Here’s how Mueller uses his power to gather evidence in the Russia probe

A third way Mueller can gather evidence is through a wire tap. Seth Waxman, a former federal prosecutor now with Dickinson Wright, told CNBC, “The biggest thing for prosecutors, especially in white-collar cases, is a paper trail.” That paper trail usually consists of bank records, emails and text messages. On its own, a paper trail can be confusing for a jury, while testimony may be seen as suspect, Waxman said in a phone interview. “The paper trail is what begins an investigation and provides b


A third way Mueller can gather evidence is through a wire tap. Seth Waxman, a former federal prosecutor now with Dickinson Wright, told CNBC, “The biggest thing for prosecutors, especially in white-collar cases, is a paper trail.” That paper trail usually consists of bank records, emails and text messages. On its own, a paper trail can be confusing for a jury, while testimony may be seen as suspect, Waxman said in a phone interview. “The paper trail is what begins an investigation and provides b
Here’s how Mueller uses his power to gather evidence in the Russia probe Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: elizabeth gurdus, andrew burton, getty images, jonathan ernst
Keywords: news, cnbc, companies, uses, trail, crimes, gather, evidence, russia, phone, emails, paper, wiley, way, waxman, heres, probe, power, mueller, investigation


Here's how Mueller uses his power to gather evidence in the Russia probe

New report says Trump may have instructed Cohen to lie to Congress 5:25 PM ET Fri, 18 Jan 2019 | 01:39

With a grand jury subpoena, Mueller can obtain physical evidence, such as documents, memos, handwritten notes or audio recordings, or he can request testimony.

In the case of Mueller’s investigation, testimony is key, said civil rights lawyer and NBC legal analyst Maya Wiley.

While subpoenas are a “crucial way of getting information,” getting people under investigation to admit to smaller crimes, such as perjury, or catching them in the act can get Mueller a lot farther, Wiley told CNBC in a phone interview.

Like he did with Flynn and former Trump campaign aide George Papadopoulos, “you start with low-level crimes and then say, ‘We’ll get you on more,'” Wiley, also a social justice professor and MSNBC contributor, explained. (Papadopoulos served a 12-day sentence last year after admitting he lied to federal investigators.)

Then, if the suspect knows there are larger crimes or connections to conspiracy, he begins to cooperate, she said, and not just by telling prosecutors what he knows, but handing over his emails, meeting notes and correspondences with involved parties.

“From a legal standpoint, you see the case being built on smaller crimes in order to get people to volunteer information,” Wiley said.

Another tool Mueller can use is interviewing witnesses, said Rossi, a former Justice Department official who trained several of Mueller’s aides. In a phone interview with CNBC, Rossi estimated that the special counsel’s team has interviewed thousands of people for the investigation.

A third way Mueller can gather evidence is through a wire tap. In special cases, especially those involving potential national security risks, Mueller can obtain search warrants through the Foreign Intelligence Surveillance Act, or FISA, a law that allows physical and electronic surveillance of foreign agents or powers.

With FISA power, Mueller can monitor correspondence, such as emails and text messages, between persons of interest in real time, provided the communications aren’t encrypted.

Other investigation tactics can include getting standard search warrants, obtaining a court order to view a suspicious party’s tax returns, or sending undercover officers or cooperators to gather evidence in the field, Rossi said.

Seth Waxman, a former federal prosecutor now with Dickinson Wright, told CNBC, “The biggest thing for prosecutors, especially in white-collar cases, is a paper trail.”

That paper trail usually consists of bank records, emails and text messages. Investigators can subpoena phone toll records, which will give them the phone numbers a person called, but to actually read emails or texts they need a search warrant, which requires probable cause.

On its own, a paper trail can be confusing for a jury, while testimony may be seen as suspect, Waxman said in a phone interview. But combining the two can “breathe life” into an investigation, he said.

“The paper trail is what begins an investigation and provides background and foundation for it,” Waxman said. “The cooperators then breathe life into that story and tell it in a way that’s compelling.”


Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: elizabeth gurdus, andrew burton, getty images, jonathan ernst
Keywords: news, cnbc, companies, uses, trail, crimes, gather, evidence, russia, phone, emails, paper, wiley, way, waxman, heres, probe, power, mueller, investigation


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Student loan debt is keeping young people from buying homes, Fed study finds

Student loan debt is putting a dent in young people’s pockets that is contributing to a much lower level of home ownership over the past decade. “In surveys, young adults commonly report that their student loan debts are preventing them from buying a home,” Fed researchers Alvaro Mezza, Daniel Ringo, and Kamila Sommer said in a paper released Wednesday. “Our estimates suggest that increases in student loan debt are an important factor in explaining their lowered homeownership rates, but not the


Student loan debt is putting a dent in young people’s pockets that is contributing to a much lower level of home ownership over the past decade. “In surveys, young adults commonly report that their student loan debts are preventing them from buying a home,” Fed researchers Alvaro Mezza, Daniel Ringo, and Kamila Sommer said in a paper released Wednesday. “Our estimates suggest that increases in student loan debt are an important factor in explaining their lowered homeownership rates, but not the
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Company: cnbc, Activity: cnbc, Date: 2019-01-16  Authors: jeff cox
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Student loan debt is keeping young people from buying homes, Fed study finds

Student loan debt is putting a dent in young people’s pockets that is contributing to a much lower level of home ownership over the past decade.

Federal Reserve economists studied the impact that the $1.5 trillion in educated-related loans is having on those aged 24 to 32. They found that while it is not the principal contributor to the decline in housing purchases, it is playing a significant role.

“In surveys, young adults commonly report that their student loan debts are preventing them from buying a home,” Fed researchers Alvaro Mezza, Daniel Ringo, and Kamila Sommer said in a paper released Wednesday. “Our estimates suggest that increases in student loan debt are an important factor in explaining their lowered homeownership rates, but not the central cause of the decline.”

Home ownership among all Americans for the study period declined 4 percentage points, from a peak of 69 percent in 2005 to a trough of 65 percent in 2014. However, the decline was much more pronounced among those in the 24-to-32 group, which saw a plunge from 45 percent to 36 percent.

The paper did not identify the other causes for the decline but indicated that about 20 percent could be attributed to the student loan burden. The economists said per capita college debt doubled in the period from $5,000 to $10,000.

Each increase of $1,000 in debt, then, led to a 1- to 2-percentage-point decline in home ownership. In real terms of the populace, that meant 400,000 who otherwise would have expected to own homes did not because of their student loan burden, the paper said.

“This finding has implications well beyond homeownership, as credit scores impact consumers’ access to and cost of nearly all kinds of credit, including auto loans and credit cards,” the researchers said. “While investing in postsecondary education continues to yield, on average, positive and substantial returns, burdensome student loan debt levels may be lessening these benefits.”

Much of the debt surge came during and after the financial crisis.

As unemployment rose, the demand for higher education also increased and the government federalized the loan program. Tuition for private nonprofit schools has increased by 56 percent since the turn of the century, according to the College Board, but salaries have not kept up and worries have persisted over a possible wave of defaults or a need for forgiveness of outstanding loans.

The Fed team suggested a number of ways to address the issue, such as more state government involvement in financing and loan repayment terms based on income.


Company: cnbc, Activity: cnbc, Date: 2019-01-16  Authors: jeff cox
Keywords: news, cnbc, companies, ownership, fed, researchers, finds, keeping, homes, debt, terms, decline, credit, young, loan, paper, buying, study, student


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CVS CEO has a fix for those mile-long receipts — here’s how it works

CVS’ stunningly long receipts, eating up to five feet of paper at times, are a thing of legend in retail. “There’s a way to get all of that digitally on your phone,” along with the CVS coupons and ExtraBucks rewards, CVS Health CEO Larry Merlo told CNBC’s Bertha Coombs. Then, shoppers must enroll for digital coupons and receipts in their online account or through the app, which will then eliminate those paper receipts when they shop in store. CVS’ trademark receipts have long stunned consumers a


CVS’ stunningly long receipts, eating up to five feet of paper at times, are a thing of legend in retail. “There’s a way to get all of that digitally on your phone,” along with the CVS coupons and ExtraBucks rewards, CVS Health CEO Larry Merlo told CNBC’s Bertha Coombs. Then, shoppers must enroll for digital coupons and receipts in their online account or through the app, which will then eliminate those paper receipts when they shop in store. CVS’ trademark receipts have long stunned consumers a
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Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: berkeley lovelace jr, bertha coombs, source
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CVS CEO has a fix for those mile-long receipts — here's how it works

CVS’ stunningly long receipts, eating up to five feet of paper at times, are a thing of legend in retail. But there is a way you can save some trees by opting out of receiving them at all.

“There’s a way to get all of that digitally on your phone,” along with the CVS coupons and ExtraBucks rewards, CVS Health CEO Larry Merlo told CNBC’s Bertha Coombs.

Coombs actually held up one of the receipts for Merlo during last week’s interview at the 2018 Forbes Healthcare Summit in New York City. It was 3 feet long.

Here’s how to opt-out: Consumers need to sign up either online or at a local CVS drugstore for the CVS ExtraCare Rewards program, which allows shoppers to earn special rewards or discounts on many items in the store.

Then, shoppers must enroll for digital coupons and receipts in their online account or through the app, which will then eliminate those paper receipts when they shop in store.

“If you don’t sign up for both, you [still] get paper receipts,” at the store, Merlo told Coombs in a follow-up interview Tuesday, adding the drugstore chain could probably do a better job of making opt-out instructions more clear.

CVS’ trademark receipts have long stunned consumers at the checkout line, and they’ve been well documented on social media feeds. One shopper recently used a receipt as Christmas garland to decorate her car, tweeting “May your life be as long as a #CVSreceipt.”

Harnessing digital technology is a big part of Merlo’s vision for CVS Health.

With the $69 billion acquisition of Aetna, the pharmacy giant aims to turn its stores and retail clinics into a kind of neighborhood health hub where prescriptions and services are seamless.

Already, customers can use the company’s mobile app to make appointments at its clinics, access telemedicine visits and renew prescriptions.

Watch: What’s with those CVS receipts?


Company: cnbc, Activity: cnbc, Date: 2018-12-05  Authors: berkeley lovelace jr, bertha coombs, source
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Harvard Crimson appointing this student as its editor is a big deal

For the first time in The Harvard Crimson’s 145-year history, a black female editor will lead the esteemed student paper. Guillaume will also be the third black president to lead the organization since its founding in 1873. At Harvard, Guillaume has covered topics like immigration, diversity and leadership at the ivy league institution. While The Crimson has historically been predominantly white and male, minority underrepresentation is a widespread issue throughout the news sector. When Guillau


For the first time in The Harvard Crimson’s 145-year history, a black female editor will lead the esteemed student paper. Guillaume will also be the third black president to lead the organization since its founding in 1873. At Harvard, Guillaume has covered topics like immigration, diversity and leadership at the ivy league institution. While The Crimson has historically been predominantly white and male, minority underrepresentation is a widespread issue throughout the news sector. When Guillau
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Company: cnbc, Activity: cnbc, Date: 2018-11-27  Authors: ruth umoh, boston globe
Keywords: news, cnbc, companies, president, women, editor, appointing, student, paper, harvard, guillaume, big, black, leadership, crimson, editors, lead, deal


Harvard Crimson appointing this student as its editor is a big deal

For the first time in The Harvard Crimson’s 145-year history, a black female editor will lead the esteemed student paper. As former editors have gone on to become the CEO of top companies and even president of the United States, the move could mark an important shift in the opportunities available to a new generation of leaders.

Come 2019, 20-year-old Kristine Guillaume will take the helm of Harvard’s student-run newspaper. Guillaume will also be the third black president to lead the organization since its founding in 1873.

To be sure, Harvard is one of the top colleges in the country. But The Crimson is its own leadership proving ground. Past editors and writers include former presidents John F. Kennedy and Franklin D. Roosevelt, former Microsoft chief executive Steve Ballmer and CNN president Jeff Zucker.

Guillaume was appointed to this role after promising to guide the paper, which has struggled with diversity, “toward a more diverse, digital future,” the New York Times reports.

“If my being elected to The Crimson presidency as the first black woman affirms anyone’s sense of belonging at Harvard,” she says, “then that will continue to affirm the work that I’m doing.”

Born to immigrant, physician parents of Haitian and Chinese descent, Guillaume says that she developed an interest in journalism while growing up in Queens. On Sundays, Guillaume’s father would take her and her younger sister to a diner and ask them to read Times’ columns by David Brooks and Paul Krugman.

“Both of my parents have a strong emphasis on education and knowing what’s going on in the world around us,” says Guillaume, a junior majoring in literature, history and African-American studies.

Citing social and political journalist Ta-Nehisi Coates as a role model, she plans to pursue a doctorate in African-American studies and a career in academia, while writing on the side. At Harvard, Guillaume has covered topics like immigration, diversity and leadership at the ivy league institution.

While The Crimson has historically been predominantly white and male, minority underrepresentation is a widespread issue throughout the news sector. People of color made up just 22.2 percent of employees of daily newspapers in 2018, according to a recent American Society of Newspaper Editors survey. Of all newsroom managers, 19 percent were minorities. This lack of representation carries major repercussions for media outlets, as they struggle to regain trust among the people that they cover.

Across all industries, people of color comprise a small percentage of leadership positions, particularly in the C-suite. Indra Nooyi’s October departure as PepsiCo CEO left just a handful of minority women running Fortune 500 companies and there are currently zero African American women at the top.

Nearly 40 of Guillaume’s colleagues voted on who they’d elect to The Crimson’s most senior leadership position earlier this year, during a months-long process known as the “Turkey Shoot.”

When Guillaume received the call that she had been selected to lead the paper, she recalls screaming into the phone. “It was a very, very shrill scream,” she says.


Company: cnbc, Activity: cnbc, Date: 2018-11-27  Authors: ruth umoh, boston globe
Keywords: news, cnbc, companies, president, women, editor, appointing, student, paper, harvard, guillaume, big, black, leadership, crimson, editors, lead, deal


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China’s trade expo logs nearly $58 billion of deals: state media

Around $57.83 billion worth of deals were agreed for the year ahead at the China International Import Expo (CIIE), the official China Daily said on Saturday. Deals for intelligence and high-end equipment were set to total $16.46 billion, while those for consumer electronics and home appliances were around $4.33 billion, the paper said on its official Twitter-like Weibo site. Sales agreed for the automobile sector goods hit $11.99 billion, while clothing and consumer goods inked $3.37 billion, an


Around $57.83 billion worth of deals were agreed for the year ahead at the China International Import Expo (CIIE), the official China Daily said on Saturday. Deals for intelligence and high-end equipment were set to total $16.46 billion, while those for consumer electronics and home appliances were around $4.33 billion, the paper said on its official Twitter-like Weibo site. Sales agreed for the automobile sector goods hit $11.99 billion, while clothing and consumer goods inked $3.37 billion, an
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Company: cnbc, Activity: cnbc, Date: 2018-11-11  Authors: fu tian, china news service, visual china group via getty images
Keywords: news, cnbc, companies, expo, import, nearly, billion, demonstrate, medical, logs, official, trade, chinas, deals, 58, nov, media, state, paper, goods, worth


China's trade expo logs nearly $58 billion of deals: state media

Around $57.83 billion worth of deals were agreed for the year ahead at the China International Import Expo (CIIE), the official China Daily said on Saturday.

CIIE took place from Nov. 5 to Nov. 10 and closed on Saturday. It brought thousands of foreign companies together with Chinese buyers in a bid to demonstrate the importing potential of the world’s second-biggest economy.

Deals for intelligence and high-end equipment were set to total $16.46 billion, while those for consumer electronics and home appliances were around $4.33 billion, the paper said on its official Twitter-like Weibo site.

Sales agreed for the automobile sector goods hit $11.99 billion, while clothing and consumer goods inked $3.37 billion, and food and agricultural products made $12.68 billion, the paper said.

In addition, $5.76 billion worth of medical devices and medical care goods were sold, the paper added.

The trade expo is designed to demonstrate goodwill amid mounting frictions with the United States and others. On Monday, Chinese President Xi Jinping promised to lower tariffs, broaden market access and import more from overseas.


Company: cnbc, Activity: cnbc, Date: 2018-11-11  Authors: fu tian, china news service, visual china group via getty images
Keywords: news, cnbc, companies, expo, import, nearly, billion, demonstrate, medical, logs, official, trade, chinas, deals, 58, nov, media, state, paper, goods, worth


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Billionaires are buying media companies, New York Times not for sale

But no billionaire will buy The New York Times, says its publisher, A.G. Sulzberger. “The New York Times is not for sale,” Sulzberger told Recode’s Kara Swisher. The New York Times, which has had a paywall on digital content since March 2011, currently has 3.5 million subscribers, according to Sulzberger. On Nov. 1, Mark Thompson, president and chief executive officer of The New York Times Company, said that for the third quarter, subscription revenues accounted for nearly two-thirds of the comp


But no billionaire will buy The New York Times, says its publisher, A.G. Sulzberger. “The New York Times is not for sale,” Sulzberger told Recode’s Kara Swisher. The New York Times, which has had a paywall on digital content since March 2011, currently has 3.5 million subscribers, according to Sulzberger. On Nov. 1, Mark Thompson, president and chief executive officer of The New York Times Company, said that for the third quarter, subscription revenues accounted for nearly two-thirds of the comp
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Billionaires are buying media companies, New York Times not for sale

Billionaire Salesforce founder Marc Benioff bought Time. Billionaire Amazon founder Jeff Bezos bought The Washington Post. The Emerson Collective, a non-profit run by billionaire Laurene Powell Jobs (the widow of Steve Jobs), bought The Atlantic.

But no billionaire will buy The New York Times, says its publisher, A.G. Sulzberger.

“The New York Times is not for sale,” Sulzberger told Recode’s Kara Swisher.

Sulzberger isn’t criticizing the decisions of other publications: “All of us at the New York Times are delighted to see that because quite frankly we need more journalists in this country,” Sulzberger told Swisher, according to a transcript of their conversation published Monday.

“And it is not a zero sum game. And we need a healthy Washington Post in this country. And so we are delighted to see it growing again,” he said.

But the Times is different, he said.

“Washington Post is still a significantly smaller paper than the New York Times, and another paper owned by a billionaire, the Wall Street Journal, another very fine paper owned by a billionaire [Rupert Murdoch] is…is also smaller.”

In order to protect the business, The New York Times Company has a dual-class share structure: Class A shares are publicly traded and widely held (with a nearly $4.5 billion market cap), while the Ochs-Sulzberger family holds a controlling interest of the Class B shares (that do not trade publicly), which entitles them to elect 70 percent of the board, according to the Times. (The company did take a $250 million loan from Mexican billionaire Carlos Slim Helú in 2009 and paid it back in 2011.)

What the Times would do with a billion-dollar infusion from a wealthy titan is “an interesting question in the abstract,” Sulzberger told Swisher, but he still demurred, saying, “We cannot just be reliant on the altruism of people…. We’re going to have to make that billion dollars ourselves.”

The Times’ strategy to be a sustainable business is “to make stuff that’s worth paying for. And it’s that simple,” Sulzberger said.

The New York Times, which has had a paywall on digital content since March 2011, currently has 3.5 million subscribers, according to Sulzberger. On Nov. 1, Mark Thompson, president and chief executive officer of The New York Times Company, said that for the third quarter, subscription revenues accounted for nearly two-thirds of the company’s revenues.

Sulzberger also told Swisher more money would not change the quality of the journalism the publication is producing.

“I do not think for a second that the ownership structure of the New York Times is somehow hindering our ability to invest in great journalism. The last year we’ve expanded our Washington bureau, we’ve expanded our tech coverage. … We’ve expanded our business coverage,” Sulzberger says to Swisher.

“Point to me where someone has just thrown a ton of money at the journalism problem, just thrown a ton of money and it’s worked out well.”

Plus, said the publisher, the paper does not want even the appearance of bias.

“The thing that makes the New York Times special, the thing that I think distinguishes us from almost any other news organization, not any, but among a handful of news organizations, is its independence. That is baked into every fiber of what this institution is,” Sulzberger said.

See also:

Jeff Bezos says this is how he plans to spend the bulk of his fortune

How a cheap plastic camera on a trip to Italy inspired Instagram, according to co-founder Kevin Systrom

Thinx CEO: This is the ‘secret sauce’ to running a successful e-commerce business in an Amazon world


Company: cnbc, Activity: cnbc, Date: 2018-11-07  Authors: catherine clifford, jonathan torgovnik, getty images
Keywords: news, cnbc, companies, according, sale, weve, billionaires, business, companies, told, billionaire, times, washington, buying, sulzberger, paper, media, york


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I tried living a zero waste life for 7 days — here’s what I learned

Truly minimizing waste requires much more substantive lifestyle changes, as I found out firsthand. During my week, I brought reusable containers everywhere – from the Whole Foods hot buffet to the ice cream store to my local lunchtime salad joint. In a sea of people, I was often the only one handing my reusable containers to anyone who would serve me. I learned two major lessons: first, living on zero waste is incredibly challenging and second, our society is nowhere near ready to cater to a zer


Truly minimizing waste requires much more substantive lifestyle changes, as I found out firsthand. During my week, I brought reusable containers everywhere – from the Whole Foods hot buffet to the ice cream store to my local lunchtime salad joint. In a sea of people, I was often the only one handing my reusable containers to anyone who would serve me. I learned two major lessons: first, living on zero waste is incredibly challenging and second, our society is nowhere near ready to cater to a zer
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Company: cnbc, Activity: cnbc, Date: 2018-10-31  Authors: andrea kramar
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I tried living a zero waste life for 7 days — here's what I learned

For seven days, I tried to live on as little waste as possible. I’ve always been into recycling, reuse and minimizing my carbon footprint, and I wanted to see how far I could take it.

It turns out grocery shopping with reusable tote bags, using travel canteens at coffee shops and separating plastics from paper and glass are just tips of the zero-waste iceberg. Truly minimizing waste requires much more substantive lifestyle changes, as I found out firsthand.

During my week, I brought reusable containers everywhere – from the Whole Foods hot buffet to the ice cream store to my local lunchtime salad joint. I also carried household silverware in my backpack, refused plastic and paper bags, used washcloths in lieu of paper napkins and brought my compost to the farmer’s market. Everyday habits like chewing gum (a highly packaged food) to ordering in on Seamless (another source of heavy packaging) became off-limits — and incredibly hard to forego.

I felt like a dinosaur almost everywhere I went. In a sea of people, I was often the only one handing my reusable containers to anyone who would serve me. I learned two major lessons: first, living on zero waste is incredibly challenging and second, our society is nowhere near ready to cater to a zero waste lifestyle.

Still, every change counts when it comes toward treating our earth better, and I was happy to tack on a few hacks to my daily routine.

Watch the video above to see how I lived my seven-day zero waste challenge.

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

Don’t miss: US families waste $1,500 a year throwing out food—here’s how to save more and eat better


Company: cnbc, Activity: cnbc, Date: 2018-10-31  Authors: andrea kramar
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Happy birthday bitcoin: The cryptocurrency is turning ten

Happy birthday bitcoin: The cryptocurrency is turning ten4 Hours AgoTen years ago the bitcoin white paper was released, marking the beginning of a cryptocurrency that would soon dominate the market.


Happy birthday bitcoin: The cryptocurrency is turning ten4 Hours AgoTen years ago the bitcoin white paper was released, marking the beginning of a cryptocurrency that would soon dominate the market.
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Happy birthday bitcoin: The cryptocurrency is turning ten

Happy birthday bitcoin: The cryptocurrency is turning ten

4 Hours Ago

Ten years ago the bitcoin white paper was released, marking the beginning of a cryptocurrency that would soon dominate the market.


Company: cnbc, Activity: cnbc, Date: 2018-10-31
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Navigating fintech’s rise: IMF, World Bank launch guide for policymakers

The International Monetary Fund and the World Bank jointly released a paper that will guide policymakers around the world in their handling of the rise of financial technology — commonly known as fintech. The paper, called the Bali Fintech Agenda, was launched on Thursday on the Indonesian island where the IMF and the World Bank are holding their annual meetings. Fintech has the potential to reach the 1.7 billion adults in the world that don’t have access to financial services, IMF Managing Dire


The International Monetary Fund and the World Bank jointly released a paper that will guide policymakers around the world in their handling of the rise of financial technology — commonly known as fintech. The paper, called the Bali Fintech Agenda, was launched on Thursday on the Indonesian island where the IMF and the World Bank are holding their annual meetings. Fintech has the potential to reach the 1.7 billion adults in the world that don’t have access to financial services, IMF Managing Dire
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Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: yen nee lee
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Navigating fintech's rise: IMF, World Bank launch guide for policymakers

The International Monetary Fund and the World Bank jointly released a paper that will guide policymakers around the world in their handling of the rise of financial technology — commonly known as fintech.

The paper, called the Bali Fintech Agenda, was launched on Thursday on the Indonesian island where the IMF and the World Bank are holding their annual meetings.

The paper outlines 12 “elements” or considerations that the IMF, the World Bank and governments can keep in mind when designing policies and regulations that can maximize the benefits of fintech while keeping financial systems sound.

Those “elements” include using fintech to promote financial inclusion, allowing new technology players to have level playing fields with existing companies and having countries work together to protect the global financial system.

Fintech has the potential to reach the 1.7 billion adults in the world that don’t have access to financial services, IMF Managing Director Christine Lagarde said in a statement.

But, new technology could threaten existing financial systems. For example, volatility in the price of cryptocurrencies has raised concerns about investor protection, according to the paper.

“Fintech can have a major social and economic impact for them and across the membership in general. All countries are trying to reap these benefits, while also mitigating the risks,” Lagarde said.

“We need greater international cooperation to achieve that, and to make sure the fintech revolution benefits the many and not just the few,” she added.

World Bank Group President Jim Yong Kim said fintech would be particularly helpful to low-income countries, where access to financial services is low.

Both organizations said the paper doesn’t represent current work, nor does it aim to provide specific guidance or policy advice. They will, however, start to develop specific programs on fintech.

The IMF will focus initially on the implications on monetary and financial stability and how international monetary systems and global financial safety nets evolve. The World Bank will work on using fintech to deepen financial markets, enhance responsible access to financial services, and improve cross-border payments and remittance transfer systems.


Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: yen nee lee
Keywords: news, cnbc, companies, policymakers, navigating, bank, fintechs, technology, financial, work, paper, services, world, launch, fintech, systems, imf, rise, guide


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Cramer: China is more of a ‘paper tiger’ than people think, and that plays into Trump’s hand on trade

The term “paper tiger” refers to an outwardly powerful or dangerous force that’s actually inwardly weak or ineffectual. Empirically, that’s not the case, particularly when you look at the Chinese stock market, which does matter,” Cramer said on “Squawk on the Street.” The U.S. trade war has shown that China is not impervious to the measures being brought to bear by Trump, Cramer said. There’s a school of thought that the volatile Chinese stock market is not an important indicator of the health o


The term “paper tiger” refers to an outwardly powerful or dangerous force that’s actually inwardly weak or ineffectual. Empirically, that’s not the case, particularly when you look at the Chinese stock market, which does matter,” Cramer said on “Squawk on the Street.” The U.S. trade war has shown that China is not impervious to the measures being brought to bear by Trump, Cramer said. There’s a school of thought that the volatile Chinese stock market is not an important indicator of the health o
Cramer: China is more of a ‘paper tiger’ than people think, and that plays into Trump’s hand on trade Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-08  Authors: matthew j belvedere, nicolas asfouri, afp, getty images
Keywords: news, cnbc, companies, thats, think, trumps, chinese, tiger, plays, trade, stock, paper, china, market, hand, cramer, weak


Cramer: China is more of a 'paper tiger' than people think, and that plays into Trump's hand on trade

President Donald Trump’s approach to levying tariffs on China in hopes of applying enough economic pressure to get Beijing to change its ways on trade has a better chance of working than many people expect, CNBC’s Jim Cramer said Monday.

“I think the president is right. I favor tariffs against the Chinese because I think they’re far more of a paper tiger than people realize,” Cramer said, contending the world’s second-largest economy and stock market are more vulnerable than the mainstream media depicts. The term “paper tiger” refers to an outwardly powerful or dangerous force that’s actually inwardly weak or ineffectual.

“The intelligentsia in this country [the U.S.] has decided that China is all-powerful and we’re all weak. Empirically, that’s not the case, particularly when you look at the Chinese stock market, which does matter,” Cramer said on “Squawk on the Street.”

The U.S. trade war has shown that China is not impervious to the measures being brought to bear by Trump, Cramer said. “They may be communist, but they have a capitalist bear market going there.”

There’s a school of thought that the volatile Chinese stock market is not an important indicator of the health of China’s economy because households there don’t have much of their wealth invested.

“We can think that that doesn’t matter but that’s cause we’re being elitist. And I think that’s a big mistake,” Cramer said.

Overnight, the Shanghai composite tanked 3.7 percent on the first trading day back after being closed for a weeklong Chinese holiday. Following weakness last week across Asia, Europe and on Wall Street, that sharp decline was being viewed as a catch-up move. The Shanghai composite has dropped nearly 18 percent year-to-date.

Against a backdrop of persistent trade concerns and a sign that more stimulus is needed, China’s central bank on Sunday cut for the fourth time this year the amount of cash banks need to have on hand.


Company: cnbc, Activity: cnbc, Date: 2018-10-08  Authors: matthew j belvedere, nicolas asfouri, afp, getty images
Keywords: news, cnbc, companies, thats, think, trumps, chinese, tiger, plays, trade, stock, paper, china, market, hand, cramer, weak


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