Facebook’s Sheryl Sandberg responds to New York Times investigation

Facebook Chief Operating Officer Sheryl Sandberg on Thursday night responded to a New York Times report that described how the company ignored and then tried to conceal Russia’s use of the social network to disrupt the 2016 U.S. election. In a Facebook post, Sandberg acknowledged that she and founder Mark Zuckerberg were “too slow” to respond to the Russian interference on the site. Nothing could be more important to me or to Facebook,” Sandberg added. Facebook executives, including former Chief


Facebook Chief Operating Officer Sheryl Sandberg on Thursday night responded to a New York Times report that described how the company ignored and then tried to conceal Russia’s use of the social network to disrupt the 2016 U.S. election. In a Facebook post, Sandberg acknowledged that she and founder Mark Zuckerberg were “too slow” to respond to the Russian interference on the site. Nothing could be more important to me or to Facebook,” Sandberg added. Facebook executives, including former Chief
Facebook’s Sheryl Sandberg responds to New York Times investigation Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: saheli roy choudhury, david a grogan, -sheryl sandberg, chief operating officer
Keywords: news, cnbc, companies, facebooks, officer, russian, investigation, responds, zuckerberg, times, tried, facebook, prevent, sheryl, york, report, sandberg


Facebook's Sheryl Sandberg responds to New York Times investigation

Facebook Chief Operating Officer Sheryl Sandberg on Thursday night responded to a New York Times report that described how the company ignored and then tried to conceal Russia’s use of the social network to disrupt the 2016 U.S. election.

In a Facebook post, Sandberg acknowledged that she and founder Mark Zuckerberg were “too slow” to respond to the Russian interference on the site.

“But to suggest that we weren’t interested in knowing the truth, or we wanted to hide what we knew, or that we tried to prevent investigations, is simply untrue,” she said.

“The allegations saying I personally stood in the way are also just plain wrong. This was an investigation of a foreign actor trying to interfere in our election. Nothing could be more important to me or to Facebook,” Sandberg added.

Her remarks came after an extensively reported New York Times article on Wednesday that described how Zuckerberg and Sandberg downplayed internal efforts to assess the Russian misinformation campaigns, and then tried to deflect public scrutiny onto Facebook’s competitors instead.

Facebook executives, including former Chief Security Officer Alex Stamos, countered some of the claims made in the Times’ report. The tech company’s board called the claims that Zuckerberg and Sandberg knew about the Russian interference and tried to ignore it or prevent investigations “grossly unfair.”


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: saheli roy choudhury, david a grogan, -sheryl sandberg, chief operating officer
Keywords: news, cnbc, companies, facebooks, officer, russian, investigation, responds, zuckerberg, times, tried, facebook, prevent, sheryl, york, report, sandberg


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Nvidia tumbles 19% after missing on revenue and guidance

Nvidia shares tumbled 18.8 percent at Friday’s close after missing on revenue and guidance in its third-quarter 2019 earnings report. The company missed analyst revenue expectations of $3.24 billion per Refinitiv, with the company recording $3.18 billion for the quarter. Revenue for Nvidia’s biggest segment, gaming, fell below the $1.89 billion FactSet consensus estimate, coming in at just $1.76 billion for the quarter. In the segment containing crypto-related revenue, Nvidia reported a 23 perce


Nvidia shares tumbled 18.8 percent at Friday’s close after missing on revenue and guidance in its third-quarter 2019 earnings report. The company missed analyst revenue expectations of $3.24 billion per Refinitiv, with the company recording $3.18 billion for the quarter. Revenue for Nvidia’s biggest segment, gaming, fell below the $1.89 billion FactSet consensus estimate, coming in at just $1.76 billion for the quarter. In the segment containing crypto-related revenue, Nvidia reported a 23 perce
Nvidia tumbles 19% after missing on revenue and guidance Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: lauren feiner, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, nvidias, revenue, missing, tumbles, segment, report, 19, inventory, billion, guidance, gaming, nvidia, quarter


Nvidia tumbles 19% after missing on revenue and guidance

Nvidia shares tumbled 18.8 percent at Friday’s close after missing on revenue and guidance in its third-quarter 2019 earnings report.

The company missed analyst revenue expectations of $3.24 billion per Refinitiv, with the company recording $3.18 billion for the quarter. Guidance for the fourth quarter was $2.70 billion, plus or minus 2 percent, excluding certain items. That compares with the Refinitiv consensus estimate of $3.40 billion.

Surplus inventory weighed heavily on the company’s fourth-quarter guidance. On a call with analysts following the report Thursday, CEO Jensen Huang said it could take up to two quarters to move through the additional inventory.

“Our Q4 outlook for gaming reflects very little shipment in the midrange Pascal segment to allow channel inventory to normalize,” Chief Financial Officer Colette Kress said on the call. Revenue for Nvidia’s biggest segment, gaming, fell below the $1.89 billion FactSet consensus estimate, coming in at just $1.76 billion for the quarter.

In notes Friday, analysts expressed varying degrees of concern over the excess inventory, with some saying it would be a temporary problem. Others, such as Wells Fargo, said “investors will be frustrated”:

“While we can appreciate that NVIDIA’s weak F4Q19 outlook is impacted by a 1-2 quarter work-down of Pascal mid-range gaming card inventory in the channel (~$600M; assuming no sell-in in F4Q19 as crypto-related dynamics flush through the channel), coupled with a seasonal decline in game console builds, we think investors will be frustrated by NVIDIA’s comments exiting F2Q19 that: ‘…we [NVIDIA] see inventory at the lower-ends of our stack…inventory is well positioned for back-to-school and building season that’s coming up on F3Q19…’ ”

Susquehanna, which had predicted a decline in Nvidia’s cryptocurrency-related revenue, said the weak revenue and guidance “appears significantly larger than our sizable expectation.” In the segment containing crypto-related revenue, Nvidia reported a 23 percent year-over-year decline at $148 million, which still beat the FactSet consensus estimate of $102 million. The firm reduced its price target estimates from $230 to $210.

“While we have been the crypto-GPU bears on the Street, admittedly we were not patient enough to let this unwind fully play out, and may have also underestimated the size of this Ethereum GPU bubble,” Susquehanna wrote. “That said, we are long-term bulls on NVDA as we believe in the A.I. inference opportunity, pro-viz upgrade cycle and 7nm refresh coming this fall. While NVDA’s report was unexpectedly bad, there is one thing we know… AMD will likely be worse.”

Nvidia’s revenue and guidance miss appears to have an effect on one of its closest competitors in the computer chip space, Advanced Micro Devices. AMD also closed down 3.9 percent Friday.

— CNBC’s Jordan Novet contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: lauren feiner, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, nvidias, revenue, missing, tumbles, segment, report, 19, inventory, billion, guidance, gaming, nvidia, quarter


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Cancer drug company Tesaro shares rise 39% following report that it will explore sale

Tesaro shares soared as much as 39 percent Friday upon a Bloomberg report that the pharmaceutical company will explore the opportunity of a sale. This comes exactly one week after the cancer drug company fell more than 20 percent during after-hours trading after the release of drug trial results for treatment of small cell lung cancer. The company is working with financial advisers to examine the deal, and the company could still remain independent, the Bloomberg story said. The financial advise


Tesaro shares soared as much as 39 percent Friday upon a Bloomberg report that the pharmaceutical company will explore the opportunity of a sale. This comes exactly one week after the cancer drug company fell more than 20 percent during after-hours trading after the release of drug trial results for treatment of small cell lung cancer. The company is working with financial advisers to examine the deal, and the company could still remain independent, the Bloomberg story said. The financial advise
Cancer drug company Tesaro shares rise 39% following report that it will explore sale Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: waverly colville, source, tesaro
Keywords: news, cnbc, companies, rise, sale, explore, zejula, bloomberg, report, following, shares, yearthis, cancer, financial, advisers, fell, company, tesaro, drug


Cancer drug company Tesaro shares rise 39% following report that it will explore sale

Tesaro shares soared as much as 39 percent Friday upon a Bloomberg report that the pharmaceutical company will explore the opportunity of a sale.

This comes exactly one week after the cancer drug company fell more than 20 percent during after-hours trading after the release of drug trial results for treatment of small cell lung cancer. A spokesperson declined to comment.

The company is working with financial advisers to examine the deal, and the company could still remain independent, the Bloomberg story said. The financial advisers also have contact other potential buyers.

Tesaro also explored a sale in May 2017, but it did not come to a close. Shares then fell more than 11 percent during that time.

The company was founded in 2010 and went public in 2012. Its first drug, Varubi, was approved by the US Food and Drug Administration in October 2015. It’s used to treat chemotherapy side effects, such as nausea and vomiting. It’s other cancer drug Zejula has been struggling.

Shares are down 68 percent this year.

This story is developing. Please check back for updates.


Company: cnbc, Activity: cnbc, Date: 2018-11-16  Authors: waverly colville, source, tesaro
Keywords: news, cnbc, companies, rise, sale, explore, zejula, bloomberg, report, following, shares, yearthis, cancer, financial, advisers, fell, company, tesaro, drug


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Michael Avenatti denies domestic violence claim as wives support him

But Daniels also warned that she will drop Avenatti as her lawyer if these allegations “prove true.” Daniels’ comments to NBC News came a day after Avenatti was arrested on a felony domestic violence charge by Los Angeles police. “I want to be clear: I DID NOT commit domestic violence nor have I ever committed domestic violence,” Avenatti said in a tweet Thursday. Wohl told CNBC he contacted police to report “Michael Avenatti’s criminal threats against me,” and he provided CNBC with the number f


But Daniels also warned that she will drop Avenatti as her lawyer if these allegations “prove true.” Daniels’ comments to NBC News came a day after Avenatti was arrested on a felony domestic violence charge by Los Angeles police. “I want to be clear: I DID NOT commit domestic violence nor have I ever committed domestic violence,” Avenatti said in a tweet Thursday. Wohl told CNBC he contacted police to report “Michael Avenatti’s criminal threats against me,” and he provided CNBC with the number f
Michael Avenatti denies domestic violence claim as wives support him Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: dan mangan, kevin breuninger, michael owen baker
Keywords: news, cnbc, companies, daniels, denies, wives, lawyer, avenatti, woman, support, michael, report, claim, avenattis, domestic, allegations, violence


Michael Avenatti denies domestic violence claim as wives support him

Porn star Stormy Daniels on Thursday said she is holding off on making judgments about the “serious and very troubling” domestic violence allegations that led to the arrest of her controversial attorney Michael Avenatti, and urged the rest of the public to likewise not rush to conclusions.

But Daniels also warned that she will drop Avenatti as her lawyer if these allegations “prove true.”

Daniels’ comments to NBC News came a day after Avenatti was arrested on a felony domestic violence charge by Los Angeles police.

Avenatti, who became nationally famous for handling Daniels’ legal issues related to her purported ex-lover President Donald Trump, on Thursday strongly denied he had ever been violent toward a woman as his first and second wives rallied to his defense.

“I want to be clear: I DID NOT commit domestic violence nor have I ever committed domestic violence,” Avenatti said in a tweet Thursday.

“I did not strike any woman, nor have I ever.”

Avenatti’s first and second wives said he had never been violent to either of them — or to anyone else.

Daniels, in a statement, said, “These are serious and obviously very troubling allegations, but right now that is all they are: allegations.”

“We should all reserve judgment until the investigation — an investigation Michael has said he welcomes — is complete, and that’s what I’m going to do,” Daniels said.

“But of course I do not condone violence against women and if these allegations prove true I will be seeking new representation.”

Daniels is scheduled to make a speech Thursday in England at the Oxford Union at Oxford University.

But on Twitter, Daniels complained that the airline Aer Lingus had lost “ALL of my bags,” and she suggested she might not be able to give her speech as a result.

The Oxford Union, in its description of Daniels’ appearance, said, “Her talk is entitled Sex, Guns & Other Fluff: How Porn Can Set You Free, and she will argue that stigmatizing the adult industry and people who work in it is bad for society.” She reportedly will go ahead with the speech.

In his own tweet Thursday morning, Avenatti compared the allegation against him to a recent unsubstantiated claim by 20-year-old internet provocateur Jacob Wohl that special counsel Robert Mueller had committed sexual misconduct against a woman in 2010. Mueller is investigating Russian interference in the 2016 election that sent Trump to the White House.

Wohl’s purported private investigative company Surefire Intelligence — whose original phone number connected to the house of Wohl’s mother — tweeted Wednesday after Avenatti’s arrest that “Surefire Intelligence strikes again.”

Trump supporter Wohl replied to Avenatti’s claim Thursday morning by calling the lawyer “a SICKO” in a tweet for implying Wohl was somehow involved in Avenatti’s arrest. Wohl told CNBC he contacted police to report “Michael Avenatti’s criminal threats against me,” and he provided CNBC with the number for that report. Irvine, California, police said they took a report with that same number Thursday.

Mueller’s spokesman, Peter Carr, last month said the allegations “that women were offered money to make false claims” about Mueller had been referred to the FBI for investigation.

The 47-year-old Avenatti — was booked by LA police Wednesday afternoon on a charge of felony intimate partner violence.

Avenatti was released within several hours after posting $50,000 bail. Afterward, he said any accusations about him of physical abuse are “fabricated, and meant to do harm to my reputation.”

The attorney, who is considering a run for president in 2020, is due to make his first court appearance in the case on Dec. 5 in Los Angeles Superior Court.

Police said an unidentified victim had made a complaint against Avenatti on Tuesday night in the Century City area of LA.

Cops, who have called the case “an ongoing investigation,” would not release any additional details about the incident on Thursday morning when CNBC inquired.

The news site TMZ was the first outlet to report the arrest — but erroneously stated that Avenatti’s estranged wife, Lisa Storie-Avenatti, had filed the police report against him.

Storie-Avenatti’s lawyer said, “Ms. Storie-Avenatti was not subject to any such incident on Tuesday night. Further, she was not at Mr. Avenatti’s apartment on the date that this alleged incident occurred.”

“My client states that there has never been domestic violence in her relationship with Michael and that she has never known Michael to be physically violent toward anyone,” the wife’s lawyer said.

Storie-Avenatti told CNN: “I haven’t seen Michael in months. It’s a complete fabrication. It’s a lie. It’s all a lie.”

“He wouldn’t hit anybody. Especially a woman. He’s got two daughters,” Storie-Avenatti said.

Avenatti’s first wife, Christine Avenatti-Carlin, said in a prepared statement, “I’ve known Michael for the last 26 years, we met when he was 21 years old and we were married for 13 years.”

“Michael has always been a loving kind father to our two daughters and husband [to me]. He has never been abusive to me or anyone else. He is a very good man.”

Avenatti began representing Daniels, whose real name is Stephanie Clifford, in early 2018 after reports that she had been paid money from Trump’s personal lawyer Michael Cohen shortly before the 2016 presidential election in exchange for her agreement to keep quiet about an affair with Trump a decade earlier. The White House has denied any such affair.

Cohen pleaded guilty in August to several crimes, including campaign finance violations related to the $130,000 payment to Daniels, as well as to a payment to another woman.

Cohen has said that Trump directed him to make the payment to Daniels.


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: dan mangan, kevin breuninger, michael owen baker
Keywords: news, cnbc, companies, daniels, denies, wives, lawyer, avenatti, woman, support, michael, report, claim, avenattis, domestic, allegations, violence


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Facebook claims more progress against fake news and other ills following bombshell report

Facebook also removed 5.4 million pieces of hate speech, compared to 4.1 million between October and March. The company also took action on 65.6 million pieces of nude content, compared to 42 million between October and March. Facebook said it also removed 23.3 million graphically violent posts, compared to 4.6 million the six months prior. Between July and September, Facebook removed 2.1 million pieces of bullying and harassment content and 8.7 million pieces of child nudity and sexual exploita


Facebook also removed 5.4 million pieces of hate speech, compared to 4.1 million between October and March. The company also took action on 65.6 million pieces of nude content, compared to 42 million between October and March. Facebook said it also removed 23.3 million graphically violent posts, compared to 4.6 million the six months prior. Between July and September, Facebook removed 2.1 million pieces of bullying and harassment content and 8.7 million pieces of child nudity and sexual exploita
Facebook claims more progress against fake news and other ills following bombshell report Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: salvador rodriguez, christophe morin, getty images news, getty images
Keywords: news, cnbc, companies, bombshell, following, progress, ills, pieces, months, company, claims, compared, public, fake, removed, content, facebook, report, million


Facebook claims more progress against fake news and other ills following bombshell report

Facebook on Thursday released its latest report on the removal of harmful content from its services, one day after a bombshell report that detailed how the company avoided and deflected blame in the public conversation around its handling of Russian interference and other misuses of its social network.

The company said it removed more than 1.5 billion fake accounts between April and September, compared to nearly 1.3 billion accounts removed the six months prior. Facebook also removed 5.4 million pieces of hate speech, compared to 4.1 million between October and March.

This Community Standards Enforcement Report is the Facebook’s latest update since its first report, which was released in May.

“Overall, we know we have a lot more work to do when it comes to preventing abuse on Facebook,” said Guy Rosen, Facebook vice president of product management, in a post.

The company also took action on 65.6 million pieces of nude content, compared to 42 million between October and March. Facebook said it also removed 23.3 million graphically violent posts, compared to 4.6 million the six months prior. Facebook took down nearly 2.2 billion pieces of spam, compared to more than 1.5 billion the six months prior.

The company also added bullying and harassment as well as child nudity and sexual exploitation as new categories of harmful content. Between July and September, Facebook removed 2.1 million pieces of bullying and harassment content and 8.7 million pieces of child nudity and sexual exploitation content.

The content removal report comes one day after a report by the New York Times that detailed how COO Sheryl Sandberg and other Facebook execs tried to downplay and spin bad news. Among other things, Facebook worked with Definers Public Affairs, a Washington-based public relations firm, which reportedly wrote dozens of articles criticizing the business practices of rivals Apple and Google while downplaying concerns about Facebook’s own problems.

Facebook also used the agency to press reporters to explore financial connections between liberal financier George Soros and a group that protested Facebook at Congressional hearings in July, the report says.

Facebook ended its relationship with Definers Public Affairs on Wednesday night, the company announced on Thursday.

Last week, Facebook also announced that it had removed more than 12 million pieces of content related to ISIS, al-Qaeda and their affiliate groups. That was up from 3 million in the six months prior.


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: salvador rodriguez, christophe morin, getty images news, getty images
Keywords: news, cnbc, companies, bombshell, following, progress, ills, pieces, months, company, claims, compared, public, fake, removed, content, facebook, report, million


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Shares of beleaguered utility PG&E pop 37% after hours

What happens to PG&E if it’s found to be the cause of the Camp Fire 5:06 PM ET Wed, 14 Nov 2018 | 01:44The Wall Street exodus from the utility began in earnest on Wednesday after the company said that, if its equipment is found responsible for the fire, the costs would exceed its insurance coverage and impact its financial well-being. PG&E said in an email that it’s “not going to speculate or comment on what factors may or may not be impacting the stock market.” Though the cause of the Camp Fire


What happens to PG&E if it’s found to be the cause of the Camp Fire 5:06 PM ET Wed, 14 Nov 2018 | 01:44The Wall Street exodus from the utility began in earnest on Wednesday after the company said that, if its equipment is found responsible for the fire, the costs would exceed its insurance coverage and impact its financial well-being. PG&E said in an email that it’s “not going to speculate or comment on what factors may or may not be impacting the stock market.” Though the cause of the Camp Fire
Shares of beleaguered utility PG&E pop 37% after hours Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: thomas franck, josh elelson, afp, getty images
Keywords: news, cnbc, companies, wellbeingpge, wildfire, wall, camp, shares, beleaguered, pst, report, 37, hours, nov, cause, utility, pge, company, pop


Shares of beleaguered utility PG&E pop 37% after hours

What happens to PG&E if it’s found to be the cause of the Camp Fire 5:06 PM ET Wed, 14 Nov 2018 | 01:44

The Wall Street exodus from the utility began in earnest on Wednesday after the company said that, if its equipment is found responsible for the fire, the costs would exceed its insurance coverage and impact its financial well-being.

PG&E said in an email that it’s “not going to speculate or comment on what factors may or may not be impacting the stock market.”

Though the cause of the Camp Fire remains under investigation, the utility company also said that it submitted an “electric incident report” to the California Public Utilities Commission on Nov. 8, just before the wildfire. The report indicated a power failure on a transmission line in Butte County at 6:15 a.m. PST that day. The fire was reported at approximately 6:30 a.m. PST, according to state records.


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: thomas franck, josh elelson, afp, getty images
Keywords: news, cnbc, companies, wellbeingpge, wildfire, wall, camp, shares, beleaguered, pst, report, 37, hours, nov, cause, utility, pge, company, pop


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Facebook says it’s creating an independent body to help it decide which content to remove

The move could help Facebook avoid accusations of bias as it removes material deemed problematic, like fake news and hate speech. Some conservative groups and lawmakers have accused Facebook and other social media outlets of censoring politically conservative points of view, a charge that Facebook denies. The independent body will make its decisions in a transparent and binding manner, Zuckerberg said in a post. Facebook does not yet know how members of the body will be selected or how it will e


The move could help Facebook avoid accusations of bias as it removes material deemed problematic, like fake news and hate speech. Some conservative groups and lawmakers have accused Facebook and other social media outlets of censoring politically conservative points of view, a charge that Facebook denies. The independent body will make its decisions in a transparent and binding manner, Zuckerberg said in a post. Facebook does not yet know how members of the body will be selected or how it will e
Facebook says it’s creating an independent body to help it decide which content to remove Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: salvador rodriguez, chip somodevilla, getty images
Keywords: news, cnbc, companies, help, thursdaythe, decide, speech, zuckerberg, company, creating, public, social, content, body, remove, independent, facebook, report


Facebook says it's creating an independent body to help it decide which content to remove

Facebook CEO Mark Zuckerberg on Thursday said the company will establish an independent body to oversee user appeals of content removal, one day after a bombshell report that detailed how the company avoided and deflected blame in the public conversation around its handling of Russian interference and other misuses of its social network.

The move could help Facebook avoid accusations of bias as it removes material deemed problematic, like fake news and hate speech. Some conservative groups and lawmakers have accused Facebook and other social media outlets of censoring politically conservative points of view, a charge that Facebook denies.

“I have come to believe that we shouldn’t be making so many important decisions on free expression and safety on our own,” Zuckerberg said on a call Thursday.

The independent body will make its decisions in a transparent and binding manner, Zuckerberg said in a post. The company will begin piloting the new body in early 2019 with the hope of establishing it in full by the end of next year.

This body “will prevent the concentration of too much decision-making within our teams,” Zuckerberg said in his post.

Facebook does not yet know how members of the body will be selected or how it will ensure the body’s independence. “There’s still a number of important questions to work through here,” Zuckerberg said on the call.

Zuckerberg’s comments come one day after a report by the New York Times that detailed how COO Sheryl Sandberg and other Facebook execs tried to downplay and spin bad news. Among other things, Facebook worked with Definers Public Affairs, a Washington-based public relations firm, which reportedly wrote dozens of articles criticizing the business practices of rivals Apple and Google while downplaying concerns about Facebook’s own problems.

Facebook ended its relationship with Definers Public Affairs on Wednesday night, the company announced on Thursday.

The company on Thursday also released its latest report outlining its effort to remove harmful content, such as fake accounts, hate speech and graphic violence, from its social network.


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: salvador rodriguez, chip somodevilla, getty images
Keywords: news, cnbc, companies, help, thursdaythe, decide, speech, zuckerberg, company, creating, public, social, content, body, remove, independent, facebook, report


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US trade representative denies report he told business executives next China tariffs on hold

The top American trade negotiator for the White House has denied telling certain executives that planned tariffs are on a back burner. The Financial Times reported Thursday that U.S. Trade Representative Robert Lighthizer had told some executives the next round of China tariffs are on hold, citing a person familiar with the matter. Shares of Caterpillar, a big U.S. company that has been feeling the heat from tariffs, rose more than 4 percent as investors digested the report. But later in the aft


The top American trade negotiator for the White House has denied telling certain executives that planned tariffs are on a back burner. The Financial Times reported Thursday that U.S. Trade Representative Robert Lighthizer had told some executives the next round of China tariffs are on hold, citing a person familiar with the matter. Shares of Caterpillar, a big U.S. company that has been feeling the heat from tariffs, rose more than 4 percent as investors digested the report. But later in the aft
US trade representative denies report he told business executives next China tariffs on hold Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: liz moyer, jonathan ernst
Keywords: news, cnbc, companies, china, trade, lighthizer, telling, representative, told, tariffs, business, times, statement, white, executives, denies, hold, report


US trade representative denies report he told business executives next China tariffs on hold

The top American trade negotiator for the White House has denied telling certain executives that planned tariffs are on a back burner.

The Financial Times reported Thursday that U.S. Trade Representative Robert Lighthizer had told some executives the next round of China tariffs are on hold, citing a person familiar with the matter.

Shares of Caterpillar, a big U.S. company that has been feeling the heat from tariffs, rose more than 4 percent as investors digested the report.

But later in the afternoon, Lighthizer’s office told CNBC, “Ambassador Lighthizer has made no representations to industry executives that future Section 301 tariffs are on hold.” The statement said the plan for tariffs outlined in September “has not changed at all. Any reports to the contrary are incorrect.”


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: liz moyer, jonathan ernst
Keywords: news, cnbc, companies, china, trade, lighthizer, telling, representative, told, tariffs, business, times, statement, white, executives, denies, hold, report


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India’s economy is booming. Now comes the hard part

Overall inequality also appears to have grown, according to Credit Suisse’s Global Wealth Report, which said the 2018 Gini coefficient for wealth in India rose to 0.854 from 0.83 in 2017 and 0.804 in 2011. The closer a country’s Gini value gets to 1.0, the more unequally distributed is its economy. But the analysis also shows that unlike most countries which started with high inequality, inequality in India has continued to rise,” Oxfam said. “In the context of the acceleration of growth rate of


Overall inequality also appears to have grown, according to Credit Suisse’s Global Wealth Report, which said the 2018 Gini coefficient for wealth in India rose to 0.854 from 0.83 in 2017 and 0.804 in 2011. The closer a country’s Gini value gets to 1.0, the more unequally distributed is its economy. But the analysis also shows that unlike most countries which started with high inequality, inequality in India has continued to rise,” Oxfam said. “In the context of the acceleration of growth rate of
India’s economy is booming. Now comes the hard part Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: harini v, adnan abidi, mohd zakir, hindustan times, getty images
Keywords: news, cnbc, companies, rise, economy, political, indian, wealth, india, hard, inequality, comes, report, gini, sabka, booming, indias, oxfam


India's economy is booming. Now comes the hard part

A 2018 report from international nonprofit Oxfam looked at different assessments from before and after Modi’s administration to conclude that more and more of the country’s income is going “to the top 10% and top 1% of the population.”

Overall inequality also appears to have grown, according to Credit Suisse’s Global Wealth Report, which said the 2018 Gini coefficient for wealth in India rose to 0.854 from 0.83 in 2017 and 0.804 in 2011. The closer a country’s Gini value gets to 1.0, the more unequally distributed is its economy.

“On most indicators, India is now among the countries with the highest level of inequality. But the analysis also shows that unlike most countries which started with high inequality, inequality in India has continued to rise,” Oxfam said. “In the context of the acceleration of growth rate of Indian economy, the rise in inequality raises issues of the distribution of gains from the growth.”

Oxfam separately reported that its online surveys showed 73 percent of respondents in India said “the gap between the rich and the poor needs to be addressed urgently or very urgently.”

Jayati Ghosh, professor at the Centre for Economic Studies and Planning at Jawaharlal Nehru University, blamed longstanding inequality in the country on a lack of political will and inefficient domestic policies: “Inequality is a political choice. The hold of the elites and powerful lobbies over government policy is very strong,” she said.

Modi, meanwhile, campaigned in 2014 on the slogan “Sabka Saath, Sabka Vikas,” which translates in English to “together with all, development for all.”

His party manifesto from that election year included some ambitious goals for improving the standard of living for all Indians by creating jobs, increasing profits for farmers, eradicating corruption, curbing inflation and more.

Since coming to power, Modi has taken public steps toward keeping some of those promises — and he’s made some new ones along the way — while others have seen fewer headlines. Here’s how experts think the Indian leader has fared so far.


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: harini v, adnan abidi, mohd zakir, hindustan times, getty images
Keywords: news, cnbc, companies, rise, economy, political, indian, wealth, india, hard, inequality, comes, report, gini, sabka, booming, indias, oxfam


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Australia jobs enjoy bumper October in broadly strong report

Australian employment was surprisingly strong in October as firms took on more full time staff and the jobless rate stayed at its lowest since 2012, a bumper report that sent the local dollar skipping higher. Even better, full-time positions that tend to offer fatter wages and greater security grew by a hefty 42,300, bringing gains in the past year to 238,800. A sharp fall in the jobless rate in September had at first looked like a statistical quirk, but the broad strength in this report suggest


Australian employment was surprisingly strong in October as firms took on more full time staff and the jobless rate stayed at its lowest since 2012, a bumper report that sent the local dollar skipping higher. Even better, full-time positions that tend to offer fatter wages and greater security grew by a hefty 42,300, bringing gains in the past year to 238,800. A sharp fall in the jobless rate in September had at first looked like a statistical quirk, but the broad strength in this report suggest
Australia jobs enjoy bumper October in broadly strong report Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: carla gottgens, bloomberg, getty images
Keywords: news, cnbc, companies, stayed, higher, jobless, broadly, bumper, rate, jobs, showed, strong, market, growth, australia, report, wages, tightening, enjoy


Australia jobs enjoy bumper October in broadly strong report

Australian employment was surprisingly strong in October as firms took on more full time staff and the jobless rate stayed at its lowest since 2012, a bumper report that sent the local dollar skipping higher.

Figures from the Australian Bureau of Statistics (ABS) out on Thursday showed a net 32,800 new jobs were created in October, up from 7,800 the month before and surpassing market forecasts of a 20,000 increase.

Even better, full-time positions that tend to offer fatter wages and greater security grew by a hefty 42,300, bringing gains in the past year to 238,800.

The jump in jobs helped absorb a rise in new job seekers and kept the unemployment rate at 5.0 percent, when analysts had thought it might edge back up to 5.1 percent.

A sharp fall in the jobless rate in September had at first looked like a statistical quirk, but the broad strength in this report suggested the improvement was lasting.

“More people looking for jobs, more people finding jobs, more hours worked and a jobless rate at 6-year lows. What’s not to like?” said CommSec chief economist, Craig James.

“Price inflation is still contained but the extent of the tightening of the job market makes it hard to believe that the Reserve Bank will stay on the rate sidelines until 2021 as some analysts currently expect.”

Investors reacted by pushing the local dollar up 0.6 percent to $0.7279. Odds on a hike in the 1.5 percent cash rate narrowed slightly, though futures still implied only a two-in-three chance of a move by the end of 2019.

Just last week the Reserve Bank of Australia (RBA) held steady at its November policy meeting and reiterated its outlook for only a gradual pick up in inflation.

A big concern has been the reluctance of firms to pay their workers more. Figures out Wednesday showed only a modest pick up to 2.3 percent in the year to September, and even that was due to a mandated rise in the minimum wage.

Pay growth in the private sector stayed stuck at 2.1 percent, a whisker above the all-time trough of 1.9 percent and only just ahead of inflation.

“The RBA needs higher wage growth so households can manage higher interest rates, even if the tightening cycle is likely to be very modest by historical standards,” said Annette Beacher, chief Asia-Pacific macro strategist at TD Securities.

“In addition, higher income growth provides a valuable offset to declining asset prices – the housing and equity market correction that is currently underway.”

With wages still only advancing at a glacial pace, Beacher dropped a previous call for a first rate hike next May and shifted to November instead.


Company: cnbc, Activity: cnbc, Date: 2018-11-15  Authors: carla gottgens, bloomberg, getty images
Keywords: news, cnbc, companies, stayed, higher, jobless, broadly, bumper, rate, jobs, showed, strong, market, growth, australia, report, wages, tightening, enjoy


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