Trump’s pledge to save US coal is failing, leaving coal country in crisis

And the lower-sulfur coal mined in Wyoming’s Powder River Basin is key in the efforts to make coal more environmentally friendly. A 2018 analysis by Lazard , a financial advisory and asset management firm, put the cost of coal power at between $60 and $143 per megawatt-hour. Last year alone, utilities retired 13 gigawatts of coal-fired capacity — the equivalent of about 25 power plants — according to the EIA. Coal stockpiles at U.S. power plants are at their lowest level in a decade. All in all,


And the lower-sulfur coal mined in Wyoming’s Powder River Basin is key in the efforts to make coal more environmentally friendly. A 2018 analysis by Lazard , a financial advisory and asset management firm, put the cost of coal power at between $60 and $143 per megawatt-hour. Last year alone, utilities retired 13 gigawatts of coal-fired capacity — the equivalent of about 25 power plants — according to the EIA. Coal stockpiles at U.S. power plants are at their lowest level in a decade. All in all,
Trump’s pledge to save US coal is failing, leaving coal country in crisis Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: scott cohn, valentina sanchez, stephanie maier, director of responsible investment at hsbc global asset mana
Keywords: news, cnbc, companies, plants, according, country, wyoming, failing, power, pledge, save, trumps, energy, mining, coal, natural, leaving, states, state, crisis


Trump's pledge to save US coal is failing, leaving coal country in crisis

US President Donald Trump holds up a “Trump Digs Coal” sign as he arrives to speak during a Make America Great Again Rally at Big Sandy Superstore Arena in Huntington, West Virginia, August 3, 2017.

No state is harder hit by the coal slump than Wyoming . It is the nation’s largest coal producer, accounting for more than 40% of the nation’s output. And the lower-sulfur coal mined in Wyoming’s Powder River Basin is key in the efforts to make coal more environmentally friendly. But demand has collapsed. Two of the state’s largest mining companies — Cloud Peak Energy and Blackjewel — filed for Chapter 11 bankruptcy protection within two months of each other this year. Blackjewel’s filing abruptly threw nearly 600 miners out of work in July.

A 2018 analysis by Lazard , a financial advisory and asset management firm, put the cost of coal power at between $60 and $143 per megawatt-hour. But newer technologies, like fracking, make natural gas considerably cheaper, at $41 to $74 per megawatt-hour. Wind energy is even cheaper, at $29 to $56.

Trump administration efforts to prop up the industry, which include replacing the Obama-era Clean Power Plan with the new Affordable Clean Energy Rule , giving states more flexibility to keep coal-fired power plants open, have thus far made little difference. That is because the economics increasingly favor natural gas and renewables.

The cuts come as power companies drastically reduce their coal use, retiring coal-fired plants or converting them to natural gas. Last year alone, utilities retired 13 gigawatts of coal-fired capacity — the equivalent of about 25 power plants — according to the EIA. That is the second-highest annual figure on record. The agency projects another 17 gigawatts to go offline by 2025. Coal stockpiles at U.S. power plants are at their lowest level in a decade.

Government forecasts from the U.S. Energy Information Administration call for a 10% drop in coal production nationwide year-over-year in 2019, with further declines expected next year. In the past five years, output is down 27%.

Pledges by President Donald Trump to save the U.S. coal industry and boost so-called clean coal technology are proving to be no match for the free market. Competition from lower-cost natural gas and renewables has led to a wave of bankruptcies and layoffs as coal production declines.

The Eagle Butte coal mine in Gillette, Wyoming, is one of two mines that closed abruptly in July, throwing 600 miners out of work, when owner Blackjewel LLC declared Chapter 11 bankruptcy.

All in all, according to the U.S. Bureau of Labor Statistics, coal mining employment in Wyoming is down 13% in the past year.

Even in the heart of coal country, where low transportation costs make coal much less expensive than in other parts of the country, utilities are reducing their coal use and turning to alternatives like wind and solar.

“Renewables are coming into the market, and our customers are making the choices,” said Mike Easley, CEO of Powder River Energy, a member-owned cooperative serving some 27-thousand customers.

Coal production statewide through the first half of this year is down 30% from the same period five years ago, according to the Wyoming State Geological Survey. A key state revenue source, bonuses paid to the state by mining companies based on their federal coal leases, has all but dried up. The payments totaled nearly $220 million as recently as 2016. That figure plummeted to around $5 million last year.

Wyoming Gov. Mark Gordon, a Republican, said the decline is leaving a mark.

“The difficult thing for Wyoming really comes to our education funding,” he told CNBC. “[The lease bonuses] allowed us to build schools that will help a workforce stand up to be more nimble, and technically able to take on other jobs.”

The state has been steadily slashing education spending, including an estimated $100 million in budget cuts since 2016. But the state still faces an education shortfall that could reach $1.8 billion by 2022, according to legislative analysts.

Earlier this year, the governor directed all state agency heads to “look for efficiencies” as he prepares a new two-year budget for the fiscal period beginning in July. Those cuts would come on top of widespread cuts in the current budget, which officials say was the smallest state budget in more than 15 years.

In the heart of the Powder River Basin in Gillette, Wyoming — which bills itself the Energy Capital of the Nation — Mayor Louise Carter-King says they are bracing for the impact.

“We only operate with cash on hand,” she said. “We don’t use forecasted money, because we just don’t know.”

So far, the nationwide worker shortage, along with strength in oil prices — boosting another Wyoming resource — have helped blunt the impact of the coal downturn. Unemployment in Campbell County, where Gillette is located, jumped to 5.7% immediately following the Blackjewel layoffs in July. But it quickly fell to 4.5% the following month, according to the Wyoming Department of Workforce Services. Unemployment statewide was 3.7% in August, in line with the national average. But officials are not resting easy.

“It’s not like we ever relax and say, ‘Okay, good. We’re back to normal,'” Carter-King said, “because we just don’t know what could happen.”

Compounding the problems for Wyoming and its mining companies is a long-running dispute with West Coast states that have refused to open their ports to coal exports.

In particular, Washington state, citing environmental concerns, has blocked plans by privately-held Lighthouse Resources to export coal from its mines in Wyoming and Montana through a terminal it wants to develop in Longview. The company sued Washington and its governor, Jay Inslee, in federal court last year, claiming Washington’s action was an unconstitutional restriction on commerce in coordination with Oregon and California.

In March, Wyoming filed a friend-of-the-court brief on behalf of eight landlocked states in support of the company. Gov. Gordon has thus far resisted calls for the state to sue Washington directly but said the state is “actively looking at what a lawsuit would look like.”

“If we’re held hostage by West Coast states and are unable to get our products to market when they’re clearly demanded in Asian countries, this is particularly problematic for Wyoming,” Gordon said.


Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: scott cohn, valentina sanchez, stephanie maier, director of responsible investment at hsbc global asset mana
Keywords: news, cnbc, companies, plants, according, country, wyoming, failing, power, pledge, save, trumps, energy, mining, coal, natural, leaving, states, state, crisis


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Reality-star-turned-fraudster highlights the risks of house flipping

Recession fears could lead to some harsh realities in the house flipping marketA combination of low interest rates, tight inventory and a booming economy has created near-ideal conditions for house flippers who buy property, fix it up, then sell it for a quick profit. Denchfield says he has been flipping homes since he was 17 (he is now 25). Data from the first three months of this year suggests the flipping market has already begun to cool off. Flippers turned around more than 49,000 homes in t


Recession fears could lead to some harsh realities in the house flipping marketA combination of low interest rates, tight inventory and a booming economy has created near-ideal conditions for house flippers who buy property, fix it up, then sell it for a quick profit. Denchfield says he has been flipping homes since he was 17 (he is now 25). Data from the first three months of this year suggests the flipping market has already begun to cool off. Flippers turned around more than 49,000 homes in t
Reality-star-turned-fraudster highlights the risks of house flipping Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-13  Authors: scott cohn, ajcasanova, getty images
Keywords: news, cnbc, companies, getting, highlights, house, sales, flipping, realitystarturnedfraudster, real, quarter, recession, market, homes, risks, flippers


Reality-star-turned-fraudster highlights the risks of house flipping

Recession fears could lead to some harsh realities in the house flipping market

A combination of low interest rates, tight inventory and a booming economy has created near-ideal conditions for house flippers who buy property, fix it up, then sell it for a quick profit. But prospects of a recession could quickly change that equation, experts warn.

“We’re certainly reaching the top of the bubble,” said Taylor Denchfield, a Washington, D.C.-area real estate broker, in an interview with CNBC’s “American Greed.”

Denchfield says he has been flipping homes since he was 17 (he is now 25).

Data from the first three months of this year suggests the flipping market has already begun to cool off.

Flippers turned around more than 49,000 homes in the first quarter, according to real estate research firm Attom Data Solutions. That represented 7.2% of all home sales for the quarter, which was the highest rate since 2010. But profits from those sales declined by nearly 10% from the same period one year ago. The average return on investment — 38.7% — was the lowest since mid-2011. And the number of flippers dropped 11%.

“Investors may be getting out while the getting is good, before the market softens further,” said Todd Teta, chief product officer at Attom.

But Denchfield said that is no reason to panic.

“There is still some money to be made, but you have to be a lot more diligent in the deals that you’re doing today,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-09-13  Authors: scott cohn, ajcasanova, getty images
Keywords: news, cnbc, companies, getting, highlights, house, sales, flipping, realitystarturnedfraudster, real, quarter, recession, market, homes, risks, flippers


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Fyre Festival disaster: How to avoid fraud when booking your vacation

“The first thing we see is people running for tents and fighting over tents,” she told CNBC’s “American Greed.” “People spent $10,000 to go to this thing. Local contractors in the Bahamas, investors and employees were unpaid. The Fyre Festival’s creator, 27-year-old serial fraudster Billy McFarland, is serving a 6-year prison sentence after pleading guilty last year to multiple fraud counts. But because McFarland spent all the money he took in, his investors, employees and ticketholders will nev


“The first thing we see is people running for tents and fighting over tents,” she told CNBC’s “American Greed.” “People spent $10,000 to go to this thing. Local contractors in the Bahamas, investors and employees were unpaid. The Fyre Festival’s creator, 27-year-old serial fraudster Billy McFarland, is serving a 6-year prison sentence after pleading guilty last year to multiple fraud counts. But because McFarland spent all the money he took in, his investors, employees and ticketholders will nev
Fyre Festival disaster: How to avoid fraud when booking your vacation Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: scott cohn, patrick mcmullan, getty images, mark lennihan, photo, john klos, wikipedia cc, source, seth crossno, crystal bleecher
Keywords: news, cnbc, companies, tents, spent, festival, told, fyre, disaster, thing, mcfarland, investors, unpaid, booking, fraud, ticketholders, vacation, employees, avoid, took


Fyre Festival disaster: How to avoid fraud when booking your vacation

“The first thing we see is people running for tents and fighting over tents,” she told CNBC’s “American Greed.” “People spent $10,000 to go to this thing. How could they not have anything set up? This is not what I signed up for.”

The festival itself was abruptly canceled when its headliners backed out. Local contractors in the Bahamas, investors and employees were unpaid. And thousands of stranded festivalgoers were left scrambling for flights home.

The Fyre Festival’s creator, 27-year-old serial fraudster Billy McFarland, is serving a 6-year prison sentence after pleading guilty last year to multiple fraud counts. A federal judge ordered him to forfeit more than $26 million. But because McFarland spent all the money he took in, his investors, employees and ticketholders will never be made whole.


Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: scott cohn, patrick mcmullan, getty images, mark lennihan, photo, john klos, wikipedia cc, source, seth crossno, crystal bleecher
Keywords: news, cnbc, companies, tents, spent, festival, told, fyre, disaster, thing, mcfarland, investors, unpaid, booking, fraud, ticketholders, vacation, employees, avoid, took


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

These are the best places to live in America in 2019

Here are the states that lead the rankings for being the best places to live in the U.S. this year. 2019 Quality of Life score: 219 out of 325 points (Top States Grade: B-)Strengths: Health, well-beingWeakness: Air quality2018 Quality of Life rank: 127. 2019 Quality of Life score: 221 out of 325 points (Top States Grade: B)Strengths: Air quality, healthWeakness: Attractions2018 Quality of Life rank: 77. 2019 Quality of Life score: 235 out of 325 points (Top States Grade: B+)Strengths: Well-being


Here are the states that lead the rankings for being the best places to live in the U.S. this year. 2019 Quality of Life score: 219 out of 325 points (Top States Grade: B-)Strengths: Health, well-beingWeakness: Air quality2018 Quality of Life rank: 127. 2019 Quality of Life score: 221 out of 325 points (Top States Grade: B)Strengths: Air quality, healthWeakness: Attractions2018 Quality of Life rank: 77. 2019 Quality of Life score: 235 out of 325 points (Top States Grade: B+)Strengths: Well-being
These are the best places to live in America in 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: scott cohn
Keywords: news, cnbc, companies, quality, best, states, crime, state, score, live, air, getty, places, america, life, 2019, points


These are the best places to live in America in 2019

Getty Images

If you could live anywhere in America, where would that be? By the numbers, these are the states that offer the best quality of life. That’s because they offer everything people yearn for: job opportunities, affordable housing, great schools, a low cost of living, affordable health care and a clean environment. Good quality of life is also good business. What better selling point could there be for a company looking to attract the best talent than to offer a great location for employees to settle down and raise a family. In this tight labor market, companies are increasingly realizing how important this is for their strategic growth plans. It is why Quality of Life is one of the key categories worth 300 out of 2,500 points in CNBC’s annual America’s Top States for Business 2019 rankings. We use hard data to evaluate all 50 states as places to live — factors including crime rates, local attractions, environmental quality and inclusiveness as measured by legal protections written into state laws.

Here are the states that lead the rankings for being the best places to live in the U.S. this year.

10. Massachusetts

People running near Boston Harbor and Financial District at sunrise in Boston, Massachusetts. Prasit photo | Moment | Getty Images

Fewer than 3% of residents in the Bay State are without health insurance. That is the lowest uninsured rate in the nation, and it helps explain why this is one of America’s healthiest states. But that is not the only reason Massachusetts is a great place to live. Local attractions abound, from historic Boston and scenic Cape Cod in the east, to the beautiful Berkshires in the west. Boston prides itself as the Cradle of Liberty, and strong legal protections help ensure that freedom in Massachusetts applies to all. But Boston is also the cradle of some polluted air, hurting the state’s environmental quality. 2019 Quality of Life score: 217 out of 325 points (Top States Grade: B-)

Strengths: Health, attractions, inclusiveness

Weakness: Air quality

2018 Quality of Life rank: 10

9. Utah

Hiker in Arches Park Moab, Utah. Sportstock | E+ | Getty Images

The Beehive State gets its nickname from the industriousness of its citizens. Utahans not only work hard, they apparently love their work. According to Gallup’s 2018 Wellbeing Index, nowhere in the continental United States do people feel better about their careers. As busy as people are in Utah, they still find time to take care of themselves. They exercise frequently, and obesity rates are low. But air quality leaves a bit to be desired. 2019 Quality of Life score: 219 out of 325 points (Top States Grade: B-)

Strengths: Health, well-being

Weakness: Air quality

2018 Quality of Life rank: 12

7. (tie) Montana

Trail running in Big Sky. Jordan Siemens | Taxi | Getty Images

They call Montana Big Sky Country because all those unobstructed views really do make the sky seem bigger. And it turns out that big sky — and everything beneath it — contains the cleanest air in the nation according to the American Lung Association. Montana is a healthy, inclusive state, and crime is low. The state is lacking somewhat in attractions, at least in terms of places frequented by tourists. But if you are looking for breathtaking views, majestic mountains and crystal-clear waters — oh, and that big sky — this may be the place for you. 2019 Quality of Life score: 221 out of 325 points (Top States Grade: B)

Strengths: Air quality, health

Weakness: Attractions

2018 Quality of Life rank: 7

7. (tie) Colorado

Skiing the Rockies in Colorado Getty Images

The Centennial State is home to rich natural beauty, vibrant cities, and robust inclusiveness provisions firmly enshrined in state law. Coloradans are healthy. Only 22.6% of the population is obese, the lowest rate in the nation. Air quality could be better, and the crime rate is slightly worse than the national average. 2019 Quality of Life score: 221 out of 325 points (Top States Grade: B)

Strengths: Inclusiveness, health, attractions

Weakness: Air quality

2018 Quality of Life rank: 9

5. (tie) Washington

A couple enjoy an extended hike in the Pacific Northwest RyanJLane | E+ | Getty Images

The Evergreen State is among America’s healthiest states, and its people are the most physically active. Who would not want to get out and enjoy a state with such natural beauty and so much to do. Washington prides itself on inclusiveness, with strong protections built into state law. Crime is low, but air quality may leave something to be desired. 2019 Quality of Life score: 232 out of 325 points (Top States Grade: B)

Strengths: Health, inclusiveness, attractions

Weakness: Air quality

2018 Quality of Life rank: 5 (tie)

5. (tie) New Hampshire

White Mountains, New Hampshire Greg Dale | National Geographic Image Collection | Getty Images

With its famous motto, “Live Free or Die,” it stands to reason that the Granite State is among America’s most inclusive. Freedom also includes security. New Hampshire enjoys the third lowest violent crime rate in the nation. The state also boasts the nation’s lowest child poverty rate. On the other hand, air quality can suffer, partly due to the state’s proximity to Boston. And the quiet life here means New Hampshire can sometimes lack things to do. 2019 Quality of Life score: 232 out of 325 points (Top States Grade: B)

Strengths: Inclusiveness, crime rate

Weaknesses: Air quality, attractions

2018 Quality of Life rank: 5 (tie)

4. North Dakota

The International Peace Garden along the US-Canada border in North Dakota. The central division divides Canada (right) from the USA (left). Photo: Dig Deeper | Wikipedia

The Peace Garden State derives its nickname from the International Peace Garden straddling the U.S.-Canadian border, a project that has its roots at the International Gardeners Association convention exactly 90 years ago. But the term “peace garden” could also refer to the idyllic lifestyle in this state. The crime rate is low, the population is healthy and happy, and anti-discrimination laws are stronger than most. But other than the aforementioned International Peace Garden, attractions can be sparse. 2019 Quality of Life score: 235 out of 325 points (Top States Grade: B+)

Strengths: Well-being, air quality, inclusiveness

Weakness: Attractions

2018 Quality of Life rank: 4

3. Minnesota

Couple cross country skiing on a north woods trail. JMichl | iStock | Getty Images

One of the many features of the North Star state is what the locals call “Minnesota Nice,” which is exactly what it sounds like. Minnesotans are welcoming and inclusive, as evidenced by thorough legal protections against discrimination. Crime rates are low, the population is healthy, and the air is clean. We don’t factor weather into our rankings because it is too subjective. But it is worth pointing out that while winters can be brutal here, Minnesotans not only adapt to the frigid weather; they flourish in it. 2019 Quality of Life score: 259 out of 325 points (Top States Grade: A-)

Strengths: Inclusiveness, health, air quality, crime rate

Weakness: Attractions

2018 Quality of Life rank: 3

2. Vermont

Man hiking in Vermont during Autumn Getty Images

The Green Mountain State has the nation’s second-lowest crime rate, inclusive state laws, and a healthy population. Vermont rode those attributes to a first-place finish in Quality of Life in 2018. The state still offers an enviable quality of life, but it slipped just enough in terms of air quality and its citizens’ perceived well-being in 2019 to drop out of the top spot. Vermont’s one discernible weakness is the fact that it offers few popular tourist attractions, but many people here would consider that a positive. 2019 Quality of Life score: 262 out of 325 points (Top States Grade: A-)

Strengths: Crime rate, health, inclusiveness

Weakness: Attractions

2018 Quality of Life rank: 1

1. Hawaii

Woman Kayaking, Oahu, Hawaii darekm101 | RooM | Getty Images


Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: scott cohn
Keywords: news, cnbc, companies, quality, best, states, crime, state, score, live, air, getty, places, america, life, 2019, points


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Colorado passes $1 billion in marijuana state revenue

Colorado has now generated more than $1 billion in total state revenue from the legal marijuana industry, another milestone for the state that legalized cannabis in 2014. And the state’s revenue from adult-use marijuana sales has accelerated. The state’s legal marijuana sales revenue doubling from the $500 million mark to $1 billion ($1,017,120,136 exactly) took under two years, while getting to $500 million took close to three and a half years. Since July 2017, Colorado total monthly tax and fe


Colorado has now generated more than $1 billion in total state revenue from the legal marijuana industry, another milestone for the state that legalized cannabis in 2014. And the state’s revenue from adult-use marijuana sales has accelerated. The state’s legal marijuana sales revenue doubling from the $500 million mark to $1 billion ($1,017,120,136 exactly) took under two years, while getting to $500 million took close to three and a half years. Since July 2017, Colorado total monthly tax and fe
Colorado passes $1 billion in marijuana state revenue Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-12  Authors: eric rosenbaum, scott cohn
Keywords: news, cnbc, companies, passes, billion, states, million, monthly, sales, state, colorado, marijuana, total, revenue


Colorado passes $1 billion in marijuana state revenue

Colorado has now generated more than $1 billion in total state revenue from the legal marijuana industry, another milestone for the state that legalized cannabis in 2014.

Colorado already has posted some big numbers: More than $6 billion in total sales of cannabis since the birth of the new industry — over $6.5 billion at the end of May, according to just-released monthly data from the state. And the state’s revenue from adult-use marijuana sales has accelerated.

April and May were the two highest-grossing months in the five-year history of the new industry, with Colorado revenue reaching its highest monthly take ever in April (which includes the 420 holiday), at roughly $24.2 million. The state’s legal marijuana sales revenue doubling from the $500 million mark to $1 billion ($1,017,120,136 exactly) took under two years, while getting to $500 million took close to three and a half years. Since July 2017, Colorado total monthly tax and fee revenue from marijuana sales has never dipped below $20 million. In February 2014, the first month with sales tracking data, total state revenue was $3.5 million.

At CNBC’s recent Net Net event held in Denver on May 1, Colorado Gov. Jared Polis said, “It’s going very well. … It’s creating tens of thousands of jobs, tax revenue for the state, filling up buildings for landlords and reducing crime. … Although I like to tell my peer governors in other states ‘It’s not going well, don’t do it.’ There is obviously more advantage to us when we are all a little bit more special, and obviously more and more states are moving in this direction.”


Company: cnbc, Activity: cnbc, Date: 2019-06-12  Authors: eric rosenbaum, scott cohn
Keywords: news, cnbc, companies, passes, billion, states, million, monthly, sales, state, colorado, marijuana, total, revenue


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Foxconn and Wisconsin are renegotiating their massive factory deal, governor’s letter reveals

Wisconsin Governor Tony Evers says the state is renegotiating its contract with Taiwanese contract manufacturer Foxconn to build a massive LCD plant in the state, after Foxconn approached state officials to propose changes in the deal. Scott Walker, the company announced plans for a $10 billion manufacturing complex outside Racine, Wisconsin, with the promise of 13,000 new jobs. Since then, the program appears to have stalled and the company has announced changes in the product mix at the facili


Wisconsin Governor Tony Evers says the state is renegotiating its contract with Taiwanese contract manufacturer Foxconn to build a massive LCD plant in the state, after Foxconn approached state officials to propose changes in the deal. Scott Walker, the company announced plans for a $10 billion manufacturing complex outside Racine, Wisconsin, with the promise of 13,000 new jobs. Since then, the program appears to have stalled and the company has announced changes in the product mix at the facili
Foxconn and Wisconsin are renegotiating their massive factory deal, governor’s letter reveals Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: scott cohn, daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, plans, wrote, evers, company, factory, foxconn, letter, woo, massive, renegotiating, wisconsin, changes, deal, announced, state, governors, reveals


Foxconn and Wisconsin are renegotiating their massive factory deal, governor's letter reveals

Wisconsin Governor Tony Evers says the state is renegotiating its contract with Taiwanese contract manufacturer Foxconn to build a massive LCD plant in the state, after Foxconn approached state officials to propose changes in the deal.

The disclosure comes in a letter from Evers to Foxconn executive Louis Woo, a special assistant to Chairman Terry Gou and the company’s point person on the project.

In 2017, amid great fanfare including a White House ceremony including President Trump, Foxconn officials and then-Wisconsin Gov. Scott Walker, the company announced plans for a $10 billion manufacturing complex outside Racine, Wisconsin, with the promise of 13,000 new jobs. In return, the state promised $4.5 billion in incentives, as well as infrastructure improvements in the state.

Since then, the program appears to have stalled and the company has announced changes in the product mix at the facility. After Woo suggested earlier this year that the company was scaling back its plans, the President reportedly intervened, and the company announced plans to break ground later this year.

Republicans, who control the state legislature, accused Evers, a Democrat, of sabotaging the deal.

But in his letter, Evers says Woo talked to him — as well as State Assembly Speaker Robin Vos and Senate Majority Leader Scott Fitzgerald — about unspecified changes to the deal at a meeting in March.

“To my knowledge, this was the first time either Foxconn or the State of Wisconsin has mentioned amending or changing the agreement approved on 2017,” Evers wrote about the March meeting.

In response, Evers wrote, the state is identifying areas that “will enable greater flexibility and transparency as the project continues to evolve.”

A spokesperson for Foxconn was not immediately available for comment.

WATCH: Foxconn’s plans for Wisconsin are slow-going


Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: scott cohn, daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, plans, wrote, evers, company, factory, foxconn, letter, woo, massive, renegotiating, wisconsin, changes, deal, announced, state, governors, reveals


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Foxconn and Wisconsin are renegotiating their massive factory deal, governor’s letter reveals

Wisconsin Governor Tony Evers says the state is renegotiating its contract with Taiwanese contract manufacturer Foxconn to build a massive LCD plant in the state, after Foxconn approached state officials to propose changes in the deal. Scott Walker, the company announced plans for a $10 billion manufacturing complex outside Racine, Wisconsin, with the promise of 13,000 new jobs. Since then, the program appears to have stalled and the company has announced changes in the product mix at the facili


Wisconsin Governor Tony Evers says the state is renegotiating its contract with Taiwanese contract manufacturer Foxconn to build a massive LCD plant in the state, after Foxconn approached state officials to propose changes in the deal. Scott Walker, the company announced plans for a $10 billion manufacturing complex outside Racine, Wisconsin, with the promise of 13,000 new jobs. Since then, the program appears to have stalled and the company has announced changes in the product mix at the facili
Foxconn and Wisconsin are renegotiating their massive factory deal, governor’s letter reveals Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: scott cohn, daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, plans, wrote, evers, company, factory, foxconn, letter, woo, massive, renegotiating, wisconsin, changes, deal, announced, state, governors, reveals


Foxconn and Wisconsin are renegotiating their massive factory deal, governor's letter reveals

Wisconsin Governor Tony Evers says the state is renegotiating its contract with Taiwanese contract manufacturer Foxconn to build a massive LCD plant in the state, after Foxconn approached state officials to propose changes in the deal.

The disclosure comes in a letter from Evers to Foxconn executive Louis Woo, a special assistant to Chairman Terry Gou and the company’s point person on the project.

In 2017, amid great fanfare including a White House ceremony including President Trump, Foxconn officials and then-Wisconsin Gov. Scott Walker, the company announced plans for a $10 billion manufacturing complex outside Racine, Wisconsin, with the promise of 13,000 new jobs. In return, the state promised $4.5 billion in incentives, as well as infrastructure improvements in the state.

Since then, the program appears to have stalled and the company has announced changes in the product mix at the facility. After Woo suggested earlier this year that the company was scaling back its plans, the President reportedly intervened, and the company announced plans to break ground later this year.

Republicans, who control the state legislature, accused Evers, a Democrat, of sabotaging the deal.

But in his letter, Evers says Woo talked to him — as well as State Assembly Speaker Robin Vos and Senate Majority Leader Scott Fitzgerald — about unspecified changes to the deal at a meeting in March.

“To my knowledge, this was the first time either Foxconn or the State of Wisconsin has mentioned amending or changing the agreement approved on 2017,” Evers wrote about the March meeting.

In response, Evers wrote, the state is identifying areas that “will enable greater flexibility and transparency as the project continues to evolve.”

A spokesperson for Foxconn was not immediately available for comment.

WATCH: Foxconn’s plans for Wisconsin are slow-going


Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: scott cohn, daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, plans, wrote, evers, company, factory, foxconn, letter, woo, massive, renegotiating, wisconsin, changes, deal, announced, state, governors, reveals


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Victims of that other Ponzi scheme—Stanford—say they have been short-changed

On Feb. 17, the SEC and FBI agents raided Stanford’s Houston headquarters, shutting down the Stanford Financial Group’s worldwide operations. In the case of Stanford, according to the report, the missteps went back more than a decade to 1997. That leaves about $275 million — or about five cents on the dollar — for the victims. And Janvey is still trying to recover hundreds of millions more in lawsuits against those who allegedly received fraudulent transfers from Stanford, including members of S


On Feb. 17, the SEC and FBI agents raided Stanford’s Houston headquarters, shutting down the Stanford Financial Group’s worldwide operations. In the case of Stanford, according to the report, the missteps went back more than a decade to 1997. That leaves about $275 million — or about five cents on the dollar — for the victims. And Janvey is still trying to recover hundreds of millions more in lawsuits against those who allegedly received fraudulent transfers from Stanford, including members of S
Victims of that other Ponzi scheme—Stanford—say they have been short-changed Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: scott cohn, craig hartley, daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, sec, recovered, victims, report, settlement, million, stanfords, schemestanfordsay, bank, stanford, including, ponzi, janvey, shortchanged


Victims of that other Ponzi scheme—Stanford—say they have been short-changed

On Feb. 17, the SEC and FBI agents raided Stanford’s Houston headquarters, shutting down the Stanford Financial Group’s worldwide operations. In a civil complaint, the SEC accused Stanford and his associates of running a “massive, ongoing fraud” based on certificates of deposit issued by Stanford International Bank in Antigua and sold to investors by Stanford’s U.S.-based brokerage arm. While Stanford claimed the CDs were backed by solid assets and posted returns that consistently beat the market, the SEC alleged the entire operation was a fraud that financed Stanford’s lavish lifestyle.

A subsequent report by the SEC Inspector General found that, as in the Madoff case, the agency had missed warning signs of the scandal for years. In the case of Stanford, according to the report, the missteps went back more than a decade to 1997. And the report found the agency’s investigations were hampered by a regional enforcement official who would go on to do legal work for the firm.

Stanford, a former health club operator and insurance salesman from rural Texas who once falsely claimed to be related to the founder of Stanford University, insisted his businesses were legitimate. He alleged the SEC was scapegoating him following its mishandling of the Madoff investigation.

“Madoff comes along, well, they need somebody to make an example out of,” he told CNBC in 2009.

But a federal jury in Houston disagreed, convicting Stanford in 2012 on 13 felony counts. Now 68 years old, he is serving a 110-year sentence at a high security prison in Florida. But none of that — nor the fact that Stanford was ordered to forfeit some $5.9 billion in cash that has long since been spent — is any solace to Stanford’s 18,000 investors.

According to the most recent figures from Ralph Janvey, the court-appointed receiver rounding up funds for the victims, about $500 million of the roughly $5 billion in investor losses had been recovered as of Oct. 31, 2018. Out of that, a court has approved about $224 million in fees and expenses for Janvey and his team. That leaves about $275 million — or about five cents on the dollar — for the victims.

An attorney for Janvey, Kevin Sadler, said the receivership has recovered about $200 million more since that report, including about $63 million in a settlement with Stanford’s former law firm. And Janvey is still trying to recover hundreds of millions more in lawsuits against those who allegedly received fraudulent transfers from Stanford, including members of Stanford’s sales force.

Other funds are in limbo, including some $160 million in Stanford’s Swiss bank of choice, Societe Generale. That money was to be returned to investors under a settlement between U.S. and Antiguan regulators, but the bank has thus far blocked its release.


Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: scott cohn, craig hartley, daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, sec, recovered, victims, report, settlement, million, stanfords, schemestanfordsay, bank, stanford, including, ponzi, janvey, shortchanged


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Bernie Madoff’s inner circle, 10 years after his arrest

Bernie Madoff turned 80 in 2018. His longtime defense attorney, Ira Lee Sorkin, says he last spoke with Madoff earlier this year. He’s doing OK,” Sorkin said, “as well as one could expect someone to be OK when they know they’re going to die in prison.” In a 2013 interview at the prison, he said life behind bars was proving to be less stressful than life on Wall Street. “It’s kind of like being in the Army,” he said, “only you’re not worried about getting killed.”


Bernie Madoff turned 80 in 2018. His longtime defense attorney, Ira Lee Sorkin, says he last spoke with Madoff earlier this year. He’s doing OK,” Sorkin said, “as well as one could expect someone to be OK when they know they’re going to die in prison.” In a 2013 interview at the prison, he said life behind bars was proving to be less stressful than life on Wall Street. “It’s kind of like being in the Army,” he said, “only you’re not worried about getting killed.”
Bernie Madoff’s inner circle, 10 years after his arrest Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-09  Authors: scott cohn, timothy a clary, afp, getty images, peter kramer, nbc newswire, nbcuniversal, nbc, louis lanzano, bloomberg
Keywords: news, cnbc, companies, madoff, arrest, madoffs, ok, worried, yearhes, sorkin, life, 10th, bernie, circle, youre, inner, wall, wrote


Bernie Madoff's inner circle, 10 years after his arrest

Bernie Madoff turned 80 in 2018. He apparently marked the occasion quietly at the medium security Federal Correctional Institution in Butner, North Carolina, where he is in the 10th year of a 150-year sentence. His longtime defense attorney, Ira Lee Sorkin, says he last spoke with Madoff earlier this year.

“He’s keeping his mind active. He’s doing OK,” Sorkin said, “as well as one could expect someone to be OK when they know they’re going to die in prison.”

Madoff has cut back on his contacts with the news media, not responding to multiple emails from CNBC ahead of the 10th anniversary of his arrest on Dec. 11, 2008. In a 2013 interview at the prison, he said life behind bars was proving to be less stressful than life on Wall Street.

“It’s kind of like being in the Army,” he said, “only you’re not worried about getting killed.”

But in a 2015 email, he wrote, “I’m hanging in there. I miss my family terribly. How on earth did I get myself into this nightmare?”


Company: cnbc, Activity: cnbc, Date: 2018-12-09  Authors: scott cohn, timothy a clary, afp, getty images, peter kramer, nbc newswire, nbcuniversal, nbc, louis lanzano, bloomberg
Keywords: news, cnbc, companies, madoff, arrest, madoffs, ok, worried, yearhes, sorkin, life, 10th, bernie, circle, youre, inner, wall, wrote


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Remington rifle settlement, including free trigger replacement, is official

The guns have been linked in lawsuits to dozens of accidental deaths and hundreds of serious injuries, though Remington still maintains they are safe. “Anyone with one of these guns should take advantage of this opportunity to get the trigger fixed,” said Eric D. Holland, a lead attorney for the plaintiffs in the class action case. In the past, the company has said it was settling the class action case in order to avoid protracted litigation. The boy’s mother said her Model 700 rifle went off as


The guns have been linked in lawsuits to dozens of accidental deaths and hundreds of serious injuries, though Remington still maintains they are safe. “Anyone with one of these guns should take advantage of this opportunity to get the trigger fixed,” said Eric D. Holland, a lead attorney for the plaintiffs in the class action case. In the past, the company has said it was settling the class action case in order to avoid protracted litigation. The boy’s mother said her Model 700 rifle went off as
Remington rifle settlement, including free trigger replacement, is official Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-24  Authors: scott cohn, brandon ancil
Keywords: news, cnbc, companies, rifle, trigger, replacement, remington, including, free, class, guns, company, case, settlement, barber, action, official


Remington rifle settlement, including free trigger replacement, is official

A landmark class action settlement involving some of Remington’s most popular firearms has officially gone into effect, after critics of the agreement declined to take their case to the Supreme Court by a Tuesday deadline, according to an attorney for the plaintiffs.

That means that millions of owners of the iconic Model 700 rifle — and a dozen Remington models with similar designs — have 18 months to file claims for a free replacement of their guns’ allegedly defective triggers. The guns have been linked in lawsuits to dozens of accidental deaths and hundreds of serious injuries, though Remington still maintains they are safe.

“Anyone with one of these guns should take advantage of this opportunity to get the trigger fixed,” said Eric D. Holland, a lead attorney for the plaintiffs in the class action case. “I’ve encouraged everyone to put these guns away. Don’t use these guns. Make the claims now.”

A special website has been set up with information on how to file a claim, and there is also a toll-free hotline, 1-800-876-5940.

Attorneys for Remington did not respond to an email seeking a comment.

In the past, the company has said it was settling the class action case in order to avoid protracted litigation. Earlier this year, Remington — the nation’s oldest gun manufacturer — filed for Chapter 11 bankruptcy protection, citing declining sales. The company has since reorganized and emerged from bankruptcy with the settlement still intact.

The effective date of the settlement comes almost exactly eight years after CNBC first explored allegations that Remington engaged in a decades-long coverup of a defect that allows the guns to fire without the trigger being pulled.

Remington said the guns have been safe since they were first produced. But the 2010 documentary “Remington Under Fire: A CNBC Investigation” uncovered internal company documents showing engineers warning of a “theoretical unsafe condition” even before the trigger design went on the market in 1948. The company repeatedly decided against modifying the design or launching a recall, even as accidents and customer complaints continued to pile up.

The milestone also comes 18 years after the death of 9-year-old Gus Barber, killed in a hunting accident in Montana on Oct. 23, 2000. The boy’s mother said her Model 700 rifle went off as she was unloading it, with her finger away from the trigger. Unbeknownst to the family, Gus had run behind a horse trailer, directly into the path of the bullet. The family eventually settled a wrongful death claim against Remington for an undisclosed amount.

Soon after Gus’ death, his father, Richard Barber, made it his life’s work to find answers about Remington and its products, gathering thousands of internal company documents, many of which have been published online. Barber served as a consultant to the plaintiffs in the class action case, but he resigned after concluding that the attorneys were not pressing the company hard enough.

“I’d like to believe that I have a part in getting to this time and place in history,” Barber said in an interview. “I would like to believe that 15 years of my painstaking work in my detailed analysis of Remington’s documents, putting the pieces of the puzzle together, made a difference in my son’s memory.”

Barber has been critical of the settlement, which he says is “built on a lie” — namely, Remington’s continued claim that the guns are safe. But he is still urging gun owners to take advantage of the trigger replacement offer, even if it means sending their guns in for repairs just as peak fall hunting season begins.

“Why would somebody take a chance endangering the lives of their family members and friends, just because it may inconvenience them, that they may have to use a different rifle,” he said.


Company: cnbc, Activity: cnbc, Date: 2018-10-24  Authors: scott cohn, brandon ancil
Keywords: news, cnbc, companies, rifle, trigger, replacement, remington, including, free, class, guns, company, case, settlement, barber, action, official


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post