Don’t blame the Fed: The problem is America’s tenuous grip on world order

And here is the upshot: Failure to stem America’s decades-old rise of external deficits has led to a systematic borrowing of world savings to make ends meet. Predictably perhaps, foreign creditors are responding with a declining interest in American public debt instruments. During the 12 months to last October, non-resident holdings of U.S. Treasury securities fell by $124.5 billion. Over that period, China and Japan, the largest investors in U.S. government bonds, trimmed their portfolios by a


And here is the upshot: Failure to stem America’s decades-old rise of external deficits has led to a systematic borrowing of world savings to make ends meet. Predictably perhaps, foreign creditors are responding with a declining interest in American public debt instruments. During the 12 months to last October, non-resident holdings of U.S. Treasury securities fell by $124.5 billion. Over that period, China and Japan, the largest investors in U.S. government bonds, trimmed their portfolios by a
Don’t blame the Fed: The problem is America’s tenuous grip on world order Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-31  Authors: dr michael ivanovitch, andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, fed, securities, billion, public, treasury, order, problem, surplus, second, sales, grip, dont, world, americas, tenuous, blame, trade, debt


Don't blame the Fed: The problem is America's tenuous grip on world order

At the moment, the U.S. public sector budget deficit is on the way to 5 percent of GDP, the public debt is running well over 108 percent of GDP, and this year’s deficit on trades in goods and services with the rest of the world is currently estimated at more than half-a-trillion dollars, or about 3 percent of GDP.

And here is the upshot: Failure to stem America’s decades-old rise of external deficits has led to a systematic borrowing of world savings to make ends meet. As a result, the country’s net foreign debt position at the end of the second quarter of this year reached a record-high $8.6 trillion, marking an astounding $891 billion increase in net international liabilities from the previous three-month period.

That is the picture of a structurally unbalanced and a very vulnerable U.S. economy facing an unsettled political situation at home and growing security challenges abroad.

Predictably perhaps, foreign creditors are responding with a declining interest in American public debt instruments. During the 12 months to last October, non-resident holdings of U.S. Treasury securities fell by $124.5 billion.

Over that period, China and Japan, the largest investors in U.S. government bonds, trimmed their portfolios by a combined total of $128.8 billion, while running a $400.5 billion trade surplus with the U.S. in the first 10 months of this year.

A very intriguing gesture indeed: China and Japan not only declined to recycle back to the U.S. some of the dollar income from their large trade surpluses, but they also continued to actively sell their Treasury holdings.

There is a twofold message there. First, those sales could be seen as hedges against America’s widely expected interest rate increases. Second, one can also see there a political subtext without falling into an exaggerated reading of unfriendly behavior.

Japan has been increasingly concerned about the forthcoming trade negotiations with the U.S., and could have been venting some of its displeasure by selling Treasury securities while pocketing a $56 billion surplus on its American goods trades.

China is a more complex case because Beijing’s difficult trade negotiations with Washington are bound up with hostilities concerning China’s maritime borders, arms sales to Taiwan, relations with Tibet and divergent views about peace and nuclear disarmament on the Korean Peninsula.


Company: cnbc, Activity: cnbc, Date: 2018-12-31  Authors: dr michael ivanovitch, andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, fed, securities, billion, public, treasury, order, problem, surplus, second, sales, grip, dont, world, americas, tenuous, blame, trade, debt


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JPMorgan to pay more than $135 million for improper handling of ADRs

JPMorgan Chase will pay over $135 million to settle charges it mishandled so-called “pre-released” American Depositary Receipts (ADRS), the Securities and Exchange Commission announced on Wednesday. The bank did not admit or deny the SEC’s findings, but agreed to pay back ill-gotten gains and additional penalties, the SEC said. In August, the bank said it was under investigation by the SEC for its handling of ADRs. The bank is the eighth institution to face SEC charges on such a practice, accord


JPMorgan Chase will pay over $135 million to settle charges it mishandled so-called “pre-released” American Depositary Receipts (ADRS), the Securities and Exchange Commission announced on Wednesday. The bank did not admit or deny the SEC’s findings, but agreed to pay back ill-gotten gains and additional penalties, the SEC said. In August, the bank said it was under investigation by the SEC for its handling of ADRs. The bank is the eighth institution to face SEC charges on such a practice, accord
JPMorgan to pay more than $135 million for improper handling of ADRs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-27  Authors: justin sullivan, getty images
Keywords: news, cnbc, companies, foreign, jpmorgan, sec, bank, pay, securities, improperly, million, charges, regulator, brokers, improper, adrs, handling, 135


JPMorgan to pay more than $135 million for improper handling of ADRs

JPMorgan Chase will pay over $135 million to settle charges it mishandled so-called “pre-released” American Depositary Receipts (ADRS), the Securities and Exchange Commission announced on Wednesday.

The regulator said the investment bank improperly provided ADRs, which are U.S. securities that represent foreign shares of foreign companies, to brokers even though the brokers and their clients lacked the corresponding foreign shares.

The bank did not admit or deny the SEC’s findings, but agreed to pay back ill-gotten gains and additional penalties, the SEC said.

JP Morgan declined to comment. In August, the bank said it was under investigation by the SEC for its handling of ADRs.

The bank is the eighth institution to face SEC charges on such a practice, according to the regulator. Its probe into ADR abuse is ongoing, it said.

The SEC said that improperly providing ADRs that are not supported by underlying foreign securities can create inappropriate short-selling and dividend arbitrage.


Company: cnbc, Activity: cnbc, Date: 2018-12-27  Authors: justin sullivan, getty images
Keywords: news, cnbc, companies, foreign, jpmorgan, sec, bank, pay, securities, improperly, million, charges, regulator, brokers, improper, adrs, handling, 135


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Senators call on watchdogs on fintech regulation after Robinhood debacle

Robinhood’s botched attempt to launch checking and savings accounts did not go over well with lawmakers. In a letter to regulators Thursday, U.S. senators said they were “concerned” that Robinhood and other fintech companies may be dodging regulatory scrutiny. They asked U.S. financial watchdogs how they plan to police start-ups that are moving into banks’ territory. Senators said the letter was in direct response to Robinhood’s announcement of new checking and savings accounts, which advertised


Robinhood’s botched attempt to launch checking and savings accounts did not go over well with lawmakers. In a letter to regulators Thursday, U.S. senators said they were “concerned” that Robinhood and other fintech companies may be dodging regulatory scrutiny. They asked U.S. financial watchdogs how they plan to police start-ups that are moving into banks’ territory. Senators said the letter was in direct response to Robinhood’s announcement of new checking and savings accounts, which advertised
Senators call on watchdogs on fintech regulation after Robinhood debacle Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-20  Authors: kate rooney, mark neuling
Keywords: news, cnbc, companies, robinhoods, letter, cash, accounts, savings, financial, debacle, fintech, regulation, senators, sipc, watchdogs, checking, robinhood, securities


Senators call on watchdogs on fintech regulation after Robinhood debacle

Robinhood’s botched attempt to launch checking and savings accounts did not go over well with lawmakers.

In a letter to regulators Thursday, U.S. senators said they were “concerned” that Robinhood and other fintech companies may be dodging regulatory scrutiny. They asked U.S. financial watchdogs how they plan to police start-ups that are moving into banks’ territory.

Seven U.S. senators sent a letter to Securities and Exchange Commission Chairman Jay Clayton and the heads of the Securities Investor Protection Corporation and the Federal Deposit Insurance Corp. on Thursday with a list of concerns about Robinhood’s products.

“We would appreciate an update on how the SEC, FDIC, and SIPC carefully monitor fintechs who, intentionally or not, blur financial products for competitive advantage,” the senators wrote in the letter. “Robust competition should not come at the expense of customer clarity and every effort should be made not to mislead customers.”

Senators said the letter was in direct response to Robinhood’s announcement of new checking and savings accounts, which advertised an eye-popping and industry-leading 3 percent interest rate. About 850,000 people signed up to its waiting list for the new products, according to the letter.

Just a day after making its announcement, Menlo Park, California-based Robinhood said it would re-brand and re-launch the product. Robinhood’s founders acknowledged that its plan, which aimed to offer no-fee accounts with no minimums, ATM fees, penalty charges or foreign transaction fees, “may have caused some confusion.”

But senators are still wary.

“We are concerned that re-branding Robinhood’s original announcement to cash management may simply be a way to circumvent regulatory scrutiny without offering full transparency to its customers,” the senators said. “Marketing an investment account as a traditional checking and savings account can be misleading and confusing for consumers.”

Robinhood also failed to contact SIPC ahead of the launch, according to SIPC CEO and President Stephen Harbeck. His main concern was that these brokerage accounts were not as protected by insurance like FDIC-covered bank accounts.

Brokerage cash management accounts are meant to hold cash until it can be invested in securities, and aren’t intended strictly for savings, Harbeck said. Money sitting in such accounts but not intended to buy securities may not be covered by the SIPC, which insures accounts for up to $250,000 of cash in the case of a broker’s failure.

The senators commended SIPC for “quickly and publicly” explaining these accounts would not be insured.

The letter was signed by Sen. John Kennedy, R-La., Jack Reed, D-R.I., Robert Menendez, D-N.J., Mark Warner, D-Va., Brian Schatz, D-Hawaii, Jerry Moran, R- Kan., and Doug Jones, D-Ala, and requested a response by the end of January.

The group did say fintech firms serve a “vital purpose” and increase consumer choice and inclusion. But as the digital revolution expands, they urged regulators to “maintain the integrity of our financial system.”


Company: cnbc, Activity: cnbc, Date: 2018-12-20  Authors: kate rooney, mark neuling
Keywords: news, cnbc, companies, robinhoods, letter, cash, accounts, savings, financial, debacle, fintech, regulation, senators, sipc, watchdogs, checking, robinhood, securities


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Lawmakers look to change SEC’s 72-year-old securities definition to exclude cryptocurrencies

A recurring complaint from cryptocurrency participants is the idea of applying a 72-year-old securities law to digital currencies. The Supreme Court determined that any transactions that qualify as “investment contracts” are considered securities. Initial coin offerings, or ICOs, he said are securities because of the expectation of a return by a third party. The bill looks to amend the Securities Act of 1933 and the Securities Exchange Act of 1934, which established the current structure for wha


A recurring complaint from cryptocurrency participants is the idea of applying a 72-year-old securities law to digital currencies. The Supreme Court determined that any transactions that qualify as “investment contracts” are considered securities. Initial coin offerings, or ICOs, he said are securities because of the expectation of a return by a third party. The bill looks to amend the Securities Act of 1933 and the Securities Exchange Act of 1934, which established the current structure for wha
Lawmakers look to change SEC’s 72-year-old securities definition to exclude cryptocurrencies Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-20  Authors: kate rooney, aaron p bernstein
Keywords: news, cnbc, companies, change, digital, lawmakers, exclude, 72yearold, sec, bill, trade, blockchain, look, virtual, secs, definition, bitcoin, exchange, cryptocurrencies, securities, taxation


Lawmakers look to change SEC's 72-year-old securities definition to exclude cryptocurrencies

A recurring complaint from cryptocurrency participants is the idea of applying a 72-year-old securities law to digital currencies. The Securities and Exchange Commission uses what’s known as the “Howey Test,” which comes from a 1946 U.S. Supreme Court decision involving a Floridian citrus farmer to determine whether or not a cryptocurrency is a security.

The Supreme Court determined that any transactions that qualify as “investment contracts” are considered securities. According to the SEC, an investment contract exists if “a person invests his money in a common enterprise and is led to expect profits solely from the efforts of the promoter or a third party.”

But experts say those standards should be more nuanced for digital assets.

Many of these cryptocurrencies are also blockchain software platforms, meaning you can build on top of them. They are also capable of being traded without an intermediary, making them far different from your average stock on the Nasdaq.

“These decentralized networks don’t fit neatly within the existing regulatory structure,” said Kristin Smith, head of the Blockchain Association, the first group in Washington to lobby for the technology behind bitcoin. “This is a step forward in finding the right way to regulate them.”

SEC Chairman Jay Clayton has made it clear he does not intend to update those standards to cater to crypto. The chairman said at a Senate hearing earlier this year that every initial coin offering he has “seen is a security.” The only two they agency has explicitly said are not securities are bitcoin and ether, which are regulated as commodities by the Commodities Futures Trade Commission.

William Hinman, head of the Division of Corporation Finance at the SEC, said in June that bitcoin and ether are not securities because they are decentralized — meaning there is no central party whose efforts are a key determining factor in the enterprise. Initial coin offerings, or ICOs, he said are securities because of the expectation of a return by a third party.

While the SEC has clarified existing laws and made exemptions, it would take moves by Congress to actually change any statutes the agency is required to follow.

The bill looks to amend the Securities Act of 1933 and the Securities Exchange Act of 1934, which established the current structure for what a security is, by adding a new definition for “digital tokens.”

Smith, who was an aide to former Sen. Olympia J. Snowe, R-Maine, and lobbied blockchain issues for Overstock.com, said this bill does not mean that these digital tokens will go unregulated. If the bill passes, they will instead likely fall under the purview of the Federal Trade Commission or the CFTC.

Thursday’s bill also directs the IRS to adjust taxation of virtual currencies, create a tax exemption for exchanges of one virtual currency for another and to create a de minimis exemption from taxation for gains realized from the sale or exchange of virtual currency.


Company: cnbc, Activity: cnbc, Date: 2018-12-20  Authors: kate rooney, aaron p bernstein
Keywords: news, cnbc, companies, change, digital, lawmakers, exclude, 72yearold, sec, bill, trade, blockchain, look, virtual, secs, definition, bitcoin, exchange, cryptocurrencies, securities, taxation


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What fintech can learn from Robinhood’s ‘epic fail’ of launching checking accounts

Robinhood’s attempt to launch a disruptive, first-of-its-kind product offers some lessons for fintech companies trying to break the mold in a highly regulated industry. Those protections are a far cry from FDIC-checking and savings accounts, which have different capital requirements and are equipped to handle bank failures or a run on a bank. President and CEO of SIPC Stephen Harbeck had “serious concerns” about Robinhood’s product when the news hit Thursday. Harbeck’s key worry was that account


Robinhood’s attempt to launch a disruptive, first-of-its-kind product offers some lessons for fintech companies trying to break the mold in a highly regulated industry. Those protections are a far cry from FDIC-checking and savings accounts, which have different capital requirements and are equipped to handle bank failures or a run on a bank. President and CEO of SIPC Stephen Harbeck had “serious concerns” about Robinhood’s product when the news hit Thursday. Harbeck’s key worry was that account
What fintech can learn from Robinhood’s ‘epic fail’ of launching checking accounts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: kate rooney, source
Keywords: news, cnbc, companies, launching, checking, robinhoods, accounts, startup, fintech, savings, sipc, product, fail, harbeck, work, securities, robinhood, epic, learn


What fintech can learn from Robinhood's 'epic fail' of launching checking accounts

Robinhood’s attempt to launch a disruptive, first-of-its-kind product offers some lessons for fintech companies trying to break the mold in a highly regulated industry.

On Thursday, the popular stock-trading start-up rolled out what executives said was the biggest announcement in the company’s history: Checking and savings products with a 3 percent interest rate, and zero fees. But just a day later, the start-up un-winded its ambitious plan.

There were a number of questions about the product — but mostly on the regulatory side.

The accounts being offered by Robinhood were insured by the Securities Investor Protection Corporation, or SIPC. Those protections are a far cry from FDIC-checking and savings accounts, which have different capital requirements and are equipped to handle bank failures or a run on a bank.

President and CEO of SIPC Stephen Harbeck had “serious concerns” about Robinhood’s product when the news hit Thursday. But said he didn’t have a chance to air those to the company because Robinhood never called him, or the SEC, ahead ahead of the launch.

Harbeck’s key worry was that accounts Robinhood was touting as checking and savings were not insured the same way. SIPC protects brokerage accounts, which Harbeck explained are meant for the purpose of investing in securities. Cash in those accounts that isn’t being used to invest in stocks, would likely not be protected, he said.

“I understand that people want to be innovative and things change, but I have to work within a certain statute,” Harbeck told CNBC in a phone interview Monday. “The statutes we work with can only can protect certain funds.”


Company: cnbc, Activity: cnbc, Date: 2018-12-17  Authors: kate rooney, source
Keywords: news, cnbc, companies, launching, checking, robinhoods, accounts, startup, fintech, savings, sipc, product, fail, harbeck, work, securities, robinhood, epic, learn


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Tokyo prosecutors indict Nissan’s ex-chairman Ghosn for financial misconduct

Both Nissan and its former chairman Carlos Ghosn have been charged by Japanese prosecutors over financial misconduct, according to a statement from Nissan. Ghosn was arrested in November for under-reporting his compensation in the company’s financial statements over a period of five years. Nissan added that, in regards to Ghosn, “numerous other significant acts of misconduct have been uncovered, such as personal use of company assets.” On Monday, Nissan confirmed that both Ghosn and Kelly had be


Both Nissan and its former chairman Carlos Ghosn have been charged by Japanese prosecutors over financial misconduct, according to a statement from Nissan. Ghosn was arrested in November for under-reporting his compensation in the company’s financial statements over a period of five years. Nissan added that, in regards to Ghosn, “numerous other significant acts of misconduct have been uncovered, such as personal use of company assets.” On Monday, Nissan confirmed that both Ghosn and Kelly had be
Tokyo prosecutors indict Nissan’s ex-chairman Ghosn for financial misconduct Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: spriha srivastava, issei kato, brent lewin, bloomberg, getty images
Keywords: news, cnbc, companies, nissans, ghosn, securities, underreporting, company, prosecutors, indict, statement, nissan, making, disclosures, tokyo, misconduct, exchairman, financial


Tokyo prosecutors indict Nissan's ex-chairman Ghosn for financial misconduct

Both Nissan and its former chairman Carlos Ghosn have been charged by Japanese prosecutors over financial misconduct, according to a statement from Nissan.

Ghosn was arrested in November for under-reporting his compensation in the company’s financial statements over a period of five years. The auto giant said in a statement in November that “over many years” Ghosn and board director, Greg Kelly, had been under-reporting compensation amounts to the Tokyo Stock Exchange securities report.

Nissan added that, in regards to Ghosn, “numerous other significant acts of misconduct have been uncovered, such as personal use of company assets.” The company said Ghosn had also made inappropriate investments.

On Monday, Nissan confirmed that both Ghosn and Kelly had been indicted for “violating the Japan Financial Instruments and Exchange Act, namely making false disclosures in annual securities report.”

Prosecutors have also charged Nissan as a legal entity for the same violation, the company confirmed.

“Nissan takes this situation extremely seriously. Making false disclosures in annual securities reports greatly harms the integrity of Nissan’s public disclosures in the securities markets, and the company expresses its deepest regret,” Nissan said in a statement.

Ghosn, who headed the Renault-Nissan-Mitsubishi alliance, has previously denied the accusations.


Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: spriha srivastava, issei kato, brent lewin, bloomberg, getty images
Keywords: news, cnbc, companies, nissans, ghosn, securities, underreporting, company, prosecutors, indict, statement, nissan, making, disclosures, tokyo, misconduct, exchairman, financial


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Don’t raise the ‘white flag’ on Apple, this is a ‘golden buying opportunity’: Analyst

Apple investors shouldn’t give up on the tech giant, because the stock is poised to go higher, analyst Daniel Ives told CNBC on Tuesday. “This is what I view as more of a golden buying opportunity rather than a time to throw up the white flag,” the managing director of equity research at Wedbush Securities said on “Power Lunch.” Apple shares have taken a hit recently, as investors became concerned about the iPhone cycle and lack of transparency on individual unit sales figures. While demand for


Apple investors shouldn’t give up on the tech giant, because the stock is poised to go higher, analyst Daniel Ives told CNBC on Tuesday. “This is what I view as more of a golden buying opportunity rather than a time to throw up the white flag,” the managing director of equity research at Wedbush Securities said on “Power Lunch.” Apple shares have taken a hit recently, as investors became concerned about the iPhone cycle and lack of transparency on individual unit sales figures. While demand for
Don’t raise the ‘white flag’ on Apple, this is a ‘golden buying opportunity’: Analyst Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: tyler clifford
Keywords: news, cnbc, companies, raise, shares, golden, wedbush, sales, flag, iphone, target, stock, buying, opportunity, tech, apple, securities, dont, ives, analyst, white


Don't raise the 'white flag' on Apple, this is a 'golden buying opportunity': Analyst

Apple investors shouldn’t give up on the tech giant, because the stock is poised to go higher, analyst Daniel Ives told CNBC on Tuesday.

“This is what I view as more of a golden buying opportunity rather than a time to throw up the white flag,” the managing director of equity research at Wedbush Securities said on “Power Lunch.”

Apple shares have taken a hit recently, as investors became concerned about the iPhone cycle and lack of transparency on individual unit sales figures. The stock closed down more than 4 percent on Tuesday at $176.69, losing $38.5 billion in implied market value.

However, Ives is standing by his price target of $275 over the next 12 months. If realized, it would eclipse Apple’s $233.47 peak before the October sell-off.

Analysts at HSBC on the other hand, thinking that the iPhone maker needs a new product, decided to cut their 12-month price target on the stock from $205 to $200. The analysts said that “Apple’s iconic hardware growth is broadly over for now.”

Ives is optimistic that millions of iPhone customers will be ready to upgrade their devices within the next 18 months. He pointed out that the Apple ecosystem encompasses an estimated 750 million active units.

While demand for the iPhone XR has “lagged,” Apple has an opportunity to boost sales going into the end of the year, he said.

“That’s why right now, going into [the] holiday season, this is definitely a pivotal sort of fork-in-the-road time for Apple to make sure this demand starts to hit, which so far has been soft,” Ives said.

The tech giant recently increased the amount of credit it is willing to offer customers who are trading in older iPhones for the new models.

— CNBC’s Sara Salinas contributed to this report.

Disclosures: Wedbush Securities makes a market in shares of AAPL.

Disclaimer


Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: tyler clifford
Keywords: news, cnbc, companies, raise, shares, golden, wedbush, sales, flag, iphone, target, stock, buying, opportunity, tech, apple, securities, dont, ives, analyst, white


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The bear market will extend well into 2019: Strategist

The bear market will extend well into 2019: Strategist15 Hours AgoMark Jolley of CCB International Securities says investors are starting to rotate their portfolios away from technology stocks and into “more boring sectors.”


The bear market will extend well into 2019: Strategist15 Hours AgoMark Jolley of CCB International Securities says investors are starting to rotate their portfolios away from technology stocks and into “more boring sectors.”
The bear market will extend well into 2019: Strategist Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-22
Keywords: news, cnbc, companies, strategist, 2019, rotate, stocks, jolley, extend, technology, portfolios, market, bear, strategist15, sectors, starting, securities


The bear market will extend well into 2019: Strategist

The bear market will extend well into 2019: Strategist

15 Hours Ago

Mark Jolley of CCB International Securities says investors are starting to rotate their portfolios away from technology stocks and into “more boring sectors.”


Company: cnbc, Activity: cnbc, Date: 2018-11-22
Keywords: news, cnbc, companies, strategist, 2019, rotate, stocks, jolley, extend, technology, portfolios, market, bear, strategist15, sectors, starting, securities


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Should Mark Zuckerberg step down as FB chairman?

Should Mark Zuckerberg step down as FB chairman? 16 Hours AgoWall Street wants to see Facebook executives take responsibility for recent controversies, says Michael Pachter of Wedbush Securities.


Should Mark Zuckerberg step down as FB chairman? 16 Hours AgoWall Street wants to see Facebook executives take responsibility for recent controversies, says Michael Pachter of Wedbush Securities.
Should Mark Zuckerberg step down as FB chairman? Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-21
Keywords: news, cnbc, companies, step, securities, chairman, fb, mark, recent, street, wedbush, michael, zuckerberg, pachter, responsibility, wants


Should Mark Zuckerberg step down as FB chairman?

Should Mark Zuckerberg step down as FB chairman?

16 Hours Ago

Wall Street wants to see Facebook executives take responsibility for recent controversies, says Michael Pachter of Wedbush Securities.


Company: cnbc, Activity: cnbc, Date: 2018-11-21
Keywords: news, cnbc, companies, step, securities, chairman, fb, mark, recent, street, wedbush, michael, zuckerberg, pachter, responsibility, wants


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Payments company Square drops 10 percent amid a broader sell-off in once-loved technology stocks

Shares of payments company Square dropped 10 percent Monday as major tech stocks struggled to find footing. Square’s stock fell 10 percent to roughly $63 after, bringing its one-month losses to 14 percent. Last week, Square said in a securities filing that its finance chief Sarah Friar would leave a few weeks earlier than expected. Square offers bitcoin trading through its popular Square Cash app and said it generated $43 million in revenue from the cryptocurrency in the third quarter. Apple, Am


Shares of payments company Square dropped 10 percent Monday as major tech stocks struggled to find footing. Square’s stock fell 10 percent to roughly $63 after, bringing its one-month losses to 14 percent. Last week, Square said in a securities filing that its finance chief Sarah Friar would leave a few weeks earlier than expected. Square offers bitcoin trading through its popular Square Cash app and said it generated $43 million in revenue from the cryptocurrency in the third quarter. Apple, Am
Payments company Square drops 10 percent amid a broader sell-off in once-loved technology stocks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: kate rooney, louis ascui, fairfax media, getty images
Keywords: news, cnbc, companies, square, company, shares, sp, securities, roughly, payments, broader, stocks, fell, onceloved, selloff, amid, sector, finance, technology, role, drops


Payments company Square drops 10 percent amid a broader sell-off in once-loved technology stocks

Shares of payments company Square dropped 10 percent Monday as major tech stocks struggled to find footing.

Square’s stock fell 10 percent to roughly $63 after, bringing its one-month losses to 14 percent. Shares of the San Francisco-based company, run by Twitter CEO Jack Dorsey, had been on a tear for most of this year and are still up 80 percent since January.

Last week, Square said in a securities filing that its finance chief Sarah Friar would leave a few weeks earlier than expected. Square had announced in October that Friar had accepted a job as CEO of social-networking firm Nextdoor.com, and would stay in her role as CFO until December. On Thursday though, the fintech company said her last day would be November 16 because she wanted to spend more time with her family, according to the SEC filing.

Timothy Murphy and Mohit Daswani, two executives from the company’s finance department, will serve as interim Co-CFOs until Friar’s role is permanently filled. Square board member and former Goldman Sachs finance chief David Viniar is overseeing the search.

The company also said in a securities filing Jack Dorsey had sold roughly 130,000 shares, worth about $7.4 million at the time, in a pre-scheduled sale last week.

Bitcoin was also lower Monday and fell below $5,000 for the first time since last October. Square offers bitcoin trading through its popular Square Cash app and said it generated $43 million in revenue from the cryptocurrency in the third quarter.

Square is well-known in the payments sector for its credit card processor, payment hardware and popular Cash app but has also moved into small business lending through Square Capital.

Apple, Amazon and Facebook also weighed on markets Monday with the S&P technology sector pulling back 3.9 percent. The Dow Jones Industrial Average fell more than 500 points, while the S&P 500 dropped 2 percent.


Company: cnbc, Activity: cnbc, Date: 2018-11-19  Authors: kate rooney, louis ascui, fairfax media, getty images
Keywords: news, cnbc, companies, square, company, shares, sp, securities, roughly, payments, broader, stocks, fell, onceloved, selloff, amid, sector, finance, technology, role, drops


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