattern of neglect around consumer protections both for consumers generally, who are targeted by payday lenders, but also a disregard for fully implementing the Military Lending Act and making sure military members are not targeted by high-cost, abusive lenders,” said Tom Feltner, director of research at the Center for Responsible Lending. A CFPB spokesperson said the bureau is “committed to the financial well-being” of U.S. service members. “This commitment includes ensuring that lenders subject to our jurisdiction comply with the Military Lending Act, so our servicemembers and their families are provided with the protections of that law,” the spokesperson said.

Predatory lenders like to prey on young military members because they’re often inexperienced with money, have little to no credit and are usually very excited to spend that first paycheck. Tara Falcone founder of ReisUP

However, if you’re in the military, there are some things you can do to ensure you do not become another victim. Not only does predatory lending cause undue financial stress, it can also negatively impact a soldier’s military readiness, said Falcone. Here are four tips from Falcone that can help servicemembers protect themselves.

1. Be proactive, not reactive

When trying to get a loan, arm yourself with information before you start the process. That means knowing your credit score and familiarizing yourself with current interest rates, as well as the fair value of the item you are going to purchase, Falcone advises. “Don’t just trust that the lender is going to tell you the right thing,” she said.

2. Know how much you can afford

You need to look beyond just the monthly payment when it comes to figuring out your budget, said Falcone. Instead, know the “all-in cost” that you can afford, which includes taxes, fees and interest.

Tara and John Falcone Source; Tara Falcone

3. Learn the language of loans

Predatory lenders may try to coerce you into making a commitment by throwing around jargon you may not fully understand. Therefore, before looking into a loan, make sure you know how the process works. “You need to understand how lenders can manipulate all the different factors in the loan borrowing process — that includes interest, payment and term — in order to sway it in their favor and make it seem like you’re getting a really good deal,” Falcone said.

4. Ask questions


Company: cnbc, Activity: cnbc, Date: 2019-07-03  Authors: michelle fox
Keywords: news, cnbc, companies, prey, members, predatory, financial, falcone, interest, lending, military, heres, victimized, loan, credit, avoid, lenders


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Why the US cyber attack on Iran was ‘game changing’

Why the US cyber attack on Iran was ‘game changing’1:31 AM ET Tue, 2 July 2019Haiyan Song of Splunk says cyber attacks could be a “new way” for countries and nation states to think about their competitiveness in the military world.


Why the US cyber attack on Iran was ‘game changing’1:31 AM ET Tue, 2 July 2019Haiyan Song of Splunk says cyber attacks could be a “new way” for countries and nation states to think about their competitiveness in the military world.
Why the US cyber attack on Iran was ‘game changing’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-02
Keywords: news, cnbc, companies, states, changing, song, iran, way, splunk, game, military, cyber, world, nation, think, attack


Why the US cyber attack on Iran was 'game changing'

Why the US cyber attack on Iran was ‘game changing’

1:31 AM ET Tue, 2 July 2019

Haiyan Song of Splunk says cyber attacks could be a “new way” for countries and nation states to think about their competitiveness in the military world.


Company: cnbc, Activity: cnbc, Date: 2019-07-02
Keywords: news, cnbc, companies, states, changing, song, iran, way, splunk, game, military, cyber, world, nation, think, attack


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Chinese military conducts anti-ship ballistic missile tests in the hotly contested South China Sea

WASHINGTON — China is in the midst of conducting a series of anti-ship ballistic missile tests in the hotly contested waters of the South China Sea, according to two U.S. officials with knowledge of the matter. While the U.S. military has ships in the South China Sea, they were not close to the weekend test and are not in danger, the official said. The South China Sea, which is home to more than 200 specks of land, serves as a gateway to global sea routes where approximately $3.4 trillion of tra


WASHINGTON — China is in the midst of conducting a series of anti-ship ballistic missile tests in the hotly contested waters of the South China Sea, according to two U.S. officials with knowledge of the matter. While the U.S. military has ships in the South China Sea, they were not close to the weekend test and are not in danger, the official said. The South China Sea, which is home to more than 200 specks of land, serves as a gateway to global sea routes where approximately $3.4 trillion of tra
Chinese military conducts anti-ship ballistic missile tests in the hotly contested South China Sea Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: amanda macias, courtney kube
Keywords: news, cnbc, companies, hotly, south, contested, chinese, tests, china, trade, military, missile, sea, official, conducts, waters, test, weekend


Chinese military conducts anti-ship ballistic missile tests in the hotly contested South China Sea

Crew members of the Chinese Navy stand guard on the deck of Chinese PLA Navy ship on May 23, 2014.

WASHINGTON — China is in the midst of conducting a series of anti-ship ballistic missile tests in the hotly contested waters of the South China Sea, according to two U.S. officials with knowledge of the matter.

The Chinese carried out the first test over the weekend, firing off at least one missile into the sea, one official said. The window for testing remains open until Wednesday, and the official expects the Chinese military to test again before it closes.

While the U.S. military has ships in the South China Sea, they were not close to the weekend test and are not in danger, the official said. However, the official added that the test is “concerning.” The official, who was not authorized to speak about the testing, could not say whether the anti-ship missiles being tested represent a new capability for the Chinese military.

The Pentagon did not immediately respond to CNBC and NBC’s requests for comment.

The development comes as the U.S. and China have paused tensions in their ongoing trade battle. U.S. President Donald Trump and Chinese President Xi Jinping agreed over the weekend at the G-20 summit in Japan to restart negotiations and not impose new tariffs on each other’s goods. A burgeoning trade deal between the two countries fell through in the beginning of May.

The South China Sea, which is home to more than 200 specks of land, serves as a gateway to global sea routes where approximately $3.4 trillion of trade passes annually.

The numerous overlapping sovereign claims to islands, reefs and rocks — many of which disappear under high tide — have turned the waters into an armed camp. Beijing holds the lion’s share of these features with approximately 27 outposts peppered throughout.

In May 2018, China quietly installed anti-ship cruise missiles and surface-to-air missile systems on three of its fortified outposts west of the Philippines in the South China Sea, a move that allows Beijing to further project its power in the hotly disputed waters, according to sources with direct knowledge of U.S. intelligence reports.

According to U.S. intelligence reports, the installations mark the first Chinese missile deployments to Fiery Cross Reef, Subi Reef and Mischief Reef in the Spratly Islands. The Spratlys, to which six countries lay claim, are located approximately two-thirds of the way east from southern Vietnam to the southern Philippines.

By all accounts, the coastal defense systems represent a significant addition to Beijing’s military portfolio in one of the most contested regions in the world.

The U.S. has remained neutral – but expressed concern – about the overlapping sovereignty claims to the Spratlys.

Still, the U.S. and China have disagreed over several issues regarding the South China Sea.

“China does need to have necessary defense of these islands and rocks, which we believe are Chinese territory,” high-ranking Chinese Col. Zhou Bo told CNBC in June. His remarks came after then-acting U.S. Defense Secretary Patrick Shanahan said America would no longer “tiptoe” around Chinese behavior in the region.

Amanda Macias covers the Pentagon for CNBC. Courtney Kube is an NBC News correspondent covering national security and the Pentagon.


Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: amanda macias, courtney kube
Keywords: news, cnbc, companies, hotly, south, contested, chinese, tests, china, trade, military, missile, sea, official, conducts, waters, test, weekend


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Goldman upgrades Procter & Gamble, predicting a ‘double-digit’ return

Oil to trade in current range or higher this summer — CNBC surveyOil experts surveyed by CNBC do not expect any talks between the U.S. and Iran for at least six months, and more than a third see no military confrontation. Market Insiderread more


Oil to trade in current range or higher this summer — CNBC surveyOil experts surveyed by CNBC do not expect any talks between the U.S. and Iran for at least six months, and more than a third see no military confrontation. Market Insiderread more
Goldman upgrades Procter & Gamble, predicting a ‘double-digit’ return Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-28  Authors: michael bloom, megan graham
Keywords: news, cnbc, companies, goldman, gamble, upgrades, trade, surveyoil, predicting, summer, oil, military, talks, months, surveyed, range, doubledigit, procter, return


Goldman upgrades Procter & Gamble, predicting a 'double-digit' return

Oil to trade in current range or higher this summer — CNBC survey

Oil experts surveyed by CNBC do not expect any talks between the U.S. and Iran for at least six months, and more than a third see no military confrontation.

Market Insider

read more


Company: cnbc, Activity: cnbc, Date: 2019-06-28  Authors: michael bloom, megan graham
Keywords: news, cnbc, companies, goldman, gamble, upgrades, trade, surveyoil, predicting, summer, oil, military, talks, months, surveyed, range, doubledigit, procter, return


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Huawei says it doesn’t cooperate with Chinese military — after report says its employees did

Huawei does not have any company-sanctioned projects cooperating with China’s military and does not customize products for use by the country’s armed forces, the tech giant’s legal chief told CNBC on Thursday. That comes after Bloomberg reported earlier in the day that, based on public documents, Huawei’s workers had cooperated with various parts of China’s People’s Liberation Army (PLA) on research including on artificial intelligence and radio communications. But the company exec denied there’


Huawei does not have any company-sanctioned projects cooperating with China’s military and does not customize products for use by the country’s armed forces, the tech giant’s legal chief told CNBC on Thursday. That comes after Bloomberg reported earlier in the day that, based on public documents, Huawei’s workers had cooperated with various parts of China’s People’s Liberation Army (PLA) on research including on artificial intelligence and radio communications. But the company exec denied there’
Huawei says it doesn’t cooperate with Chinese military — after report says its employees did Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-27  Authors: arjun kharpal
Keywords: news, cnbc, companies, military, chinas, communications, huawei, projects, doesnt, employees, told, cooperate, chinese, legal, does, company, report


Huawei says it doesn't cooperate with Chinese military — after report says its employees did

Huawei does not have any company-sanctioned projects cooperating with China’s military and does not customize products for use by the country’s armed forces, the tech giant’s legal chief told CNBC on Thursday.

That comes after Bloomberg reported earlier in the day that, based on public documents, Huawei’s workers had cooperated with various parts of China’s People’s Liberation Army (PLA) on research including on artificial intelligence and radio communications.

But the company exec denied there’d been any official work with the PLA.

“As far as I know, we don’t have military cooperation projects because we are a company dedicated to provide communications systems and (information and communications technology) solutions for civil use,” Song Liuping, chief legal officer at Huawei, told CNBC in a Thursday interview conducted in Mandarin and translated by a company-provided translator.


Company: cnbc, Activity: cnbc, Date: 2019-06-27  Authors: arjun kharpal
Keywords: news, cnbc, companies, military, chinas, communications, huawei, projects, doesnt, employees, told, cooperate, chinese, legal, does, company, report


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post