Citi says clients are making business adjustments due to trade war

A supply chain is a network between a company and its suppliers to produce and distribute the firm’s products. Citi can’t name those companies and their specific plans, but said some of their clients are shifting part of their network to Southeast Asia. Nearly three-quarters of the firms polled expect global trade tensions to prolong, with discussions between the U.S. and China to last more than a year. Half the companies polled said their supply chains were already affected by the tariffs, whil


A supply chain is a network between a company and its suppliers to produce and distribute the firm’s products. Citi can’t name those companies and their specific plans, but said some of their clients are shifting part of their network to Southeast Asia. Nearly three-quarters of the firms polled expect global trade tensions to prolong, with discussions between the U.S. and China to last more than a year. Half the companies polled said their supply chains were already affected by the tariffs, whil
Citi says clients are making business adjustments due to trade war Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: yen nee lee
Keywords: news, cnbc, companies, plans, business, adjustments, network, tariffs, shifting, making, war, companies, citi, poll, polled, supply, tensions, clients, trade


Citi says clients are making business adjustments due to trade war

The poll, conducted in early November, found that more than half of those companies have plans to adjust their supply chains, which include shifting manufacturing sites or investing in new ones to circumvent additional tariffs that the U.S. and its trading partners — including China and the European Union — have imposed on each other.

A supply chain is a network between a company and its suppliers to produce and distribute the firm’s products.

Citi can’t name those companies and their specific plans, but said some of their clients are shifting part of their network to Southeast Asia. Nearly three-quarters of the firms polled expect global trade tensions to prolong, with discussions between the U.S. and China to last more than a year.

Half the companies polled said their supply chains were already affected by the tariffs, while the other half expect to see some impact next year.

“This client poll underlines how companies are already proactively adjusting to the realities of the trade tensions,” Rajesh Mehta, the bank’s head of treasury and trade solutions for Asia Pacific, said in a statement.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: yen nee lee
Keywords: news, cnbc, companies, plans, business, adjustments, network, tariffs, shifting, making, war, companies, citi, poll, polled, supply, tensions, clients, trade


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E.ON announces plans to build large onshore wind farm in Sweden

German utility E.ON is to build what it describes as one of Europe’s “largest onshore wind farms.” In an announcement Friday, the business said it had decided to invest in the 475-megawatt Nysater wind project in Sweden. “It is part of our strategy to expand our position for onshore wind energy in Europe,” Anja-Isabel Dotzenrath, CEO of E.ON Climate and Renewables, said in a statement. Europe added 4.5 gigawatts of wind energy capacity in the first half of 2018, according to trade body WindEurop


German utility E.ON is to build what it describes as one of Europe’s “largest onshore wind farms.” In an announcement Friday, the business said it had decided to invest in the 475-megawatt Nysater wind project in Sweden. “It is part of our strategy to expand our position for onshore wind energy in Europe,” Anja-Isabel Dotzenrath, CEO of E.ON Climate and Renewables, said in a statement. Europe added 4.5 gigawatts of wind energy capacity in the first half of 2018, according to trade body WindEurop
E.ON announces plans to build large onshore wind farm in Sweden Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: anmar frangoul, david clapp, the image bank, getty images
Keywords: news, cnbc, companies, onshore, project, farm, eon, facility, wind, large, dotzenrath, plans, energy, german, build, announces, sweden


E.ON announces plans to build large onshore wind farm in Sweden

German utility E.ON is to build what it describes as one of Europe’s “largest onshore wind farms.”

In an announcement Friday, the business said it had decided to invest in the 475-megawatt Nysater wind project in Sweden. The facility will be built jointly with Credit Suisse Energy Infrastructure Partners (CSEIP).

Breaking down the deal, E.ON said that a fund advised by CSEIP would have 80 percent of the joint venture.

E.ON is to build and operate the project through a “long-term” operations and maintenance agreement, and will retain a 20 percent equity stake in the development. Total investment comes to approximately 500 million euros ($566.4 million).

“It is part of our strategy to expand our position for onshore wind energy in Europe,” Anja-Isabel Dotzenrath, CEO of E.ON Climate and Renewables, said in a statement.

“Nysater means a significant expansion of our Scandinavian portfolio,” Dotzenrath added.

Europe added 4.5 gigawatts of wind energy capacity in the first half of 2018, according to trade body WindEurope.

E.ON said its new project is situated in the Vasternorrland district of Sweden, an area the company described as having “excellent wind conditions.”

Construction is slated to begin this year and it’s expected the facility will be finished by the end of 2021. It will use 114 turbines from Nordex, a German manufacturer.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: anmar frangoul, david clapp, the image bank, getty images
Keywords: news, cnbc, companies, onshore, project, farm, eon, facility, wind, large, dotzenrath, plans, energy, german, build, announces, sweden


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Amazon’s HQ2 in Queens will be ‘square in the danger zone for frequent flooding’

It gets warmer, it means the air can hold more moisture and we get bigger downpours,” said Strauss of Climate Central. From 2005 to 2014, Queens saw an additional 31 days of coastal flooding due to climate change, researchers say. Long Island City is already becoming a hot spot for New York City, and Amazon will speed that change exponentially. New York City is also running out of large spaces for developments like this one, which likely played into the choice. Like other waterfront buildings, t


It gets warmer, it means the air can hold more moisture and we get bigger downpours,” said Strauss of Climate Central. From 2005 to 2014, Queens saw an additional 31 days of coastal flooding due to climate change, researchers say. Long Island City is already becoming a hot spot for New York City, and Amazon will speed that change exponentially. New York City is also running out of large spaces for developments like this one, which likely played into the choice. Like other waterfront buildings, t
Amazon’s HQ2 in Queens will be ‘square in the danger zone for frequent flooding’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: diana olick, eduardo munoz, yana paskova, the washington post, getty images
Keywords: news, cnbc, companies, frequent, amazons, plans, continue, danger, york, city, expect, square, queens, zone, climate, strauss, likely, flooding, hq2, headquarters


Amazon's HQ2 in Queens will be 'square in the danger zone for frequent flooding'

“And the truth is, heavy rain has already increased by 50 percent in the Northeast. So we can expect that trend to continue. It gets warmer, it means the air can hold more moisture and we get bigger downpours,” said Strauss of Climate Central.

From 2005 to 2014, Queens saw an additional 31 days of coastal flooding due to climate change, researchers say. If Queens experienced a 6-foot flood, which scientists expect by the end of this century, that would put $13 billion worth of property at risk of damage, including about 34,000 homes, according to Climate Central and Zillow.

Companies and residential developers continue to build on the water because that is simply where people want to live and work. Long Island City is already becoming a hot spot for New York City, and Amazon will speed that change exponentially. New York City is also running out of large spaces for developments like this one, which likely played into the choice.

Amazon is more than likely considering all these risks as it plans its new headquarters, although a spokesman for the company said they could not comment on any plans. Like other waterfront buildings, the new headquarters will have to be built as a stronghold — resilient against weather and water.

“But then you have to ask how easy will it be to get to and from their headquarters, what’s happening to the surrounding neighborhood? And they’re going to need the city’s help to fortify the whole area,” Strauss said.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: diana olick, eduardo munoz, yana paskova, the washington post, getty images
Keywords: news, cnbc, companies, frequent, amazons, plans, continue, danger, york, city, expect, square, queens, zone, climate, strauss, likely, flooding, hq2, headquarters


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At UN climate talks, Trump team plans sideshow on coal

The Trump administration plans to set up a side-event promoting fossil fuels at the annual U.N. climate talks next month, repeating a strategy that infuriated global-warming activists during last year’s talks, according to three people with knowledge of the matter. The White House and the State Department did not respond to requests for comment. The administration’s resistance has come against a backdrop of increasingly urgent warnings from scientists about the threats posed by greenhouse gas em


The Trump administration plans to set up a side-event promoting fossil fuels at the annual U.N. climate talks next month, repeating a strategy that infuriated global-warming activists during last year’s talks, according to three people with knowledge of the matter. The White House and the State Department did not respond to requests for comment. The administration’s resistance has come against a backdrop of increasingly urgent warnings from scientists about the threats posed by greenhouse gas em
At UN climate talks, Trump team plans sideshow on coal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: dominick reuter, afp, getty images
Keywords: news, cnbc, companies, team, trump, climate, fossil, energy, talks, plans, coal, department, sources, state, fuels, sideshow, administration, paris


At UN climate talks, Trump team plans sideshow on coal

The Trump administration plans to set up a side-event promoting fossil fuels at the annual U.N. climate talks next month, repeating a strategy that infuriated global-warming activists during last year’s talks, according to three people with knowledge of the matter.

As with the 2017 gathering in Bonn, Germany, the administration plans to highlight the benefits of technologies that more efficiently burn fuels including coal, the sources said.

This year’s talks in Katowice, Poland – located in a mining region that is among the most polluted in Europe – are intended to hammer out a rule book to the 2015 Paris agreement on climate change, which set a sweeping goal of ending the fossil-fuel era this century by spurring a trillion-dollar transition to cleaner energy sources such as solar and wind power.

Even as the Trump administration aims to promote energy strategies that could detract from those international goals, it also plans to let State Department officials continue negotiating the climate accord – a recognition that the next U.S. president may drop the nation’s opposition to the pact.

“The White House seems to have taken the view that it’s important to let technocrats complete the work of the rule book. It’s in the U.S. national interest to be at the table and see an outcome that emphasizes transparency, holds countries accountable,” said one of the sources, who is familiar with State Department plans.

The White House and the State Department did not respond to requests for comment.

The United States, the world’s top oil and gas producer, is the only country to have announced its intention to formally withdraw from the Paris accord.

The administration’s resistance has come against a backdrop of increasingly urgent warnings from scientists about the threats posed by greenhouse gas emissions from fossil fuels. The panel will come less than two months after the U.N.’s Intergovernmental Panel on Climate Change warned in a report that the world’s use of coal for generating power will need to be nearly eliminated by mid-century – to between 1 and 7 percent of the global mix, from around 40 percent now – to help prevent deadly droughts, storms and floods brought on by climate change.

“Quite frankly, the U.S. is the only party to the convention that appears to be willing to push a rational discussion on the role of cleaner, more efficient fossil (fuels) and the role of civilian nuclear energy,” said one of the sources, who is involved in the planning of the event for Katowice, likely to be held on Dec. 10.

The source, who did not want to be named due to the sensitive nature of the issue, said the event will be dominated by proponents of coal and natural gas and likely advanced nuclear power, too. The panel will also likely feature a U.S. Energy Department representative. At this point plans do not include a renewable power industry representative, the source said.

The event is expected to be led by Wells Griffith, Trump’s international energy and climate adviser, the sources added. Griffith’s main energy policy experience involves a year at a political job at the Department of Energy and helping to set up a deal last year to supply Ukraine with U.S. coal after the country lost control of mines to Russian-backed separatists.

Two-tiered approach

Trump last year announced his intent to leave the Paris agreement, calling it harmful to the U.S. economy and casting doubt on the climate science underpinning the accord.

As per U.N. rules, Trump’s administration will not be able to leave the pact until a day after the 2020 presidential election, and U.S. officials recognize that finishing the rule book and making sure developing countries such as China are held to verifiable emissions cuts are in the national interest.

Last year, the fossil fuels event set up by the White House drew widespread protest and condemnation from climate activists. Former New York Mayor Michael Bloomberg wrote on Twitter that “Promoting coal at a climate summit is like promoting tobacco at a cancer summit.”

At the same time, 40 career officials from the State Department and other agencies continued their work on the Paris pact’s rule book. U.S. envoys to the Bonn talks were viewed by their counterparts as constructive and helpful, feeding hopes that the United States could eventually be drawn back into the accord, a possibility that Trump has held open.

But much has changed since last year.

Several Trump administration officials who supported keeping the United States in the Paris pact, although under different terms, have left the administration. They include top economic adviser Gary Cohn, national security adviser H.R. McMaster, and climate and energy adviser George David Banks. Now, economic adviser Larry Kudlow and national security adviser John Bolton are opponents of the Paris agreement, and Banks has been replaced by Griffith.

Ex-CIA director Mike Pompeo, a vocal critic of efforts to combat global warming by past U.S. administrations, has become Secretary of State, replacing former Exxon Mobil CEO Rex Tillerson, who supported U.S. participation in the Paris agreement.

That places Trump’s team more squarely behind his “energy dominance” agenda of boosting U.S. fossil fuel output and exports, in part by promoting low-emission technology for fossil fuels to other nations.

The Energy Department has touted technologies including small scale “modular” coal plants that could burn the fuel more efficiently and step in when clouds and calm weather limit solar and wind power.

Environmentalists should not get excited that any State Department cooperation in Poland signals the Trump administration is eyeing a return to the Paris agreement, one of the sources said.

“It’s making sure U.S. interests are paramount, nothing more, nothing less.”


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: dominick reuter, afp, getty images
Keywords: news, cnbc, companies, team, trump, climate, fossil, energy, talks, plans, coal, department, sources, state, fuels, sideshow, administration, paris


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Chinese tech giant Huawei plans to introduce ‘augmented reality’ glasses in next one or two years

Huawei is working on augmented reality (AR) smart glasses which could debut in the next one or two years, potentially pitting it in a race against Apple, which is reportedly working on a similar product of its own. The Chinese technology giant already has augmented reality apps on its latest Mate 20 Pro smartphone. These would be wearable spectacles that allow people to experience AR. “With this AR, you can have AR glasses working with phone, maybe you can watch more of a large area,” Yu said. Y


Huawei is working on augmented reality (AR) smart glasses which could debut in the next one or two years, potentially pitting it in a race against Apple, which is reportedly working on a similar product of its own. The Chinese technology giant already has augmented reality apps on its latest Mate 20 Pro smartphone. These would be wearable spectacles that allow people to experience AR. “With this AR, you can have AR glasses working with phone, maybe you can watch more of a large area,” Yu said. Y
Chinese tech giant Huawei plans to introduce ‘augmented reality’ glasses in next one or two years Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: arjun kharpal, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, ar, users, introduce, technology, smartphone, working, glasses, experience, tech, plans, chinese, huawei, yu, giant, augmented, reality


Chinese tech giant Huawei plans to introduce 'augmented reality' glasses in next one or two years

Huawei is working on augmented reality (AR) smart glasses which could debut in the next one or two years, potentially pitting it in a race against Apple, which is reportedly working on a similar product of its own.

AR is a technology that sees virtual three-dimensional images overlaid onto the real world. It’s a similar principle as smartphone game apps that let users see digital objects through the screens on their phones that appear to be within the scene captured on their screen.

The Chinese technology giant already has augmented reality apps on its latest Mate 20 Pro smartphone.

But Richard Yu, CEO of Huawei’s consumer business, told CNBC in an exclusive interview that AR glasses are in the works which could take the experience to the next level. These would be wearable spectacles that allow people to experience AR.

“With this AR, you can have AR glasses working with phone, maybe you can watch more of a large area,” Yu said.

“In the beginning you may feel AR … is nothing. But in the future you will see more and more the value of that,” he added.

Yu said the company will bring more augmented reality experiences to the smartphone first, so users become accustomed to it before the company releases the glasses.

“The next one to two years I think the industry will commercialize, even for Huawei. We will bring a better user experience product,” Yu said.


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: arjun kharpal, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, ar, users, introduce, technology, smartphone, working, glasses, experience, tech, plans, chinese, huawei, yu, giant, augmented, reality


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Levi Strauss plans IPO that values company at up to $5 billion, sources say

Levi Strauss & Co., the 145-year-old company credited with creating the first pair of blue jeans, is planning an initial public offering, people with knowledge of the matter said. Levi’s traces its history back to 1853 when Levi Strauss, an immigrant from Bavaria, moved to California during the gold-rush era seeking to open a West Coast outpost of his family’s dry goods business. Levi’s is currently privately held by the descendants of the family of Levi Strauss. The company’s Japanese affiliate


Levi Strauss & Co., the 145-year-old company credited with creating the first pair of blue jeans, is planning an initial public offering, people with knowledge of the matter said. Levi’s traces its history back to 1853 when Levi Strauss, an immigrant from Bavaria, moved to California during the gold-rush era seeking to open a West Coast outpost of his family’s dry goods business. Levi’s is currently privately held by the descendants of the family of Levi Strauss. The company’s Japanese affiliate
Levi Strauss plans IPO that values company at up to $5 billion, sources say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: leslie picker, chris ratcliffe, bloomberg, getty images
Keywords: news, cnbc, companies, billion, values, ipo, plans, saidlevis, company, strauss, pair, traded, say, public, offering, sources, million, levi, publicly


Levi Strauss plans IPO that values company at up to $5 billion, sources say

Levi Strauss & Co., the 145-year-old company credited with creating the first pair of blue jeans, is planning an initial public offering, people with knowledge of the matter said.

Levi’s is looking to raise between $600 million and $800 million and targeting the first quarter of 2019 to go public, said the people, who asked not to be named discussing confidential deal details. The company is aiming to debut with a valuation upward of $5 billion, the people said.

The San Francisco-based company has tapped Goldman Sachs and J.P. Morgan to manage the deal, although the timing and size of the offering could change, the people said.

Levi’s traces its history back to 1853 when Levi Strauss, an immigrant from Bavaria, moved to California during the gold-rush era seeking to open a West Coast outpost of his family’s dry goods business. About two decades later, one of his customers, a tailor, partnered with Strauss to patent the idea to use rivets to make a pair of pants last longer and the company was born. This led to the first pair of blue jeans, the company said.

Levi’s is currently privately held by the descendants of the family of Levi Strauss. The company’s Japanese affiliate, Levi Strauss K.K. is publicly traded in Tokyo, and Levi’s bonds are publicly traded. As a result, Levi’s reports quarterly earnings with the Securities and Exchange Commission.


Company: cnbc, Activity: cnbc, Date: 2018-11-14  Authors: leslie picker, chris ratcliffe, bloomberg, getty images
Keywords: news, cnbc, companies, billion, values, ipo, plans, saidlevis, company, strauss, pair, traded, say, public, offering, sources, million, levi, publicly


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What your Medicare agent should do for you

Given that Medicare can seem like a confusing web of options, it’s no wonder that many consumers rely on licensed professionals for help. If you’re among those who turn to an agent or broker, it’s worthwhile making sure the person has evaluated all of your 2019 options during Medicare’s open enrollment period, which ends Dec. 7. Before Medicare’s annual fall window closes, you can:· Switch to an Advantage Plan (Part C) from original Medicare (Part A hospital coverage and Part B outpatient covera


Given that Medicare can seem like a confusing web of options, it’s no wonder that many consumers rely on licensed professionals for help. If you’re among those who turn to an agent or broker, it’s worthwhile making sure the person has evaluated all of your 2019 options during Medicare’s open enrollment period, which ends Dec. 7. Before Medicare’s annual fall window closes, you can:· Switch to an Advantage Plan (Part C) from original Medicare (Part A hospital coverage and Part B outpatient covera
What your Medicare agent should do for you Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: sarah obrien, photo, tom, dee ann mccarthy via getty images
Keywords: news, cnbc, companies, plan, medicare, options, coverage, agent, advantage, original, plans, switch, broker


What your Medicare agent should do for you

Given that Medicare can seem like a confusing web of options, it’s no wonder that many consumers rely on licensed professionals for help.

If you’re among those who turn to an agent or broker, it’s worthwhile making sure the person has evaluated all of your 2019 options during Medicare’s open enrollment period, which ends Dec. 7. With plans changing from year to year and new ones available in many areas, there could be a better choice out there for you both in terms of cost and coverage.

Before Medicare’s annual fall window closes, you can:

· Switch to an Advantage Plan (Part C) from original Medicare (Part A hospital coverage and Part B outpatient coverage); · Switch to original Medicare from an Advantage Plan; · Move from one Advantage Plan to another; · Move from one prescription drug plan (Part D) to another, or purchase one if you did not when first eligible (although you could face a penalty for late enrollment).

Of course, you aren’t required to do anything — if you take no action, you’ll automatically remain enrolled in your current plan, assuming it’s still available.

If you work with an agent, it’s important to keep in mind that the broker might not have a relationship with all insurance companies that offer plans in your area. This means the broker might not automatically take a look at every coverage choice.

“Brokers should speak to clients about all options, not just the plans they represent,” said Elizabeth Gavino, founder of Lewin & Gavino in New York and an independent broker and general agent for Medicare plans. “If the client is going to save, say $1,000 a year, the broker should recommend the plan even if they can’t help them directly.”


Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: sarah obrien, photo, tom, dee ann mccarthy via getty images
Keywords: news, cnbc, companies, plan, medicare, options, coverage, agent, advantage, original, plans, switch, broker


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Open enrollment for highly paid comes with restrictions, opportunities

If you earned that much or more in 2018 from a business, the IRS considers you a “highly compensated employee,” or HCE, of that company. Further, employers can elect to consider you a highly compensated employee if your pay puts you among the top 20 percent of employees. Highly compensated workers are often subject to reduced contribution limits or access to certain pre-tax benefits — notably, 401(k) plans and dependent care flexible spending accounts. “What is kind of an interesting angle is, t


If you earned that much or more in 2018 from a business, the IRS considers you a “highly compensated employee,” or HCE, of that company. Further, employers can elect to consider you a highly compensated employee if your pay puts you among the top 20 percent of employees. Highly compensated workers are often subject to reduced contribution limits or access to certain pre-tax benefits — notably, 401(k) plans and dependent care flexible spending accounts. “What is kind of an interesting angle is, t
Open enrollment for highly paid comes with restrictions, opportunities Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: kelli b grant, dreampictures, getty images, -carolyn mcclanahan, cfp, director of financial planning for life planning p
Keywords: news, cnbc, companies, restrictions, comes, open, compensated, planning, highly, workers, paid, pay, plans, opportunities, enrollment, tests, plan


Open enrollment for highly paid comes with restrictions, opportunities

There’s a magic number that can complicate your open enrollment process: $120,000.

If you earned that much or more in 2018 from a business, the IRS considers you a “highly compensated employee,” or HCE, of that company. (In 2019, the threshold will rise to $125,000.) That HCE designation also automatically applies if you owned more than 5 percent of the business at any time in that preceding year.

Further, employers can elect to consider you a highly compensated employee if your pay puts you among the top 20 percent of employees.

Becoming an HCE, however, can require extra planning at open enrollment.

Highly compensated workers are often subject to reduced contribution limits or access to certain pre-tax benefits — notably, 401(k) plans and dependent care flexible spending accounts. They may also have an opportunity during open enrollment to sign up for something called a deferred compensation arrangement, whereby the company holds a portion of their salary to be paid out at a later date.

“Don’t just assume your open enrollment choices are the same as last year,” said certified financial planner Carolyn McClanahan, director of financial planning for Life Planning Partners in Jacksonville, Florida.

More from Personal Finance:

Avoid making these three bad assumptions during Medicare open enrollment

Investors welcome rising interest rates, despite Trump’s resistance

Employment scams are on the rise in tight labor market

Restrictions on highly compensated workers stem from so-called non-discrimination tests, which the IRS requires retirement plans and certain benefit offerings to pass every year to maintain their tax advantages. Broadly speaking, the tests compare how HCEs and non-HCEs are making use of those programs, to ensure the highly paid workers aren’t disproportionately benefiting, said Nicole Wruck, national health leader at benefits administrator Alight.

“The burden is on the plan sponsor to make sure they pass those IRS tests,” she said.

Roughly 15 percent to 20 percent of companies curb highly compensated employees’ 401(k) contributions in some way to keep their plans from failing those nondiscrimination tests, said Rob Austin, head of research for Alight.

“What is kind of an interesting angle is, these people who are newly highly compensated,” he said. “Crossing over the threshold, it can be jarring to see the percentage of pay you can contribute drop.”

How companies handle that cutoff varies. Some plans cap highly paid workers’ contributions either upfront or at some point during the year, Austin said. About 12 percent return excess pre-tax contributions to workers as taxable pay after the plan year ends, according to the Plan Sponsor Council of America’s annual survey of profit sharing and 401(k) plans.


Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: kelli b grant, dreampictures, getty images, -carolyn mcclanahan, cfp, director of financial planning for life planning p
Keywords: news, cnbc, companies, restrictions, comes, open, compensated, planning, highly, workers, paid, pay, plans, opportunities, enrollment, tests, plan


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Joshua Kushner’s start-up Oscar Health sues Florida Blue over Obamacare

Health insurance start-up Oscar Health sued Florida Blue on Tuesday, accusing the independent licensee of the Blue Cross and Blue Shield Association of illegally running a monopoly in the state’s Obamacare market. Oscar Health accused Florida Blue of using “exclusive policy” agreements that prevent insurance brokers from selling Oscar health coverage plans or other insurance if they already sell Florida Blue’s policies. Joshua Kushner, brother to Trump adviser Jared Kushner, co-founded Oscar Hea


Health insurance start-up Oscar Health sued Florida Blue on Tuesday, accusing the independent licensee of the Blue Cross and Blue Shield Association of illegally running a monopoly in the state’s Obamacare market. Oscar Health accused Florida Blue of using “exclusive policy” agreements that prevent insurance brokers from selling Oscar health coverage plans or other insurance if they already sell Florida Blue’s policies. Joshua Kushner, brother to Trump adviser Jared Kushner, co-founded Oscar Hea
Joshua Kushner’s start-up Oscar Health sues Florida Blue over Obamacare Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: berkeley lovelace jr, source, oscar health
Keywords: news, cnbc, companies, blue, plans, florida, obamacare, monopoly, oscar, startup, sell, joshua, kushners, brokers, health, insurance, sues


Joshua Kushner's start-up Oscar Health sues Florida Blue over Obamacare

Health insurance start-up Oscar Health sued Florida Blue on Tuesday, accusing the independent licensee of the Blue Cross and Blue Shield Association of illegally running a monopoly in the state’s Obamacare market.

Oscar Health accused Florida Blue of using “exclusive policy” agreements that prevent insurance brokers from selling Oscar health coverage plans or other insurance if they already sell Florida Blue’s policies.

The “scheme,” Oscar Health said, is “devastating” for newcomers like the company and, if allowed any further will limit “consumer choice” and undermine “the role of brokers.” Joshua Kushner, brother to Trump adviser Jared Kushner, co-founded Oscar Health.

“Florida Blue wrongfully uses its monopoly power to compel brokers to sell only its plans when industry standards require independent brokers to find the best options for consumers’ needs,” Oscar Health said in a lawsuit filed Tuesday in federal court in Florida.

A spokesman for Florida Blue said there is “no merit” to Oscar Health’s claims.

Florida Blue is the largest provider in the state of plans under the Affordable Care Act, more commonly known as Obamacare, serving more than 5 million members across the state.

Oscar Health, which ranks No. 12 on the 2018 Disruptor 50 List, began offering individual health plans in Orlando for the first time this year. Its investors include Google parent Alphabet.

Oscar distinguishes itself from much larger rivals, including UnitedHealth, with its millennial-focused subway ads and iPhone apps for members to book appointments and get advice from doctors.

—CNBC’s Christina Farr contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: berkeley lovelace jr, source, oscar health
Keywords: news, cnbc, companies, blue, plans, florida, obamacare, monopoly, oscar, startup, sell, joshua, kushners, brokers, health, insurance, sues


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Blu e-cigarette maker plans to restrict online sales amid FDA crackdown on teen use

The maker of blu e-cigarettes plans to tighten its sales practices in an effort to restrict underage access and appease federal health officials amid an industry-wide crackdown on “epidemic” teen use. The new age requirements will apply even for sales to consumers living in states with lower age limits, the company said. It also plans to review its packaging and product descriptions, possibly changing them, to ensure they’re “responsible,” CEO Richard Hill told CNBC. The company said it also sup


The maker of blu e-cigarettes plans to tighten its sales practices in an effort to restrict underage access and appease federal health officials amid an industry-wide crackdown on “epidemic” teen use. The new age requirements will apply even for sales to consumers living in states with lower age limits, the company said. It also plans to review its packaging and product descriptions, possibly changing them, to ensure they’re “responsible,” CEO Richard Hill told CNBC. The company said it also sup
Blu e-cigarette maker plans to restrict online sales amid FDA crackdown on teen use Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: angelica lavito, source, eduardo munoz alvarez, afp, getty images
Keywords: news, cnbc, companies, fda, ecigarette, flavors, sales, ecigarettes, age, blu, told, online, company, plans, ventures, products, maker, teen, tobacco, crackdown, restrict


Blu e-cigarette maker plans to restrict online sales amid FDA crackdown on teen use

The maker of blu e-cigarettes plans to tighten its sales practices in an effort to restrict underage access and appease federal health officials amid an industry-wide crackdown on “epidemic” teen use.

Fontem Ventures, a unit of tobacco company Imperial Brands, said it will raise the minimum age requirements to buy pods on its website to 21 across the U.S. and require its online retail partners to use age verification technology, among other measures designed to stop kids from buying its products. The new age requirements will apply even for sales to consumers living in states with lower age limits, the company said.

It also plans to review its packaging and product descriptions, possibly changing them, to ensure they’re “responsible,” CEO Richard Hill told CNBC. Unlike some of its competitors that are pulling flavored nicotine pods off the market, blu will continue selling its sweeter flavors, including “honeymoon,” “neon dream,” “blue ice” and “melon time,” according to a list on its website. Critics argue fruity flavors attract kids to e-cigarettes, but the company insists they help former adult smokers switch to its products.

“We don’t think our products are attractive to kids but are for adults. I’m actually sitting here as we speak vaping on blueberry,” Hill said during a phone interview with CNBC.

Food and Drug Administration Commissioner Scott Gottlieb in September ordered Imperial Brands and four other manufacturers — Juul Labs, British American Tobacco, Altria and Japan Tobacco International — to come up with solutions to what he’s calling “epidemic” levels of teens using e-cigarettes by last Sunday.

Some of the companies have released their plans. Altria said it will voluntarily remove its MarkTen pod-based products and will stop selling all flavors except for menthol or tobacco in its “cig-a-like” products until the FDA reviews and approves them. The company said it also supports federal legislation to make 21 the minimum age to buy tobacco products.

Juul, the market leader, plans to pull its mango, cucumber, fruit and creme flavored nicotine pods from convenience store and other retailers, a person briefed on the company’s plan who asked not to be named because the proposal is not yet public told CNBC. The company plans to restrict most of its sales to its age-verified online shop, the person said.

Fontem Ventures’ Hill said the manufacturer stands behind its flavors because research shows they’re “really important” in helping smokers switch from conventional cigarettes. Plus, he’s not convinced flavors alone caused a surge in teen use. Instead, he thinks it’s the marketing practices of “one brand,” though he declined to name which one.

“When you look at the issue of youth access generally, let’s be clear: We see this as being caused by the irresponsible actions of one brand in particular,” he said. “Thinking about this as an industry issue is slightly wrong, but nonetheless, we take this issue very seriously.”

Fontem Ventures will instead focus most of its efforts on limiting teen access of its products.

It will also start a hotline for consumers to report underage sales of its products and create a new youth access officer to oversee efforts to monitor social media. Juul has already started scraping Instagram and Facebook to scrape inappropriate posts.

Fontem Ventures pledges to end contracts with retailers found illegally selling e-cigarettes to teens despite a federal ban on sales to minors.

Fontem Ventures also plans to start testing connected devices outside of the U.S. early next year that may be equipped child locks and geofencing technology to prevent minors from using the e-cigarettes. In order to introduce new e-cigarettes in the U.S., companies need to submit them to the FDA for review.

Gottlieb told CNBC in September he’s considering fast-tracking the process for e-cigarettes with features proven to keep kids from using them. He’s expected to announce this week new restrictions on where pod-based flavored e-cigarettes can be sold, barring them from convenience stores and gas stations, senior FDA officials told CNBC.

So even though Fontem Ventures doesn’t plan to pull its flavored products from stores, regulators may limit where they can be sold.

WATCH:How Juul made vaping cool and became a $15 billion e-cigarette giant


Company: cnbc, Activity: cnbc, Date: 2018-11-13  Authors: angelica lavito, source, eduardo munoz alvarez, afp, getty images
Keywords: news, cnbc, companies, fda, ecigarette, flavors, sales, ecigarettes, age, blu, told, online, company, plans, ventures, products, maker, teen, tobacco, crackdown, restrict


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