US Credit Card Debt Hits All-Time High of $930 Billion

Credit card debt hit a record high of $930 billion for Americans in the final quarter of 2019, according to the latest data from the Federal Reserve Bank of New York released on Feb. 11. Use a balance transfer credit cardIf you’re looking to get out of credit card debt, opening a new credit card may not be your first thought. But you can transfer debt from high-interest credit card(s) to a balance transfer credit card, that offers no interest for up to 21 months. Good or excellent credit (scores


Credit card debt hit a record high of $930 billion for Americans in the final quarter of 2019, according to the latest data from the Federal Reserve Bank of New York released on Feb. 11.
Use a balance transfer credit cardIf you’re looking to get out of credit card debt, opening a new credit card may not be your first thought.
But you can transfer debt from high-interest credit card(s) to a balance transfer credit card, that offers no interest for up to 21 months.
Good or excellent credit (scores
US Credit Card Debt Hits All-Time High of $930 Billion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-14  Authors: alexandria white
Keywords: news, cnbc, companies, debt, card, alltime, rates, billion, balance, high, credit, transfer, prior, delinquency, apr, 930, interest, hits


US Credit Card Debt Hits All-Time High of $930 Billion

Credit card debt hit a record high of $930 billion for Americans in the final quarter of 2019, according to the latest data from the Federal Reserve Bank of New York released on Feb. 11. That’s a $46 billion increase in credit card balances from the prior quarter and up an alarming $57 billion over the same period in 2018. The Fed’s report sheds light on the growing debt issue in America and the increased risk facing younger consumers.

Quick facts: Credit card debt and delinquency rates

U.S. credit card debt hit an all-time high of $930 billion

Debt surpassed the $870 billion peak during the 2008 financial crisis

Credit card delinquency rates increased .16% from the prior quarter to 5.32%

Younger Americans (18 to 29) have a 76% higher delinquency rate than anyone else Delinquency rates for credit cards — which are the portion of payments late 90 days or more — also rose to 5.32%, up from 5.16% from the prior quarter. “The data also show that transitions into delinquency among credit card borrowers have steadily risen since 2016, notably among younger borrowers,” Wilbert Van Der Klaauw, senior vice president at the New York Fed, said in the press release. The youngest Americans (18 to 29) suffer the highest delinquency rates of 9.36%. That’s 76% higher than the total average credit card delinquency rate. Older Americans (50+) have delinquency rates below 5%, which tends to track with their increased wealth compared to younger generations. Here’s a breakdown of credit card delinquency rates by age: 18 to 29: 9.36%

9.36% 30 to 39: 6.05%

6.05% 40 to 49: 5.64%

5.64% 50 to 59: 4.79%

4.79% 60 to 69: 4.34%

4.34% 70+: 4.26% If you’re one of the many Americans struggling to pay off credit card debt, there’s no time like the present to start chipping away. CNBC Select breaks down some tips on how you can tackle debt, potentially by using a credit card to your advantage.

Use a balance transfer credit card

If you’re looking to get out of credit card debt, opening a new credit card may not be your first thought. But you can transfer debt from high-interest credit card(s) to a balance transfer credit card, that offers no interest for up to 21 months. Completing a balance transfer can save you a significant amount on interest fees and allow all payments you make to go toward your principal balance (instead of principal, plus interest charges). If you want to maximize no-interest periods, consider the Citi Simplicity® Card with a 0% APR for the first 21 months on balance transfers (then 16.24% to 26.24% variable APR) or the Discover it® Balance Transfer with a 0% APR for the first 18 months on balance transfers (then 13.49% to 24.49% variable APR). If you want to minimize fees, consider a no-fee balance transfer credit card, like the Amex EveryDay® Credit Card, with a 0% APR for the first 15 months on balance transfers (then 14.49% to 25.49% variable APR). (See rates and fees.) Take note that balance transfer cards often set maximum limits on the amount of debt you can transfer (either a percentage of your total credit limit or a set dollar amount), and you can’t complete a transfer between cards issued from the same bank. Make sure you read the fine print before requesting a transfer. Good or excellent credit (scores 670 and greater) are often required to qualify for a balance transfer credit card. Before completing a balance transfer, make sure you have a repayment plan in place so you pay off debt prior to the intro 0% APR period ending. Otherwise, you’ll wind up paying interest again on lingering balances.

Consolidate debt with a personal loan

If you have a large amount of debt, consolidating it with a personal loan can be a good alternative to balance transfers that may not cover your total balance. And depending on your credit score, you may qualify for a loan amount that will cover your entire balance. A personal loan provides you with a fixed amount of money over a fixed time period and at a fixed interest rate. While interest rates for personal loans are rarely 0%, they’re often lower than keeping a balance on your current credit card(s).

Borrow money from family or friends

If you have less-than-stellar credit (scores below 580), you may run into trouble qualifying for a balance transfer credit card or personal loan. And if you’re hesitant to open a new financial product to pay off an existing one, an alternative is asking a family member or close friend for a loan. This option may make sense if your debt isn’t too high and you have willing family or friends. Just make sure you set up a repayment plan before borrowing any money and stick to it so you don’t risk damaging your relationship. Information about the Amex EveryDay® Credit Card has been collected independently by CNBC and has not been reviewed or provided by the issuer of the card prior to publication. For rates and fees of the Amex EveryDay® Credit Card, click here.

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: 2020-02-14  Authors: alexandria white
Keywords: news, cnbc, companies, debt, card, alltime, rates, billion, balance, high, credit, transfer, prior, delinquency, apr, 930, interest, hits


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Here are Wednesday’s biggest analyst calls of the day: Boeing, Micron, Wynn & more

A pilot waves as a Boeing 777X airplane taxis during its first test flight from the company’s plant in Everett, Washington, U.S. January 25, 2020. sees the former as largely recoverable, acknowledging that the latter is a headwind vs prior expectations. Credit Suisse raised its price target on the stock and said it felt the company was finally entering a “positive news period.” “Lack of valuation support and very positive investor positioning were two reasons we stepped back on WYNN during the o


A pilot waves as a Boeing 777X airplane taxis during its first test flight from the company’s plant in Everett, Washington, U.S. January 25, 2020.
sees the former as largely recoverable, acknowledging that the latter is a headwind vs prior expectations.
Credit Suisse raised its price target on the stock and said it felt the company was finally entering a “positive news period.”
“Lack of valuation support and very positive investor positioning were two reasons we stepped back on WYNN during the o
Here are Wednesday’s biggest analyst calls of the day: Boeing, Micron, Wynn & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-12  Authors: michael bloom
Keywords: news, cnbc, companies, sees, computer, positive, period, micron, industry, wednesdays, prior, boeing, calls, cyclical, biggest, analyst, wynn, day


Here are Wednesday's biggest analyst calls of the day: Boeing, Micron, Wynn & more

A pilot waves as a Boeing 777X airplane taxis during its first test flight from the company’s plant in Everett, Washington, U.S. January 25, 2020.

“There was a fair amount of discussion regarding BA ‘s longer-term FCF potential, and how that differs vs. what the Street was modeling prior to the second crash. Clearly, the key changes here are the MAX interruption and 787 rate reductions. Mgmt. sees the former as largely recoverable, acknowledging that the latter is a headwind vs prior expectations. As far as the MAX is concerned, BA sees similar longer-term unit cash profitability compared to prior, while BA is also trying to front-end as much of the cash impact as possible. Consensus in the room, though not necessarily endorsed by Boeing, was that 2023 could be a near-normal cash year, where production/deliveries would normalize while concessions would become largely immaterial.”

Credit Suisse raised its price target on the stock and said it felt the company was finally entering a “positive news period.”

” NVDA has outperformed the SOX by 800 bps since our 7-Jan mtg at CES, but we think the outperformance is justified and expect NVDA to report positive trends in Datacenter (DC). We observe: 1) positive CapEx commentary from hyperscalers, 2) robust 4Q server demand at INTC and AMD, 3) DC capacity absorption by DC REITS. We believe NVDA’s acceleration solutions will continue to take share in the DC, and view it as a core ‘4th Tectonic Shift in Computing’ play.”

Jefferies raised its price target on the computer graphics maker and said it sees “positive trends” continuing in the company’s Data Center business

“As cyclical concerns evaporate, structural dynamics should carry the day.On the back of higher estimates and improving industry dynamics – especially in DRAM – we raise our PT to $75 and upgrade our rating to Buy. After only modestly outperforming the S&P500 over the past 2yrs, we believe the time has finally come when MU can materially outperform over a sustained period of time. We consider both the cyclical and structural aspects to both MU and the memory industry as a whole and conclude that MU is in a much stronger position in a structurally better industry on the cusp of a cyclical upswing that, for DRAM, should last deep into C2021.”

UBS upgraded the producer of computer memory and computer data storage and said it thinks the company is in a strong position to “outperform” over a “sustained” period of time.

Bank of America said in its upgrade of the casino company’s that investor and stock reaction has been “muted” since the coronavirus crisis began and the threat may be “passing.”

“Lack of valuation support and very positive investor positioning were two reasons we stepped back on WYNN during the outbreak’s early stages. Macau stocks did not reach the lows we had anticipated with LVS/WYNN trading at 13.6x/11.9x vs. 14x/14x on average. However, the glass can also be half full: China’s economy may be one of the largest opportunities for cyclical improvement as we move through 2020, and green shoots were very clear in our December Macau Macro Activity Tracker. Rising short-term liquidity could also provide a boost, esp. if Beijing loosens up on monetary policy or loans. WYNN and LVS now screen as two of the best risk-rewards across our coverage on a midcycle and risk-adjusted basis.”

Read more about this call here.


Company: cnbc, Activity: cnbc, Date: 2020-02-12  Authors: michael bloom
Keywords: news, cnbc, companies, sees, computer, positive, period, micron, industry, wednesdays, prior, boeing, calls, cyclical, biggest, analyst, wynn, day


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

FTC will examine prior acquisitions by Alphabet, Amazon, Apple, Facebook and Microsoft

The FTC will likely examine discreet deals like those by Apple. The Federal Trade Commission announced Tuesday it will examine prior acquisitions by Alphabet , Amazon , Apple , Facebook and Microsoft . The review “definitely could inform enforcement,” Simons said. The orders also ask companies to share information about “how acquired assets were integrated and how acquired data has been treated.” The FTC orders will provide clarity on why boardrooms are shelling out billions for our personal dat


The FTC will likely examine discreet deals like those by Apple.
The Federal Trade Commission announced Tuesday it will examine prior acquisitions by Alphabet , Amazon , Apple , Facebook and Microsoft .
The review “definitely could inform enforcement,” Simons said.
The orders also ask companies to share information about “how acquired assets were integrated and how acquired data has been treated.”
The FTC orders will provide clarity on why boardrooms are shelling out billions for our personal dat
FTC will examine prior acquisitions by Alphabet, Amazon, Apple, Facebook and Microsoft Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-11  Authors: lauren feiner
Keywords: news, cnbc, companies, facebook, prior, amazon, ftc, acquisitions, authority, apple, information, enforcement, law, companies, simons, microsoft, review, examine, orders, alphabet


FTC will examine prior acquisitions by Alphabet, Amazon, Apple, Facebook and Microsoft

Joseph Simons, nominee to serve on the Federal Trade Commission, testifies during a Senate Commerce, Science, and Transportation Committee confirmation hearing in Hart Building on February 14, 2018.

The FTC will likely examine discreet deals like those by Apple. CEO Tim Cook has previously told CNBC it acquires a company every two to three weeks on average, but it doesn’t announce the deals because the company is “primarily looking for talent and intellectual property.”

The special orders suggest that the FTC is honing in on the question of how Big Tech companies use acquisitions to amass power and how the data from acquired companies are used, though the review is distinct from law enforcement probes by the agency, like its investigation into Facebook.

Companies are regularly required to submit merger and acquisition proposals that exceed a certain size for review by the FTC and Department of Justice, usually when a deal is valued at more than $90 million, according to the FTC website, though there are some exceptions and the threshold has changed over the years. That means the special orders will be directed at smaller acquisitions and acqui-hires that might have been made quietly, rather than blockbuster deals like Facebook’s acquisitions of Instagram and WhatsApp that were formally reviewed by the antitrust agencies.

The FTC will require the companies to provide information on acquisitions not previously reported to the antitrust agencies under the Hart-Scott-Rodino Act and consummated between Jan. 1, 2010 and Dec. 31, 2019, according to a press release.

The Federal Trade Commission announced Tuesday it will examine prior acquisitions by Alphabet , Amazon , Apple , Facebook and Microsoft . The commission voted 5-0 to issue special orders to review the past mergers.

The effort is being led by the FTC’s Office of Policy Planning under authority granted by Section 6(b) of the FTC Act, which allows the agency to conduct wide-ranging studies without the purpose of law enforcement.

On a call with reporters, FTC Chairman Joe Simons told reporters the study is mainly a way to see what they might have learned from acquisitions that tech firms were not required to disclose to the antitrust agencies.

“We want to at least be aware what we were missing,” Simons said. Moving forward, the FTC could decide to change the HSR rules to make more mergers reportable to the agency or adjust its reporting requirements under its 6(b) authority, which would not require a change to the HSR rules.

The review “definitely could inform enforcement,” Simons said. “If during this study we see that there are transactions that turn out were problematic, all of our options are on the table.” Simons added that possible enforcement actions could include unwinding past mergers, ordering companies to create and divest a separate business organization or imposing behavioral remedies.

Because of the unique authority granted to the FTC, Office of Policy Planning Director Bilal Sayyed said on a call with reporters that it would not be able to share information collected for the review with other agencies like the Department of Justice unless it resulted in an enforcement case.

“We’re going to be very careful to maintain that line” between the review and law enforcement investigations, Sayyed said, adding that he does not want the FTC to be perceived as using its unique authority to overreach.

In addition to providing information that would typically be required for HSR disclosures, the FTC is ordering the companies to disclose “information and documents on their corporate acquisition strategies, voting and board appointment agreements, agreements to hire key personnel from other companies, and post-employment covenants not to compete.”

The orders also ask companies to share information about “how acquired assets were integrated and how acquired data has been treated.”

FTC Commissioner Rohit Chopra shared on Twitter his reasoning in voting for the review.

“Companies across the economy are in an arms race to soak up every source of data and monetize it,” Chopra wrote. “Many of these mergers fly below the radar. The FTC orders will provide clarity on why boardrooms are shelling out billions for our personal data.”

Representatives from the companies mentioned did not immediately respond to CNBC’s requests for comment.

WATCH: How US antitrust law works, and what it means for Big Tech


Company: cnbc, Activity: cnbc, Date: 2020-02-11  Authors: lauren feiner
Keywords: news, cnbc, companies, facebook, prior, amazon, ftc, acquisitions, authority, apple, information, enforcement, law, companies, simons, microsoft, review, examine, orders, alphabet


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Canada Goose sees hit to 2020 profit, sales from coronavirus

Canada Goose said on Friday lower store traffic in China and travel restrictions due to the coronavirus epidemic would impact its revenue and lead to a smaller profit in 2020, sending its shares down 4%. The parka maker expects revenue to grow between 13.8% and 15%, compared with its prior forecast of at least 20% growth. That translates to C$945 million ($710 million) to C$955 million, a hit of up to C$51.6 million. It forecast full-year adjusted profit growth to be in the range of 2.2% decline


Canada Goose said on Friday lower store traffic in China and travel restrictions due to the coronavirus epidemic would impact its revenue and lead to a smaller profit in 2020, sending its shares down 4%.
The parka maker expects revenue to grow between 13.8% and 15%, compared with its prior forecast of at least 20% growth.
That translates to C$945 million ($710 million) to C$955 million, a hit of up to C$51.6 million.
It forecast full-year adjusted profit growth to be in the range of 2.2% decline
Canada Goose sees hit to 2020 profit, sales from coronavirus Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-07
Keywords: news, cnbc, companies, coronavirus, analysts, canada, 2020, compared, hit, virus, profit, share, travel, sees, forecast, revenue, million, goose, prior, sales


Canada Goose sees hit to 2020 profit, sales from coronavirus

Canada Goose said on Friday lower store traffic in China and travel restrictions due to the coronavirus epidemic would impact its revenue and lead to a smaller profit in 2020, sending its shares down 4%.

The virus outbreak has forced several luxury brands, including Capri Holdings and Ralph Lauren, to shut stores and cut their forecasts.

The parka maker expects revenue to grow between 13.8% and 15%, compared with its prior forecast of at least 20% growth.

That translates to C$945 million ($710 million) to C$955 million, a hit of up to C$51.6 million. Analysts were expecting C$1.03 billion, according to IBES data from Refinitiv.

It forecast full-year adjusted profit growth to be in the range of 2.2% decline to 0.7% rise from a year earlier, compared with a prior forecast of at least 25% growth.

The forecast of C$1.33 per share to C$1.37 per share was below the average analysts’ estimate of C$1.68.


Company: cnbc, Activity: cnbc, Date: 2020-02-07
Keywords: news, cnbc, companies, coronavirus, analysts, canada, 2020, compared, hit, virus, profit, share, travel, sees, forecast, revenue, million, goose, prior, sales


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Trump halts new China tariffs and rolls back some of the prior duties on $120 billion of imports

President Donald Trump takes part in a round table discussion on business and red tape reduction in the Roosevelt Room of the White House in Washington, DC on December 6, 2019. President Donald Trump said Friday that as part of the U.S.-China trade deal Washington will not charge Beijing with any new tariffs and slightly reduce existing tariffs. The Office of the United States Trade Representative confirmed that the U.S. will be maintaining 25% tariffs on approximately $250 billion of Chinese im


President Donald Trump takes part in a round table discussion on business and red tape reduction in the Roosevelt Room of the White House in Washington, DC on December 6, 2019.
President Donald Trump said Friday that as part of the U.S.-China trade deal Washington will not charge Beijing with any new tariffs and slightly reduce existing tariffs.
The Office of the United States Trade Representative confirmed that the U.S. will be maintaining 25% tariffs on approximately $250 billion of Chinese im
Trump halts new China tariffs and rolls back some of the prior duties on $120 billion of imports Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-13  Authors: thomas franck
Keywords: news, cnbc, companies, chinese, trade, prior, halts, washington, china, duties, rolls, deal, 120, billion, president, tariffs, donald, imports, phase, trump


Trump halts new China tariffs and rolls back some of the prior duties on $120 billion of imports

President Donald Trump takes part in a round table discussion on business and red tape reduction in the Roosevelt Room of the White House in Washington, DC on December 6, 2019.

This is breaking news. Please check back for updates.

President Donald Trump said Friday that as part of the U.S.-China trade deal Washington will not charge Beijing with any new tariffs and slightly reduce existing tariffs.

He also said that “phase two” talks with China will begin immediately.

The Office of the United States Trade Representative confirmed that the U.S. will be maintaining 25% tariffs on approximately $250 billion of Chinese imports, along with 7.5% tariffs on approximately $120 billion of Chinese imports.

In a tweet, the president wrote “We have agreed to a very large Phase One Deal with China. They have agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more. The 25% Tariffs will remain as is, with 7 1/2% put on much of the remainder …

“…The Penalty Tariffs set for December 15th will not be charged because of the fact that we made the deal,” he added. “We will begin negotiations on the Phase Two Deal immediately, rather than waiting until after the 2020 Election. This is an amazing deal for all. Thank you!”


Company: cnbc, Activity: cnbc, Date: 2019-12-13  Authors: thomas franck
Keywords: news, cnbc, companies, chinese, trade, prior, halts, washington, china, duties, rolls, deal, 120, billion, president, tariffs, donald, imports, phase, trump


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Former Boeing manager says he warned company of problems prior to 737 crashes

Crewman tow in a Boeing Max 737 jet after landing at King County International Airport in Seattle, Washington, on Friday, Jan. 29, 2016. On March 10, 2019, a 737 Max crashed in Ethiopia, killing all 157 people aboard the Ethiopian Airlines flight. No conclusive evidence has emerged linking the crashes to the problems Pierson said he observed at the Boeing plant in Washington. The FAA ordered a temporary grounding of the 737 Max three days after the crash of Ethiopian Airlines Flight 302. Using p


Crewman tow in a Boeing Max 737 jet after landing at King County International Airport in Seattle, Washington, on Friday, Jan. 29, 2016.
On March 10, 2019, a 737 Max crashed in Ethiopia, killing all 157 people aboard the Ethiopian Airlines flight.
No conclusive evidence has emerged linking the crashes to the problems Pierson said he observed at the Boeing plant in Washington.
The FAA ordered a temporary grounding of the 737 Max three days after the crash of Ethiopian Airlines Flight 302.
Using p
Former Boeing manager says he warned company of problems prior to 737 crashes Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-09  Authors: cynthia mcfadden, anna schecter, kevin monahan, rich schapiro
Keywords: news, cnbc, companies, nbc, crashes, worked, letter, max, manager, boeing, company, 737, problems, plant, prior, planes, production, pierson, warned


Former Boeing manager says he warned company of problems prior to 737 crashes

Crewman tow in a Boeing Max 737 jet after landing at King County International Airport in Seattle, Washington, on Friday, Jan. 29, 2016.

Speaking out for the first time, a former Boeing manager says he warned the company about problems at its main factory in Washington state in the months before two of its 737 Max airplanes crashed in separate incidents that claimed the lives of nearly 350 people.

The manager, Ed Pierson, spoke to NBC News in an exclusive television interview two days before he’s set to appear before Congress to detail his efforts to sound the alarm over the conditions at the Boeing plant in Renton, where he says a push to increase production of the 737 Max planes created a “factory in chaos.”

From the summer of 2018 to the spring of 2019, Pierson implored Boeing executives and then the FAA and NTSB to look into the conditions at the plant in Washington, according to emails obtained by NBC News.

“Frankly right now all my internal warning bells are going off,” Pierson said in an email to Scott Campbell, the general manager of the 737 Max program, on June 9, 2018. “And for the first time in my life, I’m sorry to say that I’m hesitant about putting my family on a Boeing airplane.”

Pierson offered a recommendation huge in scope and consequences: shut down the production line for a limited amount of time. He believed the workers needed a more stable environment to finish building the planes already in progress.

The advice to shutdown production went unheeded. Four months later, a 737 Max built at the Renton plant plunged into the sea near Indonesia. All 189 people aboard the Lion Air flight were killed in the October 2018 crash.

“I cried a lot,” Pierson told NBC News. “I’m mad at myself because I felt like I could have done more.”

Pierson kept up his efforts to draw attention to the plant in the aftermath of the Lion Air crash. He wrote emails to Boeing CEO Dennis Muilenburg and spoke with the company’s general counsel. Dissatisfied by the responses, he wrote to the Boeing board of directors on February 19, 2019.

“I have no interest in scaring the public of wasting anyone’s time,” Pierson wrote. “I also don’t want to wake up one morning and hear about another tragedy and have personal regrets.”

Tragedy struck again 19 days later. On March 10, 2019, a 737 Max crashed in Ethiopia, killing all 157 people aboard the Ethiopian Airlines flight.

“This was a last resort,” Pierson told NBC News, referring to his decision to speak to the media. “I really had hoped that by providing information to the right people, and following the protocols and the chain of command every step of the way, I thought people would do their job.”

“I didn’t expect to get this far,” added Pierson, a Navy veteran who worked at Boeing for eight years. “But I don’t think I have any choice.”

No conclusive evidence has emerged linking the crashes to the problems Pierson said he observed at the Boeing plant in Washington. Boeing has acknowledged that the planes’ anti-stall software system contributed to both crashes.

But Pierson’s efforts to sound the alarm, which have not been previously disclosed in detail, add fresh questions to the inquiry into whether Boeing was reckless in its push to roll out the doomed 737 Max planes.

The planes have been grounded amid the ongoing investigations.

In a statement, Boeing defended its handling of Pierson’s attempts to draw attention to the plant, saying his concerns “received scrutiny at the highest levels of the company.”

“Although Mr. Pierson did not provide specific information or detail about any particular defect or quality issue, Boeing took his concerns about 737 production disruption seriously,” Boeing said.

But Boeing stressed that it has no reason to believe issues at the factory played any role in the crashes.

“Importantly, the suggestion by Mr. Pierson of a link between his concerns and the recent MAX accidents is completely unfounded,” it said. “Mr. Pierson raises issues about the production of the 737 MAX, yet none of the authorities investigating these accidents have found that production conditions in the 737 factory contributed in any way to these accidents.”

A former Navy squad commander, Pierson joined the team producing the 737 Max planes in April 2015. By then, Boeing was already under the gun.

The aircraft maker’s chief competitor, Airbus, had gotten a head start on its new class of planes designed to use less fuel and cost less to operate.

Pierson said he first noticed signs of trouble in the plant in late 2017. Boeing was pushing to increase the production of 737 airplanes at Renton from 47 to 52.

More planes mean more parts, and some of Boeing’s suppliers began struggling to meet the demand, Pierson said.

The delay in parts caused a slowdown in production that had to be made up. But the Renton plant didn’t have the manpower, Pierson said.

As a result, overtime hours piled up. Pierson said workers were putting in consecutive 50 to 60-hour work weeks without taking days off. “I know people that worked more than five weeks in a row,” Pierson said, adding that he heard reports of some employees going eight weeks without a day off.

The supply chain delays, coupled with the tremendous time pressures, led to increasing amounts of what’s known as out-of-sequence work, Pierson said. Airplanes are marvels of design and engineering. Every part serves a specific purpose and every plane is supposed to be assembled according to a specific plan.

But at the Boeing plant in Renton, Pierson said, some of the steps were being performed at places and times different than the initial plans. He grew increasingly concerned that a corner might be cut or a crucial step overlooked.

“For the airplane, you want to build it a certain way,” said Pierson. “I don’t know of any work that’s more detailed.”

He likened out of sequence work to building a house and deciding after the floors were put down to rip them up to finish electrical and plumbing work.

Pierson said the problems were compounded by other management decisions that he said prioritized speed over safety.

Company executives canceled the daily meetings among individual teams that Pierson considered crucial to information sharing between shifts, he said. Boeing leadership replaced these “tiered” meetings with a larger meeting in which managers were often put on the spot to answer why they weren’t hitting production goals.

By May of 2018, the situation was spiraling out of control, Pierson said. No matter how many hours people worked, they struggled to keep up with the push to complete more than 50 airplanes a month.

“It just became full speed out of control,” Pierson said. “The sheer volume was just overwhelming.”

Pierson wrote the email to Campbell a month later.

The pair also spoke in person. During the meeting on July 18, Pierson said he ticked off a series of problems at the plant and repeated his position that it should be shut down for a limited window of time.

Pierson said Campbell insisted that wasn’t possible. “I kind of got mad and said, ‘You know, I’ve seen military operations shut down for a lot less safety concerns,'” Pierson recalled.

Pierson said he was stunned by Campbell’s reply. “He said, ‘Well, the military’s not a profit-making enterprise,'” Pierson said.

Campbell, who has since retired, could not be reached for comment.

Alarmed by his experience, Pierson decided to retire in August 2018. “I felt like I was abandoning the Titanic,” he said.

Lion Air went down near Indonesia two months later. “As soon as I heard it was a Max, my stomach just dropped,” Pierson said. “I knew a Max is a plane that’s only been in service for a year or so. And I knew it had to be made some time in that timeframe.”

Pierson said he was lying in bed when he heard the news that a second Boeing 737 Max went down in Ethiopia in March 2019. “I actually screamed and my wife woke up,” he said. “I just couldn’t believe it.”

Just three weeks earlier, he had written to the Boeing board of directors imploring them to take action and saying he didn’t want to wake up one morning to the news of another crash.

The FAA ordered a temporary grounding of the 737 Max three days after the crash of Ethiopian Airlines Flight 302.

Pierson, meanwhile, kept up his efforts to sound the alarm over the plant in Washington. After months of communications and what he described as “bureaucratic inaction and unexplainable delays,” an NTSB investigator finally contacted him.

Pierson described his concerns about how problems at the plant could have contributed to the crashes. He followed up with a letter outlining his concerns.

But the NTSB ultimately sent a letter stating it wasn’t going to look into the plant. “Your client’s concerns fall outside the scope of the NTSB’s role in the 737 Max accident investigations,” the letter said.

Using public databases, Pierson identified 13 other safety incidents involving 737 Max planes produced at the factory during his time there. Pierson’s lawyer, XX, laid these out in a letter to the FAA this past September.

“The flying public is completely unaware of these other incidents,” the letter said.

In a statement to NBC News, the FAA said it “takes all whistleblower complaints seriously.”

“Our team has interacted on several occasions with Mr. Pierson and his attorneys about his allegations,” it said.

It pointed to a letter sent to Pierson on Nov. 25. “Your request to refer the information to the Indonesian and Ethiopian Investigators-in-Charge is appropriately directed to the NTSB, which leads the U.S. government’s involvement in those accident investigations and manages the U.S. government’s contact with the Ethiopian and Indonesian investigative authorities,” the letter said.

Investigators looking into the causes of the twin crashes have zeroed in on automated system, known as MCAS, that pushes the plane’s nose down if the software senses it is going into a stall.

Crash investigators have said the system was triggered by bad data from the sensors.

In response, Boeing has worked to upgrade the system.

But Pierson says he’s troubled by the focus on the design failure of the MCAS system.

“MCAS is a system designed to correct flight anomalies when they occur,” Pierson plans to tell the House transportation and infrastructure committee, according to a draft statement obtained by NBC News. “It was not the first failure event that led to those crashes.”

In his interview, Pierson stressed that he’s not a disgruntled employee bent on bringing down Boeing. “I’m thrilled to have worked at Boeing,” Pierson said.

He’s speaking out in the hope that Boeing and the agencies investigating the crashes take a hard look at the conditions in the factory where he worked to potentially stave off another tragedy.

“I really figured that somebody would stop and we would resolve this,” Pierson said. “I rang every alarm bell that I could.”


Company: cnbc, Activity: cnbc, Date: 2019-12-09  Authors: cynthia mcfadden, anna schecter, kevin monahan, rich schapiro
Keywords: news, cnbc, companies, nbc, crashes, worked, letter, max, manager, boeing, company, 737, problems, plant, prior, planes, production, pierson, warned


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Amazon kills program that sent shoppers free items based on prior purchases

Amazon is shutting down a program that sends shoppers free samples based on what it thinks they want to buy. The program, which Amazon began testing earlier this year, used machine-learning tools to discern shoppers’ buying habits, then sent them free product samples curated to their tastes. “Amazon is constantly testing and launching new offerings to innovate on behalf of customers,” an Amazon spokesperson told CNBC. Even though some customers felt the program was creepy, it was an effective wa


Amazon is shutting down a program that sends shoppers free samples based on what it thinks they want to buy.
The program, which Amazon began testing earlier this year, used machine-learning tools to discern shoppers’ buying habits, then sent them free product samples curated to their tastes.
“Amazon is constantly testing and launching new offerings to innovate on behalf of customers,” an Amazon spokesperson told CNBC.
Even though some customers felt the program was creepy, it was an effective wa
Amazon kills program that sent shoppers free items based on prior purchases Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-26  Authors: annie palmer
Keywords: news, cnbc, companies, based, product, shoppers, amazon, prior, program, kills, customers, business, purchases, advertising, tools, samples, free, testing, sent, items


Amazon kills program that sent shoppers free items based on prior purchases

Amazon is shutting down a program that sends shoppers free samples based on what it thinks they want to buy.

The program, which Amazon began testing earlier this year, used machine-learning tools to discern shoppers’ buying habits, then sent them free product samples curated to their tastes. Samples included items such as Maybelline mascara, Calvin Klein perfume and Kind bars, among other things.

The news was first reported by Business Insider.

While Amazon likened it to the site’s product recommendation tools, the program raised privacy concerns among some consumers who have grown increasingly wary of data mining and targeted advertising across the web. Now, Amazon says it is winding down the program.

“Amazon is constantly testing and launching new offerings to innovate on behalf of customers,” an Amazon spokesperson told CNBC. “At this time, we have decided to discontinue the sampling program in 2020.”

Even though some customers felt the program was creepy, it was an effective way for brands to get their products in front of Amazon shoppers for a nominal fee. Brands who took part in the program paid $2 per sample, on top of the actual cost of each product, Business Insider reported.

It comes as Amazon continues to gain share against Google and Facebook in the digital advertising market. Amazon has started to eat into Google’s dominance in search advertising, and it held its first major ad conference in October, signifying just how big the business has grown. At the same time, Amazon boasts rich data on customers’ purchasing habits that its rivals don’t have.


Company: cnbc, Activity: cnbc, Date: 2019-11-26  Authors: annie palmer
Keywords: news, cnbc, companies, based, product, shoppers, amazon, prior, program, kills, customers, business, purchases, advertising, tools, samples, free, testing, sent, items


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Quantum Metric

Quantum Metric’s software platform helps enterprises maximize the efficiency of customer experiences, increase business productivity and ensure regulatory compliance across a range of industries, including e-commerce, finance, travel and more. Founder and CEO Mario Ciabarra is a serial entrepreneur who has led two prior software start-ups to exits via acquisition.


Quantum Metric’s software platform helps enterprises maximize the efficiency of customer experiences, increase business productivity and ensure regulatory compliance across a range of industries, including e-commerce, finance, travel and more.
Founder and CEO Mario Ciabarra is a serial entrepreneur who has led two prior software start-ups to exits via acquisition.
Quantum Metric Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-12  Authors: cnbccom staff
Keywords: news, cnbc, companies, productivity, serial, regulatory, software, prior, metric, startups, range, platform, quantum, travel


Quantum Metric

Quantum Metric’s software platform helps enterprises maximize the efficiency of customer experiences, increase business productivity and ensure regulatory compliance across a range of industries, including e-commerce, finance, travel and more. Founder and CEO Mario Ciabarra is a serial entrepreneur who has led two prior software start-ups to exits via acquisition.


Company: cnbc, Activity: cnbc, Date: 2019-11-12  Authors: cnbccom staff
Keywords: news, cnbc, companies, productivity, serial, regulatory, software, prior, metric, startups, range, platform, quantum, travel


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Study says 630 million could be living below projected flood levels by 2100

The report, published on Tuesday by Nature Communications , found that by the end of the century as many as 630 million people could live on land below projected flood levels. More people could be in danger from rising sea levels than previously thought, a new study says. In the nearer-term, the study found that 340 million people currently live on land that will be vulnerable to flooding by 2050. Using more moderate figures for rising sea levels, the numbers for annual flood exposure are 150 mi


The report, published on Tuesday by Nature Communications , found that by the end of the century as many as 630 million people could live on land below projected flood levels.
More people could be in danger from rising sea levels than previously thought, a new study says.
In the nearer-term, the study found that 340 million people currently live on land that will be vulnerable to flooding by 2050.
Using more moderate figures for rising sea levels, the numbers for annual flood exposure are 150 mi
Study says 630 million could be living below projected flood levels by 2100 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-29  Authors: pippa stevens
Keywords: news, cnbc, companies, projected, study, land, flood, prior, data, numbers, flooding, 2100, living, million, levels, live, 630


Study says 630 million could be living below projected flood levels by 2100

The report, published on Tuesday by Nature Communications , found that by the end of the century as many as 630 million people could live on land below projected flood levels. This is three times greater than prior estimates.

More people could be in danger from rising sea levels than previously thought, a new study says.

Lanni Bailey and a team from Muddy Paws Second Chance Rescue enter a flooded house to pull out several cats during the flooding of the Missouri River near Glenwood, Iowa, March 18.

In the nearer-term, the study found that 340 million people currently live on land that will be vulnerable to flooding by 2050. Both of these figures are based on extreme conditions, accounting for a rise in greenhouse gas emissions, and include the impact from the melting Antarctic ice sheet. Using more moderate figures for rising sea levels, the numbers for annual flood exposure are 150 million by 2050, and 360 million by 2100.

Scott Kulp and Benjamin Strauss from New Jersey-based science organization Climate Central conducted the research and authored the report.

They found that prior estimates were too optimistic since the numbers relied on data that measured only elevation, and didn’t accurately account for other factors such as tall buildings in densely populated cities.

To paint a clearer picture, Kulp and Strauss relied on LIDAR data, or light detection and ranging information, available in the United States, and then built an algorithm that could extrapolate findings to other data sets and satellite imagery.

“This model incorporates 23 variables, including population and vegetation indices, and was trained using lidar-derived elevation data in the US,” the authors wrote of their algorithm.

The researchers found that more than 70% of the people living on land in danger zones are in eight Asian countries: China, Bangladesh, India, Vietnam, Indonesia, Thailand, the Philippines and Japan.

The study found that 110 million people currently live below high tide levels, with another 250 million on land below annual flood levels. According to prior estimates, the numbers were 28 million and 65 million, respectively.

Some cities have taken steps to protect against flooding.

“Globally at present, levees and seawalls protect low-lying populations in many major deltas, such as around Shanghai, the Netherlands and New Orleans, and in areas experiencing rapid subsidence, such as parts of Jakarta and Tokyo,” the report said.

Of course, these measures do not always end up working, such as when New Orleans was devastated by Hurricane Katrina in 2005.

“Further research on global-scale modeling of the timing, locations, and intensity of migratory responses to increased coastal flooding is urgently needed to minimize the potential human harm caused by such threats,” the study concluded.


Company: cnbc, Activity: cnbc, Date: 2019-10-29  Authors: pippa stevens
Keywords: news, cnbc, companies, projected, study, land, flood, prior, data, numbers, flooding, 2100, living, million, levels, live, 630


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

‘You don’t do these things prior to negotiations,’ ex-diplomat says of US actions against China

A Chinese and U.S. flag at a booth during the first China International Import Expo in Shanghai, taken on taken on November 6, 2018. The latest U.S. actions against Chinese officials and companies don’t “set a good tone” for an upcoming high-level trade talk, a former American ambassador to China said Wednesday. Both announcements came just days ahead of a high-level trade meeting set to take place in Washington on Thursday and Friday. Max Baucus, former U.S. ambassador to China from February 20


A Chinese and U.S. flag at a booth during the first China International Import Expo in Shanghai, taken on taken on November 6, 2018. The latest U.S. actions against Chinese officials and companies don’t “set a good tone” for an upcoming high-level trade talk, a former American ambassador to China said Wednesday. Both announcements came just days ahead of a high-level trade meeting set to take place in Washington on Thursday and Friday. Max Baucus, former U.S. ambassador to China from February 20
‘You don’t do these things prior to negotiations,’ ex-diplomat says of US actions against China Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: yen nee lee abigail ng, yen nee lee, abigail ng
Keywords: news, cnbc, companies, street, chinese, signs, taken, exdiplomat, prior, things, negotiations, china, tone, told, actions, dont, set, trade


'You don't do these things prior to negotiations,' ex-diplomat says of US actions against China

A Chinese and U.S. flag at a booth during the first China International Import Expo in Shanghai, taken on taken on November 6, 2018.

The latest U.S. actions against Chinese officials and companies don’t “set a good tone” for an upcoming high-level trade talk, a former American ambassador to China said Wednesday.

The Trump administration on Tuesday placed visa restrictions on Chinese officials it “believed to be responsible for, or complicit in, the detention and abuse of” Muslim minorities in China’s northwestern Xinjiang region. That followed a Monday move to blacklist 28 Chinese companies alleged to be involved in surveillance and detention of minority groups in China.

Both announcements came just days ahead of a high-level trade meeting set to take place in Washington on Thursday and Friday.

“You don’t do these things prior to negotiations. It does not set a good tone, that’s tactically. Strategically, all these actions — I think — are causing the Chinese to wonder: ‘What is the US’ real motive here?'” Max Baucus, former U.S. ambassador to China from February 2014 to January 2017, told CNBC’s “Street Signs Asia.”

Baucus, also a former Democratic senator from Montana, said the U.S. actions could simply be posturing ahead of the planned trade talks to get a better deal from China. But, “China will not be bluffed,” he added.

Taimur Baig, chief economist at DBS Group Research, echoed that sentiment. “There are ways of putting pressure — back channel diplomacy, implicit threats and so on, but this is very explicit (and) very noisy,” he told CNBC’s “Street Signs Asia.”

“The … potential loss of face for the Chinese is massive. I can’t imagine anybody rationally expecting a constructive outcome out of this,” he added. Baig also said the timing of the U.S. move “could not be worse” and it would “definitely backfire.”

Beijing, in response to the U.S. blacklist of Chinese firms, said it urges the U.S. to “stop interfering” in its internal affairs and suggested that it would retaliate against the American move.


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: yen nee lee abigail ng, yen nee lee, abigail ng
Keywords: news, cnbc, companies, street, chinese, signs, taken, exdiplomat, prior, things, negotiations, china, tone, told, actions, dont, set, trade


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post