Huawei drops one of its lawsuits against the US after its seized equipment was returned

Huawei dropped one of its lawsuits against the U.S., after equipment seized by Washington nearly two years ago was returned to the company. The equipment was not returned to Huawei, and the Chinese technology giant filed a lawsuit against the U.S. Commerce Department, as well as several other government agencies, in June. The seizure was in relation to whether the gear required a specific license to be shipped back to China. In August, nearly two years after the gear was seized, Huawei said it w


Huawei dropped one of its lawsuits against the U.S., after equipment seized by Washington nearly two years ago was returned to the company. The equipment was not returned to Huawei, and the Chinese technology giant filed a lawsuit against the U.S. Commerce Department, as well as several other government agencies, in June. The seizure was in relation to whether the gear required a specific license to be shipped back to China. In August, nearly two years after the gear was seized, Huawei said it w
Huawei drops one of its lawsuits against the US after its seized equipment was returned Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-10  Authors: arjun kharpal
Keywords: news, cnbc, companies, gear, china, returned, seized, equipment, lawsuits, required, nearly, huawei, drops, chinese, seizure


Huawei drops one of its lawsuits against the US after its seized equipment was returned

Huawei dropped one of its lawsuits against the U.S., after equipment seized by Washington nearly two years ago was returned to the company.

In September 2017, U.S. authorities confiscated the gear which was on its way back to China from a Huawei testing facility in California. The equipment was not returned to Huawei, and the Chinese technology giant filed a lawsuit against the U.S. Commerce Department, as well as several other government agencies, in June.

The seizure was in relation to whether the gear required a specific license to be shipped back to China. Huawei contended that it did not.

In August, nearly two years after the gear was seized, Huawei said it was informed by the U.S. government that no export license was required to ship the equipment back to China. The Chinese telephone-equipment maker said the gear had been returned. As such, the Chinese firm dropped the case.

“After a prolonged and unexplained seizure, Huawei has decided to drop the case after the US government returned the equipment, which Huawei views as a tacit admission that the seizure itself was unlawful and arbitrary,” Huawei said in a press release on Tuesday.


Company: cnbc, Activity: cnbc, Date: 2019-09-10  Authors: arjun kharpal
Keywords: news, cnbc, companies, gear, china, returned, seized, equipment, lawsuits, required, nearly, huawei, drops, chinese, seizure


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Nearly 20% of Americans are making a ‘huge mistake’ with their retirement savings

Nearly to one in five Americans don’t contribute enough to their employee-sponsored 401(k) plans to earn the company match, according to a new survey by MagnifyMoney. While it’s fair to think about your employer match as “free money,” it’s better to view it as part of your total compensation package. If you contribute enough to earn the full match, you’ll get all of the money your employer owes you. That can be a significant amount: The average employer 401(k) match reached 4.7% this year, accor


Nearly to one in five Americans don’t contribute enough to their employee-sponsored 401(k) plans to earn the company match, according to a new survey by MagnifyMoney. While it’s fair to think about your employer match as “free money,” it’s better to view it as part of your total compensation package. If you contribute enough to earn the full match, you’ll get all of the money your employer owes you. That can be a significant amount: The average employer 401(k) match reached 4.7% this year, accor
Nearly 20% of Americans are making a ‘huge mistake’ with their retirement savings Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-03  Authors: anna hecht
Keywords: news, cnbc, companies, youre, wealth, employer, retirement, earn, huge, making, contribute, match, mistake, 401k, nearly, money, americans, savings


Nearly 20% of Americans are making a 'huge mistake' with their retirement savings

Nearly to one in five Americans don’t contribute enough to their employee-sponsored 401(k) plans to earn the company match, according to a new survey by MagnifyMoney. That means they’re missing out on “free money.”

“That’s your company literally saying: ‘Hey, here’s some free money, do you want to take it?'” financial expert Ramit Sethi tells CNBC Make It. “If you don’t take that, you’re making a huge mistake.”

While it’s fair to think about your employer match as “free money,” it’s better to view it as part of your total compensation package. If you contribute enough to earn the full match, you’ll get all of the money your employer owes you. That can be a significant amount: The average employer 401(k) match reached 4.7% this year, according to retirement plan provider Fidelity.

“A buy-one-get-one-free deal is how I think of it,” Monica Sipes, a certified financial planner and senior wealth advisor at Exencial Wealth Advisors, tells CNBC Make It. “The match is something that’s considered in your overall compensation, so by not taking advantage of it you’re not getting a full freight of what your employer was expecting to pay you.”

If you earn $55,000 a year plus a 4% 401(k) match and contribute at least $2,200 to your account, your employer will also contribute $2,200. If you only put in $1,000, your employer will as well, which means you’re missing out on another $1,200 that could be growing in the market.

It’s a good idea to start investing as soon as possible because it gives you more time to take advantage of compound interest. With compounding, a smaller amount of money invested earlier can add up to more than a larger amount invested later.

However, you should run the numbers first to ensure you can afford to contribute to your 401(k), Edward P. Schmitzer, a certified financial planner and president of RCA Wealth, told MagnifyMoney. If doing so lowers your net take home pay too much, and it would be impossible to cover living costs, you may want to wait or start by contributing less to your retirement savings now and building up over time. But aiming to contribute enough to at least earn the match is a good goal.

If you aren’t sure how your 401(k) contributions will affect your take home pay, you can consult with your payroll manager, Schmitzer says.

And if you’re trying to bulk up your retirement savings, here are some savings tips to get you started:

Don’t miss: Why it’s a great time for millennials to contribute to a Roth IRA

Like this story? Subscribe to CNBC Make It on YouTube!


Company: cnbc, Activity: cnbc, Date: 2019-09-03  Authors: anna hecht
Keywords: news, cnbc, companies, youre, wealth, employer, retirement, earn, huge, making, contribute, match, mistake, 401k, nearly, money, americans, savings


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Tesla autopilot was engaged for nearly 14 minutes before 2018 California crash, NTSB says

The National Transportation Safety Board said on Tuesday that a Tesla Model S was in Autopilot mode when it struck a fire truck in Culver City, California, one of a series of crashes the board is investigating involving Tesla’s driver assistance system. The 2014 Model S Autopilot system was engaged continuously for the final 13 minutes and 48 seconds of the trip before the vehicle struck a fire truck parked on Interstate-405 in January 2018, the NTSB safety board said in documents posted on Tues


The National Transportation Safety Board said on Tuesday that a Tesla Model S was in Autopilot mode when it struck a fire truck in Culver City, California, one of a series of crashes the board is investigating involving Tesla’s driver assistance system. The 2014 Model S Autopilot system was engaged continuously for the final 13 minutes and 48 seconds of the trip before the vehicle struck a fire truck parked on Interstate-405 in January 2018, the NTSB safety board said in documents posted on Tues
Tesla autopilot was engaged for nearly 14 minutes before 2018 California crash, NTSB says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-03  Authors: michael wayland
Keywords: news, cnbc, companies, truck, vehicle, tesla, 2018, ntsb, hands, system, minutes, autopilot, seconds, nearly, engaged, driver, final, crash, wheel, california, board


Tesla autopilot was engaged for nearly 14 minutes before 2018 California crash, NTSB says

The National Transportation Safety Board said on Tuesday that a Tesla Model S was in Autopilot mode when it struck a fire truck in Culver City, California, one of a series of crashes the board is investigating involving Tesla’s driver assistance system.

The 2014 Model S Autopilot system was engaged continuously for the final 13 minutes and 48 seconds of the trip before the vehicle struck a fire truck parked on Interstate-405 in January 2018, the NTSB safety board said in documents posted on Tuesday.

The driver kept his hands off the wheel for all but 51 seconds of the final drive segment and received numerous alerts to place his hands back on the wheel, the documents showed. Tesla did not immediately comment.

The fire truck was unoccupied and the driver was not injured in the incident.

“I was having a coffee and a bagel. And all I remember, that truck, and then I just saw the boom in my face and that was it,” the man behind the wheel told the NTSB.

The report says the Tesla was following a vehicle for an extended period at a speed of around 21 miles per hour when the vehicle ahead changed lanes seconds before the crash

After the vehicle in front shifted, the Tesla began accelerating toward the driver-set cruise control speed of 80 mph and hit the parked fire truck while going 30.9 mph. The system did not detect the driver’s hands on the wheel for the final 3 minutes and 41 seconds of the crash.


Company: cnbc, Activity: cnbc, Date: 2019-09-03  Authors: michael wayland
Keywords: news, cnbc, companies, truck, vehicle, tesla, 2018, ntsb, hands, system, minutes, autopilot, seconds, nearly, engaged, driver, final, crash, wheel, california, board


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At least 5 dead as ‘nearly stationary’ Hurricane Dorian pounds the northern Bahamas

Delray Beach police officer, Matt Warne, informs a driver that the road to the beach is only open to residents as Hurricane Dorian continues to make its way toward the Florida coast on September 02, 2019 in Delray Beach, Florida. Hurricane Dorian all but halted Monday afternoon as it pounded the northwestern Bahamas and the southeastern U.S. braced for bruising winds and rain. Although the storm was downgraded to a Category 4, the forecaster said Dorian is “still very much an extremely dangerous


Delray Beach police officer, Matt Warne, informs a driver that the road to the beach is only open to residents as Hurricane Dorian continues to make its way toward the Florida coast on September 02, 2019 in Delray Beach, Florida. Hurricane Dorian all but halted Monday afternoon as it pounded the northwestern Bahamas and the southeastern U.S. braced for bruising winds and rain. Although the storm was downgraded to a Category 4, the forecaster said Dorian is “still very much an extremely dangerous
At least 5 dead as ‘nearly stationary’ Hurricane Dorian pounds the northern Bahamas Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-02  Authors: jacob pramuk jeff cox, jacob pramuk, jeff cox
Keywords: news, cnbc, companies, reports, according, florida, abaco, stationary, storm, dorian, hurricane, beach, nearly, winds, pounds, dead, bahamas, northern


At least 5 dead as 'nearly stationary' Hurricane Dorian pounds the northern Bahamas

Delray Beach police officer, Matt Warne, informs a driver that the road to the beach is only open to residents as Hurricane Dorian continues to make its way toward the Florida coast on September 02, 2019 in Delray Beach, Florida.

Hurricane Dorian all but halted Monday afternoon as it pounded the northwestern Bahamas and the southeastern U.S. braced for bruising winds and rain.

The storm killed at least five people in the Abaco Islands, the first area it tore through, Prime Minister Hubert Minnis said Monday. He said “we are in the midst of a historic tragedy.”

After making landfall in Abaco on Sunday, the hurricane’s movement slowed until it was “nearly stationary” Monday as it thrashed Grand Bahama Island, the National Weather Service said. Although the storm was downgraded to a Category 4, the forecaster said Dorian is “still very much an extremely dangerous storm.”

Earlier winds had reached as much as 220 miles per hour, matching the strongest Atlantic hurricane ever to make landfall, according to the Associated Press. Maximum sustained winds weakened to 145 mph by Monday afternoon, the National Hurricane Center said. Dorian is expected to pummel the island until Tuesday morning. Earlier, the forecaster said the hurricane was “causing extreme destruction,” with storm surges 18 to 23 feet above normal levels.

Videos shared from the Bahamas showed waves surging across the airport in Freeport, Bahamas. Furniture floated in houses inundated with water.

Cars sat mostly submerged as wind whipped around them, and some locals navigated streets in boats, according to images and videos shared by state-owned broadcaster ZNS Bahamas.

“From all accounts we have received catastrophic damage,” Foreign Minister Darren Henfield told ZNS. “We have reports of casualties, we have reports of bodies being seen. We cannot confirm those reports until we go out and have a look for ourselves.”

Henfield was speaking from Abaco, where the International Red Cross estimates nearly 13,000 homes may have been severely damaged or destroyed. The group said fresh water will become an important need due to the contimination from saltwater as a result of the extensive flooding.

The storm was about 105 miles (170 km) east of West Palm Beach, Florida, on Monday at 5 p.m. EDT — roughly where it was hours earlier. The outer bands of the storm are forecast to begin reaching the Florida coast by Monday, before turning and heading northward along the coastline. The NHC cautioned about “life-threatening flash floods” as the hurricane made its way up the coastline.

Residents of parts of Florida, Georgia and South Carolina evacuated as they prepared for the storm’s approach. The states’ governors ordered at least a million people to evacuate starting Monday, according to NBC News.

Georgia’s government estimates the mandatory evacuation orders affect 400,000 people in the state. The orders focus on six coastal counties in Georgia.


Company: cnbc, Activity: cnbc, Date: 2019-09-02  Authors: jacob pramuk jeff cox, jacob pramuk, jeff cox
Keywords: news, cnbc, companies, reports, according, florida, abaco, stationary, storm, dorian, hurricane, beach, nearly, winds, pounds, dead, bahamas, northern


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Nearly 900 migrants contracted mumps in holding centers in past year

Office of Inspector General/Department of Homeland Security via Getty Images)Nearly 900 migrants being held in U.S. custody contracted mumps at holding centers in the past year, the Centers for Disease Control and Prevention reported Thursday. From Sept. 1, 2018 to Aug. 22, 2019, the U.S. reported 899 confirmed and possible mumps cases in adults across 57 holding facilities. It’s the first time a mumps outbreak has been reported in detention facilities, the CDC said. Eighty four percent of the p


Office of Inspector General/Department of Homeland Security via Getty Images)Nearly 900 migrants being held in U.S. custody contracted mumps at holding centers in the past year, the Centers for Disease Control and Prevention reported Thursday. From Sept. 1, 2018 to Aug. 22, 2019, the U.S. reported 899 confirmed and possible mumps cases in adults across 57 holding facilities. It’s the first time a mumps outbreak has been reported in detention facilities, the CDC said. Eighty four percent of the p
Nearly 900 migrants contracted mumps in holding centers in past year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-30  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, mumps, nearly, centers, cdc, border, 900, reported, infectious, holding, weslaco, diseases, migrants, contracted, facilities, outbreak, health, past


Nearly 900 migrants contracted mumps in holding centers in past year

In this handout photo provided by the Office of Inspector General, overcrowding of families is observed by OIG at U.S. Border Patrol Weslaco Station on June 11, 2019, in Weslaco, Texas. Office of Inspector General/Department of Homeland Security via Getty Images)

Nearly 900 migrants being held in U.S. custody contracted mumps at holding centers in the past year, the Centers for Disease Control and Prevention reported Thursday.

From Sept. 1, 2018 to Aug. 22, 2019, the U.S. reported 899 confirmed and possible mumps cases in adults across 57 holding facilities. An additional 33 staff members contracted the preventable virus as well. It’s the first time a mumps outbreak has been reported in detention facilities, the CDC said.

Eighty four percent of the patients infected were exposed to mumps while in U.S. facilities, the CDC reported. Only 5% were exposed before being apprehended, the organization added.

“This mumps outbreak really is just a red flag that shows us that these facilities present a risk for spreading a number of infectious diseases,” University of Washington professor Dr. Jeffrey Duchin said.

The United States over the past year has seen an influx of people crossing the southern border, seeking relief from their home countries. From October through July, nearly 259,000 single adults and 433,000 “family units” were apprehended at the Southwest border, leading to overcrowded facilities.

Mumps is a highly contagious airborne virus, though not often deadly. It can usually be prevented with two doses of the measles-mumps-rubella vaccine. According to CDC guidance, public health officials should recommend a third dose of the vaccine to groups of people who have close contact with someone infected or at an increased risk.

U.S. Immigration and Customs Enforcement did not immediately respond to a request for comment on vaccination rates and screening processes. The CDC said in its report that vaccination efforts differ among facilities.

“It’s much easier and more important and less costly to prevent these diseases than to respond to them,” said Duchin, a board member of the Infectious Diseases Society of America. “The prevention of these diseases is important not only to help protect the health of people being held, but also the staff and surrounding communities.”

The outbreak comes as politicians and health care providers are calling on the Trump administration to better prepare for infectious disease outbreaks at border camps.


Company: cnbc, Activity: cnbc, Date: 2019-08-30  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, mumps, nearly, centers, cdc, border, 900, reported, infectious, holding, weslaco, diseases, migrants, contracted, facilities, outbreak, health, past


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Panera is losing nearly 100% of its workers every year as fast-food turnover crisis worsens

At fast-food restaurants, losing 100% of employees — and then losing still more of the employees hired to replace those workers — is a common, and worsening, labor problem. Panera loses close to 100% of workers every year, and by fast-food industry standards that’s considered good. “In the restaurant industry, turnover is 130%, turning over more than a full workforce every year,” said Panera bread CFO Michael Bufano at CNBC’s @Work Human Capital + Finance conference in July. The cost of turnover


At fast-food restaurants, losing 100% of employees — and then losing still more of the employees hired to replace those workers — is a common, and worsening, labor problem. Panera loses close to 100% of workers every year, and by fast-food industry standards that’s considered good. “In the restaurant industry, turnover is 130%, turning over more than a full workforce every year,” said Panera bread CFO Michael Bufano at CNBC’s @Work Human Capital + Finance conference in July. The cost of turnover
Panera is losing nearly 100% of its workers every year as fast-food turnover crisis worsens Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-29  Authors: eric rosenbaum, ravi kumar, president of infosys
Keywords: news, cnbc, companies, industry, turnover, labor, fastfood, training, restaurants, nearly, losing, 100, restaurant, technology, panera, cost, worsens, workers, crisis


Panera is losing nearly 100% of its workers every year as fast-food turnover crisis worsens

The bakery racks at the counter of Panera Bread in Monroe, New York. Waring Abbott | Getty Images

If you think it sounds like a mathematical impossibility for a company to lose more than 100% of its workers every year, you’ve never worked in the fast-food industry. At fast-food restaurants, losing 100% of employees — and then losing still more of the employees hired to replace those workers — is a common, and worsening, labor problem. The case of Panera Bread shows just how deep the employee turnover issue is for restaurant companies. Panera loses close to 100% of workers every year, and by fast-food industry standards that’s considered good. “In the restaurant industry, turnover is 130%, turning over more than a full workforce every year,” said Panera bread CFO Michael Bufano at CNBC’s @Work Human Capital + Finance conference in July. “We are a little under 100%, but still a huge number.” The official Bureau of Labor Statistics turnover rate for the restaurant sector was 81.9% for the 2015–2017 period, but industry estimates are much higher, reaching 150%, and the problem has gotten worse in recent years. “It’s definitely been going up,” said Rosemary Batt, chair of HR Studies and International & Comparative Labor at the Cornell School of Industrial Labor Relations. Batt said decades of fast-food industry efforts to standardize and “routinize” jobs — take the skill out of them — has been intended to create turnover-proof jobs. “If you lose someone, it is not a real cost, because they are so easily replaceable. … The industry has thrived on this HR model of turnover-proof jobs for many years, because they could get away with it,” she said, through a slack labor market or absorbing the cost of high turnover. But that model is being stretched. “Now turnover is absolutely excessive, and some chains are beginning to put numbers on the cost of turnover. I know some chains that are focused on it,” Batt said. “Because turnover is getting so serious and because chains have the ability to do the HR analytics, they can begin to cost out turnover and say, ‘This is not a cost we have taken seriously, because historically we were counting on high turnover model as acceptable.'” For more on tech, transformation and the future of work, join CNBC at the @ Work: People + Machines Summit in San Francisco on Nov. 4. Leaders from Dropbox, Sas, McKinsey and more will teach us how to balance the needs of today with the possibilities of tomorrow, and the winning strategies to compete.

The cost of turnover

How much does turnover cost? According to Batt, the rule of thumb in estimating the expense can be broken down into a few simple parts: the time it takes a manager to hire a worker, the time it takes to train a worker, and the time it takes for them to become proficient on a job — in fast food, that is measured in one to two months, and during that period of time, half of the pay should be considered a loss. And there are less tangible costs: organizational disruption and team disruption. “If people get beyond 90 days, turnover really drops, and so that’s why we make investments in technology and training in those first 90 days. It has a huge return,” the Panera CFO said at the CNBC event in Chicago. “Turnover and recruiting costs you money and is felt in the guest experience.” Robin B. DiPietro, director of the International Institute for Foodservice Research and Education at the University of South Carolina’s School of Hotel, Restaurant and Tourism Management, says that six years ago, when she was in touch with Burger King, the average cost of turnover was about $600 per employee. Cornell’s Batt said a survey of restaurants she helped conduct in 2013 put the cost of fast-food turnover at $1,600 per worker, and that was at a time when turnover was significantly lower. The turnover cost estimates have kept going up. The cost per employee now is estimated by the National Restaurant Association at $2,000 per employee. Those figures will vary by restaurant type as fast-food employees are still less expensive to turn over than those in upscale dining. Restaurant research firm TDn2K calculated replacement costs at $2,100 to $2,800. But all operators feel the pinch of the deepening turnover crisis, especially with a higher minimum wage, and higher recurring business costs. “This is an industry issue across the board, and it’s getting worse with the labor market tighter,” said David Portalatin, NPD Group vice president and food industry advisor. “Restaurants will increasingly look to technology to solve the problem. Both technology to train and automate.”

The rise of the automated order

As far back as 2003, McDonald’s tested kiosks to place orders. Much has changed in the industry since then, but some basic economics remain unchanged: Restaurants are pressured by rising costs and the ability to pass that on to consumers. The average cost of a restaurant meal increased 2.4% in the last 12 months, according to NPD data, more than the rate of inflation and cost of a grocery basket, and the rising cost puts pressure on restaurant operators. “The economics dictate you can only pay so much and today’s labor market makes it even harder to staff restaurants.” Making customer interactions “frictionless” and automating repetitive tasks in the kitchen would theoretically allow restaurants to be more efficient with labor. “In China they’re way ahead of us in automation in the back of the house and front of house,” Portalatin said, referring to the food industry terms for kitchen and customer-facing positions. Portalatin said there has been a dramatic increase in digital ordering, especially consumers placing orders from mobile phones. Total customer traffic has been flat over the past year, but there has been “a monumental shift” to digital ordering, and NPD Group expects digital orders to increase 23% a year over the next half-decade. Restaurants have an economic incentive to make sure this shift continues to accelerate. Average ticket size from a digital order is higher than a traditional order, which NPD Group attributes, at least in part, to the ability of an app or kiosk to upsell customers and “suggestively sell” based on data collected through digital order histories. Panera just announced deals with Uber Eats, DoorDash and GrubHub for mobile order delivery. On Wednesday, McDonald’s announced the expansion of a deal with DoorDash to reach a total of 10,000 restaurants, which comes at a time when it estimates 2019 delivery revenue will reach $4 billion. McDonald’s has a total of over 14,000 U.S. locations.

“Turnover is the biggest problem in the industry,” said Jordan Boesch, founder and CEO of 7Shifts, who grew up working in Quiznos locations run by his father. The self-described “quick-service kid” started 7Shifts to provide on-demand staffing and restaurant shift scheduling to restaurants. A survey of workers using its system found that more than half wanted to grow their careers outside the food industry. Only 25% were looking for a promotion in the restaurant space, and that was heavily tilted to cooks. Some experts believe the rise of the gig economy is hurting restaurants’ ability to recruit and retain staff, saying it is harder for any worker to justify punching a clock at a fast food restaurant offering little to no benefits. But Batt says the gig economy, while a fascinating and growing trend, represents half of 1% of the labor force and is not a primary reason for the fast-food sector’s struggle. In fact, 7Shifts is one of many start-ups rushing into the restaurant space as a way to solve staffing woes through on-demand worker networks. Panera is betting that better training can help. “All training had been in back of kitchen; now it is all on iPhones, and I can see it going to goggles — employees see it right in front of them, training them in a fun and interactive way,” Panera CFO Bufano said. Panera declined to offer any additional details on its plans to reduce employee turnover beyond what its CFO said at the CNBC event. A spokesman said there was reticence to “share details on more of the secret sauce and statistical success.”

The job no one really wants

Experts who have studied the restaurant business for decades and work with national chains are divided over the extent to which fast-food jobs can be made better. Some do not believe there is no formula combining pay, benefits, training and culture that can save the human worker in this sector. Abraham Pizam, chair in tourism management and the founding dean of Rosen College of Hospitality Management at the University of Central Florida, says his position is not popular among academic peers, but he is convinced the fast-food industry is on a path to be the first to fully automate.

No one who thinks of a job as temporary is motivated. Abraham Pizam founding dean of Rosen College of Hospitality Management at the University of Central Florida

Low wages, lack of career paths and an overwhelming belief among the working public that fast-food jobs should only ever be temporary all contribute to the worsening turnover issues. “You talk to an employee here in the U.S. and it is nothing to be proud of,” he said. “It’s a job until I graduate or until I’m back on my feet,” he said. “No one who thinks of a job as temporary is motivated.” There are no other job segments in the U.S. that have higher turnover than the fast-food and fast-casual segments of the restaurant industry, according to DiPietro at the University of South Carolina’s School of Hotel, Restaurant and Tourism Management. “Not even retail.” She said that’s due to the reputation of the restaurant industry. Many people consider these lower jobs than retail due to hours, job responsibilities and uniforms that typically have to be worn. “Even though the pay may be equal, the perception of restaurants is lower than in retail.” It’s a devil’s bargain for the companies to accept the status quo in turnover, Pizam said, with lower wages justified by their limited ability to pass along price increases to consumers, but in turn, restaurant operators paying the price through the expense of training and retraining of personnel multiple times a year. “Sooner or later these jobs will disappear. There is no reason a robot can’t serve,” Pizam said. “In the future, whether 20, 30 or 50 years, only the very top of the restaurant industry will have human beings. Prepared or not, we will see it.”

Customers use touchscreen kiosks to order meals at at a KFC restaurant in Shanghai, China. Parent company Yum China says 86% of transactions are cashless and about half of orders are placed via mobile app or digital kiosk at its more than 8,400 KFC, Pizza Hut, and Taco Bell restaurants. Bloomberg | Bloomberg | Getty Images

Pizam is not making a short-term bet on full automation. Public acceptance of a humanless food-service experience will take time, as will the redesign of an entire industry so that minimal human contact is a cost-saver — the initial capital expenditures to overhaul operations, not even including the costs of the robots, will be large. “The counterargument made is that people like to be served by people and there is no substitute to that. You can’t flatter a robot. But for the fast-food industry, there is no human contact that is personal at this point, anyway.” “CEOs of these companies understand where we are going. The ultimate solution is robotics. In the long-run it’s menial work and they will admit they can’t satisfy employees and it costs too much in terms of the turnover cycle. Once trained, a robot, if done right — that is years of high productivity. But if they admit that, then it is like saying we failed and no one wants to say that.” “I don’t think training can be a game-changer,” Boesch of 7Shifts said. “The bigger determining factor for someone to stay with you is if they see a future there.” Boesch said the big food chains are overly confident: They think they are better at training than they actually are, and as a result, they recruit and hire the wrong people. Citing Jim Sullivan, a well-known restaurant consultant, Boesch said hiring is 90% of the equation and training only 10%. “There is no way to develop the wrong person.”

For the customer-facing positions that are most at risk, Boesch said the best chance of retaining staff is by doing more than just offering competitive wages and hiring people who have personalities that are conducive to service. These personality types want to be engaged and work as part of teams, and they want shift hours that suit their lives outside of work. “The No. 1 thing is interest in the people. … Pay is important, but would you go across the street to get 50 cents more if it’s a toxic culture?” “I think it is going to happen for quick service first for sure, full automation,” Boesch said. “To me it is not a matter of if, it is when. These QSRs [quick-service restaurants] are almost going to become like 7-Eleven, a giant vending machine. I don’t know when, but for QSR I feel like it is not astronomically far, but it is not close, either,” he said, with the biggest uncertainty not being the pace of innovation but whether automated systems can meet food safety and regulation requirements. “With the introduction of more ordering kiosks, it feels like the writing is on the wall a little bit,” Boesch said.

Reasons for robot skepticism

Cornell labor expert Batt is skeptical of the robot argument. “I totally disagree with the future being 100% robot. It will take decades to get to a place where kiosks will have such a major effect.” Batt said that the fast-food industry, which faces steep price competition, is handicapped by the inability to raise wages much, as well as its limited career advancement opportunities. It also has little history of offering competitive benefits. Only 14% of all fast-food restaurants offer sick leave, and only 16% offer paid time off. An increase in wages mandated by a higher federal minimum wage could lead restaurants to invest more in training, a trend already playing out in many states. “When companies are faced with that kind of hard increase in cost, they have to look for ways to retain workers more in order to justify the wage increase, how to get more effort or better quality, service, and productivity, and that leads them to invest more in training.” She said the labor problems can be solved by methods other than robots, such as chains putting more effort into hiring better managers and treating workers with more respect. That requires companies being willing to give workers more hours and more predictable scheduling. “That is not very costly for HR to invest in. It just takes managers to be frankly more competent and pay more attention to the issue. … Maybe they won’t optimize labor costs to the extent they want to, but it will pay off in lower turnover and more satisfies workers and better operations. That should not be hard problem to fix.” Another potential solution used in other countries is the development of relationships with higher-end companies in the same sector, or what she referred to as a “cross-establishment career ladder.” “That way workers do have an incentive to stay and shows qualifications that can move them up. … If McDonald’s would get a worker to stay for year that would be a huge improvement, ” Batt said. McDonald’s said no executive was available to comment, but a company spokeswoman pointed to several initiatives it has undertaken to confront staffing issues, including a workplace preparedness study, youth employment program, and educational assistance opportunities for employees. A major decline in teenagers and college students working in the U.S. and in fast food specifically are factors. Recent data from the Federal Reserve Bank of St. Louis shows that in 1950, the labor force participation rate for 16- to 19-year-olds was 52.5%. It reached a high of 58.9% in 1978, dropped to 52% in 2000 and hovered at 34% between 2010 and 2018. The median age of the restaurant worker between 2005 and 2017 was 29, meaning that one-half of all workers in the sector were older than that, with many families raising children on restaurant incomes and benefits. During this same period, teen employment in restaurants plummeted to 17.8%.

The first US robot restaurant already shuttered

The first, fully automated restaurant in the U.S. already exists — or at least, it did. Eatsa, a quinoa-bowl automat chain that started in San Francisco in 2015 and expanded to New York, shuttered its locations and has since transitioned to a new business model and been renamed Brightloom. The restaurant tech company focuses on helping other restaurants improve operations through use of technology. Adam Brotman, a former Starbucks executive who in April took over the CEO reins at Brightloom, said although the automated restaurant run preceded his tenure, it was not a failure — some press accounts pegged it as one. Brotman said the reasoning for the business pivot was a recognition by the company and its backers that all of the money being invested in order management and menu-management technology, and digitization of the customer experience — both out of store and in-store — would lead to a better return on investment as a technology company rather than restaurant operator. Brotman said that for the first time next year, orders placed off-premise may equal in-store orders. “It’s an amazing stat. Half of the restaurant food consumed.” McDonalds’ largest acquisition in 20 years was made in March when it acquired Dynamic Yield, which creates personalization and decision logic technology, to help with digital drive-through order optimization. The fast-food giant also is spending $1 billion this year to upgrade 2,000 locations with kiosks and other technology. But Brotman said the increasing use of technology does not lead him to conclude that restaurant best practice will be “all one or the other.” “Kiosks are great to break up the line and help drive larger sales. They upsell better and they allow you to deploy labor to optimal throughout. Really what we are seeing is a combination of front-of-the-house automation with traditional human customer experience at the point-of-sales or handoff lane, counter. That combination is ideal for quite a while.”

In order to keep the Big Mac price below $10, they will need to add technology to the restaurants and decrease the number of employees in order to ensure that they can continue to open each day. Robin DiPietro director of the International Institute for Foodservice Research and Education at the University of South Carolina


Company: cnbc, Activity: cnbc, Date: 2019-08-29  Authors: eric rosenbaum, ravi kumar, president of infosys
Keywords: news, cnbc, companies, industry, turnover, labor, fastfood, training, restaurants, nearly, losing, 100, restaurant, technology, panera, cost, worsens, workers, crisis


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Trump unloads on ‘corrupt’ Puerto Rico as Tropical Storm Dorian threatens island — San Juan mayor tells him to ‘calm down’

President Donald Trump bore down on Puerto Rico on Wednesday as Tropical Storm Dorian threatened to become the first powerful storm to hit the island since it was devastated by Hurricane Maria nearly two years ago. “Puerto Rico is one of the most corrupt places on earth. The National Weather Service on Wednesday posted a hurricane watch and tropical storm warning for parts of Puerto Rico through Thursday afternoon. The president wrote that the White House was “tracking closely tropical storm Dor


President Donald Trump bore down on Puerto Rico on Wednesday as Tropical Storm Dorian threatened to become the first powerful storm to hit the island since it was devastated by Hurricane Maria nearly two years ago. “Puerto Rico is one of the most corrupt places on earth. The National Weather Service on Wednesday posted a hurricane watch and tropical storm warning for parts of Puerto Rico through Thursday afternoon. The president wrote that the White House was “tracking closely tropical storm Dor
Trump unloads on ‘corrupt’ Puerto Rico as Tropical Storm Dorian threatens island — San Juan mayor tells him to ‘calm down’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-28  Authors: tucker higgins
Keywords: news, cnbc, companies, way, trump, threatens, storm, nearly, san, tells, rico, puerto, mayor, hurricane, dorian, unloads, tropical, wrote


Trump unloads on 'corrupt' Puerto Rico as Tropical Storm Dorian threatens island — San Juan mayor tells him to 'calm down'

President Donald Trump bore down on Puerto Rico on Wednesday as Tropical Storm Dorian threatened to become the first powerful storm to hit the island since it was devastated by Hurricane Maria nearly two years ago.

“Puerto Rico is one of the most corrupt places on earth. Their political system is broken and their politicians are either Incompetent or Corrupt. Congress approved Billions of Dollars last time, more than anyplace else has ever gotten, and it is sent to Crooked Pols. No good!” Trump wrote in a post on Twitter.

“And by the way, I’m the best thing that’s ever happened to Puerto Rico!” he added.

Trump was criticized for his administration’s handling of the crisis response to Maria, a Category 5 hurricane that struck in September 2017. One study commissioned by the island and performed by George Washington University researchers estimated the storm caused nearly 3,000 deaths.

Trump has since lashed out against Puerto Rico’s leadership, including San Juan Mayor Carmen Yulin Cruz, over funding issues and other matters.

The National Weather Service on Wednesday posted a hurricane watch and tropical storm warning for parts of Puerto Rico through Thursday afternoon. It said Dorian could bring up to 10 inches of rain and winds up to 80 mph.

The president wrote that the White House was “tracking closely tropical storm Dorian as it heads, as usual, to Puerto Rico.” He also took a slap at Cruz, who has been a sharp critic of Trump.

“FEMA and all others are ready, and will do a great job. When they do, let them know it, and give them a big Thank You – Not like last time. That includes from the incompetent Mayor of San Juan!” he wrote.

The island’s newly installed governor, Wanda Vazquez Garced, did not immediately respond to a request for comment.

Cruz, in a post on Twitter, said: “Trump needs to be quite, ‘calm down’ get out of the way and make way for those of us who are actually doing the work on the ground. Maybe Trump will understand this time around THIS IS NOT ABOUT HIM; THIS IS NOT ABOUT POLITICS; THIS IS ABOUT SAVING LIVES.”

Puerto Rico was shaken in recent weeks by a scandal involving leaked text messages between the island’s former governor, Ricardo Rossello, and members of his staff and others.

The messages, nearly 900 pages of which were published by Puerto Rico’s Center for Investigative Journalism, appeared to show Rossello and his close advisors using vulgar language and ridiculing supporters and vicitms of Hurricane Maria.

Rossello eventually stepped down after hundreds of thousands of people took to the streets to protest.


Company: cnbc, Activity: cnbc, Date: 2019-08-28  Authors: tucker higgins
Keywords: news, cnbc, companies, way, trump, threatens, storm, nearly, san, tells, rico, puerto, mayor, hurricane, dorian, unloads, tropical, wrote


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Tim Cook donates nearly $5 million of Apple shares to charity

With gas at a 3-year holiday low, more drivers will hit the road…With gas prices at a 3-year low for the Labor Day weekend, more Americans will head out on road trips for the holiday. Depending on where they live, they might have more money… Personal Financeread more


With gas at a 3-year holiday low, more drivers will hit the road…With gas prices at a 3-year low for the Labor Day weekend, more Americans will head out on road trips for the holiday. Depending on where they live, they might have more money… Personal Financeread more
Tim Cook donates nearly $5 million of Apple shares to charity Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-26  Authors: kif leswing
Keywords: news, cnbc, companies, million, low, nearly, donates, prices, trips, shares, tim, road, apple, holiday, gas, weekend, roadwith, moneypersonal, charity, 3year, cook


Tim Cook donates nearly $5 million of Apple shares to charity

With gas at a 3-year holiday low, more drivers will hit the road…

With gas prices at a 3-year low for the Labor Day weekend, more Americans will head out on road trips for the holiday. Depending on where they live, they might have more money…

Personal Finance

read more


Company: cnbc, Activity: cnbc, Date: 2019-08-26  Authors: kif leswing
Keywords: news, cnbc, companies, million, low, nearly, donates, prices, trips, shares, tim, road, apple, holiday, gas, weekend, roadwith, moneypersonal, charity, 3year, cook


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Scandinavia’s biggest offshore wind farm is officially open

The largest offshore wind farm in Scandinavia is officially open. In a ceremony Thursday, state-owned Swedish energy firm Vattenfall inaugurated the Horns Rev 3 facility, which is located in the North Sea, off Denmark’s west coast. As a whole, Europe is a major player in the offshore wind sector. According to industry body WindEurope, it is home to 106 offshore wind farms across 11 countries, with 4,811 wind turbines connected to the grid. Europe also boasts the world’s largest operational offsh


The largest offshore wind farm in Scandinavia is officially open. In a ceremony Thursday, state-owned Swedish energy firm Vattenfall inaugurated the Horns Rev 3 facility, which is located in the North Sea, off Denmark’s west coast. As a whole, Europe is a major player in the offshore wind sector. According to industry body WindEurope, it is home to 106 offshore wind farms across 11 countries, with 4,811 wind turbines connected to the grid. Europe also boasts the world’s largest operational offsh
Scandinavia’s biggest offshore wind farm is officially open Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: anmar frangoul
Keywords: news, cnbc, companies, officially, scandinavias, farm, walney, offshore, vattenfall, turbines, nearly, rev, open, danish, sea, biggest, facility, wind


Scandinavia's biggest offshore wind farm is officially open

The largest offshore wind farm in Scandinavia is officially open. In a ceremony Thursday, state-owned Swedish energy firm Vattenfall inaugurated the Horns Rev 3 facility, which is located in the North Sea, off Denmark’s west coast.

Horns Rev 3 consists of 49 turbines which stand 187 meters tall. If the turbines’ foundations are taken into account, they each weigh nearly 1,500 tonnes.

The facility has a capacity of 407 megawatts (MW), which Vattenfall says is enough to cover the yearly electricity consumption of around 425,000 Danish homes.

The first foundations for Horns Rev 3 were laid in October 2017, and it began to send electricity to consumers at the end of 2018.

“The wind farm is a significant contribution to Vattenfall’s production portfolio and takes us one step further in our ambition to enable a fossil-free living within one generation,” Vattenfall CEO Magnus Hall said in a statement Thursday.

Attendees at the inauguration included Danish Prime Minister Mette Frederiksen and the Crown Prince of Denmark.

As a whole, Europe is a major player in the offshore wind sector. According to industry body WindEurope, it is home to 106 offshore wind farms across 11 countries, with 4,811 wind turbines connected to the grid.

Europe also boasts the world’s largest operational offshore facility, the Walney Extension Offshore Wind Farm.

Located in the Irish Sea, the Walney Extension has a capacity of 659 megawatts and is capable of powering nearly 600,000 homes in the U.K, according to Danish energy business Orsted.


Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: anmar frangoul
Keywords: news, cnbc, companies, officially, scandinavias, farm, walney, offshore, vattenfall, turbines, nearly, rev, open, danish, sea, biggest, facility, wind


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Mark Zuckerberg has sold $296 million worth of Facebook shares in August

Mark Zuckerberg has been on a selling spree in August, unloading nearly 1.6 million shares of Facebook worth nearly $296 million. Prior to this month, the Facebook co-founder and CEO hadn’t sold shares since April. He’s now sold 2.9 million shares this year worth more than $526 million. While his selling activity picked up in August, he’s still well off the pace from last year, when Zuckerberg sold nearly 28.9 million shares for more than $5.3 billion. Facebook shares were trading down by less t


Mark Zuckerberg has been on a selling spree in August, unloading nearly 1.6 million shares of Facebook worth nearly $296 million. Prior to this month, the Facebook co-founder and CEO hadn’t sold shares since April. He’s now sold 2.9 million shares this year worth more than $526 million. While his selling activity picked up in August, he’s still well off the pace from last year, when Zuckerberg sold nearly 28.9 million shares for more than $5.3 billion. Facebook shares were trading down by less t
Mark Zuckerberg has sold $296 million worth of Facebook shares in August Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: salvador rodriguez
Keywords: news, cnbc, companies, facebook, nearly, zuckerberg, worth, sells, million, sold, shares, billion, mark, 296, share


Mark Zuckerberg has sold $296 million worth of Facebook shares in August

Mark Zuckerberg has been on a selling spree in August, unloading nearly 1.6 million shares of Facebook worth nearly $296 million.

Prior to this month, the Facebook co-founder and CEO hadn’t sold shares since April. He’s now sold 2.9 million shares this year worth more than $526 million. Zuckerberg still owns over 375 million Facebook shares with a current value of over $68 billion, making him the fifth-richest person in the world, behind Jeff Bezos, Bill Gates, Bernard Arnault and Warren Buffett.

Zuckerberg, 35, regularly sells parts of his Facebook fortune to fund the Chan Zuckerberg Initiative, the philanthropic organization he runs with his wife, Priscilla Chan. CZI funds programs in science and education as well as social issues focused on criminal justice reform, housing affordability and immigration reform.

According to the filings, Zuckerberg’s share sales are part of a 10b5-1 plan, a rule established by the Securities and Exchange Commission that allows public company insiders to sell a predetermined amount of stock at set periods of time. Facebook’s dual-class share structure allows Zuckerberg to retain voting control over the company’s big decisions even as he sells a significant portion of his stake.

While his selling activity picked up in August, he’s still well off the pace from last year, when Zuckerberg sold nearly 28.9 million shares for more than $5.3 billion. In late 2017, Zuckerberg said he planned to sell up to 75 million shares, worth more than $12 billion at the time, by March of this year.

Facebook shares were trading down by less than 1% on Thursday at $182.11.

WATCH: Here’s how to see which apps have access to your Facebook data — and cut them off


Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: salvador rodriguez
Keywords: news, cnbc, companies, facebook, nearly, zuckerberg, worth, sells, million, sold, shares, billion, mark, 296, share


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