Boardrooms need more millennials. Here’s how you can get started

The average age of S&P 500 board members today is 63, with just 16% of new appointees aged 50 or younger. The issue is not lack of scope for younger board members. John Ryan, president and CEO of CCL, told CNBC Make It it’s a common misconception that millennials are too young for board positions. The business case for board diversity has been well-documented. From presenting new perspectives to exposing blind spots, various studies suggest diversity in age, gender and race can correlate to prof


The average age of S&P 500 board members today is 63, with just 16% of new appointees aged 50 or younger.
The issue is not lack of scope for younger board members.
John Ryan, president and CEO of CCL, told CNBC Make It it’s a common misconception that millennials are too young for board positions.
The business case for board diversity has been well-documented.
From presenting new perspectives to exposing blind spots, various studies suggest diversity in age, gender and race can correlate to prof
Boardrooms need more millennials. Here’s how you can get started Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-12  Authors: karen gilchrist
Keywords: news, cnbc, companies, heres, younger, board, age, need, millennials, world, learn, ryan, boards, diversity, young, started, boardrooms


Boardrooms need more millennials. Here's how you can get started

Boardroom diversity — or the lack of it — has become a hot button issue for organizations as they face growing pressure to better reflect their workforce and wider society. Until now, that conversation has centered largely on gender and race — where much work remains to be done. But, increasingly, age is also becoming an important metric of representation. A new report, released this month by the Center for Creative Leadership (CCL), indicates that diversity of behavior, brought about by varied age groups, will be crucial for any boards hoping to tackle future-focused issues like technology and sustainability. And millennials will be central to that.

The case for millennial board members

By 2020, the 20 to 39-year-old generation will account for half of the global workforce, according to the World Economic Forum. At the same time, they will bypass their predecessors, Generation X, as the leading global consumer group. Yet today, boards remain disproportionately dominated by senior executives. The average age of S&P 500 board members today is 63, with just 16% of new appointees aged 50 or younger. The issue is not lack of scope for younger board members. John Ryan, president and CEO of CCL, told CNBC Make It it’s a common misconception that millennials are too young for board positions. He said some of his greatest board hires have been young people. But he noted that more people need to throw their hats into the ring.

Getty | Thomas Barwick

Why join a board

Boards are responsible for driving a business forward, while ensuring it adheres to the correct rules and regulations, and acts responsibly toward its employees, stakeholders and society. The business case for board diversity has been well-documented. From presenting new perspectives to exposing blind spots, various studies suggest diversity in age, gender and race can correlate to profits. It can also bring huge benefits for individuals. Aside from financial compensation, board membership can provide a powerful opportunity to learn and make an impact on issues that matter to you. “Serving on a board is one of the most influential roles millennials can take in order to have impact,” Kiran Aziz, EY attorney, wrote for the World Economic Forum last year.

How to get started

Of course, earning a seat on a board is no easy feat, and only the most competent candidates will be accepted. But Ryan noted that the best entry point is “to start.” “You don’t really know something until you practice it and live it,” said Ryan. “So any board that you can get on that you would have a passion for, or you could learn a lot from, is beneficial.” That could mean applying directly for a corporate board position. Or — possibly better for newcomers — starting with a not-for-profit board, which can provide a great opportunity to learn about board leadership while giving back to an important cause. “There are so many not-for-profit boards that are starving for people with the interest, the intellect, the experiences and the passion,” Ryan continued. “Then, when you go in and you want to be on a for-profit board, they say ‘oh okay, he or she has been on a non-profit board, I like the values, I like the fact that she’s doing that, and she knows how boards work.'”

Prostock-Studio | iStock | Getty Images

Know what you’re signing up for


Company: cnbc, Activity: cnbc, Date: 2019-11-12  Authors: karen gilchrist
Keywords: news, cnbc, companies, heres, younger, board, age, need, millennials, world, learn, ryan, boards, diversity, young, started, boardrooms


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Coord

Coord’s platform provides “curbside data” to government agencies, construction firms and logistics companies in need of real-time, street-level data in large urban areas. Key investors include Nissan/Renault’s Alliance Ventures and Alphabet’s urban innovation accelerator Sidewalk Labs.


Coord’s platform provides “curbside data” to government agencies, construction firms and logistics companies in need of real-time, street-level data in large urban areas.
Key investors include Nissan/Renault’s Alliance Ventures and Alphabet’s urban innovation accelerator Sidewalk Labs.
Coord Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-12  Authors: cnbccom staff
Keywords: news, cnbc, companies, need, urban, coord, sidewalk, realtime, data, streetlevel, provides, platform, ventures, nissanrenaults


Coord

Coord’s platform provides “curbside data” to government agencies, construction firms and logistics companies in need of real-time, street-level data in large urban areas. Key investors include Nissan/Renault’s Alliance Ventures and Alphabet’s urban innovation accelerator Sidewalk Labs.


Company: cnbc, Activity: cnbc, Date: 2019-11-12  Authors: cnbccom staff
Keywords: news, cnbc, companies, need, urban, coord, sidewalk, realtime, data, streetlevel, provides, platform, ventures, nissanrenaults


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How some people make up to $2,400 per month in extra income with this special skill

Serving as a notary is a lesser-known, but potentially lucrative, side gig — one that can pull in $2,400 a month for some workers. Notaries oversee signatures on mortgage documents, marriage licenses, deeds, and more to verify that they’re authentic. Notaries also need liability insurance, in case a client disputes errors that cause a financial loss. Lawson charges $75 for a seller’s package (meaning several pages that require signatures) and $150 for a buyer’s package. So at $75 apiece plus tra


Serving as a notary is a lesser-known, but potentially lucrative, side gig — one that can pull in $2,400 a month for some workers.
Notaries oversee signatures on mortgage documents, marriage licenses, deeds, and more to verify that they’re authentic.
Notaries also need liability insurance, in case a client disputes errors that cause a financial loss.
Lawson charges $75 for a seller’s package (meaning several pages that require signatures) and $150 for a buyer’s package.
So at $75 apiece plus tra
How some people make up to $2,400 per month in extra income with this special skill Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-12  Authors: myelle lansat
Keywords: news, cnbc, companies, signatures, month, extra, 2400, notary, job, need, pages, skill, notaries, documents, income, special, prince, lawson, travel


How some people make up to $2,400 per month in extra income with this special skill

Serving as a notary is a lesser-known, but potentially lucrative, side gig — one that can pull in $2,400 a month for some workers. A notary witnesses signatures on legal documents in order to prevent fraud. Notaries oversee signatures on mortgage documents, marriage licenses, deeds, and more to verify that they’re authentic. They also confirm the signer’s identity in the process. Notary laws vary from state to state, as do start-up costs. Depending on your location, you may need to complete a notary course, take a certification test, keep a journal of each job you do, and purchase a personalized notarization stamp. Notaries also need liability insurance, in case a client disputes errors that cause a financial loss. States typically set the standards around how much a notary can charge, and rates vary depending on the type of documents being notarized. Maximum signature fees range from 50 cents in Vermont to $15 in California, for example. In some states, notaries can sent their own fees. Here are a few tips from three successful notaries.

1. Get certified at work

Lisa Prince, 41, of Fairfield, California, became a notary 16 years ago when the law office at which she worked as a paralegal needed one. Prince offered to step up, and her office paid for her notary training. More from Grow:

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Mystery shopping, face painting, and other fun ways to make money

Former Harvard professor on how to be happier in your job She started notarizing documents in-house and then turned her new skill into a side hustle. She doesn’t advertise — clients contact her directly or find her in a company directory. Prince charges between $125-$350 per job, each of which typically requires multiple signatures. Her higher paying jobs tend to be loan documents because it takes more time to parse the information: “You need to understand verbiage and answer questions, if the third party has any.”

2. Find a niche

Samantha Lawson, 34, a human resources manager for a roofing company in Colorado Springs, Colorado, took on a side hustle as a notary and found a lucrative niche notarizing real estate documents. Lawson says a signing package for the sale of a house may be 200 pages long and require 20 signatures, with six pages that need notarizing, she says. Lawson charges $75 for a seller’s package (meaning several pages that require signatures) and $150 for a buyer’s package. If travel is required, she tacks $20-$30 onto the total costs. Lawson averages five seller packages per week. So at $75 apiece plus travel, her side hustle brings in up to $2,400 per month, depending on her travel time. Lawson is registered for an online job board that alerts her and other local notaries through text when a gig comes up: “You’re kind of fighting for the loan signings,” she says. “It’s first come, first serve. If you get to it first, you’ll get it, unless they request a specific notary. It’s a competitive market in Colorado Springs.”

3. Tap into an underserved market


Company: cnbc, Activity: cnbc, Date: 2019-11-12  Authors: myelle lansat
Keywords: news, cnbc, companies, signatures, month, extra, 2400, notary, job, need, pages, skill, notaries, documents, income, special, prince, lawson, travel


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More than half of Americans don’t have a will — this app wants to change that

Founded in March 2017, the company is hoping to make the process even easier by launching an iOS mobile app in Apple’s App Store on Tuesday. With the Fabric app, users can create a digital vault for all their financial account information that’s accessible to their spouse. Build a digital vaultThe Fabric app also offers to act as your digital repository for all financial account information and documents. To keep your information secure, the Fabric app uses bank-level security, as well as common


Founded in March 2017, the company is hoping to make the process even easier by launching an iOS mobile app in Apple’s App Store on Tuesday.
With the Fabric app, users can create a digital vault for all their financial account information that’s accessible to their spouse.
Build a digital vaultThe Fabric app also offers to act as your digital repository for all financial account information and documents.
To keep your information secure, the Fabric app uses bank-level security, as well as common
More than half of Americans don’t have a will — this app wants to change that Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-12  Authors: megan leonhardt
Keywords: news, cnbc, companies, need, information, services, service, dont, users, change, half, americans, app, life, fabric, company, wants, erlebacher


More than half of Americans don't have a will — this app wants to change that

Most Americans do not have a will, according to a recent Care.com survey. The biggest reason? Inertia. The annual survey found only 43% of U.S. adults have a will or living trust, and that number is much lower among younger Americans. Only about 18% of those ages 18 to 34 have a will, while about a third of those ages 34 to 44 have one in place. Overall, the No. 1 reason for not having a will was that most Americans simply haven’t gotten around to it. Yet more than a few companies are looking to change that by making the process more streamlined. The latest effort comes from Fabric. Founded in March 2017, the company is hoping to make the process even easier by launching an iOS mobile app in Apple’s App Store on Tuesday. Through the new app, the company aims to be a “a one-stop shop for family protection,” according to co-founder and CEO Adam Erlebacher. Erlebacher, who previously worked as the chief operating officer for the digital bank Simple, says Fabric was formed out of his own frustrating experiences trying to set up a will and get life insurance. The app aims to make these complex processes “simpler and quicker,” he says.

Creating a will takes just minutes

On Fabric’s app, creating a will is free and can take less than 10 minutes, assuming you have some idea of who would be in charge of critical tasks, such as serving as a guardian for your children. Fabric’s team worked with leading estate planning law firms to create a template that’s legally binding. The company makes its money through its life insurance sales, Erlebacher says, so it’s able to offer this service for free. It’s worth nothing that Fabric’s privacy policy does allow the company to share aggregated, anonymized data with third parties. Many apps have started to sell users’ data, and Fabric’s privacy policy, as it stands now, does not rule this out. When using the app, you simply need to answer a few questions that give you the opportunity to name beneficiaries and an executor, as well as lay out any funeral and burial arrangements. Fabric then helps you coordinate with your witnesses as well, so all you’ll need to do is print it out and get together with the two other people you’ve designated, to sign off and notarize your will. You don’t need to have the actual will notarized, but most states require you to include a document called a “self-proving affidavit” as part of your will. That affidavit usually needs to be notarized, which means that you’ll need a notary public to be part of the process, when the will is being signed and witnessed. Usually the best place to do this is at a bank, real-estate office, or package-mailing service like the UPS Store, all of which generally have notaries on staff. Or there are even some online services, such as Notarize, which allow you to video chat with a notary. The Fabric apps guides users through a questionnaire to determine which services they may need. Once you have your will complete, Fabric also gives you the option of creating a “mirror will” with your spouse that parallels your choices for guardianship, beneficiaries and executor, saving you time creating a second one. While you can have a joint will, experts say that can be problematic for a surviving spouse and that having separate documents may be a better option. That’s because joint will usually include a provision stating they cannot be revoked, making it nearly impossible for the surviving spouse to change the terms of the will to reflect life changes, such as remarriage or additional children. This quick, simple will can stand alone as your will of record, or you can use it as a placeholder until you get in to see an attorney, Erlebacher says. “It’s dependent on your own situation and if you do have more complicated needs, you should absolutely go to an attorney and get some advice.” If you have a blended family or a previous marriage, for example, you may want to seek out some additional advice on how to distribute your assets. So this is best for couples in their first marriage, with a child or two who are under 18 and may need a guardian. Of course, Fabric is not the only service out there that can help you create a will. Well-known legal sites such as RocketLawyer and LegalZoom also offer comprehensive services. However, both charge fees: $40 a month for RocketLawyer’s services and a $89 flat fee for LegalZoom. Like Fabric, Do Your Own Will and FreeWill offer free, basic will templates by having users fill out a questionnaire, although neither company offers a mobile app. It’s also worth noting that while online wills are valid, they need to be correctly executed and abide by state laws, which can be convoluted. So while you could create a will completely on your own, it may be a good idea to run it by a lawyer to make sure that there are no mistakes or errors. With the Fabric app, users can create a digital vault for all their financial account information that’s accessible to their spouse.

Build a digital vault

The Fabric app also offers to act as your digital repository for all financial account information and documents. About 40% of couples say they would struggle to find and access family financial information, according to a poll Fabric conducted in conjunction with YouGov among couples 30 to 50 with kids under 18. Called Fabric Vault, this free tool allows you to keep a record of your family’s bank accounts, investment accounts, 401(k) plans, IRAs, credit card accounts, wills and life insurance documents. The service links to these accounts and provides access to spouses and partners so that in an emergency, you’re not searching for the information. To keep your information secure, the Fabric app uses bank-level security, as well as common safeguards such as two-factor authentication and signing out of the app if it’s inactive. The app also has adaptive security features that learn to spot unexpected activity on your account and alert you if there are suspected issues, which Erlebacher believes is an innovative feature that will help protect consumers’ data. The Fabric app manages the process of buying term life insurance.

Get insured


Company: cnbc, Activity: cnbc, Date: 2019-11-12  Authors: megan leonhardt
Keywords: news, cnbc, companies, need, information, services, service, dont, users, change, half, americans, app, life, fabric, company, wants, erlebacher


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These advisors help their clients tackle this unknown looming cost

There’s an expense lurking down the road for many retirees that is largely unpredictable but likely: long-term care. The average annual LTC premium cost for a 60-year-old couple is $3,400, according to recent data from the American Association for Long-Term Care Insurance. Some advisors recommend that clients consider a hybrid policy that combines life insurance with LTC coverage. If you’re going to have life insurance anyway, you can see if you can protect against long-term-care, too. When the


There’s an expense lurking down the road for many retirees that is largely unpredictable but likely: long-term care.
The average annual LTC premium cost for a 60-year-old couple is $3,400, according to recent data from the American Association for Long-Term Care Insurance.
Some advisors recommend that clients consider a hybrid policy that combines life insurance with LTC coverage.
If you’re going to have life insurance anyway, you can see if you can protect against long-term-care, too.
When the
These advisors help their clients tackle this unknown looming cost Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: sarah obrien
Keywords: news, cnbc, companies, longterm, clients, ltc, costs, help, insurance, unknown, cost, advisors, financial, tackle, life, looming, need, care, retirement


These advisors help their clients tackle this unknown looming cost

There’s an expense lurking down the road for many retirees that is largely unpredictable but likely: long-term care. With premiums soaring on insurance policies designed to cover that cost, financial advisors are turning to a variety of other strategies to help clients prepare for a day when they might need help with daily living activities such as eating and bathing. “The fact is we’re a country that excels at prolonging and extending life,” said Matthew Brennan, a certified financial planner and partner at Acorn Financial Services in Reston, Virginia. “The result is that the costs of care later in life, and the duration of the care, are lasting longer and longer.”

Terry Vine | Getty Images

Someone turning 65 today faces a nearly 70% chance of needing LTC services during their remaining years, according to the U.S. Health and Human Services Department. On average, women need care longer (3.7 years) than men (2.2 years). Related monthly costs can be eye-popping: a median $4,000 for care at an assisted-living facility ($48,000 yearly), $7,400 for a semi-private room in a nursing home ($89,000 a year), $4,200 for a home health aide ($50,400 annually) and $4,000 for homemaker services ($48,000 a year). “Without planning, long-term-care costs can be a big financial hit,” said CFP Kelly Wright, director of financial planning for Columbia, Maryland-based Pinnacle Advisory Group, which ranked No. 80 on the CNBC FA 100 list of top advisor firms for 2019. And, Medicare — relied on by most retirees — generally doesn’t cover LTC. (Skilled nursing care and rehabilitative services do get limited coverage related to certain hospital stays.)

For standard health care alone in retirement, the average 65-year-old couple will spend $285,000, according to an estimate by Fidelity Investments. LTC expenses would be on top of that. For advisors, it means looking at the probability of a particular client needing care eventually — genetics and lifestyle can factor in — and evaluating available resources to recommend an option. Depending on the specifics of your situation, it could make sense to purchase some form of insurance or to self-insure — that is, rely on your own assets — to fund the unpredictable costs related to LTC. “If people have about at least about $3 million to $5 million in liquid assets and are in their 60s, they can probably use the income from their assets when they need to pay for long-term care,” Wright said. Other options include leaning on family members or spending down (or shielding) assets to qualify for Medicaid-sponsored nursing-home. “It very much comes down to your personal situation, family history of needing long-term care and preferences for how and where you might receive care if you need it,” said CFP Katherine Fibiger, a partner and wealth advisor at Stratos Wealth Advisors in Westport, Connecticut. Even then, it’s tricky to pinpoint a dollar amount involved. And, average costs can vary widely from state to state. Niv Persaud, CFP and founder of Transition Planning & Guidance in Atlanta, recently estimated an LTC price tag of $300,000 for a female client whose husband has already passed away. The amount includes three years of in-home care, two years in assisted living and three years in a nursing home. “The number of years in each level of long-term-care service is a guesstimate, since we really don’t know,” Persaud said. The most straightforward solution — LTC insurance — has become too expensive a proposition for many consumers, contributing to a 60% drop in sales since 2012, according to the LIMRA LOMA Secure Retirement Institute. With claims exceeding expectations, many insurers also have fled the space. “The offerings have narrowed over the last 10 years while the cost of coverage has risen significantly,” said Chris Griesedieck, managing director at Zemenick & Walker in St. Louis. “For many policies, the costs rise significantly as the insured ages, and as this occurs, the cost of coverage in relation to their income often makes it unaffordable,” said Griesedieck, whose firm ranked No. 30 on the CNBC FA 100 list. The average annual LTC premium cost for a 60-year-old couple is $3,400, according to recent data from the American Association for Long-Term Care Insurance. The value of benefits when they reach age 85 would be $343,000 each. More from Financial Advisor 100:

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Advisors must change to succeed in next decade

Here are the changes, challenges advisors see ahead For clients with existing policies whose premiums are becoming unmanageable, it’s worth trying to negotiate with the insurer, Brennan said. For example, in exchange for keeping a lower premium, you could try to lower the policy’s built-in inflation adjustment, or reduce the maximum per-day benefit or duration of those benefits. Some advisors recommend that clients consider a hybrid policy that combines life insurance with LTC coverage. That can be done through a new purchase or by converting an existing policy — term or whole — to the option. “If you’re going to have life insurance anyway, you can see if you can protect against long-term-care, too,” said Fibiger, of Stratos. While the particulars of each policy vary, the idea is that you can tap the death benefit during your lifetime if you need it to pay for LTC. Doing so reduces the amount that your heirs would inherit. Some hybrid options provide LTC coverage beyond the death benefit.

If you’re going to have life insurance anyway, you can see if you can protect against long-term-care, too. Katherine Fibiger Partner and wealth advisor at Stratos Wealth Advisors

However, you generally need to be insurable — that is, pass medical underwriting — just as with a straight LTC policy. You also typically need a pot of money to fund it. Some insurers ask for an upfront lump sum, while others allow you to spread the premium payments over a set number of years. Also be aware that “chronic illness” riders are different from those for LTC. “It’s contingent upon your condition being permanent,” Fibiger said. “Long-term care riders are less restrictive.” Not all advisors are sold on these hybrid policies. “We’re highly skeptical of the sustainability of the hybrid model,” said Brennan, of Acorn Financial. “There’s not a ton of data out there about whether those paying strategies work over time across a large data sample. “I think it’s not something we’d ever advise someone to rely on solely,” he added.

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Nevertheless, they hold more appeal for consumers than straight LTC policies: In 2018, sales of life-LTC hybrids increased 5% over 2017, according to the LIMRA LOMA Secure Retirement Institute. Sales for annuities with LTC riders, likewise, have grown, as well, rising to $575 million in 2018, 7% more than in 2017 and more than double the sales from five years earlier, the latest available data show. For this option, a lump sum is used to purchase the annuity, which promises to pay out a certain amount at a certain point in the future. However, annuities can often come with higher ongoing fees than other investments, and it’s another instance where you need a lump sum of money to make the purchase. Sometimes a qualified longevity annuity contract, or QLAC, is an option, said Persaud, of Transition Planning. You purchase it using funds from a retirement account such as an individual retirement account or 401(k) plan, and then at a future date that you specify, you get guaranteed monthly payouts from it for the rest of your life (or your spouse’s).

Once you bring long-term care into the equation, anything and everything is on the table. Matthew Brennan Partner at Acorn Financial Services

It also lets you exclude the amount from required minimum distributions — which kick in at age 70½ for those retirement accounts — until age 85. When the income stream starts, it can be used however it’s needed (including for LTC costs). The maximum that can go into a single QLAC is either $130,000 or 25% of the value of your retirement accounts, whichever is less. And, you must start taking the payments by age 85. Real estate also is an option for funding LTC expenses. “Once you bring long-term care into the equation, anything and everything is on the table,” said Brennan, of Acorn Financial. “So you have to consider equity in a home,” he said. “That could mean getting a reverse mortgage, or an equity line of credit that you don’t draw on unless you need care, or the full sale of the home.”


Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: sarah obrien
Keywords: news, cnbc, companies, longterm, clients, ltc, costs, help, insurance, unknown, cost, advisors, financial, tackle, life, looming, need, care, retirement


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France does not need a power struggle with Germany

His mediation efforts could now be needed more than ever, as the French President Emmanuel Macron seems to have lost patience in dealing with his German colleagues. Macron fought hard to show that it was not true that Germany was using its strong economic position to reinforce its EU’s political dominance. He also proposed measures to anchor France and Germany into a quasi-irreversible European institutional structure. Predictably, France’s high unemployment, rising poverty, social unrest and ne


His mediation efforts could now be needed more than ever, as the French President Emmanuel Macron seems to have lost patience in dealing with his German colleagues.
Macron fought hard to show that it was not true that Germany was using its strong economic position to reinforce its EU’s political dominance.
He also proposed measures to anchor France and Germany into a quasi-irreversible European institutional structure.
Predictably, France’s high unemployment, rising poverty, social unrest and ne
France does not need a power struggle with Germany Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: dr michael ivanovitch
Keywords: news, cnbc, companies, german, need, euro, poverty, macrons, french, economic, struggle, power, france, does, president, rate, germany, macron


France does not need a power struggle with Germany

German Chancellor Angela Merkel and French President Emmanuel Macron during a press conference in the German chancellery on Volkstrauertag, Germany’s national day of mourning for victims of war, on November 18, 2018 in Berlin, Germany. Michele Tantussi | Getty Images News | Getty Images

Europe’s “demons haven’t been banished, they are merely sleeping,” recently retired president of the European Commission Jean-Claude Juncker warned six years ago. He’s also said that “anyone who believes [that] the eternal issue of war and peace in Europe has been permanently laid to rest could be making a monumental error.” This is the man who once proudly declared that “Europe is the love story of my life.” A long-serving prime minister of Luxembourg, Juncker was also known as an indefatigable mediator of French-German disputes. One such famous event was a nearly pugilistic encounter between the French President Jacques Chirac and the German Chancellor Helmut Kohl as they clashed about the European Central Bank presidency during a meeting in Dublin, Ireland in December 1996. Juncker was dubbed the “Hero of Dublin” by the international media for how well he handled the mediation between the other two leaders. His mediation efforts could now be needed more than ever, as the French President Emmanuel Macron seems to have lost patience in dealing with his German colleagues. That’s a sad coda to an effort for a united Europe. Macron fought hard to show that it was not true that Germany was using its strong economic position to reinforce its EU’s political dominance. But last week, he sounded like he admitted to having failed in that important mission.

Macron’s costly German mistake

Even before he became president, Macron traveled to Germany to assure his future partners he would consolidate the French public finances and reform product and labor markets to narrow the structural gap between the French and German economies. To impress the Germans, he pursued fiscal austerity and harsh labor market reforms. He also proposed measures to anchor France and Germany into a quasi-irreversible European institutional structure. Macron apparently wanted to guarantee that “populists” and euroskeptics would not be able to dismantle his work. Predictably, France’s high unemployment, rising poverty, social unrest and nearly a year of violent demonstrations have damped Macron’s reformist zeal. He has also reversed the fiscal discipline he imposed to satisfy the German drive to balanced public sector accounts within the euro area. At the same time, Macron’s proposals about strengthening the European Union never had a chance; they were peremptorily rejected by Berlin. Facing the second half of his five-year term, Macron is caught up in a dead heat with the right-wing National Rally leader Marine Le Pen — a fervent euroskeptic and a virulent critic of what she sees as the French subservience to Germany. The latest opinion poll shows that, if the vote was held now, the two bitter rivals would get roughly the same share of votes in the first round — but Macron would eventually win the runoff, a risk he apparently does not wish to take. The risk is significant indeed. At the moment, the French economy has stabilized around a quarterly growth rate of 0.3%, and the outlook for a 1.3% annual growth this year and next remains an optimistic scenario in view of a tightening fiscal policy.

Germany’s deep crisis

Under those conditions, it is implausible to expect a notable decline of unemployment. France’s likely jobless rate of 8.5% will remain the fourth largest (after Greece, Spain and Italy) in the euro area. That bodes ill for general living standards. The poverty report issued in September shows that 14.7% of the French population — 9.3 million people — lived below the poverty line. That’s a considerable increase from a 14.1% poverty rate observed over the last three years. That raises several issues in French-German relations. First, Berlin insists, directly or through its sidekicks at the EU Commission, on calling out Paris for excessive budget deficits estimated at 3.2% of GDP this year and 2.3% in 2020. Macron spoke derisively last week about that procedure — which can lead to economic sanctions — as a debate of another century, where budget rules have nothing to do with sound economic analysis. Second, Germany’s refusal to stimulate its domestic demand means that it will continue to live off its trade partners, as shown by its exports soaring at an annual rate of 4.6% in September. France is by far Germany’s largest euro area customer; its 40.1 billion euro deficit on German trades in 2018 accounted for nearly one-half of Berlin’s trade surplus with the monetary union. Is there any leverage for Macron here? Third, German fiscal policy pressures on France, and Berlin’s large economic benefits from the euro and the euro area trade surpluses are powerful arguments for Marine Le Pen and the rest of Macron’s adversaries. They are raising the question of France’s submission to Germany — a resonant and dangerous issue — where the euro and the EU serve as instruments of German domination. Macron directly spoke or alluded to some of those problems last week. The German media called that an “unsparing” attack on German leadership, and a serious turn of events at a time when Germany was commemorating the fall of the Berlin Wall. Germans apparently saw nothing coming, although it has been quite clear for some time that Macron was under increasing political pressure from social unrest, sluggish economy and precarious public finances. That shows the Germans don’t care that their economic policies are a large part of Macron’s problems.

Investment strategy


Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: dr michael ivanovitch
Keywords: news, cnbc, companies, german, need, euro, poverty, macrons, french, economic, struggle, power, france, does, president, rate, germany, macron


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Airbnb CEO: These are 2 things that caused WeWork’s fall

Speaking at The New York Times DealBook conference in New York City on Wednesday, Chesky said he believes two main things contributed to WeWork’s fall. According to Chesky, the first lesson here is that not all tech companies are the same. “We now realize that is not that they aren’t a tech company, it is that tech companies live on a continuum,” he said. And I think that’s the first lesson of WeWork,” Chesky said. (Additionally, skeptics of WeWork have defined it more as a real estate company t


Speaking at The New York Times DealBook conference in New York City on Wednesday, Chesky said he believes two main things contributed to WeWork’s fall.
According to Chesky, the first lesson here is that not all tech companies are the same.
“We now realize that is not that they aren’t a tech company, it is that tech companies live on a continuum,” he said.
And I think that’s the first lesson of WeWork,” Chesky said.
(Additionally, skeptics of WeWork have defined it more as a real estate company t
Airbnb CEO: These are 2 things that caused WeWork’s fall Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: jade scipioni
Keywords: news, cnbc, companies, billion, caused, fall, need, weworks, things, airbnb, companies, chesky, ipo, business, wework, ceo, tech, company


Airbnb CEO: These are 2 things that caused WeWork's fall

Airbnb co-founder and CEO Brian Chesky says he has made it clear to his employees and investors that he plans to take the company public in 2020, despite the varying levels of success with tech IPOs this year. But Chesky says he won’t make the same mistakes that co-working company WeWork and its co-founder Adam Neumann made with the company’s ill-fated IPO. After WeWork withdrew its IPO filing in September, SoftBank agreed to take a majority stake in the company, resulting in Neumann’s exit, layoffs and the unicorn start-up once valued at $47 billion, is now worth less than $5 billion, reports Markets Insider. WeWork also said Friday there will be changes to the business, including the company divesting “non-core businesses” (including its investment in The Wing) and reducing its head count. Speaking at The New York Times DealBook conference in New York City on Wednesday, Chesky said he believes two main things contributed to WeWork’s fall.

Not all tech companies are created equal

Shortly after WeWork filed its IPO in August, the company faced intense scrutiny about its finances and its inflated valuation of $47 billion. For instance, The Financial Times reported July that despite WeWork’s high valuation and growth, the 9-year-old start-up was losing cash fast — roughly $219,000 an hour to be exact. What’s more, in 2018, the company disclosed that its losses and revenues both doubled from the year before to $1.9 billion and $1.8 billion, respectively. According to FT, while WeWork projected $3 billion in revenue in March, it lost $700 million in the first quarter of 2019. According to Chesky, the first lesson here is that not all tech companies are the same. Some are good businesses, and some are not. He says historically, investors would value companies at a one or a zero — meaning its either a tech company or its not a tech company “I think that people used to believe that every company was a tech company,” Chesky said at the DealBook conference. “We now realize that is not that they aren’t a tech company, it is that tech companies live on a continuum,” he said. “The best way to understand the continuum is your gross margins or what is your gross profit. Some [companies] like Microsoft and these really big tech firms have really high margins and other companies [have] really low margins. And I think that’s the first lesson of WeWork,” Chesky said. In this case, WeWork — whose main business model is to lease or buy office space and transform it into smaller offices to rent to small business owners or start-ups — is a low margin business, meaning its service sells for very close to the price that it costs the company to get the real estate it leases out. (Additionally, skeptics of WeWork have defined it more as a real estate company than a tech company. This despite WeWork’s attempt to position itself as a tech company: As far back as 2014, Neumann has been on the record saying that the company “happens to need buildings just like Uber happens to need cars, just like Airbnb happens to need apartments.” And in its S-1 IPO paperwork WeWork used the word “tech” 123 times, according to CBInsights.)

Founders need to be thoughtful about their actions early on


Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: jade scipioni
Keywords: news, cnbc, companies, billion, caused, fall, need, weworks, things, airbnb, companies, chesky, ipo, business, wework, ceo, tech, company


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Public hearings start this week in the Trump impeachment probe. Here’s what you need to know

Three administration officials are set to testify in public hearings, taking the impeachment investigation into new territory in accordance with a resolution passed by House Democrats late last month. U.S. charge d’affaires in Ukraine Bill Taylor and Deputy Assistant Secretary for European and Eurasian Affairs George Kent are set to testify before Congress in a public hearing Wednesday. Ambassador to Ukraine Marie Yovanovitch is scheduled to testify in public at 9 a.m. President Donald Trump, me


Three administration officials are set to testify in public hearings, taking the impeachment investigation into new territory in accordance with a resolution passed by House Democrats late last month.
U.S. charge d’affaires in Ukraine Bill Taylor and Deputy Assistant Secretary for European and Eurasian Affairs George Kent are set to testify before Congress in a public hearing Wednesday.
Ambassador to Ukraine Marie Yovanovitch is scheduled to testify in public at 9 a.m.
President Donald Trump, me
Public hearings start this week in the Trump impeachment probe. Here’s what you need to know Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: kevin breuninger
Keywords: news, cnbc, companies, heres, know, week, zelenskiy, need, president, impeachment, trump, officials, ukraine, probe, inquiry, hearings, set, start, public, testify


Public hearings start this week in the Trump impeachment probe. Here's what you need to know

Three administration officials are set to testify in public hearings, taking the impeachment investigation into new territory in accordance with a resolution passed by House Democrats late last month.

U.S. charge d’affaires in Ukraine Bill Taylor and Deputy Assistant Secretary for European and Eurasian Affairs George Kent are set to testify before Congress in a public hearing Wednesday. The officials will testify together at 10 a.m. ET.

Former U.S. Ambassador to Ukraine Marie Yovanovitch is scheduled to testify in public at 9 a.m. ET Friday.

President Donald Trump, meanwhile, has announced plans to “probably” release a transcript of an earlier conversation with Ukraine President Volodymyr Zelenskiy as soon as Tuesday.

The impeachment inquiry, led by House Intelligence Committee Chairman Adam Schiff, D-Calif., focuses on whether Trump abused his power by asking Zelenskiy in a July 25 call to “look into” former Vice President Joe Biden and his son Hunter — and investigate unsubstantiated allegations of Ukrainian interference in the 2016 U.S. presidential election. Trump’s requests came as his administration held up a crucial military aid package to the country.

Here’s what’s coming up this week in the impeachment inquiry:


Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: kevin breuninger
Keywords: news, cnbc, companies, heres, know, week, zelenskiy, need, president, impeachment, trump, officials, ukraine, probe, inquiry, hearings, set, start, public, testify


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Need a loan? There’s a tech company for that.

Other major tech companies have also come up with similar consumer or small-business offerings. It’s the kind of trend that has some investors seeing a future in which tech companies without a financial services business are the outliers. Some major tech companies are already experiencing the pitfalls of consumer lending. Bringing financial services to underserved populations has been a rallying cry for tech companies seeking to enter the world of banking. Nof warned that it’s easy for lending s


Other major tech companies have also come up with similar consumer or small-business offerings.
It’s the kind of trend that has some investors seeing a future in which tech companies without a financial services business are the outliers.
Some major tech companies are already experiencing the pitfalls of consumer lending.
Bringing financial services to underserved populations has been a rallying cry for tech companies seeking to enter the world of banking.
Nof warned that it’s easy for lending s
Need a loan? There’s a tech company for that. Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: jason abbruzzese
Keywords: news, cnbc, companies, services, theres, consumer, need, companies, financial, loans, debt, loan, credit, tech, lending, startups, company


Need a loan? There's a tech company for that.

A monitor displays a “Zuck Buck” as Mark Zuckerberg, chief executive officer and founder of Facebook Inc., testifies during a House Financial Services Committee hearing in Washington, D.C., U.S., on Wednesday, Oct. 23, 2019.

Technology companies have a new product to sell: debt.

Once something Silicon Valley avoided, financial services such as consumer loans have crept in to the offerings of just about every tech company, a transition that highlights the increasing pressure to find new sources of revenue.

Many of those services come with claims that innovation, along with consumer choice, will help people who haven’t had access to traditional banking. But some Silicon Valley veterans are also warning that lenders to consumers and small businesses are already plentiful and that the practice of lending carries different kinds of risks than tech companies are used to.

And tech critics aren’t keen on the idea either, pointing to a history of using automated systems that end up discriminating against already marginalized groups.

Uber became the most recent tech entrant in October when it announced a new division called Uber Money that will offer financial products, including a digital wallet containing debit and credit cards. The ride-hailing company has struggled to turn a profit.

Other major tech companies have also come up with similar consumer or small-business offerings. Apple has teamed up with Goldman Sachs for a credit card. Payment companies Stripe and Paypal offer small-business loans. Facebook has teased an entry into finance through its embattled Libra digital currency project. Amazon has offered short-term loans to businesses since 2011 and added Bank of America as a partner in 2018. Even China’s tech giants are getting in on the act.

Those companies are also competing with a variety of startups solely focused on financial services technology — fintech, in Silicon Valley parlance — that offer a variety of tools and services that are underpinned by lending.

It’s the kind of trend that has some investors seeing a future in which tech companies without a financial services business are the outliers. Michael Gilroy, a partner at the investment firm Coatue Management, published a blog post in August declaring that “all big brands will become fintechs.”

“You need to have a business that’s already working,” Gilroy told NBC News. “Then you can get into lending.”

But he also offered a warning: The downside of lending is as big as its upside.

“Credit can be a very bad thing depending on how it’s packaged and how you give it, but credit can also be an incredible driver of the economy,” Gilroy said.

Some major tech companies are already experiencing the pitfalls of consumer lending. A New York regulator is investigating possible sex discrimination in the way Goldman Sachs set credit limits for the Apple Card. Uber’s credit effort has attracted criticism from labor activists and politicians who say the company already has a predatory relationship with its drivers.

The rise of peer-to-peer lending — in which tech platforms connect individuals in need of loans with people interested in lending money — in the mid-2000s led to the first “tech-enabled” consumer debt companies, with some, like Lending Club, going public at multibillion-dollar values. But those companies remained a very small percentage of the larger U.S. consumer and small-business debt industries, which lend hundreds of billions of dollars each year.

That began to change after the U.S. financial crisis, which led banks to pull back from consumer and small-business lending.

“The banks, post-crisis, never really got back into expanding their consumer lending or small-business lending, so there’s this whole market that’s underserved,” said Logan Allin, general partner at Fin Venture Capital, which invests in financial technology startups. “And there’s a portion of that market that definitely deserves credit.”

Bringing financial services to underserved populations has been a rallying cry for tech companies seeking to enter the world of banking. The race to bring banking to poor people around the world has been called a “$100 trillion opportunity.”

The size of that market, combined with the importance of payments as an everyday consumer service, make lending a tempting proposition for big tech companies even if they’re not bringing anything new to the industry.

“It’s not a shiny industry in the sense it’s not feature-rich,” said Gene Munster, a veteran tech analyst and managing director of the venture capital firm Loup Ventures. “The concept of payments being central to us is timeless, and I think these companies recognize you need to build products that capitalize on just the usage of them.”

Startups are, however, looking to bring new angles to lending. Venture capital flooded into fintech companies around the world in 2018 with $36.6 billion invested across more than 2,300 rounds of fundraising — more than the previous two years combined, according to Innovate Finance, a fintech membership association in the United Kingdom.

But the opportunities for fintechs may be limited, particularly in the United States. Americans already have high personal debt levels, spurred in part by fintech companies that now account for a greater percentage of the overall personal loan market than banks, according to data from TransUnion.

And Allin noted that some tech companies are looking to “alternative metrics” such as tracking smartphone usage as an indicator of creditworthiness, rather than relying on traditional data such as credit scores and income.

The technology behind these loan programs also tends to be secretive, employing algorithms and artificial intelligence to determine who should and shouldn’t receive loans.

“It’s a bit black-box,” Allin said.

Fintech lending has added to broader concerns about “shadow banking” — lending that happens outside traditional financial institutions such as peer-to-peer lending and through hedge funds — that now accounts for almost $15 trillion in assets in the U.S. alone. A 2017 survey by the Federal Deposit Insurance Corp. found about 25 million people in the U.S. were unbanked.

Fintechs also face changing consumer appetites for loans. Jordan Nof, managing partner of the startup investment firm Tusk Venture Partners, who also oversaw venture capital investments at Blackstone, said young professionals who might make sense for fintech companies aren’t looking for loans.

“Consumers who are in their 20s and 30s right now have demonstrated time and time again an aversion to taking on any additional debt,” Nof said. “They want to pay off their student loans as quickly as possible, so creating a new debt product for people who don’t want debt, that’s a tough sell.”

Nof said that while he sees plenty of lending-focused startups that offer legitimate value to consumers, a strong U.S. economy combined with intensifying competition among startups can create problems.

“Right now, we’re just seeing people solving problems that don’t exist,” Nof said.

Nof warned that it’s easy for lending startups to end up resembling payday loan companies — something there’s plenty of. CB Insights, a company that tracks startups, found more than 30 companies dedicated to “unbundling the paycheck” in a variety of ways including lending and loan servicing.

And while startups often thrive by forcing stodgy markets to change, disruption is a far riskier proposition when it comes to debt.

“I think that whenever it comes down to the stakes, it’s kind of similar to health care,” Nof said. “The stakes are just really high. You really can’t get things wrong on that side.”


Company: cnbc, Activity: cnbc, Date: 2019-11-11  Authors: jason abbruzzese
Keywords: news, cnbc, companies, services, theres, consumer, need, companies, financial, loans, debt, loan, credit, tech, lending, startups, company


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Gen. Petraeus: US, China need a mutually beneficial relationship

Gen. Petraeus: US, China need a mutually beneficial relationshipDavid Petraeus, retired four-star army general and chairman of the KKR Global Institute, joins CNBC’s “Squawk Box” to discuss the protests in Hong Kong as well as U.S. and China’s relationship.


Gen. Petraeus: US, China need a mutually beneficial relationshipDavid Petraeus, retired four-star army general and chairman of the KKR Global Institute, joins CNBC’s “Squawk Box” to discuss the protests in Hong Kong as well as U.S. and China’s relationship.
Gen. Petraeus: US, China need a mutually beneficial relationship Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-11
Keywords: news, cnbc, companies, relationship, beneficial, kkr, gen, petraeus, squawk, kong, mutually, protests, retired, need, china, relationshipdavid


Gen. Petraeus: US, China need a mutually beneficial relationship

Gen. Petraeus: US, China need a mutually beneficial relationship

David Petraeus, retired four-star army general and chairman of the KKR Global Institute, joins CNBC’s “Squawk Box” to discuss the protests in Hong Kong as well as U.S. and China’s relationship.


Company: cnbc, Activity: cnbc, Date: 2019-11-11
Keywords: news, cnbc, companies, relationship, beneficial, kkr, gen, petraeus, squawk, kong, mutually, protests, retired, need, china, relationshipdavid


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