Digital wave and values-based business are driving Salesforce’s growth, CEO says

Modern corporations have shifted focus to partner with companies that are value-focused, Salesforce’s Keith Block said on CNBC Thursday. That’s why Salesforce joined about 200 other businesses to proclaim that pleasing shareholders is no longer their main goal, Block said. “A lot of this, Jim, is really powered by this wave of digital transformation that we’re seeing all over the world,” he said. “Everybody needs to get closer to the customer, everybody is trying to improve that customer experie


Modern corporations have shifted focus to partner with companies that are value-focused, Salesforce’s Keith Block said on CNBC Thursday. That’s why Salesforce joined about 200 other businesses to proclaim that pleasing shareholders is no longer their main goal, Block said. “A lot of this, Jim, is really powered by this wave of digital transformation that we’re seeing all over the world,” he said. “Everybody needs to get closer to the customer, everybody is trying to improve that customer experie
Digital wave and values-based business are driving Salesforce’s growth, CEO says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: tyler clifford
Keywords: news, cnbc, companies, business, world, valuesbased, companies, youre, ceo, growth, wave, seeing, salesforce, thats, driving, shareholders, block, really, salesforces, digital, quarter


Digital wave and values-based business are driving Salesforce's growth, CEO says

Modern corporations have shifted focus to partner with companies that are value-focused, Salesforce’s Keith Block said on CNBC Thursday.

That’s why Salesforce joined about 200 other businesses to proclaim that pleasing shareholders is no longer their main goal, Block said. The co-CEO was responding to a question from Jim Cramer about how the company is having an “Impact Per Share” — what companies are doing to promote eco-friendly and sustainability initiatives.

On top of catering to shareholders, “it’s about stakeholders, it’s about your employees, it’s about you partners and suppliers. It’s about the community, it’s about the environment,” Block said in a “Mad Money” interview. “When we speak to CEOs all over the world, they want to know what our values are all about. And if they’re going to bet their business on us, they want to be aligned with those values.”

The Business Roundtable, a group of chief executive officers from major U.S. corporations led by J.P. Morgan Chase’s Jamie Dimon, released a statement earlier this week about the “purpose of a corporation,” which comes at a time where more and more consumers are care about shopping at mission-driven businesses.

After the market closed Thursday, Salesforce delivered shareholders a beat-and-raise quarter. The company topped earnings and revenue expectations while upping its guidance for the full year, CNBC reported.

Revenue grew 22% to $4 billion in the quarter and the full-year outlook was increased to $16.9 billion, which would equate to 27% year-over-year growth, Block said in the “Mad Money” one-on-one.

“A lot of this, Jim, is really powered by this wave of digital transformation that we’re seeing all over the world,” he said. “Everybody needs to get closer to the customer, everybody is trying to improve that customer experience, and that’s where Salesforce really brings value to the table.”

When it comes to tariffs on Chinese imports and services, Salesforce appears to be immune, Cramer said. In response, Block said it’s because companies won’t stop investing into digitizing their operations.

“That’s why you’re seeing this growth, you’re seeing these results,” he said. “And we’re just co-innovating and co-creating with these companies and that’s why we’re having so much success on their behalf.”

Shares of Salesforce rose slightly on Thursday ahead of its earnings call. The stock climbed 7% in after hours trading.


Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: tyler clifford
Keywords: news, cnbc, companies, business, world, valuesbased, companies, youre, ceo, growth, wave, seeing, salesforce, thats, driving, shareholders, block, really, salesforces, digital, quarter


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Kevin O’Leary: Stop saying this in your emails, nobody’s reading it

If you’re looking to grab the attention of “Shark Tank” star and investor Kevin O’Leary over email, here’s a pointer: Skip the “let’s do lunch” cliche because it won’t work. “I really hate it, and I get a lot of this, ‘Let’s do lunch,'” O’Leary tells CNBC Make It. “How about we don’t do lunch but you tell me what you really want in the first place.” What’s more, don’t even think about using a cute little emoji along with the message — that really makes O’Leary’s blood boil. Don’t miss:Kevin O’Le


If you’re looking to grab the attention of “Shark Tank” star and investor Kevin O’Leary over email, here’s a pointer: Skip the “let’s do lunch” cliche because it won’t work. “I really hate it, and I get a lot of this, ‘Let’s do lunch,'” O’Leary tells CNBC Make It. “How about we don’t do lunch but you tell me what you really want in the first place.” What’s more, don’t even think about using a cute little emoji along with the message — that really makes O’Leary’s blood boil. Don’t miss:Kevin O’Le
Kevin O’Leary: Stop saying this in your emails, nobody’s reading it Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-21  Authors: jade scipioni
Keywords: news, cnbc, companies, message, email, kevin, wrote, advice, wont, tell, nobodys, emails, reading, saying, really, stop, lunch, oleary


Kevin O'Leary: Stop saying this in your emails, nobody's reading it

If you’re looking to grab the attention of “Shark Tank” star and investor Kevin O’Leary over email, here’s a pointer: Skip the “let’s do lunch” cliche because it won’t work.

“I really hate it, and I get a lot of this, ‘Let’s do lunch,'” O’Leary tells CNBC Make It. “How about we don’t do lunch but you tell me what you really want in the first place.”

What’s more, don’t even think about using a cute little emoji along with the message — that really makes O’Leary’s blood boil.

“Little smiley faces really piss me off,” O’Leary says.

Instead, if you want to grab his attention over email, or anyone of importance for that matter, he suggests following a couple of rules.

First, keep the message short. O’Leary says he never reads past the first paragraph.

“Make it one paragraph and tell me what you want,” he says, “I’m not going to waste my time unless I know what you want.”

In fact, it’s ideal to try to get your message across in two lines or less, he says.

And be as specific as possible.

“Tell me what you want and [have] a really catchy kind of subject line,” he says.

O’Leary says it’s critical for the next generation of entrepreneurs to learn how to effectively communicate if they want to succeed in today’s economy. Rambling in email, he says, won’t get you there, “nobody reads it [and] that’s the truth.”

As for cliches, O’Leary isn’t alone.

Gary Burnison, CEO of Korn Ferry, a global consulting firm, wrote an article for CNBC Make It in July, urging people to stop asking successful people, “Can I pick your brain?”

Burnison wrote that those five words make up “the most thoughtless, irritating and generic way to ask for advice — and any person who is a rock star in their industry has heard it more than a dozen times.”

Instead, he suggests following the advice of Harvard researchers, who recommend to be straightforward and say, “I’d love your advice.”

Burnison, along with O’Leary, both advise young people to come prepared with specifics on why they are seeking that person’s advice as well.

Like this story? Like CNBC Make It on Facebook.

Don’t miss:

Kevin O’Leary: This is the age when you should have at least $100,000 saved

Kevin O’Leary says he spends $1,000 a day on food


Company: cnbc, Activity: cnbc, Date: 2019-08-21  Authors: jade scipioni
Keywords: news, cnbc, companies, message, email, kevin, wrote, advice, wont, tell, nobodys, emails, reading, saying, really, stop, lunch, oleary


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This woman sold her app for $85 million — here’s the common mistake she sees in start-ups

Mette LykkeBuilding a high-value business takes patience and entrepreneurs shouldn’t believe that start-ups reach multi-million-dollar valuations overnight, a successful Danish businesswoman has warned. When it comes to growing a start-up, Mette Lykke, CEO of food waste organization Too Good To Go, speaks from experience. Endomondo was sold to the U.S. athleticwear brand in 2015 for $85 million, and Lykke stayed on as its CEO until 2017. “My first company was designed to make fitness fun, and no


Mette LykkeBuilding a high-value business takes patience and entrepreneurs shouldn’t believe that start-ups reach multi-million-dollar valuations overnight, a successful Danish businesswoman has warned. When it comes to growing a start-up, Mette Lykke, CEO of food waste organization Too Good To Go, speaks from experience. Endomondo was sold to the U.S. athleticwear brand in 2015 for $85 million, and Lykke stayed on as its CEO until 2017. “My first company was designed to make fitness fun, and no
This woman sold her app for $85 million — here’s the common mistake she sees in start-ups Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-13  Authors: chloe taylor
Keywords: news, cnbc, companies, really, sees, mistake, app, food, business, sold, common, waste, team, 85, company, woman, startups, works, purpose, heres, lykke, work, million


This woman sold her app for $85 million — here's the common mistake she sees in start-ups

Mette Lykke

Building a high-value business takes patience and entrepreneurs shouldn’t believe that start-ups reach multi-million-dollar valuations overnight, a successful Danish businesswoman has warned. When it comes to growing a start-up, Mette Lykke, CEO of food waste organization Too Good To Go, speaks from experience. She co-founded fitness app Endomondo in 2007, developing the company for almost a decade before it gained enough interest to be acquired by American firm Under Armour. Endomondo was sold to the U.S. athleticwear brand in 2015 for $85 million, and Lykke stayed on as its CEO until 2017.

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According to Lykke, who began her career as a management consultant, a business can only experience vast growth rates if the people at its reins exercise what she calls “patient impatience.” “Every day you have to push (yourself) and you have to be willing to do that for quite a while,” she said. “I think a lot of stories about start-ups give the impression that two guys start a company in a basement and boom, two years later they change the world. That’s just not how it works – it takes years, so working hard every day is crucial.”

Be clear on your purpose

For the past two years, Lykke has been the CEO of Too Good To Go — an organization that works with restaurants and food retailers to tackle waste by selling food at a discounted price. The app has 11 million users and works with 22,000 stores across 11 countries. Her involvement with the company began around 9 months after the service was launched, when a friend who knew its founders showed her the app. “I thought it was such a cool concept,” she told CNBC. “I got invited to invest and then was asked to help the founders run the business.” She said her core driving force when it came to work was being part of a company that had a strong purpose and could make a real impact. “I work a lot and put everything into it, so I want to do something that really matters,” she explained. “My first company was designed to make fitness fun, and now I have an even stronger purpose in tackling food waste. I just hadn’t realized the scale of this problem, but it had always been natural to me not to throw away food.” Entrepreneurs looking to grow a company needed to follow her lead and work on something that they felt was meaningful, Lykke added. “Make sure you’re really, really passionate about what you do — that’s fundamental,” she said. “There are going to be days and nights where, if you don’t have that passion, it’s going to be too difficult.”

As well as being passionate about their business, start-up founders needed to build a team who believed in the purpose of the company. “Being clear about the company’s vision is important, (but) the people you find for your team need to believe what you believe — it’s important to establish that team really early on,” Lykke told CNBC. She noted that having a strong ethical purpose was also a big competitive advantage, helping to attract both talented employees and investors.

Seek advice — and share it too


Company: cnbc, Activity: cnbc, Date: 2019-08-13  Authors: chloe taylor
Keywords: news, cnbc, companies, really, sees, mistake, app, food, business, sold, common, waste, team, 85, company, woman, startups, works, purpose, heres, lykke, work, million


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Amazon’s quest for constant growth is not leaving it with many friends — except for Wall Street

FedEx terminated its ground-delivery contract with Amazon, two months after ending its U.S. express shipping deal. For the fourth straight month, all 45 analysts with ratings on Amazon’s stock recommend buying it, according to FactSet. Even following last month’s earnings miss and lower-than-expected guidance, Amazon’s stock barely moved and didn’t see a single downgrade on its rating. “That’s what it really comes down to,” Chuckumba said, referring to Amazon’s continued growth. In a series of s


FedEx terminated its ground-delivery contract with Amazon, two months after ending its U.S. express shipping deal. For the fourth straight month, all 45 analysts with ratings on Amazon’s stock recommend buying it, according to FactSet. Even following last month’s earnings miss and lower-than-expected guidance, Amazon’s stock barely moved and didn’t see a single downgrade on its rating. “That’s what it really comes down to,” Chuckumba said, referring to Amazon’s continued growth. In a series of s
Amazon’s quest for constant growth is not leaving it with many friends — except for Wall Street Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-11  Authors: eugene kim
Keywords: news, cnbc, companies, politicians, sales, sp, friends, quest, months, leaving, amazons, constant, amazon, stock, growth, retail, wall, really, ratings, street


Amazon's quest for constant growth is not leaving it with many friends — except for Wall Street

From industry stalwarts to high-profile politicians, seemingly everyone’s turning their backs against Amazon these days. Except one: Wall Street.

Just this week, old players in two major categories — logistics and pharmacies — turned into foes. FedEx terminated its ground-delivery contract with Amazon, two months after ending its U.S. express shipping deal. Meanwhile, CVS and Walgreens were accused of unfairly blocking Amazon-owned PillPack’s access to certain prescription data.

This comes after several years of stories about retail rivals’ refusal to use Amazon’s AWS cloud service so they could avoid funding its most lucrative business. Vendors and sellers often complain about Amazon’s marketplace policy, and sometimes threaten to stop selling there altogether. Even politically, Amazon has butted heads with city officials in Seattle and New York, while politicians on both sides are calling for tighter regulatory scrutiny on its business.

Wall Street doesn’t seem to care.

For the fourth straight month, all 45 analysts with ratings on Amazon’s stock recommend buying it, according to FactSet. That makes Amazon one of only three companies in the S&P 500, alongside Assurant and Diamondback Energy, to have perfect “buy” ratings. Even following last month’s earnings miss and lower-than-expected guidance, Amazon’s stock barely moved and didn’t see a single downgrade on its rating. Its stock is up 20% this year, outpacing the 16% rise of the broader S&P 500 index.

“Amazon is expected to make more enemies as they grow larger,” said Loop Capital’s Anthony Chukumba, who raised his price target to $2,380 in May. “But none of this really concerns me — everybody hates Goliath.”

Chukumba said the hostile reaction is only natural as Amazon has become a dominant force and is known for its almost limitless ambition. But the animosity is having little effect on his investment decision because he doesn’t believe any of it is going to have a significant impact on Amazon’s long-term financial prospects.

“That’s what it really comes down to,” Chuckumba said, referring to Amazon’s continued growth. “The track record speaks for itself.”

In a series of statements, Amazon noted that AWS retains many retail customers, and that third-party sales on Amazon.com are growing faster than Amazon’s first-party sales.


Company: cnbc, Activity: cnbc, Date: 2019-08-11  Authors: eugene kim
Keywords: news, cnbc, companies, politicians, sales, sp, friends, quest, months, leaving, amazons, constant, amazon, stock, growth, retail, wall, really, ratings, street


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Millennials drive mortgage refinance boom, and lenders are scrambling

Applications to refinance were up a stunning 116% this week compared with a year ago, according to the Mortgage Bankers Association. Quicken Loans, the nation’s largest mortgage lender, just saw the best quarter for mortgage originations in the company’s 34-year history. It originated more than $11 billion in mortgage volume in June alone, the highest for any month ever, according to a release. “Savvy millennials looking to lock in lower interest rates on their mortgages have helped drive a surg


Applications to refinance were up a stunning 116% this week compared with a year ago, according to the Mortgage Bankers Association. Quicken Loans, the nation’s largest mortgage lender, just saw the best quarter for mortgage originations in the company’s 34-year history. It originated more than $11 billion in mortgage volume in June alone, the highest for any month ever, according to a release. “Savvy millennials looking to lock in lower interest rates on their mortgages have helped drive a surg
Millennials drive mortgage refinance boom, and lenders are scrambling Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-09  Authors: diana olick
Keywords: news, cnbc, companies, drive, looking, mortgage, boom, refinance, volume, lenders, scrambling, mean, rates, millennials, really, lower, rate


Millennials drive mortgage refinance boom, and lenders are scrambling

Patrick T. Fallon | Bloomberg | Getty Images

Mortgage interest rates have been falling since May, especially sharply this month, so borrowers, especially millennials, are rushing to refinance. Applications to refinance were up a stunning 116% this week compared with a year ago, according to the Mortgage Bankers Association. That has lenders scrambling to keep up. Quicken Loans, the nation’s largest mortgage lender, just saw the best quarter for mortgage originations in the company’s 34-year history. It originated more than $11 billion in mortgage volume in June alone, the highest for any month ever, according to a release. That brought the total quarter volume to a record $32 billion. It is now looking to hire 1,300 more employees, the majority at its Detroit headquarters.

Part of that was a slight uptick in homebuying, but much of it was refinancing, as the average rate on the 30-year fixed slid well below 4%. Refinancing had dried up dramatically just a year ago, as interest rates rose. Some lenders let go of workers, as business slowed. Millennials were especially reactive to the rate drop. In June 2018, just 8% of millennial mortgage applications were to refinance; the rest were to buy a home. This June that jumped to 14%, according to Ellie Mae. “Savvy millennials looking to lock in lower interest rates on their mortgages have helped drive a surge in refinance activity,” said Joe Tyrrell, chief operating officer of Ellie Mae. “While the Federal Reserve’s rate cut doesn’t necessarily mean that rates on mortgages will continue to drop, we’ll be keeping a close eye on its impact on both the refinance and overall mortgage market as we do anticipate that it will affect consumer behavior, including millennials who look to lower their payments.” At SunTrust Bank, customer volume has also surged pretty dramatically. That was unexpected, as most predictions last year were that mortgage rates would rise this year, not fall, so banks and lenders are now scrambling. “We are really looking at ways to preserve our client experience, which may mean just for consumers to be aware that it might take you a little bit longer to get through the process,” said Sherry Graziano, senior vice president and mortgage transformation officer at SunTrust. “And that might mean taking a little bit longer to get a hold of the mortgage professional to assist you. But it’s really important that you do get that advice from somebody who can really help you make a well informed decision, so that you can insure yourself financial confidence.” Graziano said clients are looking to refinance now for multiple reasons. Some may want to simply lower their monthly payments, others are looking for different mortgage products, and still others want to consolidate credit card or student loan debt into one loan at a lower rate.


Company: cnbc, Activity: cnbc, Date: 2019-08-09  Authors: diana olick
Keywords: news, cnbc, companies, drive, looking, mortgage, boom, refinance, volume, lenders, scrambling, mean, rates, millennials, really, lower, rate


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Coming soon to a store near you: more expensive items

Thousands of household products could get more expensive, thanks to the newest round of tariffs the U.S. plans to slap on goods from China next month. “This is a really, really tragic situation for consumers who are living paycheck to paycheck,” said Jack Gillis, a spokesman for the Consumer Federation of America. “These are things that are going to have a real, everyday impact for American consumers,” said David French, senior vice president of government relations at the National Retail Federa


Thousands of household products could get more expensive, thanks to the newest round of tariffs the U.S. plans to slap on goods from China next month. “This is a really, really tragic situation for consumers who are living paycheck to paycheck,” said Jack Gillis, a spokesman for the Consumer Federation of America. “These are things that are going to have a real, everyday impact for American consumers,” said David French, senior vice president of government relations at the National Retail Federa
Coming soon to a store near you: more expensive items Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-08  Authors: annie nova
Keywords: news, cnbc, companies, really, consumers, vice, typical, tragic, near, soon, paycheck, coming, tariffs, president, trade, expensive, items, store, spokesman


Coming soon to a store near you: more expensive items

Darby S | Twenty20

Cribs. Toothbrushes. Milk. Thousands of household products could get more expensive, thanks to the newest round of tariffs the U.S. plans to slap on goods from China next month. “This is a really, really tragic situation for consumers who are living paycheck to paycheck,” said Jack Gillis, a spokesman for the Consumer Federation of America. “The administration is negotiating trade deals using our hard-earned dollars,” he said. While previous rounds of the trade war between the world’s largest economies targeted production materials, including steel and aluminium, this time it’s shoes, headphones, pacifiers, bed linens, binders, backpacks, pine nuts and other common items in the crossfire. “These are things that are going to have a real, everyday impact for American consumers,” said David French, senior vice president of government relations at the National Retail Federation.

More than 70% of shoes sold in the U.S. come from China, according to the Footwear Distributors & Retailers of America, an industry organization with more than 500 members, including Walmart, Nike, Crocs and Steven Madden. Matt Priest, president and CEO of the organization, said the price of a typical hunting boot is expected to increase to $222 from $190; a performance running shoe could cost $187 instead of $150. “All very noticeable increases at checkout,” he said. In a letter to the government, Lui Simpson, vice president for global policy at The Association of American Publishers, said tariffs would make price increases on books “inevitable.”

This is a really, really tragic situation for consumers who are living paycheck to paycheck. Jack Gillis spokesman for the Consumer Federation of America

“[T]ariffs would be immediately devastating for the industry,” Simpson wrote. The previous rounds of tariffs have already squeezed people’s budgets. The levies on imports in 2018 cost the typical U.S. household $419, according to a study by the National Bureau of Economic Research. “Further extensions of the tariffs, as recently announced, will further increase these numbers,” said Stephen Redding, a professor at Princeton University and an author of the report.


Company: cnbc, Activity: cnbc, Date: 2019-08-08  Authors: annie nova
Keywords: news, cnbc, companies, really, consumers, vice, typical, tragic, near, soon, paycheck, coming, tariffs, president, trade, expensive, items, store, spokesman


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Investors try to figure out Trump’s trade war endgame: ‘I can’t even tell you what victory is’

President Donald Trump’s trade war comes with an aggressive and clear-cut strategy but a fuzzy endgame, namely that it’s unclear just what victory would look like. If American companies had full access to Chinese markets, would there really be that much to gain? Because the fact is, you’re asking this question and I can’t even tell you what victory is.” Despite a generally positive view on the Trump economy, the president has not enjoyed as much favor on the trade war. “You’re creating a disrupt


President Donald Trump’s trade war comes with an aggressive and clear-cut strategy but a fuzzy endgame, namely that it’s unclear just what victory would look like. If American companies had full access to Chinese markets, would there really be that much to gain? Because the fact is, you’re asking this question and I can’t even tell you what victory is.” Despite a generally positive view on the Trump economy, the president has not enjoyed as much favor on the trade war. “You’re creating a disrupt
Investors try to figure out Trump’s trade war endgame: ‘I can’t even tell you what victory is’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-07  Authors: jeff cox
Keywords: news, cnbc, companies, chinese, economy, investors, endgame, kudlow, trade, trading, president, cant, war, business, tariffs, tell, try, china, really, figure, victory, trumps


Investors try to figure out Trump's trade war endgame: 'I can't even tell you what victory is'

President Donald Trump’s trade war comes with an aggressive and clear-cut strategy but a fuzzy endgame, namely that it’s unclear just what victory would look like. True, there are lofty ambitions: a world without tariffs, a “level playing field” with China where goods would flow freely between the two nations, and the promise of untethered growth thanks to the opening of new markets and the end to the theft of intellectual property. But what that really would mean for the economy is squishy. Would there truly be a stronger U.S. or just a weakened China? If American companies had full access to Chinese markets, would there really be that much to gain? And what are the costs between here and there? In a CNBC interview Tuesday, White House economic advisor Larry Kudlow somewhat quantified what the White House is looking for as it cranks up the trade tensions with China and looks for an agreement it deems favorable to U.S. interests.

“The president has said numerous times his ultimate goal with respect to the world trading system is zero tariffs, zero non-tariff trading barriers and zero subsidies,” said Kudlow, director of the National Economic Council. “There are considerable benefits to truly free and lawful trading. There are consumer benefits and business benefits on both sides.”

‘You have to be strategic’

In raw numbers, Kudlow tossed out a dollar figure of $600 billion “if we were able to reclaim what we have lost” in intellectual property theft. The number likely came from an oft-cited 2017 estimate from the Commission on the Theft of American Intellectual Property, which put the price tag in the $225 billion to $600 billion range. “The president is a transformative president. He’s rebuilding the American economy and we’ve had some considerable success. These things are not easy, and that includes trade imbalances,” Kudlow added. “So what we’re trying to do is have fair, freer, reciprocal trading with China.” What that looks like, though, is anybody’s guess. Trade uncertainty already has cut a swath across the U.S. financial landscape. Corporate earnings have wobbled as multinationals watch their profits fall away due to higher costs and upset supply chains, while Wall Street has sustained a rough patch of volatility that has sent the major stock market averages off nearly 5% apiece over the past month. Trump, meanwhile, continues to hammer away at China without ever specifically delineating what the results could be after he gets his deal. He’s frequently promised an economy that would grow well in excess of 3% a year, but the tariffs thus far have only acted as a drag. “If you want to be successful, you have to be strategic,” Steven Blitz, chief U.S. economist at TS Lombard. “Be very clear what the point is, how you want to get it, what is the victory. Because the fact is, you’re asking this question and I can’t even tell you what victory is.”

Despite a generally positive view on the Trump economy, the president has not enjoyed as much favor on the trade war. A recent Quinnipiac University national poll showed that while 71% viewed the economy as in either excellent or good shape, just 40% approved of Trump’s trade policies, while 48% opposed. Business leaders also have voiced concerns, as earnings conference calls have been filled with CEOs bracing for tariff fallout. “It’s really about putting some of the things he broke back together again,” Blitz said. “His heart is in the right place, but the execution is proving somewhat clumsy. We’ve lost the narrative of the final objective. Because how do you know you’ve gotten free trade?” Tariffs are hurting China, and at least theoretically the U.S. could change supply chains and push China to the periphery of world commerce, as in the Maoist era. However, that still wouldn’t guarantee a free-trade environment that would take U.S. growth to another level. “You’re creating a disruption, but all you’re really doing is potentially weakening the Chinese economy,” Blitz said. “But to what effect? It’s a good question.”

Pain before gain

For business owners with interests in China, there are some clear objectives: to not have the Chinese force U.S companies to transfer their technology secrets, a more equal tariff structure and the ability, without government interference, to expand their operations. “I need the end game with this administration to end up with access to the Chinese market and protection of my IP,” Kevin O’Leary, an investor, business owner and star of “Shark Tank,” told CNBC. “Those are two things I want, and until we get that I don’t care how much soybeans they buy, it’s irrelevant. What we need is a level playing field.” O’Leary said that if the impasse is settled in a positive way, he’ll be investing heavily, launching “at least” 30 products and hiring “hundreds of people” to expand lines. He also said there will be big benefits for the stock market.


Company: cnbc, Activity: cnbc, Date: 2019-08-07  Authors: jeff cox
Keywords: news, cnbc, companies, chinese, economy, investors, endgame, kudlow, trade, trading, president, cant, war, business, tariffs, tell, try, china, really, figure, victory, trumps


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Should you really do nothing amid market volatility? It depends on whether you’re 27 or 63

Amid troubles in the market, the most common advice is to do nothing. 40s-50s:LarsZahnerPhotography | Getty ImagesThe biggest mistake middle-aged investors can make is to sell at the bottom of a bear market, Sweeney said. “Most people still have 10 or more years until they retire, which is typically more than enough time to ride out a bear market,” he said. A bear market is said to have begun when a major index such as the S&P 500 drops more than 20%. That way if the bear market hits just before


Amid troubles in the market, the most common advice is to do nothing. 40s-50s:LarsZahnerPhotography | Getty ImagesThe biggest mistake middle-aged investors can make is to sell at the bottom of a bear market, Sweeney said. “Most people still have 10 or more years until they retire, which is typically more than enough time to ride out a bear market,” he said. A bear market is said to have begun when a major index such as the S&P 500 drops more than 20%. That way if the bear market hits just before
Should you really do nothing amid market volatility? It depends on whether you’re 27 or 63 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-05  Authors: annie nova
Keywords: news, cnbc, companies, really, amid, financial, cfp, youre, sweeney, market, cash, 63, depends, bear, portfolio, bellfy, getty, 27, volatility


Should you really do nothing amid market volatility? It depends on whether you're 27 or 63

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As the trade war between the world’s largest economies rages on, your savings are likely taking a hit. The Dow Jones Industrial Average plunged more than 750 points on Monday, while the S&P 500 dropped nearly 3%. Amid troubles in the market, the most common advice is to do nothing. However, it can be helpful to turn your attention to your own financial goals and timeline. “If you have 40 years left to invest, a bear market right now is just noise and should be ignored — in fact, often celebrated,” said Doug Bellfy, a certified financial planner at Synergy Financial Planning in South Glastonbury, Connecticut. On the other hand, Bellfy said, “a stock market crash that starts the day after you retire can cause a permanent lifestyle impact if all your money is invested there.” Here’s what the ups and downs of the market mean for you, depending on your age.

20s-30s:

Svetkid | E+ | Getty Images

If you’re a young investor, your rate of return typically matters less than your savings rate, said James Sweeney, a CFP and founder of Switchpoint Financial Planning in Lehi, Utah. He provided an example: If you’re 30 with $20,000 invested, whether you earn a 10% or a 5% return will only result in a difference of around $1,000. But, Sweeney said, “if I can save aggressively, and put an extra $5,000 toward retirement, that has a much bigger effect on my portfolio value.” People in their 20s and 30s who are investing for retirement really are best off doing nothing as the market rages, said Alex Doll, a CFP and president of Anfield Wealth Management in Cleveland. When you put money into your 401(k) during a downturn, you’re actually taking advantage of a low-cost environment. However, you don’t want the money you need for near-term expenses in the stock market, because it has a greater chance of losing value, said Nicholas Scheibner, a CFP at Baron Financial Group in Fair Lawn, New Jersey. Keep the savings for, say, a home purchase within the year, in cash or CDs.

40s-50s:

LarsZahnerPhotography | Getty Images

The biggest mistake middle-aged investors can make is to sell at the bottom of a bear market, Sweeney said. “Most people still have 10 or more years until they retire, which is typically more than enough time to ride out a bear market,” he said. A bear market is said to have begun when a major index such as the S&P 500 drops more than 20%. After the 2008 downturn, when the S&P 500 plunged 56%, investment portfolios took between one and three years to recover (for asset allocations ranging from half stocks and half bonds, to 100% stocks), according to Vanguard. Do make sure you have enough cash reserves built up to cover your upcoming expenses, including school tuition and planned vacations, said Milo Benningfield, a CFP and founding principal of Benningfield Financial Advisors in San Francisco. “If not, consider raising cash from your portfolio now, rather than later after markets have fallen,” he said.

60s-70s:

Reza Estakhrian | Getty Images

As the stock market swings up and down, older investors should avoid complacency and tweak their portfolio to make sure they’re ready to exit the workforce, Bellfy said. “I find that investors that are getting close to retirement do sometimes need to be coaxed to reduce risk and build cash reserves,” he said. How much should you have in cash? At least two years’ worth of living expenses, according to Bellfy. “But more can be better if one has the ability to save up more,” he said. That way if the bear market hits just before you retire, you won’t need to dig into your portfolio at reduced prices. “Avoid the temptation to cash out your investments completely,” Benningfield said. “You may have another two to four decades of spending to cover.”

If you’re already in retirement:

Davids’ Adventures Photos | Moment | Getty Images


Company: cnbc, Activity: cnbc, Date: 2019-08-05  Authors: annie nova
Keywords: news, cnbc, companies, really, amid, financial, cfp, youre, sweeney, market, cash, 63, depends, bear, portfolio, bellfy, getty, 27, volatility


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How ‘FOMO’ inspired this millennial founder to build a $71 million-dollar virtual reality game

Steve Zhao, founder and CEO of Sandbox VR. As a serial entrepreneur, Chen knew the value of creating demand for a product, Zhao explained at RISE tech conference in Hong Kong. “We started Sandbox VR in 2016, when the hype of VR was very palpable,” said Zhao. Players experience Sandbox VR’s immersive virtual reality game. But, rather than fail, they launched a Sandbox VR center in San Francisco and quickly signed up investors to get on board.


Steve Zhao, founder and CEO of Sandbox VR. As a serial entrepreneur, Chen knew the value of creating demand for a product, Zhao explained at RISE tech conference in Hong Kong. “We started Sandbox VR in 2016, when the hype of VR was very palpable,” said Zhao. Players experience Sandbox VR’s immersive virtual reality game. But, rather than fail, they launched a Sandbox VR center in San Francisco and quickly signed up investors to get on board.
How ‘FOMO’ inspired this millennial founder to build a $71 million-dollar virtual reality game Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-26  Authors: karen gilchrist
Keywords: news, cnbc, companies, reality, zhao, millennial, inspired, sandbox, build, experience, funding, founder, vr, game, 71, virtual, kong, hong, business, steve, really, milliondollar, fomo


How 'FOMO' inspired this millennial founder to build a $71 million-dollar virtual reality game

When Steve Zhao was looking for investment for his virtual reality arcade business, he did something unconventional: He lined up all his meetings back-to-back and had the investors sit together in the same waiting room. It was part of the young founder’s “FOMO” strategy — fear of missing out — to build a hype around his business. And it seemed to work. Within five days, Sandbox VR closed out its Series A funding round with a total of $68 million, led by famed Silicon Valley venture capital firm Andreessen Horowitz. That took the company’s total funding raised to $71 million. “Investors are emotional beings, just like everybody else,” Zhao told CNBC Make It. “It’s important for VCs (venture capitalists) to see you’re in demand.”

Steve Zhao, founder and CEO of Sandbox VR. RISE

It was the idea of Siqi Chen, the company’s chief product officer and the brains behind journaling app Heyday. As a serial entrepreneur, Chen knew the value of creating demand for a product, Zhao explained at RISE tech conference in Hong Kong. So they made it clear that their immersive gaming experience was hot property. It was just the boost the young entrepreneurs needed to make it big, explained 36-year-old Zhao.

Getting in on the game

At that stage, in 2018, Sandbox VR had already won $3 million in early-stage funding, including from Chinese tech giant Alibaba. Zhao himself put in a personal investment of $300,000. But they felt they had to build a following in the U.S. to really get their start-up off the ground. “We started Sandbox VR in 2016, when the hype of VR was very palpable,” said Zhao.

Players experience Sandbox VR’s immersive virtual reality game. Sandbox VR

The engineer, who had relocated from the U.S. to Hong Kong for business, had seen the growing popularity of VR while working on a separate mobile gaming app, and decided to pivot. At that time, other immersive VR gaming attractions — such as The Void and MindTrek VR — were beginning to emerge in major cities. But Zhao dreamed of creating an experience that put greater emphasis on in-headset interactions between players. “There were a lot of VR experiences like what you experience at home. Then there were full immersive ones. We didn’t do any of that. We felt the game experience was not about the environment, but your friend,” said Zhao.

We thought ‘okay, this is the VR center globally, we can either fail really hard here or not.’ Steve Zhao founder of Sandbox VR

However, he lacked conviction from investors. “Our business felt like a paradox. Lots of money was going into VR in the U.S., Japan etc., but not Hong Kong. People didn’t see the VR tech potential in Hong Kong — they thought it would only have a local reach, ” he said. While Hong Kong has long been recognized as a global financial center, it has so far struggled to gain traction as a major start-up hub, particularly with regard to emerging technologies such as VR and artificial intelligence.

Sandbox VR’s virtual reality graphics in action. Sandbox VR

Finding funding in the Valley

So, with their team of six having successfully built a pop-up venue and amassed a small cult following for its games in Hong Kong, they decided in 2018 to take their business stateside — to the mecca of VR, Silicon Valley. “We thought ‘okay, this is the VR center globally, we can either fail really hard here or not,'” said Zhao. But, rather than fail, they launched a Sandbox VR center in San Francisco and quickly signed up investors to get on board. “That was the second paradox: People were curious about us being from Hong Kong, so they were interested in investing,” said Zhao.

Andrew Chen, partner at Andreessen Horowitz, Siqi Che, chief product officer at Sandbox VR, and Steve Zhao, founder and CEO of Sandbox VR, after singing an investment deal at 1am at an In N Out Burger restaurant. Sandbox VR

Before long, the company attracted investment from U.S. venture capital firms Floodgate Fund and Andreessen Horowitz, and Stanford University with whom Zhao signed a deal at 1 a.m. in a local In-N-Out Burger restaurant in San Francisco. That funding round, which closed in January 2019, took Sandbox VR’s total funds raised to date to $71 million. With it, the company has expanded to new markets including Vancouver, Canada; Jakarta, Indonesia; Macau, greater China; and Singapore. Zhao said those venues enjoy around 90% occupancy during peak hours, which are on weekends and in the evenings from 6 p.m.

It’s a fundamentally human experience, so the scope is global. Steve Zhao founder and CEO, Sandbox VR

Virtually limitless potential

Sandbox VR now plans to open new locations in a range of U.S. cities, including Austin, Chicago and New York, as part of the company’s plans to target leading global markets. “It’s a fundamentally human experience, so the scope is global. But we’re aiming for countries with high GDP (gross domestic product) initially,” said Zhao, pinpointing other parts of the U.S., the U.K., Japan and China. A 30-minute session in the U.S. currently costs $48. At the same time, Zhao’s team of developers, which had grown to 75, started looking for other VR avenues to pursue beyond the traditional zombie, pirate and futuristic franchises. “Zombies are easy,” said Zhao. “Comedy and Esports are really exciting.” It’s part of Zhao’s grand ambition to create a “new movie industry” of VR content. For that, the entrepreneur will be looking to raise more funds next year. Perhaps this time, he’ll need to find a bigger waiting room. Don’t miss: What this couple learned from Facebook and Google about building a Chinese mega app Like this story? Subscribe to CNBC Make It on YouTube!


Company: cnbc, Activity: cnbc, Date: 2019-07-26  Authors: karen gilchrist
Keywords: news, cnbc, companies, reality, zhao, millennial, inspired, sandbox, build, experience, funding, founder, vr, game, 71, virtual, kong, hong, business, steve, really, milliondollar, fomo


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Diet bars with plus-size orders, ‘fake news’ shorts: Here’s why Forever 21 is forever controversial

This week, Forever 21 found itself ensnared in controversy. Forever 21 said in a statement that the diet bars were part of a product giveaway test from third parties. It doesn’t do massive damage to this business, and that’s not just for Forever 21. However, Dunn said that Forever 21 might be in a more vulnerable position, since the company has already been struggling. “We’re in this moment where body positivity and inclusiveness is really, really important to the core consumers of Forever 21,”


This week, Forever 21 found itself ensnared in controversy. Forever 21 said in a statement that the diet bars were part of a product giveaway test from third parties. It doesn’t do massive damage to this business, and that’s not just for Forever 21. However, Dunn said that Forever 21 might be in a more vulnerable position, since the company has already been struggling. “We’re in this moment where body positivity and inclusiveness is really, really important to the core consumers of Forever 21,”
Diet bars with plus-size orders, ‘fake news’ shorts: Here’s why Forever 21 is forever controversial Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-26  Authors: jasmine wu
Keywords: news, cnbc, companies, bars, company, heres, diet, forever, 21, things, dunn, product, shorts, selling, controversial, retailer, orders, retailers, fake, really, plussize


Diet bars with plus-size orders, 'fake news' shorts: Here's why Forever 21 is forever controversial

This week, Forever 21 found itself ensnared in controversy. Again.

Customers were riled up after some reported receiving diet bars with their plus-size clothing orders last Friday. Then, the company also got flack for selling bike shorts with the words “fake news” printed all over it.

The fast-fashion retailer is prone to criticism because of a lack of sufficient product review and because of the risks it’s willing to take, according to industry experts. In the last year, Forever 21 has also come under fire for selling a “Black Panther” sweater using a white model, and it settled a lawsuit alleging the company knocked-off footwear company Puma’s design. In 2017, angry consumers accused the company of stealing the design of a T-shirt that was created by creative agency Word to raise money for Planned Parenthood.

“For a lot of companies, if there are new initiatives, you have to run it by people and they have to be checked,” said Neil Saunders, managing director of GlobalData’s retail division. “Forever 21 sometimes has bypassed those things or discussions of those things, so they enact certain policies or products, whereas other companies would’ve filtered them out long before they reached the customers.”

It’s also because the volume of merchandise the company it handles. “With the volume of products they’re producing, it’s difficult for every product to undergo a sort of sanitary check, so to speak, so some things are going to creep through and reach the customer or shop floor,” he said.

Liz Dunn, CEO at retail data platform Pro4ma, also said that the issue applies to fast fashion more than traditional retailers. “Anyone who’s running the fast fashion model is going to make decisions on a shorter time frame,” she said. “Sometimes that lends itself to mistakes.”

After Forever 21 sold the T-shirt benefiting Planned Parenthood, it released a statement saying that the shirt was bought from a third-party source, and that since the product did not have trademark or intellectual property protections, there were no red flags raised at the time of purchase.

According to Dunn, that design and the other controversial styles were likely purchased from vendors that churn out designs to sell to retailers like Forever 21 and H&M. “It’s just a way of shortcutting the product development cycle … and goes back to this idea that there’s not as much vetting to what products get on the floor.”

Saunders also noted that the way the company tries to appeal to customers may expose itself to more controversy. “Forever 21 is quite an edgy company, and I think it does take risks, sometimes with fashion, sometimes with the things it does.”

Forever 21 said in a statement that the diet bars were part of a product giveaway test from third parties. “The freebie items in question were included in all online orders, across all sizes and categories, for a limited time and have since been removed,” the company said according to CNN.

The retailer wasn’t immediately available to comment further when contacted by CNBC.

Despite the social media storm, Saunders doesn’t think it will impact Forever 21’s sales.

“Very few people ever follow through on not using a retailer or shunning a retailer just because it’s produced a product they don’t like,” he said. “People tend to be a lot more pragmatic when it comes to taking action. It doesn’t do massive damage to this business, and that’s not just for Forever 21. That applies to a lot of other retailers that find themselves in hot water.”

Other retailers have also seen their share of stumbles. Just a few days ago, Macy’s pulled a plate it was selling that outlined portion sizes for “mom jeans” and “skinny jeans.” Last year, H&M apologized after selling a “monkey” sweatshirt modeled by a black child, while other animal styles were modeled by white children.

However, Dunn said that Forever 21 might be in a more vulnerable position, since the company has already been struggling. In June, the company was reported to be exploring restructuring options and financing should it file for bankruptcy.

And this might be especially true due to the nature of diet bar scandal.

“We’re in this moment where body positivity and inclusiveness is really, really important to the core consumers of Forever 21,” Dunn said. “There’s a natural dialogue for this to fall into about body shaming … and that’s something their customer is really attuned to.”


Company: cnbc, Activity: cnbc, Date: 2019-07-26  Authors: jasmine wu
Keywords: news, cnbc, companies, bars, company, heres, diet, forever, 21, things, dunn, product, shorts, selling, controversial, retailer, orders, retailers, fake, really, plussize


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