‘The president and Boris will be speaking on it:’ Mnuchin warns UK over digital tax plan

An argument is brewing between the U.K. and U.S. over whether the British government should press ahead with plans to introduce a digital sales tax in April. The U.K. has argued that current tax rules do not fairly match where digital profits are taxed, to the region where the income is derived. Speaking during the World Economic in Davos, Switzerland, U.S. Treasury Secretary Steven Mnuchin warned that countries who introduced a digital tax could “find themselves faced with President Trump’s tar


An argument is brewing between the U.K. and U.S. over whether the British government should press ahead with plans to introduce a digital sales tax in April.
The U.K. has argued that current tax rules do not fairly match where digital profits are taxed, to the region where the income is derived.
Speaking during the World Economic in Davos, Switzerland, U.S. Treasury Secretary Steven Mnuchin warned that countries who introduced a digital tax could “find themselves faced with President Trump’s tar
‘The president and Boris will be speaking on it:’ Mnuchin warns UK over digital tax plan Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: david reid
Keywords: news, cnbc, companies, companies, davos, tax, warns, boris, plans, arbitrarily, digital, plan, taxes, mnuchin, president, speaking


'The president and Boris will be speaking on it:' Mnuchin warns UK over digital tax plan

An argument is brewing between the U.K. and U.S. over whether the British government should press ahead with plans to introduce a digital sales tax in April.

Global tech giants including Google, Apple, Facebook and Amazon are set to face a new 2% tax on money made from their search engines, social media platforms and online marketplaces serving people in Britain.

The U.K. has argued that current tax rules do not fairly match where digital profits are taxed, to the region where the income is derived.

Speaking during the World Economic in Davos, Switzerland, U.S. Treasury Secretary Steven Mnuchin warned that countries who introduced a digital tax could “find themselves faced with President Trump’s tariffs.”

Speaking at a CNBC-moderated panel during Davos on Wednesday, Mnuchin doubled down on the threat.

“If people want to just arbitrarily put taxes on our digital companies, we will consider arbitrarily putting taxes on car companies,” said Mnuchin, as U.K. Finance Minister Sajid Javid sat next to him.

Mnuchin added that the U.S. would talk again with the U.K. over its plans, adding: “I’m sure the president and Boris (Johnson) will be speaking on it as well.”


Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: david reid
Keywords: news, cnbc, companies, companies, davos, tax, warns, boris, plans, arbitrarily, digital, plan, taxes, mnuchin, president, speaking


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How Microsoft’s new carbon-negative plan will test the idea of a climate economy

Microsoft CEO Satya Nadella speaks during a climate initiative event at the tech giant’s campus in Redmond, Washington, on Jan. 16, 2020. Another option is bioenergy produced from carbon capture and storage, or BECCS, which captures and contains carbon contained in plants when they are burned. The company’s methods for reducing its carbon emissions to near zero are straightforward, and similar to what other businesses and consumers are doing. Amazon has pledged to reach 100% usage of renewable e


Microsoft CEO Satya Nadella speaks during a climate initiative event at the tech giant’s campus in Redmond, Washington, on Jan. 16, 2020.
Another option is bioenergy produced from carbon capture and storage, or BECCS, which captures and contains carbon contained in plants when they are burned.
The company’s methods for reducing its carbon emissions to near zero are straightforward, and similar to what other businesses and consumers are doing.
Amazon has pledged to reach 100% usage of renewable e
How Microsoft’s new carbon-negative plan will test the idea of a climate economy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: tim mullaney, harsh sinha, chief technology officer at transferwise
Keywords: news, cnbc, companies, climate, microsoft, test, microsofts, economy, air, technologies, emissions, capture, idea, carbon, plan, energy, carbonnegative, electricity, renewable


How Microsoft's new carbon-negative plan will test the idea of a climate economy

Microsoft CEO Satya Nadella speaks during a climate initiative event at the tech giant’s campus in Redmond, Washington, on Jan. 16, 2020. David Ryder | Bloomberg | Getty Images

Microsoft shook up the debate about global warming last week by vowing to make its operations carbon negative — meaning it will take more carbon out of the environment than it emits by 2030, and move rapidly to mop up the equivalent of every bit of carbon it has put into the atmosphere since its founding in 1975. Some of Microsoft’s tricks for reducing its carbon emissions are already familiar — using electricity from renewable sources (electricity production accounts for one-third of U.S. carbon emissions, according to the Energy Information Administration), with Microsoft pledging to use 100% renewable electricity by 2025 topping the list. The company is also pursuing energy conservation measures at its buildings and switching to electric vehicles for use on its office campuses. Some of its challenges, like reducing emissions from business travel when there are no good carbon-free alternatives for most air travel, will also seem familiar. “There’s a lot of discussion about who is going to roll out the strategy next,” said Erica Belmont, an assistant engineering professor at the University of Wyoming and co-author of an influential 2018 National Academies of Sciences, Engineering and Medicine study on how to go beyond conservation, as Microsoft wants to do, to actually removing carbon that’s in the air now. That will be the hard part. And it may require a big assist from companies Microsoft sells to, companies it buys products and services from, and any office worker running Windows. Along with offsetting carbon emitted by Microsoft’s suppliers, the electricity your computer or phone is using to read this story is a source of energy use that produces many times more carbon than Microsoft itself uses, the company says.

New technologies are getting cheaper

Microsoft is counting on everything from planting massive numbers of trees to soak up carbon and using technologies to capture carbon and sequester it in soil — burying it, essentially — to more exotic technologies, like direct air capture, in which arrays of machines take in ambient air, remove the CO 2 from it, and use the carbon in chemicals or concrete. Another option is bioenergy produced from carbon capture and storage, or BECCS, which captures and contains carbon contained in plants when they are burned. “We know this can be done,” said Julio Friedmann, senior research scholar at Columbia University’s Center on Global Energy Policy and a former deputy assistant secretary of energy under President Barack Obama. “All of these technologies are where solar was in 2005 — not cheap, but about to get cheap.”

Microsoft also will use what amounts to private-sector carbon taxes, or fees it imposes on its supply-chain partners, and on itself for intracompany transactions, in order to raise the price of activities that use lots of carbon. Internal carbon taxes, now $15 a ton, will begin to be phased in on Microsoft’s partners this July, company spokeswoman Jessica Dillon said. The company’s methods for reducing its carbon emissions to near zero are straightforward, and similar to what other businesses and consumers are doing. Its ideas for actually pulling carbon out of the atmosphere are more long-term, and experts are split on which ideas have more potential.

There’s a demand-side revolution that I hope Microsoft will help exploit. People don’t realize that they have also underestimated the options to conserve and mitigate our way out of it. Amory Lovins co-founder and chairman emeritus of the Rocky Mountain Institute

Switching to renewable power is the easiest and most common idea. Fellow tech giant Apple has already reached its goal of powering 100% of its operations with green electricity, the company said in its 2019 sustainability report, as Alphabet says it has done for at least two years in a row. Amazon has pledged to reach 100% usage of renewable electricity by 2030. Workers at Microsoft will see some of the changes, like replacement of the buses Microsoft uses to ferry workers around its campuses with electric vehicles, and changes in buildings to make them more energy efficient, Dillon said. The company also said it will be holding regular hackathons where employees can pitch conservation ideas. The push to switch to renewable power sources reflects what’s happening across the economy. Including hydroelectricity, renewables now account for almost exactly 20% of U.S. electric power generation, according to the EIA. The percentage is much higher, almost 80% in Microsoft and Amazon’s home state of Washington, where the Columbia River and other waterways are abundant sources of hydropower. California got about 32% of its power from renewable sources in 2017, according to state reports, and is committed to reaching 100% by 2045. Amazon, whose package deliveries require more vehicles than Microsoft’s business, made headlines last year by ordering 100,000 electric trucks from start-up Rivian, in which it has invested venture capital. It plans to make half of its deliveries carbon-free by 2030. Apple also has focused on making its products use less electricity, according to the company’s 2018 sustainability report.

Debate over path to carbon negative

When it comes to reducing carbon use below net zero, though, the split among experts is between those who think technology is more promising, and more necessary, and some who think natural means like reforestation and soil sequestration will provide the largest part of the answer. Favoring the more holistic approach is Amory Lovins, co-founder and chairman emeritus of the Rocky Mountain Institute, a Colorado-based think tank on environment and energy issues. He argues that BECCS and direct air capture are more expensive than reforestation and soil-sequestration approaches that, combined with deep reductions in carbon usage, will be sufficient to hold global warming below 1.5 degrees and will save trillions of dollars of capital investment by 2050, he said. The key to making a so-called natural systems approach to carbon removal viable is to couple it with sharp reductions in how much carbon is emitted in the first place, Lovins said. He points to a 2018 paper by researchers in the U.K. that predicts a 40% drop in final energy demand from today’s levels by 2050, saying such a drop will let the world rely on natural systems rather than machines that suck carbon from ambient air. “There’s a demand-side revolution that I hope Microsoft will help exploit,” Lovins said. “People don’t realize that they have also underestimated the options to conserve and mitigate our way out of it.” Microsoft’s plan appears to lean more heavily toward new technologies, such as direct air capture, based on a blog post from Microsoft president Brad Smith that noted not all of the technology Microsoft would use is commercially available yet. Direct air capture, according to a 2018 report by the Innovation for Cool Earth Forum, is estimated to cost between $300 and $600 per ton of carbon removed from the atmosphere. This is well above the $100 per ton that experts consider the threshold of commercial viability. Microsoft spokeswoman Dillon said details haven’t been set yet.

Rendering of a large scale Carbon Engineering plant. The start-up, backed by Microsoft founder Bill Gates, among others, is working on direct air capture as a solution to carbon emissions and climate change. Carbon Engineering


Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: tim mullaney, harsh sinha, chief technology officer at transferwise
Keywords: news, cnbc, companies, climate, microsoft, test, microsofts, economy, air, technologies, emissions, capture, idea, carbon, plan, energy, carbonnegative, electricity, renewable


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WeWork sells Teem and its stake in The Wing as it continues to divest non-core businesses

WeWork has sold its business management software company Teem and its minority stake in co-working start-up The Wing, the company announced Wednesday. Artie Minson, co-CEO of WeWork, said in a press release that the sales are part of the company’s effort to focus on the core co-working business. WeWork detailed this strategy last November in a “90-day game plan” that said WeWork would divest all of its non-core businesses in an effort to turn around the troubled co-working company. WeWork said i


WeWork has sold its business management software company Teem and its minority stake in co-working start-up The Wing, the company announced Wednesday.
Artie Minson, co-CEO of WeWork, said in a press release that the sales are part of the company’s effort to focus on the core co-working business.
WeWork detailed this strategy last November in a “90-day game plan” that said WeWork would divest all of its non-core businesses in an effort to turn around the troubled co-working company.
WeWork said i
WeWork sells Teem and its stake in The Wing as it continues to divest non-core businesses Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: annie palmer
Keywords: news, cnbc, companies, wing, minson, press, continues, coworking, sells, company, wework, plan, businesses, teem, startup, release, noncore, sold, divest, stake


WeWork sells Teem and its stake in The Wing as it continues to divest non-core businesses

Signage is seen at the entrance of the WeWork offices on Broad Street in New York.

WeWork has sold its business management software company Teem and its minority stake in co-working start-up The Wing, the company announced Wednesday.

Artie Minson, co-CEO of WeWork, said in a press release that the sales are part of the company’s effort to focus on the core co-working business. WeWork detailed this strategy last November in a “90-day game plan” that said WeWork would divest all of its non-core businesses in an effort to turn around the troubled co-working company.

“Last quarter, we articulated a long-term plan for disciplined growth and a clear path to profitability, and we continue to execute on this plan each day,” Minson said in a statement. “These sales mark the latest progress in WeWork’s evolution and allow our talented team to focus on the core business and delivering an exceptional experience for our members.”

Teem was acquired by iOFFICE, a workplace experience company. WeWork acquired Teem in September of 2018.

WeWork said it sold its minority stake in The Wing to a consortium of new and existing investors in the co-working start-up. Among the investors in the consortium are Alphabet’s venture arm, GV, as well as venture firms Sequoia Capital and New Enterprise Associates, The Wing said in a press release. Actress Mindy Kaling also participated in the funding round.

Terms of the deal weren’t disclosed, and WeWork declined to comment beyond its press release. Representatives from Alphabet and The Wing were not immediately available for comment.

WeWork has gradually sold off a number of its businesses in recent months, including marketing company Conductor in December. The company has also “wound down” Spacious, a restaurant co-working startup it acquired in August of 2019, and will shutter early education school WeGrow at the end of the 2020 school year.

Sales of other non-core businesses, including event organizing platform Meetup and office management company Managed by Q, are in the process, the company said.

The moves follow additional efforts by Minson and fellow WeWork co-CEO Sebastian Gunningham to trim the fat at the company. Since Adam Neumann exited the company last September, the company also laid off 2,400 employees last November.

WeWork has been working to find a clear path to profitability since the company pulled its IPO filing last September, after investors balked at its mounting losses and unusual corporate governance structure. WeWork was poised to run out of cash, but secured an eleventh-hour bailout deal from SoftBank.

Follow @CNBCtech on Twitter for the latest tech industry news.


Company: cnbc, Activity: cnbc, Date: 2020-01-22  Authors: annie palmer
Keywords: news, cnbc, companies, wing, minson, press, continues, coworking, sells, company, wework, plan, businesses, teem, startup, release, noncore, sold, divest, stake


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Italian banking gloom is ‘exaggerated,’ Intesa Sanpaolo CEO says

Doom and gloom over Italy’s banking sector is “exaggerated,” according to Intesa Sanpaolo CEO Carlo Messina. The Italian government is in talks with the European Union over a 900 million euro ($998.4 million) rescue plan for ailing regional cooperative lender Popolare di Bari, its second such bailout plan in a year after the rescue of Genoa-based Carige. Popolare di Bari had accumulated losses due to non-performing loans while struggling to raise capital, a similar situation to Carige, which was


Doom and gloom over Italy’s banking sector is “exaggerated,” according to Intesa Sanpaolo CEO Carlo Messina.
The Italian government is in talks with the European Union over a 900 million euro ($998.4 million) rescue plan for ailing regional cooperative lender Popolare di Bari, its second such bailout plan in a year after the rescue of Genoa-based Carige.
Popolare di Bari had accumulated losses due to non-performing loans while struggling to raise capital, a similar situation to Carige, which was
Italian banking gloom is ‘exaggerated,’ Intesa Sanpaolo CEO says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-21  Authors: elliot smith
Keywords: news, cnbc, companies, million, italian, banking, gloom, ceo, bari, popolare, intesa, exaggerated, sanpaolo, rescue, european, plan, carige


Italian banking gloom is 'exaggerated,' Intesa Sanpaolo CEO says

Doom and gloom over Italy’s banking sector is “exaggerated,” according to Intesa Sanpaolo CEO Carlo Messina.

The Italian government is in talks with the European Union over a 900 million euro ($998.4 million) rescue plan for ailing regional cooperative lender Popolare di Bari, its second such bailout plan in a year after the rescue of Genoa-based Carige.

Popolare di Bari had accumulated losses due to non-performing loans while struggling to raise capital, a similar situation to Carige, which was placed under administration by the European Central Bank (ECB) in January.

However, speaking to CNBC at the World Economic Forum in Davos on Tuesday, Messina suggested that the likes of Carige and Popolare di Bari’s tiny market share in Italy meant that the associated negativity over the wider Italian banking system was disproportionate.


Company: cnbc, Activity: cnbc, Date: 2020-01-21  Authors: elliot smith
Keywords: news, cnbc, companies, million, italian, banking, gloom, ceo, bari, popolare, intesa, exaggerated, sanpaolo, rescue, european, plan, carige


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Apple dropped plan for encrypting iPhone backups after FBI complained, sources say

Apple dropped plans to let iPhone users fully encrypt backups of their devices in the company’s iCloud service after the FBI complained that the move would harm investigations, six sources familiar with the matter told Reuters. When Apple spoke privately to the FBI about its work on phone security the following year, the end-to-end encryption plan had been dropped, according to the six sources. Reuters could not determine why exactly Apple dropped the plan. The government dropped the proceedings


Apple dropped plans to let iPhone users fully encrypt backups of their devices in the company’s iCloud service after the FBI complained that the move would harm investigations, six sources familiar with the matter told Reuters.
When Apple spoke privately to the FBI about its work on phone security the following year, the end-to-end encryption plan had been dropped, according to the six sources.
Reuters could not determine why exactly Apple dropped the plan.
The government dropped the proceedings
Apple dropped plan for encrypting iPhone backups after FBI complained, sources say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-21
Keywords: news, cnbc, companies, told, data, encrypting, apple, dropped, fbi, used, say, complained, backups, iphone, sources, encryption, plan, phone, unlock


Apple dropped plan for encrypting iPhone backups after FBI complained, sources say

A man uses his mobile phone as he walks past advertising for the new iPhones outside the Apple store in Hong Kong on October 10, 2019.

Apple dropped plans to let iPhone users fully encrypt backups of their devices in the company’s iCloud service after the FBI complained that the move would harm investigations, six sources familiar with the matter told Reuters.

The tech giant’s reversal, about two years ago, has not previously been reported. It shows how much Apple has been willing to help U.S. law enforcement and intelligence agencies, despite taking a harder line in high-profile legal disputes with the government and casting itself as a defender of its customers’ information.

The long-running tug of war between investigators’ concerns about security and tech companies’ desire for user privacy moved back into the public spotlight last week, as U.S. Attorney General William Barr took the rare step of publicly calling on Apple to unlock two iPhones used by a Saudi Air Force officer who shot dead three Americans at a Pensacola, Florida naval base last month.

U.S. President Donald Trump piled on, accusing Apple on Twitter of refusing to unlock phones used by “killers, drug dealers, and other violent criminal elements.” Republican and Democratic senators sounded a similar theme in a December hearing, threatening legislation against end-to-end encryption, citing unrecoverable evidence of crimes against children.

Apple did, in fact, did turn over the shooter’s iCloud backups in the Pensacola case, and said it rejected the characterization that it “has not provided substantive assistance.”

Behind the scenes, Apple has provided the U.S. Federal Bureau of Investigation with more sweeping help, not related to any specific probe.

An Apple spokesman declined to comment on the company’s handling of the encryption issue or any discussions it has had with the FBI. The FBI did not respond to requests for comment on any discussions with Apple.

More than two years ago, Apple told the FBI that it planned to offer users end-to-end encryption when storing their phone data on iCloud, according to one current and three former FBI officials and one current and one former Apple employee.

Under that plan, primarily designed to thwart hackers, Apple would no longer have a key to unlock the encrypted data, meaning it would not be able to turn material over to authorities in a readable form even under court order.

In private talks with Apple soon after, representatives of the FBI’s cybercrime agents and its operational technology division objected to the plan, arguing it would deny them the most effective means for gaining evidence against iPhone-using suspects, the government sources said.

When Apple spoke privately to the FBI about its work on phone security the following year, the end-to-end encryption plan had been dropped, according to the six sources. Reuters could not determine why exactly Apple dropped the plan.

“Legal killed it, for reasons you can imagine,” another former Apple employee said he was told, without any specific mention of why the plan was dropped or if the FBI was a factor in the decision.

That person told Reuters the company did not want to risk being attacked by public officials for protecting criminals, sued for moving previously accessible data out of reach of government agencies or used as an excuse for new legislation against encryption.

“They decided they weren’t going to poke the bear anymore,” the person said, referring to Apple’s court battle with the FBI in 2016 over access to an iPhone used by one of the suspects in a mass shooting in San Bernardino, California.

Apple appealed a court order to break into that phone for the FBI. The government dropped the proceedings when it found a contractor that could break into the phone, a common occurrence in FBI investigations.

Two of the former FBI officials, who were not present in talks with Apple, told Reuters it appeared that the FBI’s arguments that the backups provided vital evidence in thousands of cases had prevailed.

“It’s because Apple was convinced,” said one. “Outside of that public spat over San Bernardino, Apple gets along with the federal government.”

However, a former Apple employee said it was possible the encryption project was dropped for other reasons, such as concern that more customers would find themselves locked out of their data more often.

Once the decision was made, the 10 or so experts on the Apple encryption project — variously code-named Plesio and KeyDrop — were told to stop working on the effort, three people familiar with the matter told Reuters.


Company: cnbc, Activity: cnbc, Date: 2020-01-21
Keywords: news, cnbc, companies, told, data, encrypting, apple, dropped, fbi, used, say, complained, backups, iphone, sources, encryption, plan, phone, unlock


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Elizabeth Warren wants to create a Justice Department task force to investigate Trump administration corruption

Democratic presidential contender Elizabeth Warren said Tuesday she would create an independent task force in the Justice Department to investigate corruption by government officials during the Trump administration. Warren, who has been a fierce advocate of anti-corruption legislation, went a step further on Tuesday by calling for investigations and possible prosecutions of Trump administration officials. Trump has come under scrutiny for his attempts to wield the power of the Justice Department


Democratic presidential contender Elizabeth Warren said Tuesday she would create an independent task force in the Justice Department to investigate corruption by government officials during the Trump administration.
Warren, who has been a fierce advocate of anti-corruption legislation, went a step further on Tuesday by calling for investigations and possible prosecutions of Trump administration officials.
Trump has come under scrutiny for his attempts to wield the power of the Justice Department
Elizabeth Warren wants to create a Justice Department task force to investigate Trump administration corruption Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-21  Authors: tucker higgins
Keywords: news, cnbc, companies, force, elizabeth, department, administration, wants, president, trump, justice, create, investigate, task, corruption, warren, democratic, plan


Elizabeth Warren wants to create a Justice Department task force to investigate Trump administration corruption

Democratic presidential contender Elizabeth Warren said Tuesday she would create an independent task force in the Justice Department to investigate corruption by government officials during the Trump administration.

The Massachusetts senator said her goal is to restore “integrity and competence” to the federal government after President Donald Trump leaves office.

“If we are to move forward to restore public confidence in government and deter future wrongdoing, we cannot simply sweep this corruption under the rug in a new administration,” Warren wrote in the plan.

The progressive Democrat cited a report by a nonpartisan good government group, Citizens for Responsibility and Ethics in Washington, which found “unprecedented” corruption in the Trump administration, as well as other reports of self-dealing among administration officials and the president’s family members.

“That’s why I will direct the Justice Department to establish a task force to investigate violations by Trump administration officials of federal bribery laws, insider trading laws, and other anti-corruption and public integrity laws, and give that task force independent authority to pursue any substantiated criminal and civil violations,” she said.

Warren, who has been a fierce advocate of anti-corruption legislation, went a step further on Tuesday by calling for investigations and possible prosecutions of Trump administration officials.

Historically, presidents have been wary to pursue investigations of their predecessors, even from opposing parties. Trump has come under scrutiny for his attempts to wield the power of the Justice Department against his perceived enemies.

Trump is expected to face the first full day of Senate impeachment trial proceedings on Tuesday over allegations that he abused his power and obstructed Congress in an effort to pressure the government of Ukraine to open investigations into former Vice President Joe Biden and his family. The president has denied wrongdoing.

Biden, the Democratic front-runner in the presidential race, has said he would let the Justice Department decide whether to investigate Trump but would not order such an investigation.

“Look, I would not direct my Justice Department like this president does. I would let them make their independent judgment,” Biden said during the fifth Democratic debate in November.

The White House did not immediately respond to a request for comment.

The roll-out of Warren’s plan comes in the final days before the first delegates are awarded in the Democratic contest. Iowa will host the first caucus on Feb. 3, followed by voting in New Hampshire on Feb. 11. Warren is polling in third place nationally, behind Biden and Sen. Bernie Sanders, I-Vt.

Warren also pledged in the new plan to:

Ask for the resignations of all political appointees, including U.S. attorneys, with exceptions for national security and continuity.

End federal contracts that the government entered into “as a result of corruption in the Trump administration”

Announce her Cabinet choices by Dec. 1, and other top nominations by the middle of that month.

Refuse to hire any current lobbyists, or any individual who served as a corporate lobbyist in the past six years, with no exceptions.

The plan also calls for a diverse Cabinet and senior leadership team. Warren committed in the plan to have at least half of her Cabinet positions filled by women and people who are “non binary,” or who do not identify as male or female.


Company: cnbc, Activity: cnbc, Date: 2020-01-21  Authors: tucker higgins
Keywords: news, cnbc, companies, force, elizabeth, department, administration, wants, president, trump, justice, create, investigate, task, corruption, warren, democratic, plan


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How companies like Google and IBM plan to make money from quantum computing

Quantum computers use the natural world to produce machines with staggeringly powerful processing potential. Quantum computing could also help scientists speed up discoveries in adjacent fields like machine learning and artificial intelligence. Amazon, Google, IBM and Microsoft, plus a host of smaller companies such as Rigetti and D-Wave, are all betting big on quantum. said Martin Reynolds, an analyst with Gartner who covers quantum computing. “So you could see there are some simply astonishing


Quantum computers use the natural world to produce machines with staggeringly powerful processing potential.
Quantum computing could also help scientists speed up discoveries in adjacent fields like machine learning and artificial intelligence.
Amazon, Google, IBM and Microsoft, plus a host of smaller companies such as Rigetti and D-Wave, are all betting big on quantum.
said Martin Reynolds, an analyst with Gartner who covers quantum computing.
“So you could see there are some simply astonishing
How companies like Google and IBM plan to make money from quantum computing Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: jeff morganteen
Keywords: news, cnbc, companies, thing, plan, simulate, future, far, ibm, money, companies, quantum, computing, google, technology, computers, big


How companies like Google and IBM plan to make money from quantum computing

Quantum computers use the natural world to produce machines with staggeringly powerful processing potential.

We could use quantum computers to simulate molecules to build new drugs and new materials, and to solve problems plaguing physicists for decades. Wall Street could use them to optimize portfolios, simulate economic forecasts and for complex risk analysis. Quantum computing could also help scientists speed up discoveries in adjacent fields like machine learning and artificial intelligence.

Amazon, Google, IBM and Microsoft, plus a host of smaller companies such as Rigetti and D-Wave, are all betting big on quantum.

“How many of your billions would you give over for an extra 10 years of life?” said Martin Reynolds, an analyst with Gartner who covers quantum computing. “So you could see there are some simply astonishing financial opportunities in quantum computing. This is why there’s so much interest, even though it’s so far down the road.”

But nothing is ever a sure thing. And dealing with the quirky nature of quantum physics creates some big hurdles for this nascent technology. Is quantum truly the next big thing in computing? Or is it destined to become something more like nuclear fusion—destined to always be the technology of the future, never the present?

Watch the video above to learn more about quantum computing and how tech companies hope to use the technology in the far and near future.


Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: jeff morganteen
Keywords: news, cnbc, companies, thing, plan, simulate, future, far, ibm, money, companies, quantum, computing, google, technology, computers, big


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Here’s why I plan to cancel my Chase Sapphire Reserve

The Chase Sapphire Reserve® made headlines last week when Chase announced a $100 annual fee increase, from $450 to $550. And if you don’t frequently use either service, it may not be enough to offset the cost of the annual fee. Below, I explain why I plan to cancel my Chase Sapphire Reserve® before I’m billed the increased annual fee next year. On Chase’s secure siteHere’s why I plan to cancel my Chase Sapphire ReserveI had been contemplating opening the Chase Sapphire Reserve® for at least a ye


The Chase Sapphire Reserve® made headlines last week when Chase announced a $100 annual fee increase, from $450 to $550.
And if you don’t frequently use either service, it may not be enough to offset the cost of the annual fee.
Below, I explain why I plan to cancel my Chase Sapphire Reserve® before I’m billed the increased annual fee next year.
On Chase’s secure siteHere’s why I plan to cancel my Chase Sapphire ReserveI had been contemplating opening the Chase Sapphire Reserve® for at least a ye
Here’s why I plan to cancel my Chase Sapphire Reserve Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: alexandria white, erin lowry
Keywords: news, cnbc, companies, travel, annual, reserve, sapphire, plan, credit, rewards, card, cancel, points, chase, value, bonus, heres, fee


Here's why I plan to cancel my Chase Sapphire Reserve

The Chase Sapphire Reserve® made headlines last week when Chase announced a $100 annual fee increase, from $450 to $550. The news had current and prospective applicants second-guessing whether the popular card was still worthwhile. Potential cardholders had four days to apply for the card before the fee rose to $550 on January 12, 2020. Meanwhile existing cardholders are able to renew at $450 for another year if their renewal date is before April 1, 2020. Any renewals after that date incur the new $550 fee. Chase added new DoorDash and Lyft benefits to help compensate for the fee hike, but many consumers were unsure if the new perks offset the fee. And if you don’t frequently use either service, it may not be enough to offset the cost of the annual fee. That’s the issue I’m personally running into. Below, I explain why I plan to cancel my Chase Sapphire Reserve® before I’m billed the increased annual fee next year.

Chase Sapphire Reserve® Apply Now Rewards 10X points on Lyft rides through March 2022, 3X points on travel worldwide (immediately after earning your $300 annual travel credit), 3X points on dining at restaurants worldwide, 1X point per $1 on all other purchases

Welcome bonus 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening — worth up to $750 toward travel when you redeem through Chase Ultimate Rewards®

Annual fee $550

Intro APR None

Regular APR 18.49% to 25.49% variable

Balance transfer fee 5%, minimum $5

Foreign transaction fee None

Credit needed Excellent

Terms apply. On Chase’s secure site

Here’s why I plan to cancel my Chase Sapphire Reserve

I had been contemplating opening the Chase Sapphire Reserve® for at least a year before I submitted an application two weeks ago, before I learned the annual fee would increase. Initially, I justified paying the $450 annual fee because I liked the card’s generous welcome bonus, and I was planning to take full advantage of the annual $300 travel credit and $100 credit toward a Global Entry or TSA application fee. Combined those perks were more than worth $450. But after the annual fee increased, I wanted to crunch the numbers to find the card’s long-term value, based on how I plan on using it. Here’s a breakdown of the approximate value of each benefit that could easily receive a dollar amount.

Welcome bonus

I qualified for a welcome bonus of 50,000 bonus points after you spend $4,000 on purchases in the first three months from account opening. This is worth up to $750 toward travel when you redeem through Chase Ultimate Rewards® since points are worth 50% more when used that way. Keep in mind this is a one-time offer. So you can’t count on this to offset the annual fee after the first year. Cardholder value: Up to $750 in year one My value: $750 in year one, since I plan to redeem for the maximum value

Annual travel credit

The Sapphire Reserve provides a generous annual travel credit that can be used to offset the cost of travel ranging from airfare and hotels to tolls and rental cars. Cardholder value: Up to $300 a year My value: $300 each year, I plan on maxing out this credit to cover vacation costs, as well as everyday expenses like tolls

Global Entry or TSA PreCheck credit

Cardholders receive an application fee credit for Global Entry ($100) or TSA PreCheck ($85) every four years. It’s generally recommended that you apply for Global Entry rather than TSA PreCheck. For just $15 more, Global Entry grants you access to both. Cardholder value: Up to $100 every four years My value: $100 every four years, I already have TSA PreCheck which doesn’t expire for a few years, but will apply for Global Entry. But after year one, it will be another four years before I can take advantage of this credit again.

Priority Pass Select membership

This perk provides access over 1,000 airport lounges worldwide after a one-time enrollment. Cardholder value: $429 a year My value: $0, since I only fly once or twice a year and often out of terminals that don’t have Priority Pass lounges

DoorDash benefits

The DoorDash benefits are worth up to a combined $320: DoorDash credits: $120 statement credit ($60 in 2020 and $60 in 2021)

$120 statement credit ($60 in 2020 and $60 in 2021) DashPass membership for a minimum of one year and up to two years: Up to $200, depending on when you activate (no later than Dec. 31, 2021) If you use delivery services like DoorDash, a complimentary DashPass membership may be a nice perk, providing free delivery and lower service fees from hundreds of restaurants on orders of $12 or more. And if you currently use a competitor, like Seamless, GrubHub or Postmates, this may be enough to convince you to switch services. But that’s not the case for me. I don’t use food delivery services so this benefit isn’t one I’m particularly excited about. Granted, I won’t turn down ‘free’ money, so I already signed up and used about $20 of the DoorDash credit on an ice cream order. I’ll likely spend up to the $60 credit to take full advantage of this perk and only use restaurants that are eligible for DashPass to minimize fees. It’s also important to note that these benefits are for up to two years — there’s currently no indication they’ll be renewed. That means you shouldn’t bank on these perks to offset the annual fee every year since, as of now, they’re temporary. Cardholder value: Up to $320, which works out to up to $160 in 2020 and $160 in 2021 My value: $320, which is $160 in 2020 and $160 in 2021

Lyft benefits

Cardholders can earn 10X points on Lyft purchases through March 2022 and can also benefit from a year of complimentary Lyft Pink membership. Lyft Pink is worth $19.99 per month and includes 15% off car rides, relaxed cancellations, priority airport pickups, up to three free 30-minute bike and scooter rides per month and more. Just like the DoorDash benefits, the Lyft Pink membership is only for a limited time, so you shouldn’t bank on it offsetting the annual fee long-term. Cardholder value: $239 for a year My value: $0 since I rarely use rideshares. I’ll sign up, but don’t plan on using this service.

Bottom line

Cardholder’s total value: Up to $1,978 in year one, assuming you earn the welcome bonus; up to $889 in year two; and up to $729 in other years (not including the Global Entry/TSA PreCheck credit every four years worth $100) My total value: $1,310 year one; $460 year two; and $300 in other years (not including the Global Entry credit every four years worth $100) Cardholders who take full advantage of all the card benefits can more than offset the annual fee, however when I crunch the numbers it’s clear I’m $90 to $250 short of recouping the fee after my first year of account opening. And when I consider how much I’ll use the card (approximately $4,000 annually), that only equates to about $180 in rewards when redeemed through the Ultimate Rewards portal. If you fit my profile, then you may feel the same and contemplate canceling your Chase Sapphire Reserve®. Experts generally don’t recommend canceling your credit card since it can have a negative affect on your credit score. But paying a high annual fee that’s not worthwhile can be an exception. (Learn how to cancel a credit card.) However, you can also consider downgrading your Sapphire Reserve to another Chase card, such as the Chase Sapphire Preferred® Card, which has a lower $95 annual fee, or the no annual fee Chase Freedom Unlimited®.

Alternatives to the Chase Sapphire Reserve

If you’re considering opening a different travel credit card, consider these alternatives which have annual fees of $0, $95, $250 or $550.

No annual fee travel card

Wells Fargo Propel American Express® Card Learn More Rewards 3X points on dining out and ordering in; gas, rideshares and transit; flights, hotels, homestays and car rentals; and popular streaming services. 1X points on all other purchases

Welcome bonus 20,000 bonus points when you spend $1,000 in purchases in the first 3 months

Annual fee $0

Intro APR 0% APR for 12 months on purchases and balance transfers

Regular APR 15.49% to 27.49% variable

Balance transfer fee Introductory fee of either $5 or 3% of the amount of each balance transfer, whichever is greater, for 120 days from account opening. After that, up to 5% for each balance transfer, with a minimum of $5

Foreign transaction fee None

Credit needed Excellent/Good

Terms apply. Information about the Wells Fargo Propel American Express® Card has been collected independently by CNBC and has not been reviewed or provided by the issuer of the card prior to publication.

Similar card with an annual fee under $100

Chase Sapphire Preferred® Apply Now Rewards 5X points on Lyft rides through March 2022, 2X points on travel and dining worldwide, 1X points on all other purchases

Welcome bonus 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening — worth up to $750 toward travel when you redeem through Chase Ultimate Rewards®

Annual fee $95

Intro APR None

Regular APR 17.49% to 24.49% variable on purchases and balance transfers

Balance transfer fee Either $5 or 5% of the amount of each transfer, whichever is greater

Foreign transaction fee None

Credit needed Excellent/Good

Terms apply. On Chase’s secure site

Premium rewards card with a lower fee

American Express® Gold Card Apply Now Rewards 4X Membership Rewards® points when you dine at restaurants worldwide and shop at U.S. supermarkets (on up to $25,000 per year in purchases, then it drops to 1X), 3X points on flights booked directly with airlines or on amextravel.com, 1X points on all other purchases

Welcome bonus 35,000 Membership Rewards® points after you spend $4,000 on eligible purchases within the first 3 months from account opening

Annual fee $250

Intro APR Not applicable

Regular APR See rates and fees

Balance transfer fee See rates and fees

Foreign transaction fee None

Credit needed Excellent/Good

See rates and fees, terms apply. On American Express’s secure website.

Competing luxury travel card

The Platinum Card® from American Express Apply Now Rewards 5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel and on on prepaid hotels booked on amextravel.com, 1X Membership Rewards® points on all other purchases

Welcome bonus 60,000 Membership Rewards® points after spending $5,000 within 3 months of account opening

Annual fee $550

Intro APR None

Regular APR See rates and fees

Balance transfer fee Not applicable

Foreign transaction fee None

Credit Needed Excellent/Good

See rates and fees, terms apply. On American Express’s Secure Site

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.


Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: alexandria white, erin lowry
Keywords: news, cnbc, companies, travel, annual, reserve, sapphire, plan, credit, rewards, card, cancel, points, chase, value, bonus, heres, fee


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Fiat Chrysler and Foxconn plan Chinese electric vehicle joint venture

Italian-American automaker Fiat Chrysler and the parent of iPhone assembler Foxconn plan to set up a joint venture to build electric cars and develop internet-connected vehicles, the two groups said. Fiat Chrysler (FCA) confirmed on Friday it was in talks with Hon Hai on the potential creation of a 50-50 joint venture to develop and manufacture new generation battery electric vehicles in China and engage in the IoV, or ‘Internet of Vehicles,’ business. The Italian-American carmaker is looking to


Italian-American automaker Fiat Chrysler and the parent of iPhone assembler Foxconn plan to set up a joint venture to build electric cars and develop internet-connected vehicles, the two groups said.
Fiat Chrysler (FCA) confirmed on Friday it was in talks with Hon Hai on the potential creation of a 50-50 joint venture to develop and manufacture new generation battery electric vehicles in China and engage in the IoV, or ‘Internet of Vehicles,’ business.
The Italian-American carmaker is looking to
Fiat Chrysler and Foxconn plan Chinese electric vehicle joint venture Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-17
Keywords: news, cnbc, companies, statement, plan, set, chrysler, fiat, electric, potential, chinese, vehicle, italianamerican, hon, foxconn, vehicles, parent, venture, hai, joint


Fiat Chrysler and Foxconn plan Chinese electric vehicle joint venture

Italian-American automaker Fiat Chrysler and the parent of iPhone assembler Foxconn plan to set up a joint venture to build electric cars and develop internet-connected vehicles, the two groups said.

Fiat Chrysler (FCA) confirmed on Friday it was in talks with Hon Hai on the potential creation of a 50-50 joint venture to develop and manufacture new generation battery electric vehicles in China and engage in the IoV, or ‘Internet of Vehicles,’ business.

The Italian-American carmaker is looking to make up ground in the battery-powered vehicle space and is set to launch its first full-electric model — the 500 small car — this year.

FCA’s statement came after Taiwan’s Hon Hai — the parent of Foxconn, the Chinese assembler of Apple iPhones — announced the potential joint venture in a separate statement.


Company: cnbc, Activity: cnbc, Date: 2020-01-17
Keywords: news, cnbc, companies, statement, plan, set, chrysler, fiat, electric, potential, chinese, vehicle, italianamerican, hon, foxconn, vehicles, parent, venture, hai, joint


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3 questions to ask yourself before selling an investment

Before you sell an investment, experts recommend asking yourself thee following questions. Your reasons for wanting to sell an investment could range from practical to emotional, and it’s important to understand what’s motivating your decision. That said, you will want to have a plan for which investments in your portfolio you’ll sell — and why. Before you consider selling, you’ll want to make sure you understand the associated costs, which could include: Transaction costs. Even if you decide th


Before you sell an investment, experts recommend asking yourself thee following questions.
Your reasons for wanting to sell an investment could range from practical to emotional, and it’s important to understand what’s motivating your decision.
That said, you will want to have a plan for which investments in your portfolio you’ll sell — and why.
Before you consider selling, you’ll want to make sure you understand the associated costs, which could include: Transaction costs.
Even if you decide th
3 questions to ask yourself before selling an investment Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: anna-louise jackson
Keywords: news, cnbc, companies, understand, tax, investment, ask, market, selling, investments, questions, sell, money, youll, plan


3 questions to ask yourself before selling an investment

Much of the advice about investing focuses on getting started in the stock market. However, the day will inevitably come when you need to sell your investments. Just as you should have a long-term strategy for investing in the stock market, you’ll need to develop a plan for determining when to sell — and then stick with it. Otherwise, you risk succumbing to a common cognitive bias of withdrawing money from the market at the worst possible time. “If you’re prepared in advance, nothing should be a surprise,” says Tim McGrath, a certified financial planner and managing partner at Riverpoint Wealth Management. “A lot of people don’t have a game plan or process for determining what to sell.” It’s important to consider the long-term consequences associated with a short-term decision. If you sell investments because of a bout of turbulence, you could miss out when the market eventually rebounds, as it always has in the past. Alternatively, treating your investment account like an ATM could create an unexpected tax burden. Before you sell an investment, experts recommend asking yourself thee following questions.

1. Why do you want to sell?

Your reasons for wanting to sell an investment could range from practical to emotional, and it’s important to understand what’s motivating your decision. A good way of sussing that out is by asking yourself if selling the investment will fund a want or a need, says Mike Kojonen, a financial advisor and founder of Principal Preservation Services. “Don’t use your investments for something you just want to buy,” he recommends. That’s because you’ll pay a price for doing so, including capital gains taxes on profits. Oftentimes, Kojonen’s clients will reconsider selling investments once they understand the implications of doing so — and particularly if it was to fund a short-term “want,” like a car or a vacation, he says. To avoid surprises that might cause you to sell an investment to cover an emergency, McGrath says it’s important to plan ahead. That means anticipating major expenses you might have in the next 12 to 24 months and ensuring you have an emergency fund that can cover at least three months worth of living expenses.

If you’re prepared in advance, nothing should be a surprise. Tim McGrath a certified financial planner and managing partner at Riverpoint Wealth Management

Even so, emergencies do arise that might warrant selling. That said, you will want to have a plan for which investments in your portfolio you’ll sell — and why. Finally, check your emotions. Both Kojonen and McGrath try to determine if the real reason one of their clients wants to sell is motivated by fear. If you’re frustrated with your portfolio’s performance or worried that a market decline is coming, remember why you invested in the first place and make tweaks rather than overhauls to your strategy.

Video by Courtney Stith

2. Do you understand what selling will cost?

You may look at the value of your investment and think you’ll get to keep all of that. But Uncle Sam will want a cut, as well. Before you consider selling, you’ll want to make sure you understand the associated costs, which could include: Transaction costs. Does your broker or robo-advisor charge a fee for liquidating some or all of your account?

Does your broker or robo-advisor charge a fee for liquidating some or all of your account? Capital gains taxes. How long have you owned this investment? If it’s been less than a year, you’ll have to pay short-term capital gains taxes on the profit, which is the equivalent of ordinary income tax. If it’s been longer than a year, your tax obligations are lower.

How long have you owned this investment? If it’s been less than a year, you’ll have to pay short-term capital gains taxes on the profit, which is the equivalent of ordinary income tax. If it’s been longer than a year, your tax obligations are lower. Penalty for early withdrawals. Are you considering taking out money from a 401(k) or an IRA? You should avoid dipping into your retirement account, because that money can be taxed as income. And if the money isn’t for a qualified exception, you’ll have to pay a 10% penalty.

Are you considering taking out money from a 401(k) or an IRA? You should avoid dipping into your retirement account, because that money can be taxed as income. And if the money isn’t for a qualified exception, you’ll have to pay a 10% penalty. Opportunity cost. Every dollar you remove from the market is a dollar less that’s earning interest for retirement or other long-term goals. To see the power of compounding, consider the following example from Fidelity: If you leave a retirement account of $6,000 untouched instead of cashing out when you switch jobs, in 35 years that could grow to more than $64,000 — even without any other contributions in the interim. Once you understand all of these costs, you may have a change of heart. That said, there are good reasons to sell investments, including rebalancing your portfolio to maintain your chosen mix of various stocks and bonds and taking advantage of investing strategies that can lower your tax bill.

3. What happens next?

Even if you decide that selling an investment is your best option, you need to have a plan for what happens next. That includes a strategy for when you’ll actually sell, a budget for the costs outlined above, a decision about where that money goes after you’ve liquidated it, and a plan for reinvesting that money again later.


Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: anna-louise jackson
Keywords: news, cnbc, companies, understand, tax, investment, ask, market, selling, investments, questions, sell, money, youll, plan


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