CEO of Australia’s largest telco weighs in on profit decline

Australia’s largest telecom company Telstra will soon be ready to give customers the next-generation of ultra-high speed mobile internet, known as 5G, its CEO said on Thursday. Penn’s remarks came after Telstra released its half year results for financial year 2019 on Thursday morning. Net profit after tax was down 27.4 percent on-year to 1.2 billion Australian dollars (approximately $854 million) in line with expectations. The company said its financial results were affected by a partially-comp


Australia’s largest telecom company Telstra will soon be ready to give customers the next-generation of ultra-high speed mobile internet, known as 5G, its CEO said on Thursday. Penn’s remarks came after Telstra released its half year results for financial year 2019 on Thursday morning. Net profit after tax was down 27.4 percent on-year to 1.2 billion Australian dollars (approximately $854 million) in line with expectations. The company said its financial results were affected by a partially-comp
CEO of Australia’s largest telco weighs in on profit decline Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, weighs, largest, telstra, customers, telco, 5g, results, internet, essentially, company, decline, ceo, network, profit, australias, penn, financial


CEO of Australia's largest telco weighs in on profit decline

Australia’s largest telecom company Telstra will soon be ready to give customers the next-generation of ultra-high speed mobile internet, known as 5G, its CEO said on Thursday.

Mobile is the “engine room” of Telstra’s business and it will be a critical part of the future, Andrew Penn told CNBC’s “Street Signs.”

“We have had more than 200 sites rolled out on 5G now,” he said. “We’ll be one of the first global operators to actually put 5G in the hands of our customers in the coming months when handsets are available.”

Penn’s remarks came after Telstra released its half year results for financial year 2019 on Thursday morning.

Net profit after tax was down 27.4 percent on-year to 1.2 billion Australian dollars (approximately $854 million) in line with expectations. The company said its financial results were affected by a partially-completed fiber network, which is owned by the government. Essentially, Telstra has to pay before it can connect to that network to provide broadband internet to its customers.

“We have a structural change in the industry where, essentially, a significant proportion of our business is being aggressively transferred to this new entity,” Penn said, adding that it “basically takes away about a third-to-half of our earnings in a lot of our activity.”


Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, weighs, largest, telstra, customers, telco, 5g, results, internet, essentially, company, decline, ceo, network, profit, australias, penn, financial


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CEO of Australia’s largest telco weighs in on profit decline

Australia’s largest telecom company Telstra will soon be ready to give customers the next-generation of ultra-high speed mobile internet, known as 5G, its CEO said on Thursday. Penn’s remarks came after Telstra released its half year results for financial year 2019 on Thursday morning. Net profit after tax was down 27.4 percent on-year to 1.2 billion Australian dollars (approximately $854 million) in line with expectations. The company said its financial results were affected by a partially-comp


Australia’s largest telecom company Telstra will soon be ready to give customers the next-generation of ultra-high speed mobile internet, known as 5G, its CEO said on Thursday. Penn’s remarks came after Telstra released its half year results for financial year 2019 on Thursday morning. Net profit after tax was down 27.4 percent on-year to 1.2 billion Australian dollars (approximately $854 million) in line with expectations. The company said its financial results were affected by a partially-comp
CEO of Australia’s largest telco weighs in on profit decline Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, weighs, largest, telstra, customers, telco, 5g, results, internet, essentially, company, decline, ceo, network, profit, australias, penn, financial


CEO of Australia's largest telco weighs in on profit decline

Australia’s largest telecom company Telstra will soon be ready to give customers the next-generation of ultra-high speed mobile internet, known as 5G, its CEO said on Thursday.

Mobile is the “engine room” of Telstra’s business and it will be a critical part of the future, Andrew Penn told CNBC’s “Street Signs.”

“We have had more than 200 sites rolled out on 5G now,” he said. “We’ll be one of the first global operators to actually put 5G in the hands of our customers in the coming months when handsets are available.”

Penn’s remarks came after Telstra released its half year results for financial year 2019 on Thursday morning.

Net profit after tax was down 27.4 percent on-year to 1.2 billion Australian dollars (approximately $854 million) in line with expectations. The company said its financial results were affected by a partially-completed fiber network, which is owned by the government. Essentially, Telstra has to pay before it can connect to that network to provide broadband internet to its customers.

“We have a structural change in the industry where, essentially, a significant proportion of our business is being aggressively transferred to this new entity,” Penn said, adding that it “basically takes away about a third-to-half of our earnings in a lot of our activity.”


Company: cnbc, Activity: cnbc, Date: 2019-02-14  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, weighs, largest, telstra, customers, telco, 5g, results, internet, essentially, company, decline, ceo, network, profit, australias, penn, financial


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Tesla’s charging stations are a massive ‘competitive moat,’ Morgan Stanley says

Tesla has built up a global network of charging stations, which Morgan Stanley analyst Adam Jonas pointed to as a possible “competitive moat” that offers protection from other electric vehicle makers. “We estimate Tesla’s chargers may account for 30 percent to 40 percent of total US charging outlets counted by the US Dept. Jonas is widely followed on Wall Street for his thoughts on Tesla and electric vehicles. Tesla upped its network of global “supercharger” stations to nearly 13,000 by the end


Tesla has built up a global network of charging stations, which Morgan Stanley analyst Adam Jonas pointed to as a possible “competitive moat” that offers protection from other electric vehicle makers. “We estimate Tesla’s chargers may account for 30 percent to 40 percent of total US charging outlets counted by the US Dept. Jonas is widely followed on Wall Street for his thoughts on Tesla and electric vehicles. Tesla upped its network of global “supercharger” stations to nearly 13,000 by the end
Tesla’s charging stations are a massive ‘competitive moat,’ Morgan Stanley says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: michael sheetz, source, andrew evers cnbc, vcg vcg, getty images
Keywords: news, cnbc, companies, global, massive, total, electric, destination, chargers, morgan, charging, stations, teslas, jonas, competitive, stanley, tesla, network, moat


Tesla's charging stations are a massive 'competitive moat,' Morgan Stanley says

Tesla has built up a global network of charging stations, which Morgan Stanley analyst Adam Jonas pointed to as a possible “competitive moat” that offers protection from other electric vehicle makers.

“We estimate Tesla’s chargers may account for 30 percent to 40 percent of total US charging outlets counted by the US Dept. of Energy,” Jonas said in a note to investors on Tuesday. Jonas is widely followed on Wall Street for his thoughts on Tesla and electric vehicles.

Tesla upped its network of global “supercharger” stations to nearly 13,000 by the end of last year, while also increasing its total “destination chargers” to more than 21,000. Superchargers refuel most Tesla batteries in about an hour, whereas destination charging stations provide longer charging times more suited for long stays at malls or overnights at hotels.


Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: michael sheetz, source, andrew evers cnbc, vcg vcg, getty images
Keywords: news, cnbc, companies, global, massive, total, electric, destination, chargers, morgan, charging, stations, teslas, jonas, competitive, stanley, tesla, network, moat


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PRTG Network Monitor (MONITOREO-SERVE)


PRTG Network Monitor (MONITOREO-SERVE) Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-11
Keywords: news, cnbc, companies, monitor, monitoreoserve, network, prtg



Company: cnbc, Activity: cnbc, Date: 2019-02-11
Keywords: news, cnbc, companies, monitor, monitoreoserve, network, prtg


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Reddit users are the least valuable of any social network

Reddit’s latest funding round values its users at a lower price than any other social network. Reddit did not immediately respond to a request for comment regarding its latest revenue details. That estimate would make Reddit’s ARPU significantly lower than other social networks, even those with similar MAUs. Facebook reported 2.32 billion MAUs in its latest report and ARPU of $7.37. Snap does not report global MAUs, but reported $2.09 ARPU in its latest quarterly report.


Reddit’s latest funding round values its users at a lower price than any other social network. Reddit did not immediately respond to a request for comment regarding its latest revenue details. That estimate would make Reddit’s ARPU significantly lower than other social networks, even those with similar MAUs. Facebook reported 2.32 billion MAUs in its latest report and ARPU of $7.37. Snap does not report global MAUs, but reported $2.09 ARPU in its latest quarterly report.
Reddit users are the least valuable of any social network Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: lauren feiner, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, social, arpu, revenue, network, million, reported, users, report, reddits, valuable, maus, reddit, latest


Reddit users are the least valuable of any social network

Reddit’s latest funding round values its users at a lower price than any other social network.

The company announced Monday it had raised $300 million in its Series D investment round at a valuation of $3 billion. CNBC previously reported the company’s annual revenue topped $100 million, according to sources familiar with the matter, and at 330 million monthly active users (MAUs), this would make Reddit’s average revenue per user (ARPU) about 30 cents. Reddit did not immediately respond to a request for comment regarding its latest revenue details.

That estimate would make Reddit’s ARPU significantly lower than other social networks, even those with similar MAUs. Twitter, for example, reported 321 MAUs for its latest quarterly report, and with annual revenue of about $3.04 billion in 2018, that would make its ARPU about $9.48.

Facebook reported 2.32 billion MAUs in its latest report and ARPU of $7.37. Snap does not report global MAUs, but reported $2.09 ARPU in its latest quarterly report.

Pinterest, which has yet to go public but is preparing for an IPO this year, says on its website it has 250 million monthly users. Pinterest declined to comment on their revenue, but a September article in The New York Times said the company was on track to top $700 million in revenue for 2018. That would bring its ARPU to about $2.80.

While Reddit’s value per user is much lower than its peers, it is betting its access to a valuable demographic will appeal to advertisers and potentially even draw their dollars from larger rivals like Facebook and Google. The company said half of its MAUs are between the ages of 18 and 24.

“When we are talking about competing for ad dollars, of course we are talking about Facebook and Google, who take up the vast majority of ad spend,” said Reddit CEO Steve Huffman in an interview with CNBC. “We are competing with anybody, or anywhere people spend their free time.”

-CNBC’s Julia Boorstin contributed to this report.

Subscribe to CNBC on YouTube

Watch: Reddit CEO: We’ve had a lot of investor attention in the last year


Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: lauren feiner, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, social, arpu, revenue, network, million, reported, users, report, reddits, valuable, maus, reddit, latest


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Australian parliamentary network hacked; no sign data stolen

Australia’s leading cybersecurity agency is investigating a breach of the country’s federal parliamentary computing network amid speculation of hacking by a foreign nation. “We have no evidence that this is an attempt to influence the outcome of parliamentary processes or to disrupt or influence electoral or political processes,” the statement said. Though Australian officials have not blamed any country, in 2011 it was reported China was suspected of accessing the email system used by lawmakers


Australia’s leading cybersecurity agency is investigating a breach of the country’s federal parliamentary computing network amid speculation of hacking by a foreign nation. “We have no evidence that this is an attempt to influence the outcome of parliamentary processes or to disrupt or influence electoral or political processes,” the statement said. Though Australian officials have not blamed any country, in 2011 it was reported China was suspected of accessing the email system used by lawmakers
Australian parliamentary network hacked; no sign data stolen Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: matej moderc, getty images
Keywords: news, cnbc, companies, politicians, parliamentary, processes, data, australian, hanson, scott, stolen, network, morrison, email, sign, system, statement, influence, hacked


Australian parliamentary network hacked; no sign data stolen

Australia’s leading cybersecurity agency is investigating a breach of the country’s federal parliamentary computing network amid speculation of hacking by a foreign nation.

Lawmakers and staff in the capital, Canberra, were made to change their passwords on the system after the overnight breach.

A joint statement from House of Representatives Speaker Tony Smith and Senate President Scott Ryan says there’s no evidence that data had been accessed in the breach, but investigations are continuing.

“We have no evidence that this is an attempt to influence the outcome of parliamentary processes or to disrupt or influence electoral or political processes,” the statement said.

Though Australian officials have not blamed any country, in 2011 it was reported China was suspected of accessing the email system used by lawmakers and parliamentary staff.

Cybersecurity expert Fergus Hanson, from the Australian Strategic Policy Institute, said it’s likely a “nation-state” was behind the incident.

“There would be lots of juicy correspondence between staffers about who is doing what and dirt files on different politicians,” Hanson said. “There might be interesting information about parliamentary perks that are given to politicians that the public may not like. There may be whole email stashes that could damage one party or another party.”

Prime Minister Scott Morrison said he had been briefed on the matter but could not comment on the source of the attack.

“I should stress that there is no suggestion that government departments or agencies have been the target of any such incursion,” Morrison told reporters.

The cyberbreach follows revelations that parliamentarians in Britain were targeted by an attempt to hack into their email and phone contact lists earlier this week.


Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: matej moderc, getty images
Keywords: news, cnbc, companies, politicians, parliamentary, processes, data, australian, hanson, scott, stolen, network, morrison, email, sign, system, statement, influence, hacked


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Sprint is suing AT&T for labeling its network ‘5G’ when it’s actually 4G

… By making the false claim that it is offering a 5G wireless network where it offers only a 4G LTE Advanced network, AT&T is attempting to secure an unfair advantage in the saturated wireless market. But this doesn’t mean the customer is actually connected to a 5G network. 5G Evolution isn’t the same as 5G+, which is what AT&T has named the faster lower-band 5G “mmWave” network. The company said in a statement Friday it’s been upfront about 5G Evolution as a step toward “standards-based 5G.”


… By making the false claim that it is offering a 5G wireless network where it offers only a 4G LTE Advanced network, AT&T is attempting to secure an unfair advantage in the saturated wireless market. But this doesn’t mean the customer is actually connected to a 5G network. 5G Evolution isn’t the same as 5G+, which is what AT&T has named the faster lower-band 5G “mmWave” network. The company said in a statement Friday it’s been upfront about 5G Evolution as a step toward “standards-based 5G.”
Sprint is suing AT&T for labeling its network ‘5G’ when it’s actually 4G Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: sara salinas, todd haselton, janhvi bhojwani
Keywords: news, cnbc, companies, wireless, 4g, evolution, network, available, att, lte, 5g, customers, sprint, spokesperson, labeling, actually, suing


Sprint is suing AT&T for labeling its network '5G' when it's actually 4G

Sprint is suing AT&T for what it calls a “deceptive 5G E campaign” in which AT&T seeks to “mislead customers into believing that it currently offers a coveted and highly anticipated fifth-generation wireless network, known as 5G.”

The complaint is a step toward legal standard in the burgeoning 5G space, and could trigger an embarrassing rollback for AT&T in its marketing if the judge rules in Sprint’s favor. Tech news site Engadget first reported the lawsuit.

According to the lawsuit:

The significance of AT&T’s deception cannot be overstated. Following years of tremendous growth in both the number of data users and in the amount of data being consumed, consumers are now demanding wireless service with faster speeds, lower latency (i.e., faster connectivity), and greater capacity (i.e., the ability to accommodate more users) than current 4G LTE wireless service can deliver. … By making the false claim that it is offering a 5G wireless network where it offers only a 4G LTE Advanced network, AT&T is attempting to secure an unfair advantage in the saturated wireless market.

The complaint, filed Thursday in the U.S. District Court of the Southern District of New York, seeks to stop AT&T from using the terms “5GE,” “5G E,” or “5G Evolution,” or any designation containing “5G” for its current wireless network offerings. It also includes the possibility that AT&T could pay out damages of an amount to be determined by the court.

“We feel very comfortable with how we’ve characterized the new service that we’re launching,” AT&T CEO Randall Stephenson told CNBC’s “Squawk Box” Friday. “We’ve obviously done our homework. We’ve done a lot of work around how we characterize this and we’re being very clear with our customers that this is an evolutionary step.”

All four major U.S. wireless carriers have been rushing to claim the first 5G network in the U.S., which has caused confusion for customers. Some of this had led to carriers like AT&T using 5G marketing in areas where 5G will eventually be available, but isn’t yet.

“I fully understand why our competitors might be upset with this,” Stephenson said. “It’s not a play everybody can run. It’s a play that we really like, and it’s a play that’s going to differentiate us in the marketplace as we begin to roll this out over the course of this year.”

Some AT&T phones now show a “5G E” indicator where they used to say LTE, for example. This means a customer is in a 5G Evolution market where AT&T has deployed network technology that has peak theoretical speeds of 400 megabits per second, or what AT&T considers the foundation for 5G. But this doesn’t mean the customer is actually connected to a 5G network. In fact, customers can’t even buy true 5G phones yet.

5G Evolution isn’t the same as 5G+, which is what AT&T has named the faster lower-band 5G “mmWave” network. That’s the network that will compete with offerings from Verizon, Sprint and T-Mobile, and it’s only available in a dozen markets in the U.S. right now.

“The reality is that this network isn’t ‘new’ and ‘5G E’ is a false and misleading term,” a spokesperson for Sprint said in a statement. “AT&T is just like Sprint and all the other major wireless carriers currently operating a nationwide 4G LTE network.”

AT&T tried to clear up this confusion in a statement to CNBC Wednesday, but it doesn’t address why AT&T is suggesting there’s actual 5G available when there is not.

“We’ve brought the ‘5G E’ indicator to some of our most popular and capable smartphones simply to help customers know when they are in an area where the enhanced wireless experience may be available,” a spokesperson said. “Customers with a 5G capable device will see a ‘5G+’ indicator when in our mmWave spectrum area. Later this year we’ll offer 5G over low-band spectrum, and customers with a capable device will see ‘5G’ in those areas.”

The company said in a statement Friday it’s been upfront about 5G Evolution as a step toward “standards-based 5G.”

“We will fight this lawsuit while continuing to deploy 5G Evolution in addition to standards-based mobile 5G. Customers want and deserve to know when they are getting better speeds,” a spokesperson for AT&T said. “Sprint will have to reconcile its arguments to the FCC that it cannot deploy a widespread 5G network without T-Mobile while simultaneously claiming in this suit to be launching ‘legitimate 5G technology imminently.'”

When asked for comment, Verizon pointed CNBC to a tweet by Verizon spokesperson Jeffrey Nelson. “5Ge. It’s pretend, it’s fake, it’s the kind of BS that gives marketers, communicators businesses and the wireless industry a black eye,” Nelson said.

Read the full lawsuit:


Company: cnbc, Activity: cnbc, Date: 2019-02-08  Authors: sara salinas, todd haselton, janhvi bhojwani
Keywords: news, cnbc, companies, wireless, 4g, evolution, network, available, att, lte, 5g, customers, sprint, spokesperson, labeling, actually, suing


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PRTG Network Monitor (MONITOREO-SERVE)


PRTG Network Monitor (MONITOREO-SERVE) Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-06
Keywords: news, cnbc, companies, network, prtg, monitor, monitoreoserve



Company: cnbc, Activity: cnbc, Date: 2019-02-06
Keywords: news, cnbc, companies, network, prtg, monitor, monitoreoserve


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Australia’s TPG Telecom cancels Huawei-supplied mobile network

Australia’s TPG Telecom on Tuesday said it had halted construction of its mobile telephone network because it relied on Huawei Technologies equipment that has been banned by Australia’s government on security grounds. The world’s biggest telecoms equipment maker has been under siege since the arrest of its chief financial officer, Meng Wanzhou, in Canada last December. Broadband internet provider TPG in a statement said it chose Huawei as a supplier because it offered a simple upgrade path from


Australia’s TPG Telecom on Tuesday said it had halted construction of its mobile telephone network because it relied on Huawei Technologies equipment that has been banned by Australia’s government on security grounds. The world’s biggest telecoms equipment maker has been under siege since the arrest of its chief financial officer, Meng Wanzhou, in Canada last December. Broadband internet provider TPG in a statement said it chose Huawei as a supplier because it offered a simple upgrade path from
Australia’s TPG Telecom cancels Huawei-supplied mobile network Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-29  Authors: william west, afp, getty images
Keywords: news, cnbc, companies, telecom, upgrade, cancels, australian, telstra, telecoms, mobile, announcement, tpg, 5g, equipment, australias, huawei, huaweisupplied, network


Australia's TPG Telecom cancels Huawei-supplied mobile network

Australia’s TPG Telecom on Tuesday said it had halted construction of its mobile telephone network because it relied on Huawei Technologies equipment that has been banned by Australia’s government on security grounds.

The nascent network is the first commercial casualty in Australia of the ban announced in August and comes as Western powers restrict market access to Huawei over allegations — which it denies — that China could use its equipment for espionage.

The world’s biggest telecoms equipment maker has been under siege since the arrest of its chief financial officer, Meng Wanzhou, in Canada last December.

The U.S. Justice Department on Monday accused the company of bank fraud and conspiring to steal trade secrets from T-Mobile US.

Broadband internet provider TPG in a statement said it chose Huawei as a supplier because it offered a simple upgrade path from the fourth-generation (4G) network under construction to 5G.

“In light of the government’s announcement in late August 2018 that it would prohibit the use of Huawei equipment in 5G networks, that upgrade path has now been blocked,” TPG said. “It does not make commercial sense to invest further shareholder funds.”

TPG said it made the decision now because the project had reached a point where it would have had to place new orders. It did not elaborate on the fate of the completed part of the network but said it does not expect any impact on 2019 earnings guidance.

Huawei said TPG’s announcement was “extremely disappointing.”

“The Australian government’s 5G ban on Huawei will lead to reduced competition and higher prices for Australian consumers and business,” the Chinese firm said in an emailed statement.

TPG shares hit a six-week peak following its announcement. The cancellation has cost it A$100 million ($72 million) but is widely seen as eliminating duplication under the A$15 billion merger it has agreed with the Australian arm of Britain’s Vodafone Group.

Vodafone uses Huawei’s 4G equipment in Australia but will not use Huawei in its planned 5G network. Reduced competition among equipment suppliers will have “a financial impact” on those plans, a spokeswoman said.

TPG’s announcement also buoyed shares elsewhere in the sector, with those of Telstra rising five percent to a three-month high as investors expected relief from profit-margin pressure in the price-competitive sector. The broader market was down 0.7 percent.

“You take one network out and then, obviously, in the end, for customers you’ve got less choice,” said independent telecoms analyst Paul Budde. “This will be a relief for Telstra and others.”


Company: cnbc, Activity: cnbc, Date: 2019-01-29  Authors: william west, afp, getty images
Keywords: news, cnbc, companies, telecom, upgrade, cancels, australian, telstra, telecoms, mobile, announcement, tpg, 5g, equipment, australias, huawei, huaweisupplied, network


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Koch network leads coalition urging businesses to hire former inmates

A broad coalition of business groups is pledging to hire workers with criminal backgrounds in the wake of a new federal law aimed at reducing incarcerations. The movement is spearheaded by billionaire industrialist Charles Koch, who enlisted the support of the Society for Human Resource Management (SHRM). The U.S. Chamber of Commerce, the National Retail Federation, the National Restaurant Association and the American Staffing Association have signed on as well. Together, the groups represent bu


A broad coalition of business groups is pledging to hire workers with criminal backgrounds in the wake of a new federal law aimed at reducing incarcerations. The movement is spearheaded by billionaire industrialist Charles Koch, who enlisted the support of the Society for Human Resource Management (SHRM). The U.S. Chamber of Commerce, the National Retail Federation, the National Restaurant Association and the American Staffing Association have signed on as well. Together, the groups represent bu
Koch network leads coalition urging businesses to hire former inmates Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-27  Authors: ylan mui, patrick t fallon, the washington post, getty images, tom williams, cq-roll call group
Keywords: news, cnbc, companies, hire, groups, workers, employ, coalition, network, leads, business, businesses, association, inmates, urging, national, koch, workforceas, american


Koch network leads coalition urging businesses to hire former inmates

A broad coalition of business groups is pledging to hire workers with criminal backgrounds in the wake of a new federal law aimed at reducing incarcerations.

The movement is spearheaded by billionaire industrialist Charles Koch, who enlisted the support of the Society for Human Resource Management (SHRM). The U.S. Chamber of Commerce, the National Retail Federation, the National Restaurant Association and the American Staffing Association have signed on as well. Together, the groups represent businesses that employ roughly 60 percent of the American workforce.

“As business people, we have so many opportunities we aren’t even aware of to make our country better and help people improve their lives. This is one of them,” Koch said in a statement. “I challenge all of us, as business leaders, to take this important next step together.”

Koch announced the initiative Sunday at a retreat in California, with a direct appeal to donors to his network of philanthropy and advocacy groups. More than 700 people attended the meeting, representing businesses that employ more than 2 million workers.


Company: cnbc, Activity: cnbc, Date: 2019-01-27  Authors: ylan mui, patrick t fallon, the washington post, getty images, tom williams, cq-roll call group
Keywords: news, cnbc, companies, hire, groups, workers, employ, coalition, network, leads, business, businesses, association, inmates, urging, national, koch, workforceas, american


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