Bumble Bee files for bankruptcy

Tuna maker Bumble Bee Foods said Thursday that it has filed for Chapter 11 bankruptcy protection, with an agreement from Taiwan-based FCF Fishery, its largest creditor, to purchase its assets for roughly $925 million. The bankruptcy proceedings are meant to reduce Bumble Bee’s debt burden caused by “recent and significant legal challenges” and help facilitate the sale. In addition to its legal troubles, Bumble Bee is grappling with the declining popularity of packaged tuna. London-based private-


Tuna maker Bumble Bee Foods said Thursday that it has filed for Chapter 11 bankruptcy protection, with an agreement from Taiwan-based FCF Fishery, its largest creditor, to purchase its assets for roughly $925 million.
The bankruptcy proceedings are meant to reduce Bumble Bee’s debt burden caused by “recent and significant legal challenges” and help facilitate the sale.
In addition to its legal troubles, Bumble Bee is grappling with the declining popularity of packaged tuna.
London-based private-
Bumble Bee files for bankruptcy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-22  Authors: amelia lucas, fred imbert
Keywords: news, cnbc, companies, pricefixing, files, sale, million, proceedings, protection, company, bee, bankruptcy, bumble, tuna


Bumble Bee files for bankruptcy

Tuna maker Bumble Bee Foods said Thursday that it has filed for Chapter 11 bankruptcy protection, with an agreement from Taiwan-based FCF Fishery, its largest creditor, to purchase its assets for roughly $925 million.

The bankruptcy proceedings are meant to reduce Bumble Bee’s debt burden caused by “recent and significant legal challenges” and help facilitate the sale. In 2017, the company pleaded guilty for price-fixing and was fined $25 million for forming a cartel with Chicken of the Sea and Starkist. It still owes $17 million to the U.S. Department of Justice, according to its bankruptcy filing.

Bumble Bee is also facing civil lawsuits related to price-fixing. Earlier this year, the company confidentially settled with Sysco and U.S. Foods.

In addition to its legal troubles, Bumble Bee is grappling with the declining popularity of packaged tuna. Consumption of canned tuna has dropped 42% per capita from the last 30 years through 2016, according to U.S. Department of Agriculture data.

FCF’s bid includes $275 million in cash and $638.5 million in debt. Even if both parties agree to the sale, the transaction would be subject to receiving higher or better offers while the company is in bankruptcy protection. London-based private-equity firm Lion Capital bought Bumble Bee in 2010 for $980 million.

Despite the bankruptcy proceedings, Bumble Bee expects that its U.S. and Canadian operations will continue uninterrupted.


Company: cnbc, Activity: cnbc, Date: 2019-11-22  Authors: amelia lucas, fred imbert
Keywords: news, cnbc, companies, pricefixing, files, sale, million, proceedings, protection, company, bee, bankruptcy, bumble, tuna


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The best credit cards with annual fees under $100 of November 2019

If you’re looking for a first-in-class cash-back card, then this may be the card for you. The Alliant Cashback Visa® Signature Card offered by Chicago-based Alliant Credit Union really upped the ante when it comes to cash-back rewards. You also have to become a member of Alliant Credit Union and open an account. You don’t need to pay the charity directly — Alliant pays $5 on your behalf when you apply to join the credit union. If you don’t want to make that trade off, though, consider one of the


If you’re looking for a first-in-class cash-back card, then this may be the card for you.
The Alliant Cashback Visa® Signature Card offered by Chicago-based Alliant Credit Union really upped the ante when it comes to cash-back rewards.
You also have to become a member of Alliant Credit Union and open an account.
You don’t need to pay the charity directly — Alliant pays $5 on your behalf when you apply to join the credit union.
If you don’t want to make that trade off, though, consider one of the
The best credit cards with annual fees under $100 of November 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-12  Authors: alexandria white
Keywords: news, cnbc, companies, protection, fees, best, union, dont, 100, cards, annual, card, cashback, cash, credit, alliant, 2019, spend


The best credit cards with annual fees under $100 of November 2019

Who’s this for? If you’re looking for a first-in-class cash-back card, then this may be the card for you. The Alliant Cashback Visa® Signature Card offered by Chicago-based Alliant Credit Union really upped the ante when it comes to cash-back rewards. Cardmembers get an eye-popping unlimited 3% cash back during the first year, and 2.5% after that. That’s the highest flat rate offered among the options surveyed by CNBC Select.

Another benefit of this card is the easy cash-back program. There’s no activation required, no limit on how many points you can earn and you can redeem cash-back for statement credit or deposit into your Alliant checking or savings account at any amount. (There’s a $5 minimum opening balance requirement for an Alliant savings account — which Alliant pays on your behalf — and no fee for its checking accounts.)

Alliant says on its website that this card is designed for big spenders, or those who spend $50,000 a year on credit cards, but CNBC Select found the benefits kick in at less than half this amount. If you spend around the same as the average American, roughly $21,852 a year, we calculated the card nets you about $656 during the first year with 3% cash back and $447 each year after. You do need a high credit score to qualify.

While it doesn’t offer any welcome bonuses or introductory offers, this card also stands out thanks to its relatively low APR. (Though we do recommend you pay off your card on time and in full each month.) There are also no fees charged on foreign transactions.

Additionally, the card offers a host of useful protection programs, including 90-day purchase protection coverage if a recent purchase suffers harm (like if you drop your new iPhone in water) and travel accident coverage up to $250,000 — protection if you’re injured or killed while on the road.

Cardmembers can take advantage of up to $5,000 in personal identity theft protection, free roadside assistance and rental car collision insurance, so you don’t have to spend extra money next time you rent a car.

The biggest downside to the Alliant Cashback Visa® Signature Credit Card is that it does have a $99 annual fee that kicks in after the first year, though you can easily make up for the cost thanks to the strong 3% cash back program.

You also have to become a member of Alliant Credit Union and open an account. The easiest way to become a member is by supporting Alliant’s partner charity, Foster Care to Success. You don’t need to pay the charity directly — Alliant pays $5 on your behalf when you apply to join the credit union. Membership is also open to family members of current members, employees of partner organizations or those who live or work in qualifying towns and communities near Chicago’s O’Hare International airport.

Overall, the numbers indicate that it’s worth it to overcome these relatively minor obstacles in order to get the card’s generous cash-back rate on all your purchases. If you don’t want to make that trade off, though, consider one of the other highly rated cards below.


Company: cnbc, Activity: cnbc, Date: 2019-11-12  Authors: alexandria white
Keywords: news, cnbc, companies, protection, fees, best, union, dont, 100, cards, annual, card, cashback, cash, credit, alliant, 2019, spend


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Eclypsium

Eclypsium is an enterprise firmware and supply chain protection platform that protects organizations from firmware threats where traditional security is ineffective. The platform manages risk at the foundation of an enterprise’s IT infrastructure, protecting its hardware from the most advanced and persistent threats. Top investors include Andreessen Horowitz and Intel Capital.


Eclypsium is an enterprise firmware and supply chain protection platform that protects organizations from firmware threats where traditional security is ineffective.
The platform manages risk at the foundation of an enterprise’s IT infrastructure, protecting its hardware from the most advanced and persistent threats.
Top investors include Andreessen Horowitz and Intel Capital.
Eclypsium Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-12  Authors: cnbccom staff
Keywords: news, cnbc, companies, protects, security, supply, eclypsium, platform, protection, protecting, traditional, firmware, threats, risk


Eclypsium

Eclypsium is an enterprise firmware and supply chain protection platform that protects organizations from firmware threats where traditional security is ineffective. The platform manages risk at the foundation of an enterprise’s IT infrastructure, protecting its hardware from the most advanced and persistent threats. Top investors include Andreessen Horowitz and Intel Capital.


Company: cnbc, Activity: cnbc, Date: 2019-11-12  Authors: cnbccom staff
Keywords: news, cnbc, companies, protects, security, supply, eclypsium, platform, protection, protecting, traditional, firmware, threats, risk


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The clarity on Brexit is ‘as thick as fog’: BNY Mellon Markets

The clarity on Brexit is ‘as thick as fog’: BNY Mellon Markets5 Hours AgoJohn Velis of BNY Mellon Markets discusses how to trade the British pound in light of Brexit possibilities. He says investors have to buy a lot protection.


The clarity on Brexit is ‘as thick as fog’: BNY Mellon Markets5 Hours AgoJohn Velis of BNY Mellon Markets discusses how to trade the British pound in light of Brexit possibilities.
He says investors have to buy a lot protection.
The clarity on Brexit is ‘as thick as fog’: BNY Mellon Markets Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-23
Keywords: news, cnbc, companies, protection, clarity, markets, mellon, velis, trade, possibilities, pound, thick, fog, bny, markets5, brexit


The clarity on Brexit is 'as thick as fog': BNY Mellon Markets

The clarity on Brexit is ‘as thick as fog’: BNY Mellon Markets

5 Hours Ago

John Velis of BNY Mellon Markets discusses how to trade the British pound in light of Brexit possibilities. He says investors have to buy a lot protection.


Company: cnbc, Activity: cnbc, Date: 2019-10-23
Keywords: news, cnbc, companies, protection, clarity, markets, mellon, velis, trade, possibilities, pound, thick, fog, bny, markets5, brexit


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Supreme Court will hear challenge to Consumer Financial Protection Bureau

Signage is displayed inside the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., on Monday, March 4, 2019. The Supreme Court on Friday announced that it will hear a case challenging the constitutionality of the Consumer Financial Protection Bureau, a regulatory agency established in the wake of the 2008 financial crisis. Given the CFPB’s broad law enforcement powers, that independence is unconstitutional, Seila Law has argued in court papers. If Trump loses his


Signage is displayed inside the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., on Monday, March 4, 2019.
The Supreme Court on Friday announced that it will hear a case challenging the constitutionality of the Consumer Financial Protection Bureau, a regulatory agency established in the wake of the 2008 financial crisis.
Given the CFPB’s broad law enforcement powers, that independence is unconstitutional, Seila Law has argued in court papers.
If Trump loses his
Supreme Court will hear challenge to Consumer Financial Protection Bureau Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: tucker higgins
Keywords: news, cnbc, companies, director, agency, court, consumer, president, challenge, supreme, law, financial, protection, case, hear, bureau, cfpb


Supreme Court will hear challenge to Consumer Financial Protection Bureau

Signage is displayed inside the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., on Monday, March 4, 2019.

The Supreme Court on Friday announced that it will hear a case challenging the constitutionality of the Consumer Financial Protection Bureau, a regulatory agency established in the wake of the 2008 financial crisis.

The case was brought by Seila Law, a California-based law firm, which alleges that the structure of the agency grants too much power to its director, in violation of the Constitution’s separation of powers.

Unlike the heads of many other federal agencies, the director of the CFPB may only be removed by the president “for inefficiency, neglect of duty, or malfeasance in office.” Given the CFPB’s broad law enforcement powers, that independence is unconstitutional, Seila Law has argued in court papers.

In an order posted Friday, the justices asked both sides to address whether the bureau can remain even if its structure is found to be unconstitutional.

A decision in the case is likely by the end of June, meaning that the fate of the regulator will be announced in the middle of the 2020 presidential campaign. That could be particularly significant for Sen. Elizabeth Warren, a consumer advocate whose role in creating the agency has formed a central pillar of her presidential bid.

It is possible that a ruling against the CFPB would maintain the agency but only on the condition that its director, who serves a five-year term, can be removed at the pleasure of the president. If Trump loses his reelection bid in 2020, that would mean that a Democrat will be able to replace Trump’s current appointee, CFPB director Kathy Kraninger, when they take office.

Read more: The head of the CFPB now believes that the financial regulator is unconstitutionally structured

To date, the CFPB has survived multiple court challenges.

The federal appeals court in Washington upheld the agency last year on the basis that the Supreme Court, more than 80 years ago, signed off on the Federal Trade Commission, a similarly structured regulator, in the 1935 case Humphrey’s Executor. In May, the CFPB defeated Seila Law before a panel of the 9th U.S. Circuit Court of Appeals.

“Seila Law contends that an agency with the CFPB’s broad law-enforcement powers may not be headed by a single Director removable by the President only for cause. That argument is not without force,” Circuit Judge Paul Watford wrote for the court.

But, he said, given Humphrey’s Executor and a later case which reaffirmed the ruling, the CFPB is constitutional.

“The Supreme Court is of course free to revisit those precedents, but we are not,” he wrote.

Under President Donald Trump, the CFPB has already dramatically pared back its role as a financial watchdog. A report published by the Consumer Federation of America earlier this year found that the agency had dropped enforcement activity 80% compared with its peak in 2015. Average monetary relief, the report found, was down 96%.

Given the makeup of the Supreme Court, it’s likely that the agency’s structure could be struck down.

Justice Brett Kavanaugh, whose confirmation last year delivered conservatives a reliable majority, made clear in a dissent from the Washington appeals court decision upholding the bureau that he believes the structure of the CFPB is impermissible.

“Indeed, other than the President, the Director of the CFPB is the single most powerful official in the entire U.S. Government, at least when measured in terms of unilateral power,” Kavanaugh wrote at the time. “That is not an overstatement.”

Notably, Kavanaugh did write in that dissent that he believed the director’s independence could be limited while leaving the rest of the bureau intact, “so that the Director of the CFPB is supervised, directed, and removable at will by the President.”

The case is Seila Law v. Consumer Financial Protection Bureau, No. 19-7.


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: tucker higgins
Keywords: news, cnbc, companies, director, agency, court, consumer, president, challenge, supreme, law, financial, protection, case, hear, bureau, cfpb


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Syria’s Kurds look to Assad for protection after US pullout

The shift could lead to clashes between Turkey and Syria and raises the specter of a resurgent Islamic State group as the U.S. relinquishes any remaining influence in northern Syria to President Bashar Assad and his chief backer, Russia. Adding to the turmoil Sunday, hundreds of Islamic State families and supporters escaped from a holding camp in Syria amid the fighting between Turkish forces and the Kurds. Since 2014, the Kurds have fought alongside the U.S. in defeating the Islamic State in Sy


The shift could lead to clashes between Turkey and Syria and raises the specter of a resurgent Islamic State group as the U.S. relinquishes any remaining influence in northern Syria to President Bashar Assad and his chief backer, Russia. Adding to the turmoil Sunday, hundreds of Islamic State families and supporters escaped from a holding camp in Syria amid the fighting between Turkish forces and the Kurds. Since 2014, the Kurds have fought alongside the U.S. in defeating the Islamic State in Sy
Syria’s Kurds look to Assad for protection after US pullout Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-14
Keywords: news, cnbc, companies, protection, syrias, kurds, pullout, assad, look, northern, withdraw, troops, syria, state, forces, islamic, american, turkish


Syria's Kurds look to Assad for protection after US pullout

Syria’s Kurds said Syrian government forces agreed Sunday to help them fend off Turkey’s invasion — a major shift in alliances that came after President Donald Trump ordered all U.S. troops withdrawn from the northern border area amid the rapidly deepening chaos.

The shift could lead to clashes between Turkey and Syria and raises the specter of a resurgent Islamic State group as the U.S. relinquishes any remaining influence in northern Syria to President Bashar Assad and his chief backer, Russia.

Adding to the turmoil Sunday, hundreds of Islamic State families and supporters escaped from a holding camp in Syria amid the fighting between Turkish forces and the Kurds.

The fast-deteriorating situation was set in motion last week, when Trump ordered U.S. troops in northern Syria to step aside, clearing the way for an attack by Turkey, which regards the Kurds as terrorists. Since 2014, the Kurds have fought alongside the U.S. in defeating the Islamic State in Syria, and Trump’s move was decried at home and abroad as a betrayal of an ally.

Over the past five days, Turkish troops and their allies have pushed their way into northern towns and villages, clashing with the Kurdish fighters over a stretch of 200 kilometers (125 miles). The offensive has displaced at least 130,000 people.

On Sunday, U.S. Defense Secretary Mark Esper said all American troops will withdraw from northern Syria because of the increasing danger of getting caught in the crossfire.

“We have American forces likely caught between two opposing advancing armies, and it’s a very untenable situation,” he said on CBS’ “Face the Nation.” He did not say how many would withdraw or where they would go but that they represent most of the 1,000 U.S. troops in Syria.

The peril to American forces was illustrated on Friday, when a small number of U.S. troops came under Turkish artillery fire at an observation post in the north. No Americans were hurt. Esper said it was unclear whether that was an accident.

Trump, in a tweet, said: “Very smart not to be involved in the intense fighting along the Turkish Border, for a change. Those that mistakenly got us into the Middle East Wars are still pushing to fight. They have no idea what a bad decision they have made.”


Company: cnbc, Activity: cnbc, Date: 2019-10-14
Keywords: news, cnbc, companies, protection, syrias, kurds, pullout, assad, look, northern, withdraw, troops, syria, state, forces, islamic, american, turkish


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Ireland completes privacy probes into Facebook and Twitter; possible fines expected by end of 2019

Mark Zuckerberg, chief executive officer and founder of Facebook Inc. attends the Viva Tech start-up and technology gathering at Parc des Expositions Porte de Versailles on May 24, 2018 in Paris, France. Ireland’s Data Protection Commission has concluded investigations into Facebook’s WhatsApp and Twitter over possible breaches of EU data privacy rules, a spokesperson for the agency revealed to CNBC Monday. The investigations will now move into the decision-making phase, according to Graham Doyl


Mark Zuckerberg, chief executive officer and founder of Facebook Inc. attends the Viva Tech start-up and technology gathering at Parc des Expositions Porte de Versailles on May 24, 2018 in Paris, France. Ireland’s Data Protection Commission has concluded investigations into Facebook’s WhatsApp and Twitter over possible breaches of EU data privacy rules, a spokesperson for the agency revealed to CNBC Monday. The investigations will now move into the decision-making phase, according to Graham Doyl
Ireland completes privacy probes into Facebook and Twitter; possible fines expected by end of 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: elizabeth schulze
Keywords: news, cnbc, companies, phase, ireland, end, fines, facebook, completes, 2018, protection, decisions, mark, chief, privacy, investigations, expected, possible, irelands, data, twitter, probes


Ireland completes privacy probes into Facebook and Twitter; possible fines expected by end of 2019

Mark Zuckerberg, chief executive officer and founder of Facebook Inc. attends the Viva Tech start-up and technology gathering at Parc des Expositions Porte de Versailles on May 24, 2018 in Paris, France.

Ireland’s Data Protection Commission has concluded investigations into Facebook’s WhatsApp and Twitter over possible breaches of EU data privacy rules, a spokesperson for the agency revealed to CNBC Monday.

The investigations will now move into the decision-making phase, according to Graham Doyle, head of communications for Ireland’s DPC. During this next phase, Ireland’s chief data regulator, Helen Dixon, will issue draft decisions, which are expected to come toward the end of the year.

These would mark Ireland’s first decisions related to U.S. multinational companies since Europe’s privacy law called the General Data Protection Regulation (GDPR) went into effect on May 2018.


Company: cnbc, Activity: cnbc, Date: 2019-10-07  Authors: elizabeth schulze
Keywords: news, cnbc, companies, phase, ireland, end, fines, facebook, completes, 2018, protection, decisions, mark, chief, privacy, investigations, expected, possible, irelands, data, twitter, probes


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Facial recognition technology needs controls on its use, World Economic Forum says

Dan Kitwood | Getty ImagesNEW DELHI — Governments need to take people’s privacy into account as more and more countries consider using facial recognition technology to beef up security, said an expert at the World Economic Forum. Facial recognition software is powerful biometric technology that can identify individuals based on digital images or video frames. “Firstly, with the government use of facial recognition technology and then also with the company use of facial recognition.” It’s about a


Dan Kitwood | Getty ImagesNEW DELHI — Governments need to take people’s privacy into account as more and more countries consider using facial recognition technology to beef up security, said an expert at the World Economic Forum. Facial recognition software is powerful biometric technology that can identify individuals based on digital images or video frames. “Firstly, with the government use of facial recognition technology and then also with the company use of facial recognition.” It’s about a
Facial recognition technology needs controls on its use, World Economic Forum says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, needs, world, forum, data, privacy, controls, recognition, protection, security, india, facial, technology, economic


Facial recognition technology needs controls on its use, World Economic Forum says

A CCTV camera is seen at King’s Cross on August 16, 2019 in London. CCTV cameras using facial recognition are being investigated by the UK’s data protection watchdog. Dan Kitwood | Getty Images

NEW DELHI — Governments need to take people’s privacy into account as more and more countries consider using facial recognition technology to beef up security, said an expert at the World Economic Forum. Facial recognition software is powerful biometric technology that can identify individuals based on digital images or video frames. Artificial intelligence, high-definition surveillance cameras, and remote sensors have made the technology more powerful and expanded the ways it can be used. “The problem’s really two-fold,” Kay Firth-Butterfield, head of artificial intelligence at WEF, told CNBC at the India Economic Summit. “Firstly, with the government use of facial recognition technology and then also with the company use of facial recognition.”

Security or invasion?

The amount of data that can be collected on an individual is massive, and that raises privacy concerns. But there’s also a bigger issue, Firth-Butterfield said. It’s about asking, “when does use (of facial recognition technology) by the government amount to security compared to the invasion of our civil liberties.” She added that governments may argue for the use of facial recognition in airports to stop security risks, but questioned: “Do they need it to, for example, follow us from our house to a street demonstration?”

In a report released Friday, WEF said governments have to act to ensure fair and transparent use of facial recognition systems. They must also include policies that can safeguard individual rights and guide the socially beneficial development of the technology it said. “India has an important role to play to show its political willingness and impetus in doing so.”

Bias in facial recognition

Unlike other types of biometric data collection, such as fingerprints and iris scanning, facial recognition technology can collect information on people without them being aware of it. In some instances, people have been wrongly identified and the World Economic Forum says studies have shown facial recognition to be biased and “performing more poorly on people with darker skin tones and on women.”

Facial recognition technologies are here to stay, and they will get used. Deepankar Sanwalka advisory leader at PwC India

This week, the World Economic Forum was invited to work with India in answering some of those questions around privacy and the use of facial recognition technology.

India’s laws and regulations

In June, India’s Ministry of Home Affairs, through the National Crime Records Bureau, invited bids to build an automated facial recognition system. The system would allow police to match people’s faces — captured on closed circuit cameras — against an existing image database and “generate alerts if a blacklist match is found.” That could help to identify criminals, missing persons or even dead bodies. But the move is said to have angered privacy campaigners because the country’s personal data protection laws are not yet up to par with regulation in other regions, such as the General Data Protection Regulation in Europe.


Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, needs, world, forum, data, privacy, controls, recognition, protection, security, india, facial, technology, economic


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FTC official: I understand concern over YouTube settlement, but believe it’s appropriate

Federal Trade Commission Director of Bureau of Consumer Protection, Andrew Smith, speak at a press conference on Sept. 4, 2019, at the FTC headquarters in Washington, DC. Andrew Smith, an official at the Federal Trade Commission, told CNBC on Wednesday that while he can understand disappointment over the size of YouTube’s settlement with the agency, he’s confident it was the right amount. “For the third time since 2011, the Federal Trade Commission is sanctioning Google for privacy violations,”


Federal Trade Commission Director of Bureau of Consumer Protection, Andrew Smith, speak at a press conference on Sept. 4, 2019, at the FTC headquarters in Washington, DC. Andrew Smith, an official at the Federal Trade Commission, told CNBC on Wednesday that while he can understand disappointment over the size of YouTube’s settlement with the agency, he’s confident it was the right amount. “For the third time since 2011, the Federal Trade Commission is sanctioning Google for privacy violations,”
FTC official: I understand concern over YouTube settlement, but believe it’s appropriate Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-04  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, smith, trade, information, ftc, concern, fine, federal, believe, official, understand, youtube, content, appropriate, company, settlement, protection


FTC official: I understand concern over YouTube settlement, but believe it's appropriate

Federal Trade Commission Director of Bureau of Consumer Protection, Andrew Smith, speak at a press conference on Sept. 4, 2019, at the FTC headquarters in Washington, DC.

Andrew Smith, an official at the Federal Trade Commission, told CNBC on Wednesday that while he can understand disappointment over the size of YouTube’s settlement with the agency, he’s confident it was the right amount.

Earlier in the day, the FTC announced that Google’s YouTube will pay a $170 million fine to settle a complaint that it earned millions by illegally collecting personal information from children without a guardian’s consent.

“I think it’s a penalty that sends a strong message to the marketplace,” said Smith, director of the FTC’s Bureau of Consumer Protection. “I have to respectfully disagree with the detractors. This is a historic fine by anybody’s standards.”

Google’s parent company, Alphabet, reported second quarter earnings in July that placed the company’s revenue at $38.94 billion.

Two Democrats voted against the measure, wanting to further punish the social media giant.

“For the third time since 2011, the Federal Trade Commission is sanctioning Google for privacy violations,” FTC Commissioner Rohit Chopra said in a dissenting statement. “This latest violation is extremely serious. The company baited children using nursery rhymes, cartoons and other kid-directed content on curated YouTube channels to feed its massively profitable behavioral advertising business.”

Chopra, joined by fellow Democratic Commissioner Rebecca Kelly Slaughter, voted against the settlement. And while Smith said he appreciates their concerns, he said the company and the marketplace will have “the guidance it needs.”

“We’re not taking Google’s word for anything,” Smith added.

Along with the fine, Google and YouTube have to “develop, implement, and maintain a system that permits channel owners to identify their child-directed content on the YouTube platform” so that YouTube can ensure it is complying with the Children’s Online Privacy Protection Act, which it was accused of violating. It must also provide information about its data collection practices and obtain parental consent before collecting personal information from children.

YouTube on Wednesday said it is taking steps to address concerns raised over its practices and will stop personalizing ads to children.

“From its earliest days, YouTube has been a site for people over 13, but with a boom in family content and the rise of shared devices, the likelihood of children watching without supervision has increased,” the company said in a blog post.


Company: cnbc, Activity: cnbc, Date: 2019-09-04  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, smith, trade, information, ftc, concern, fine, federal, believe, official, understand, youtube, content, appropriate, company, settlement, protection


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US Customs and Border Protection says systems are being restored after earlier outage snarled international arrivals at airports

Ex-SEC chief questions Markopolos for not bringing GE claims as a…”If he had brought all of his data to the SEC first, he would reap potentially, up to 30% of the potential recovery,” says former SEC Chairman Harvey Pitt. Investingread more


Ex-SEC chief questions Markopolos for not bringing GE claims as a…”If he had brought all of his data to the SEC first, he would reap potentially, up to 30% of the potential recovery,” says former SEC Chairman Harvey Pitt. Investingread more
US Customs and Border Protection says systems are being restored after earlier outage snarled international arrivals at airports Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: leslie josephs
Keywords: news, cnbc, companies, sec, markopolos, outage, border, restored, customs, international, potential, questions, potentially, protection, recovery, snarled, pittinvestingread, harvey, earlier, arrivals, systems, ge, reap


US Customs and Border Protection says systems are being restored after earlier outage snarled international arrivals at airports

Ex-SEC chief questions Markopolos for not bringing GE claims as a…

“If he had brought all of his data to the SEC first, he would reap potentially, up to 30% of the potential recovery,” says former SEC Chairman Harvey Pitt.

Investing

read more


Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: leslie josephs
Keywords: news, cnbc, companies, sec, markopolos, outage, border, restored, customs, international, potential, questions, potentially, protection, recovery, snarled, pittinvestingread, harvey, earlier, arrivals, systems, ge, reap


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