Snipers, security guards and soldiers: Keeping the elite safe at Davos is not cheap

FABRICE COFFRINIThe annual World Economic Forum (WEF) is about to kick off in Davos and with heads of state and global business leaders gathering at the event, keeping attendants safe is a top priority. In previous years, the army has incurred costs of around 32 million Swiss francs per annual meeting. “Overall, the cost of deploying troops at the WEF Annual Meeting is much the same as that incurred by the same battalions when on regular training. In previous years, the deployment of the armed f


FABRICE COFFRINIThe annual World Economic Forum (WEF) is about to kick off in Davos and with heads of state and global business leaders gathering at the event, keeping attendants safe is a top priority.
In previous years, the army has incurred costs of around 32 million Swiss francs per annual meeting.
“Overall, the cost of deploying troops at the WEF Annual Meeting is much the same as that incurred by the same battalions when on regular training.
In previous years, the deployment of the armed f
Snipers, security guards and soldiers: Keeping the elite safe at Davos is not cheap Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: holly ellyatt
Keywords: news, cnbc, companies, security, elite, keeping, swiss, costs, forum, davos, safe, francs, guards, annual, meeting, cheap, snipers, wef, soldiers, million


Snipers, security guards and soldiers: Keeping the elite safe at Davos is not cheap

A police sniper secures a roof next to the Congress Centre on the eve of the opening day of the World Economic Forum, on January 16, 2017 in Davos. FABRICE COFFRINI

The annual World Economic Forum (WEF) is about to kick off in Davos and with heads of state and global business leaders gathering at the event, keeping attendants safe is a top priority. President Donald Trump, the European Central Bank President Christine Lagarde, the new managing director of the International Monetary Fund Kristalina Georgieva, German Chancellor Angela Merkel and climate activist Greta Thunberg are just a few of the high-profile names (there are 3,000 attendants) at the summit in the Swiss Alps that runs from January 21 to 24. With many people watching the event to see if the world’s elite can agree on how to improve “the state of the world,” Switzerland and WEF bear a huge burden of responsibility to ensure attendants are kept safe — and that they are seen to be kept safe too. As such, security is both conspicuous and discreet in Davos. Soldiers patrol the streets of the small ski-orientated town and security checks are carried out on personnel, vehicle and bags on access roads into the area. Snipers can be seen stationed on the roofs of buildings; security is obviously extremely tight within the main Forum too, known as the Congress Center. The Forum is held in the Swiss state of Graubünden — the Canton of Grisons — and the regional government is in charge of security rather than the country’s Ministry of Defense, although the local authority can ask for help from police teams outside the state as well as from the Swiss armed forces, which do attend the event.

A sniper of Swiss police stands on top of the Congress Center on January 25, 2011 in Davos. JOHANNES EISELE

Security costs

The Canton of Grisons has published security information and costs for 2020 and says that the additional costs for the security of the WEF Annual Meeting 2020 are expected to total around 9 million Swiss francs ($9.35 million). A quarter of those costs are borne by WEF (around 2.25 million Swiss francs), another quarter by the Canton of Grisons, the Davos municipality pays an eighth of the costs and federal government around a third (around 3.3 million Swiss francs). In previous years, the army has incurred costs of around 32 million Swiss francs per annual meeting. WEF notes that, overall, the deployment of the armed forces to support the event is funded through the Swiss defense department’s budget. Switzerland’s Parliament authorized the deployment of up to 5,000 armed forces personnel in 2019-2021 for “civil support duties.” “Overall, the cost of deploying troops at the WEF Annual Meeting is much the same as that incurred by the same battalions when on regular training. In previous years, the deployment of the armed forces has cost around 32 million Swiss francs per meeting,” WEF notes.

The threat of potential terrorist attacks at an event like the Forum is at the forefront of authorities’ minds too and security restrictions are in place over the airspace of Davos to safeguard air sovereignty. The Swiss government states that “the terrorist threat in many European countries remains elevated or high” and that the “spate of attacks in Europe and their considerable media impact may also incite radicalised persons in Switzerland to carry out terrorist violence.” “The security authorities at federal and cantonal level continuously assess the situation and take appropriate measures where necessary. Robust security precautions with a high, visible police presence, intensive reconnaissance and police checks is necessary in 2020 to ensure that the WEF Annual Meeting passes off safely.”

Unforeseen events

Security costs can change, of course, especially if there is the participation of an extraordinarily large number people who are designated as “internationally protected people” or significant increase in accommodation costs for non-cantonal security staff. Or there is an unforeseen expansion of the security zone in Davos due to the number of protective persons or even due to meteorological reasons, in that case the Swiss government will provide extra funds.

Armed security personnel stand guard on the rooftop of a hotel in Davos, Switzerland. Fabrice Coffrini | AFP | Getty Images


Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: holly ellyatt
Keywords: news, cnbc, companies, security, elite, keeping, swiss, costs, forum, davos, safe, francs, guards, annual, meeting, cheap, snipers, wef, soldiers, million


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TikTok was just pulled into the middle of a years-long fight between Snap and Facebook

Burgeoning social app TikTok could grow larger than Facebook-owned Instagram, Snap CEO Evan Spiegel said. Facebook has attempted to similarly mimic TikTok, with the 2018 roll out of Lasso, a nearly identical app to TikTok. “I love TikTok,” Spiegel said on stage Sunday. While Instagram boasts more than 1 billion monthly active users globally, third-party market research firm App Annie says TikTok has about 625 million monthly active users around the world. Snapchat has not reported its number of


Burgeoning social app TikTok could grow larger than Facebook-owned Instagram, Snap CEO Evan Spiegel said.
Facebook has attempted to similarly mimic TikTok, with the 2018 roll out of Lasso, a nearly identical app to TikTok.
“I love TikTok,” Spiegel said on stage Sunday.
While Instagram boasts more than 1 billion monthly active users globally, third-party market research firm App Annie says TikTok has about 625 million monthly active users around the world.
Snapchat has not reported its number of
TikTok was just pulled into the middle of a years-long fight between Snap and Facebook Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: william feuer
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TikTok was just pulled into the middle of a years-long fight between Snap and Facebook

Evan Spiegel, co-founder and chief executive officer of Snap Inc., stands on the floor of the New York Stock Exchange during the company’s initial public offering on Thursday, March 2, 2017.

Burgeoning social app TikTok could grow larger than Facebook-owned Instagram, Snap CEO Evan Spiegel said.

The Snapchat founder compared content found on Instagram to that of short video-sharing platform TikTok, which has exploded in popularity among American teens.

Chinese-owned TikTok’s “talent-based content is often more interesting than status-based content,” he said at the Digital Life Design Conference in Munich on Sunday, speaking about Instagram. In response to whether TikTok will overtake Instagram, he said “it’s possible.”

Spiegel’s Snapchat has more in common with TikTok than Facebook, which has managed to constrain the growth of Snapchat for years by copying its most defining features. With the 2016 release of Stories, a clone of a Snapchat feature with the same name, Facebook successfully drew users away from the then quickly-growing Snapchat. Across all of Facebook’s properties, the feature now accounts for more than 500 million daily users, according to the company.

Facebook has attempted to similarly mimic TikTok, with the 2018 roll out of Lasso, a nearly identical app to TikTok. However, TikTok has shown few signs of slowing down.

“I love TikTok,” Spiegel said on stage Sunday. “I’m a big fan.”

Despite Facebook’s attempts to copy some of TikTok’s features, TikTok crossed the 1 billion downloads milestone early last year, according to data from third-party analytics site SensorTower, and it was the second most-downloaded app of 2019 globally.

Meanwhile, mobile app downloads of Facebook and Facebook-owned Instagram were down a combined 13% year over year, a Bank of America analysis found in September.

Downloads, however, is only one indicator of the success of a platform. While Instagram boasts more than 1 billion monthly active users globally, third-party market research firm App Annie says TikTok has about 625 million monthly active users around the world.

Snapchat has not reported its number of monthly active users recently, but in October the company reported 210 million daily active users.

Even as Instagram stands high above TikTok, the app’s meteoric rise in the U.S. has shown cracks in Facebook’s dominance, and CEO Mark Zuckerberg is noticing. Zuckerberg has criticized TikTok over allegations of censorship on behalf of the Chinese government. TikTok, in the mean time, has begun poaching employees from Facebook and other tech darlings.

When Facebook reports its fourth-quarter earnings on Jan. 29, the company will release more current data on user growth across its properties.

— CNBC’s Sal Rodriguez contributed to this report


Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: william feuer
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Macron and Trump declare a truce on digital tax dispute

President Donald Trump and France’s President Emmanuel Macron shake hands as they meet, ahead of the NATO summit in Watford, in London, Britain, December 3, 2019French President Emmanuel Macron said on Tuesday he had a “great discussion” with President Donald Trump over a digital tax planned by Paris and said the two countries would work together to avoid a rise in tariffs. Macron and Trump agreed to hold off on a potential tariffs war until the end of the year, a French diplomatic source said,


President Donald Trump and France’s President Emmanuel Macron shake hands as they meet, ahead of the NATO summit in Watford, in London, Britain, December 3, 2019French President Emmanuel Macron said on Tuesday he had a “great discussion” with President Donald Trump over a digital tax planned by Paris and said the two countries would work together to avoid a rise in tariffs.
Macron and Trump agreed to hold off on a potential tariffs war until the end of the year, a French diplomatic source said,
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Macron and Trump declare a truce on digital tax dispute

President Donald Trump and France’s President Emmanuel Macron shake hands as they meet, ahead of the NATO summit in Watford, in London, Britain, December 3, 2019

French President Emmanuel Macron said on Tuesday he had a “great discussion” with President Donald Trump over a digital tax planned by Paris and said the two countries would work together to avoid a rise in tariffs.

Macron and Trump agreed to hold off on a potential tariffs war until the end of the year, a French diplomatic source said, and continue negotiations at the OECD on the digital tax during that period.

“They agreed to give a chance to negotiations until the end of the year,” the source said. “During that time period, there won’t be successive tariffs.”

France decided in July to apply a 3% levy on revenue from digital services earned in France by firms with revenues of more than $28 million in France and nearly $832 million worldwide. Washington has threatened to impose taxes on French products in response.

French authorities have repeatedly said that any international agreement on digital taxation reached within the OECD would immediately supercede the French tax.


Company: cnbc, Activity: cnbc, Date: 2020-01-20
Keywords: news, cnbc, companies, million, president, oecd, dispute, source, macron, negotiations, declare, truce, digital, french, tax, trump


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Europe’s privacy overhaul has led to $126 million in fines — but regulators are just getting started

mixmagic | iStock | Getty ImagesThe European Union’s overhaul of data privacy regulation is estimated to have generated 114 million euros ($126 million) in fines since it was introduced almost two years ago. Since its implementation in May 2018, the General Data Protection Regulation (GDPR) led to over 160,000 data breach notifications across Europe, according to research from multinational law firm DLA Piper. Ross McKean, a partner at DLA Piper specializing in cyber and data protection, said hi


mixmagic | iStock | Getty ImagesThe European Union’s overhaul of data privacy regulation is estimated to have generated 114 million euros ($126 million) in fines since it was introduced almost two years ago.
Since its implementation in May 2018, the General Data Protection Regulation (GDPR) led to over 160,000 data breach notifications across Europe, according to research from multinational law firm DLA Piper.
Ross McKean, a partner at DLA Piper specializing in cyber and data protection, said hi
Europe’s privacy overhaul has led to $126 million in fines — but regulators are just getting started Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-19  Authors: ryan browne
Keywords: news, cnbc, companies, led, overhaul, started, privacy, regulators, europes, data, gdpr, facebook, violations, getting, 126, fines, piper, protection, introduced, million


Europe's privacy overhaul has led to $126 million in fines — but regulators are just getting started

mixmagic | iStock | Getty Images

The European Union’s overhaul of data privacy regulation is estimated to have generated 114 million euros ($126 million) in fines since it was introduced almost two years ago. Since its implementation in May 2018, the General Data Protection Regulation (GDPR) led to over 160,000 data breach notifications across Europe, according to research from multinational law firm DLA Piper. Ross McKean, a partner at DLA Piper specializing in cyber and data protection, said his firm’s findings showed “we’re still in the very early days” of enforcement. It’s been roughly 20 months since the EU’s new rules were introduced. “It’s not a huge surprise that we’re seeing a slow start to fines, but there’s more to come,” McKean told CNBC in an interview. The biggest fine under GDPR to date was a penalty dished out by the French data protection regulator. The CNIL fined Google 50 million euros last year for alleged infringements of GDPR. Those infringements were related to transparency and a lack of valid consent, rather than a data breach.

Under GDPR, a company can be fined either 20 million euros or up to 4% of their annual revenues, whichever is the greater amount. The stakes are considerably high for companies like Google and Facebook, which handle a huge amount of data and make billions of dollars every year. Authorities have been looking into potential violations of the landmark EU law across the continent. Ireland’s Data Protection Commission has multiple ongoing investigations into GDPR violations, probing a range of big tech companies from Facebook to Apple. Britain’s Information Commissioner’s Office last year announced notices of intent to impose fines on British Airways and Marriott International, collectively amounting to about £282 million, but DLA Piper points out that both penalties are yet to be finalized. The regulator also fined Facebook £500,000 ($651,000) over the Cambridge Analytica scandal, but that pertained to privacy violations that took place before GDPR was introduced. Cambridge Analytica, which once claimed to have run all the digital operations for President Donald Trump’s 2016 presidential campaign, found itself at the heart of a massive privacy headache for Facebook in 2018. The social network improperly shared the data of 87 million users with the now-infamous — and defunct — U.K. political consultancy.

‘Slow progress’


Company: cnbc, Activity: cnbc, Date: 2020-01-19  Authors: ryan browne
Keywords: news, cnbc, companies, led, overhaul, started, privacy, regulators, europes, data, gdpr, facebook, violations, getting, 126, fines, piper, protection, introduced, million


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‘Bad Boys For Life’ breaks January box office record, ‘Dolittle’ meets expectations

Will Smith and Martin Lawrence star in “Bad Boys For Life.” “Bad Boys For Life,” the third installment in the “Bad Boys” film franchise nabbed $59.1 million during its domestic debut, the highest opening of any new release in the month of January. For the full holiday weekend, Sony expects “Bad Boys for Life” to garner $68.1 million in North America. “Dolittle” is expected to sell another $7.5 million in ticket sales Monday and “1917” is expected to sell another $5 million. As of Sunday, the 202


Will Smith and Martin Lawrence star in “Bad Boys For Life.”
“Bad Boys For Life,” the third installment in the “Bad Boys” film franchise nabbed $59.1 million during its domestic debut, the highest opening of any new release in the month of January.
For the full holiday weekend, Sony expects “Bad Boys for Life” to garner $68.1 million in North America.
“Dolittle” is expected to sell another $7.5 million in ticket sales Monday and “1917” is expected to sell another $5 million.
As of Sunday, the 202
‘Bad Boys For Life’ breaks January box office record, ‘Dolittle’ meets expectations Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-19  Authors: sarah whitten
Keywords: news, cnbc, companies, record, dolittle, boys, smith, life, million, box, weekend, star, sell, release, 1917, office, bad, expectations, meets, breaks


'Bad Boys For Life' breaks January box office record, 'Dolittle' meets expectations

Will Smith and Martin Lawrence star in “Bad Boys For Life.”

It was a battle between reboots this weekend at the box office and the tag team of Will Smith and Martin Lawrence came out on top.

“Bad Boys For Life,” the third installment in the “Bad Boys” film franchise nabbed $59.1 million during its domestic debut, the highest opening of any new release in the month of January.

Previously, “Ride Along” held that title with a $41.5 million opening in 2014, according to data from Comscore.

“American Sniper” garnered $89.3 million during its wide release in 2014, but it had previously been released in a limited capacity, so it doesn’t count as a new release.

For the full holiday weekend, Sony expects “Bad Boys for Life” to garner $68.1 million in North America.

Universal’s “Dolittle” and “1917” were the second and third-highest grossing films of the weekend. “Dolittle” grabbed and estimated $22.5 million through Sunday and “1917” held strong with $22.1 million.

“Dolittle” is expected to sell another $7.5 million in ticket sales Monday and “1917” is expected to sell another $5 million.

Additionally, “Frozen II” added another $3.7 million domestically; “Star Wars: The Rise of Skywalker” added $8.4 million; “Little Women” took in $5.9 million and “Jumanji: The Next Level” garnered $9.5 million.

As of Sunday, the 2020 box office has reached $642.3 million, up 11.9% from the start of the 2019 box office.

Disclosure: Comcast is the parent company of NBCUniversal and CNBC.


Company: cnbc, Activity: cnbc, Date: 2020-01-19  Authors: sarah whitten
Keywords: news, cnbc, companies, record, dolittle, boys, smith, life, million, box, weekend, star, sell, release, 1917, office, bad, expectations, meets, breaks


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NBCUniversal revealed a critical number about Peacock that shows why media companies are walking slowly into streaming

Toward the end of NBCUniversal’s two-hour long presentation of its Peacock streaming video service Thursday, the media and entertainment company dropped a revealing piece of information that rival companies haven’t made available. That $6 to $7 is less than what the company generates today from selling its products to cable networks. For the nine months ended September 30, 2019, NBCUniversal cable networks made about $3.4 billion in adjusted earnings before interest, taxes, depreciation and amor


Toward the end of NBCUniversal’s two-hour long presentation of its Peacock streaming video service Thursday, the media and entertainment company dropped a revealing piece of information that rival companies haven’t made available.
That $6 to $7 is less than what the company generates today from selling its products to cable networks.
For the nine months ended September 30, 2019, NBCUniversal cable networks made about $3.4 billion in adjusted earnings before interest, taxes, depreciation and amor
NBCUniversal revealed a critical number about Peacock that shows why media companies are walking slowly into streaming Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-18  Authors: alex sherman
Keywords: news, cnbc, companies, cable, slowly, number, critical, networks, disney, comcast, nbcuniversal, subscribers, shows, revealed, peacock, media, month, walking, million, streaming


NBCUniversal revealed a critical number about Peacock that shows why media companies are walking slowly into streaming

Toward the end of NBCUniversal’s two-hour long presentation of its Peacock streaming video service Thursday, the media and entertainment company dropped a revealing piece of information that rival companies haven’t made available.

Comcast’s NBCUniversal estimates its streaming service will generate average revenue per user (ARPU) per month of $6 to $7. This is an aggregate total for NBCUniversal’s three tiers of Peacock — the free tier that will make money solely from advertising, a $4.99 per month tier that will have a more robust content offering but still include some ads, and a $9.99 tier with no advertising.

That $6 to $7 is less than what the company generates today from selling its products to cable networks.

As previously reported, S&P Global estimates Comcast generates about $6 in ARPU today with its bundle of basic cable networks — channels like CNBC, MSNBC, USA, E! and Bravo. Comcast also makes a few extra dollars per month from its nine regional sports networks, such as NBC Sports Bay Area and NBC Sports Philadelphia. In addition to the subscription revenue, Comcast also makes associated advertising revenue from the cable networks, likely pushing the average cable subscriber’s ARPU closer to $10.

For the nine months ended September 30, 2019, NBCUniversal cable networks made about $3.4 billion in adjusted earnings before interest, taxes, depreciation and amortization. The broadcast network added another $1.3 billion in ajdusted EBITDA.

Peacock, on the other hand, won’t break even for NBCUniversal until 2024, executives estimate. Disney said the same during its investor day for Disney+, targeting 2024 as a break-even date. NBCUniversal is predicting it will have between 30 and 35 million Peacock subscribers by 2024. Disney predicted between 60 million and 90 million customers for Disney+.

These economics help explain why NBCUniversal plans to offer Peacock Premium for no additional charge to cable subscribers. NBCUniversal doesn’t want you canceling cable. It wants Peacock to be a supplemental product, not a not a replacement.

Someday, streaming products could replace the cable bundle. NBCUniversal’s strategy hedges this outcome, building something that could one day operate as the company’s primary source of content distribution while also marketing it as an add-on service that’s free to many people.

But if that happens, the question is whether NBCUniversal can turn Peacock into a vehicle that generates more revenue-per-user than the cable bundle for the same amount of subscribers — today that number is about 80 million U.S. households — while keeping costs the same or lower.

The good news for media companies is streaming can be global. NBCUniversal said it would methodically look to expand Peacock internationally. That’s a great way to increase the amount of paying subscribers beyond 80 million.

But to boost ARPU, either advertising rates or ad load will have to increase, or subscription prices will have to go up.

If prices rise, consumers will look for discounted bundles of content so they’re not paying for Peacock, Disney+, Hulu, ESPN+, Apple TV+, Netflix, Amazon Prime Video, HBO Max, CBS All Access, BET+, Noggin, Starz, Showtime and Quibi all at the same time. Just choosing six or eight of those services will quickly add up to $80 a month on their own.

Phase two of the streaming wars will have to involve aggregation and discount bundling, with the end result looking like cable version 2.0, except with more customer choice. That’s good news for consumers if cable 2.0 replaces cable 1.0. It may not be good news for the media companies supplying the content.

Disclosure: Comcast is the owner of NBCUniversal, parent company of CNBC and CNBC.com.

WATCH: Peacock needs to be a big hit for Comcast, says Fast Company’s Mehta


Company: cnbc, Activity: cnbc, Date: 2020-01-18  Authors: alex sherman
Keywords: news, cnbc, companies, cable, slowly, number, critical, networks, disney, comcast, nbcuniversal, subscribers, shows, revealed, peacock, media, month, walking, million, streaming


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Prohibition began 100 years ago – here’s a look at its economic impact

New York restaurant with a sign in the shop window: ‘No Booze Sold Here – Booze Hounds Please Stay Out.’ Prohibition, which began 100 years ago Friday, didn’t just put the squeeze on the booze industry. The stock market crash of 1929, which triggered the country’s worst economic slump, proved to further test Prohibition with nearly half of the nation’s banks failing and some 15 million Americans unemployed. Theater revenues declined rather than increase, and few of the other economic benefits th


New York restaurant with a sign in the shop window: ‘No Booze Sold Here – Booze Hounds Please Stay Out.’
Prohibition, which began 100 years ago Friday, didn’t just put the squeeze on the booze industry.
The stock market crash of 1929, which triggered the country’s worst economic slump, proved to further test Prohibition with nearly half of the nation’s banks failing and some 15 million Americans unemployed.
Theater revenues declined rather than increase, and few of the other economic benefits th
Prohibition began 100 years ago – here’s a look at its economic impact Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: amanda macias
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Prohibition began 100 years ago – here's a look at its economic impact

New York restaurant with a sign in the shop window: ‘No Booze Sold Here – Booze Hounds Please Stay Out.’

Prohibition, which began 100 years ago Friday, didn’t just put the squeeze on the booze industry. It took a much broader toll on the American economy.

On Jan. 17, 1920, the United States stumbled into a dry era following the ratification of the 18th Amendment and the passage of the Volstead Act. For 13 years, Americans waited for the quality of their lives to improve while the federal government spent millions trying to enforce the “noble experiment.”

A century later, Prohibition is known for accomplishing everything it wasn’t supposed to — it provoked intemperance, eliminated jobs, created a black market for booze, and triggered a slew of unintended economic consequences.

“When Prohibition went into effect about a quarter of a million people lost their jobs. We were already in a mild recession, we were coming out of World War I, and we had all these soldiers that were coming back from Europe that we had to reintegrate into the economy,” historian Garrett Peck told CNBC.

“So this was a big deal and it became an even bigger deal come the 1930s with the Great Depression,” Peck, the author of “The Great War in America: World War I and Its Aftermath,” added.

The stock market crash of 1929, which triggered the country’s worst economic slump, proved to further test Prohibition with nearly half of the nation’s banks failing and some 15 million Americans unemployed.

Meanwhile, Prohibition created a “shadow economy” that was run by crooks and thugs, said spirits and cocktail expert Derek Brown, while causing lasting damage to the alcohol and hospitality industries.

“Institutions closed. Distilleries floundered. We wouldn’t regain craft bartending skills until the late 20th century with the emergence of the craft cocktail movement,” said Brown, who owns Washington, D.C.’s famed cocktail bar Columbia Room and wrote “Spirits, Sugar, Water, Bitters: How the Cocktail Conquered the World.”

“You have to remember that in the mid-19th century Americans were drinking nearly seven gallons of pure alcohol per person. It was ingrained in our economy. It was even sometimes used as currency,” he added.

According to historian and author Michael Lerner, other industries believed they would reap benefits from Prohibition –but the social and economic impacts of Prohibition were largely negative:

When the law went into effect, they expected sales of clothing and household goods to skyrocket. Real estate developers and landlords expected rents to rise as saloons closed and neighborhoods improved. Chewing gum, grape juice, and soft drink companies all expected growth. Theater producers expected new crowds as Americans looked for new ways to entertain themselves without alcohol. None of it came to pass. Instead, the unintended consequences proved to be a decline in amusement and entertainment industries across the board. Restaurants failed, as they could no longer make a profit without legal liquor sales. Theater revenues declined rather than increase, and few of the other economic benefits that had been predicted came to pass.

Lerner adds that the federal government lost approximately $11 billion in tax revenue and spent more than $300 million trying to keep America on the wagon.

What’s more, doctors pocketed an estimated $40 million in medicinal whiskey prescriptions and the bootleg market saw earnings of $3.6 billion in 1926, or approximately $50 billion in today’s dollars.

On Dec. 5, 1933, the 21st Amendment repealed the 18th Amendment, ending the increasingly unpopular nationwide prohibition of alcohol.

“A hundred years later, the alcohol and hospitality industry is worth hundred billions of dollars,” cocktail expert Brown said. “Can we just agree that next time we want people to drink less, that instead of tanking an entire industry, and everyone who depends on it, we just ask nicely?”


Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: amanda macias
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Job openings slide by more than half a million as the labor market tightens

Total vacancies tumbled by 561,000 to 6.8 million for the month, the lowest since February 2018, according to the government’s Job Openings and Labor Market Turnover Survey. Job openings plunged to their lowest level in nearly two years as hiring surged in November and the employment market got tighter, the Labor Department reported Friday. On an industry basis, the biggest drops in job openings came in retail, which decreased by 139,000, and construction, which was down 112,000. The quits rate


Total vacancies tumbled by 561,000 to 6.8 million for the month, the lowest since February 2018, according to the government’s Job Openings and Labor Market Turnover Survey.
Job openings plunged to their lowest level in nearly two years as hiring surged in November and the employment market got tighter, the Labor Department reported Friday.
On an industry basis, the biggest drops in job openings came in retail, which decreased by 139,000, and construction, which was down 112,000.
The quits rate
Job openings slide by more than half a million as the labor market tightens Cached Page below :
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Job openings slide by more than half a million as the labor market tightens

The big decline in openings came during a month when nonfarm payrolls increased by 256,000 , the best total since January. Total hires increased by 39,000 though the rate was unchanged at 3.8%.

Total vacancies tumbled by 561,000 to 6.8 million for the month, the lowest since February 2018, according to the government’s Job Openings and Labor Market Turnover Survey. Despite the big drop, openings still outnumbered Americans considered unemployed by nearly 1 million. The vacancy rate nudged down to 4.3%.

Job openings plunged to their lowest level in nearly two years as hiring surged in November and the employment market got tighter, the Labor Department reported Friday.

On an industry basis, the biggest drops in job openings came in retail, which decreased by 139,000, and construction, which was down 112,000.

“Common sense should tell you that indeed, after an eleven-year run of economic growth that many companies have hired all the help they need for now,” Chris Rupkey, chief financial economist at MUFG Union Bank, said in a note. “Today’s sharp reduction in jobs available may be telling us that the economy has finally reached full employment.”

The quits rate, or the total employees who left voluntarily, rose for the month by 39,000, though the rate as a measure of workers stood unchanged at 2.3% from October. The quits rate is considered a strong gauge of worker mobility as it reflects confidence that employees can find other work.

Separations also were little changed, with a drop of 4,000 keeping the rate at 3.7%. Layoffs and discharges fell 46,000 and the rate declined to 1.1%.

Payroll growth tailed off in December, however, with the department’s first estimate showing 145,000 new jobs. The JOLTS data has a one-month lag, so December’s job openings are not available.


Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: jeff cox
Keywords: news, cnbc, companies, job, slide, tightens, million, openings, month, unchanged, rate, quits, half, total, nearly, labor, market


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Microsoft is bringing out the big guns against Slack with new global ad campaign for Teams

Microsoft is launching a major new ad campaign for Teams, its work-communication app, which has been duking it out with Slack for dominance in the workplace. A new global ad campaign from Microsoft will aim to sell “The Power of Teams,” juxtaposing old-school conference room meetings, complete with packets of printed-out charts and spilled coffee as phones are passed, versus what the company pitches as a new way of working. Slack shares dropped after CNBC reported news of the Microsoft ad campai


Microsoft is launching a major new ad campaign for Teams, its work-communication app, which has been duking it out with Slack for dominance in the workplace.
A new global ad campaign from Microsoft will aim to sell “The Power of Teams,” juxtaposing old-school conference room meetings, complete with packets of printed-out charts and spilled coffee as phones are passed, versus what the company pitches as a new way of working.
Slack shares dropped after CNBC reported news of the Microsoft ad campai
Microsoft is bringing out the big guns against Slack with new global ad campaign for Teams Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: megan graham
Keywords: news, cnbc, companies, user, teams, microsoft, big, million, meetings, global, users, bringing, guns, campaign, active, slack


Microsoft is bringing out the big guns against Slack with new global ad campaign for Teams

Microsoft is launching a major new ad campaign for Teams, its work-communication app, which has been duking it out with Slack for dominance in the workplace.

A new global ad campaign from Microsoft will aim to sell “The Power of Teams,” juxtaposing old-school conference room meetings, complete with packets of printed-out charts and spilled coffee as phones are passed, versus what the company pitches as a new way of working. The company worked with its agency, Interpublic’s McCann, on the campaign. It will launch in the U.S. on Sunday during the NFL playoffs and will include TV ads, podcasts, digital and out-of-home placements. The campaign will launch in February in the U.K., France and Germany.

Slack shares dropped after CNBC reported news of the Microsoft ad campaign, and are now down more than 2% on the day.

Teams, which launched in 2016, is a collaboration tool that offers chat, meetings, calling and file collaboration. Microsoft said in November that it had more than 20 million daily active users, a 54% increase from its prior announcement about usage and apparently more than Slack, which said in October it had 12 million daily active users. That raised some questions from analysts (and Slack) about what Microsoft considers an active user, but the tech giant argued its metrics were fair, saying that just because Teams is installed on a PC and automatically opens on start-up doesn’t mean the person gets counted as a user.


Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: megan graham
Keywords: news, cnbc, companies, user, teams, microsoft, big, million, meetings, global, users, bringing, guns, campaign, active, slack


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If you invested in Mastercard 10 years ago, here’s how much you’d have now

If you are a Mastercard credit card user, you’re not alone. In the third quarter of 2019, there were 926 million Mastercard credit cards in use globally and 240 million in the U.S., according to Statista. While Mastercard’s stock has done well over the years, any individual stock can over- or underperform and past returns do not predict future results. The Mastercard brandAlthough Mastercard is widely known for its financial services, it maintains that it’s a tech business first. Mastercard stoc


If you are a Mastercard credit card user, you’re not alone.
In the third quarter of 2019, there were 926 million Mastercard credit cards in use globally and 240 million in the U.S., according to Statista.
While Mastercard’s stock has done well over the years, any individual stock can over- or underperform and past returns do not predict future results.
The Mastercard brandAlthough Mastercard is widely known for its financial services, it maintains that it’s a tech business first.
Mastercard stoc
If you invested in Mastercard 10 years ago, here’s how much you’d have now Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: anna hecht
Keywords: news, cnbc, companies, ago, stock, million, credit, fees, company, share, merchants, invested, visa, mastercards, heres, mastercard, youd


If you invested in Mastercard 10 years ago, here's how much you'd have now

If you are a Mastercard credit card user, you’re not alone. In fact, you have a lot of company. In the third quarter of 2019, there were 926 million Mastercard credit cards in use globally and 240 million in the U.S., according to Statista. That’s around two Mastercards for every three U.S. residents. Mastercard’s success hasn’t just panned out well for the company, it’s also proven to be a major positive for long-term investors. A $1,000 investment in the company 10 years ago would be worth more than $12,500 as of Jan. 14, 2020, for a total return of 1,160%, according to CNBC calculations. By comparison, in the same time frame, the S&P 500 had a total return of just over 250%. Mastercard’s current share price is hovering around $320. CNBC: Mastercard’s stock as of January 2020. While Mastercard’s stock has done well over the years, any individual stock can over- or underperform and past returns do not predict future results.

The Mastercard brand

Although Mastercard is widely known for its financial services, it maintains that it’s a tech business first. The corporation refers to itself as “a technology company in the global payments industry” with “innovative technology” that sets it apart from competitors.

Mastercard demonstrates the future of payments. Brian Ach | Getty Images

Mastercard’s past challenges

While Mastercard has made impressive advances within tech, it’s also seen its fair share of setbacks. Often, the biggest controversies are settled in court and sometimes involve pricey consequences. In 2010, the government filed a civil antitrust lawsuit against Mastercard and its close competitors Visa and American Express. This filing challenged anti-competitive rules imposed by these credit issuers that prohibited merchants from rewarding customers for using cash, checks or other forms of payment that don’t carry transaction fees. A settlement was reached in 2011, stating that Visa and MasterCard must permit merchants to offer rewards, such as discounts, if shoppers choose to use alternate forms of payment.

In September 2018, Mastercard, Visa and a few top banks that issue credit and debit cards agreed to pay $900 million to settle a class-action lawsuit filed in 2005. (Mastercard’s share of the settlement came to $108 million.) That was on top of the $5.3 billion paid to merchants in 2012. The case alleged that these financial institutions had set fees that benefited banks, but hurt merchants. One claim described how Visa and Mastercard would enforce fees that the banks would then charge to the merchants. In January 2019, the European Commission fined Mastercard $650 million after a six-year investigation by European antitrust regulators concluded that the corporation had artificially upped the cost of card payments within the EU. Mastercard did not try to challenge the fine, but said in a statement that it had stopped charging the payment processing fees “long ago,” The New York Times reported.

Mastercard stock performance


Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: anna hecht
Keywords: news, cnbc, companies, ago, stock, million, credit, fees, company, share, merchants, invested, visa, mastercards, heres, mastercard, youd


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