New York attorney general is investigating Facebook for possible antitrust violations

New York State Attorney General Letitia James announced Friday she is launching a multistate investigation into Facebook for possible antitrust violations. Attorneys general of Colorado, Florida, Iowa, Nebraska, North Carolina, Ohio, Tennessee and the District of Columbia will join the probe, according to the announcement. “I am proud to be leading a bipartisan coalition of attorneys general in investigating whether Facebook has stifled competition and put users at risk. The day the FTC fine was


New York State Attorney General Letitia James announced Friday she is launching a multistate investigation into Facebook for possible antitrust violations. Attorneys general of Colorado, Florida, Iowa, Nebraska, North Carolina, Ohio, Tennessee and the District of Columbia will join the probe, according to the announcement. “I am proud to be leading a bipartisan coalition of attorneys general in investigating whether Facebook has stifled competition and put users at risk. The day the FTC fine was
New York attorney general is investigating Facebook for possible antitrust violations Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-06  Authors: lauren feiner
Keywords: news, cnbc, companies, probe, according, violations, investigating, james, york, attorney, facebooks, possible, source, facebook, antitrust, general, investigation, state, announced


New York attorney general is investigating Facebook for possible antitrust violations

New York State Attorney General Letitia James announced Friday she is launching a multistate investigation into Facebook for possible antitrust violations.

Facebook shares were down about 0.5% in Friday’s premarket, but did not seem to react to James’ announcement.

Attorneys general of Colorado, Florida, Iowa, Nebraska, North Carolina, Ohio, Tennessee and the District of Columbia will join the probe, according to the announcement. It will focus “on Facebook’s dominance in the industry and the potential anticompetitive conduct stemming from that dominance,” according to the release.

“Even the largest social media platform in the world must follow the law and respect consumers,” James said in a statement. “I am proud to be leading a bipartisan coalition of attorneys general in investigating whether Facebook has stifled competition and put users at risk. We will use every investigative tool at our disposal to determine whether Facebook’s actions may have endangered consumer data, reduced the quality of consumers’ choices, or increased the price of advertising.”

Facebook is already facing a separate investigation by the Federal Trade Commission over antitrust concerns, the company confirmed in its quarterly report in July. That announcement came on the same day that the FTC announced its $5 billion settlement with Facebook over its privacy policies.

So far, regulatory action against Facebook has had little impact on its business or stock performance. The day the FTC fine was announced, Facebook’s market value rose more than the cost of the penalty. The $5 billion fine represented about 9% of the company’s 2018 revenue.

“People have multiple choices for every one of the services we provide,” Facebook’s vice president of state and local policy Will Castleberry said in a statement following James’ announcement. “We understand that if we stop innovating, people can easily leave our platform. This underscores the competition we face, not only in the US but around the globe. We will of course work constructively with state attorneys general and we welcome a conversation with policymakers about the competitive environment in which we operate.”

The news comes as more than 30 state attorney generals are expected to launch a separate probe into Google over antitrust concerns, according to a source familiar with the matter. The investigation, expected to be announced on Monday, will be led by the Texas state attorney general, according to the source. The Google probe will focus on the company’s effect on digital advertising markets and possible consumer harm, a source told The Wall Street Journal.

-CNBC’s Ylan Mui contributed to this report.

WATCH: How Facebook makes money by targeting ads directly to you


Company: cnbc, Activity: cnbc, Date: 2019-09-06  Authors: lauren feiner
Keywords: news, cnbc, companies, probe, according, violations, investigating, james, york, attorney, facebooks, possible, source, facebook, antitrust, general, investigation, state, announced


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DocuSign CEO Dan Springer on Q2 results and guidance

DocuSign CEO Dan Springer on Q2 results and guidance12:30 PM ET Fri, 6 Sept 2019Dan Springer, CEO of DocuSign, joins “Squawk Alley” to discuss the company’s Q2 earnings results as the stock surges.


DocuSign CEO Dan Springer on Q2 results and guidance12:30 PM ET Fri, 6 Sept 2019Dan Springer, CEO of DocuSign, joins “Squawk Alley” to discuss the company’s Q2 earnings results as the stock surges.
DocuSign CEO Dan Springer on Q2 results and guidance Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-06  Authors: source
Keywords: news, cnbc, companies, sept, stock, joins, dan, surges, docusign, guidance, squawk, ceo, springer, results


DocuSign CEO Dan Springer on Q2 results and guidance

DocuSign CEO Dan Springer on Q2 results and guidance

12:30 PM ET Fri, 6 Sept 2019

Dan Springer, CEO of DocuSign, joins “Squawk Alley” to discuss the company’s Q2 earnings results as the stock surges.


Company: cnbc, Activity: cnbc, Date: 2019-09-06  Authors: source
Keywords: news, cnbc, companies, sept, stock, joins, dan, surges, docusign, guidance, squawk, ceo, springer, results


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How ‘reluctant investor’ Danielle Town overcame her fear and discovered the power of investing

Author and investor Danielle Town used to be afraid of the stock market. “I was such a reluctant investor,” said Town, co-host of the podcast “InvestED. ” “Yet, we can find a way to make this stuff become actually a joyful part of our lives, which I know sounds completely insane but can happen.” It happened for Town — but not until she became burned out in her law career. Danielle Town and her father, Phil Town Source: Danielle TownDanielle Town and her father, Phil Town Source: Danielle Town


Author and investor Danielle Town used to be afraid of the stock market. “I was such a reluctant investor,” said Town, co-host of the podcast “InvestED. ” “Yet, we can find a way to make this stuff become actually a joyful part of our lives, which I know sounds completely insane but can happen.” It happened for Town — but not until she became burned out in her law career. Danielle Town and her father, Phil Town Source: Danielle TownDanielle Town and her father, Phil Town Source: Danielle Town
How ‘reluctant investor’ Danielle Town overcame her fear and discovered the power of investing Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-30  Authors: michelle fox, billy j hensley, president, ceo of the national endowment for financial educat
Keywords: news, cnbc, companies, town, overcame, towndanielle, source, phil, danielle, father, investor, reluctant, discovered, way, used, investing, stuff, fear, power


How 'reluctant investor' Danielle Town overcame her fear and discovered the power of investing

Author and investor Danielle Town used to be afraid of the stock market. Financial statements, numbers and spreadsheets all made her eyes glaze over. “I was such a reluctant investor,” said Town, co-host of the podcast “InvestED. ” “Yet, we can find a way to make this stuff become actually a joyful part of our lives, which I know sounds completely insane but can happen.” It happened for Town — but not until she became burned out in her law career.

Danielle Town and her father, Phil Town Source: Danielle Town

Danielle Town and her father, Phil Town Source: Danielle Town


Company: cnbc, Activity: cnbc, Date: 2019-08-30  Authors: michelle fox, billy j hensley, president, ceo of the national endowment for financial educat
Keywords: news, cnbc, companies, town, overcame, towndanielle, source, phil, danielle, father, investor, reluctant, discovered, way, used, investing, stuff, fear, power


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Huawei to push ahead with flagship phone launch — with or without Google services

The Mate 30 will be showcased at a September 19 launch event in Munich, Germany, the source said. Huawei is pushing ahead with the launch despite being on a U.S. blacklist known as the Entity List. In China, Huawei uses a modified version of Android which is stripped of Google services like Gmail or Maps because those are blocked in the country. But in international markets, those Google services are pre-loaded on Huawei phones. Not having access to Google services abroad could damage Huawei’s g


The Mate 30 will be showcased at a September 19 launch event in Munich, Germany, the source said. Huawei is pushing ahead with the launch despite being on a U.S. blacklist known as the Entity List. In China, Huawei uses a modified version of Android which is stripped of Google services like Gmail or Maps because those are blocked in the country. But in international markets, those Google services are pre-loaded on Huawei phones. Not having access to Google services abroad could damage Huawei’s g
Huawei to push ahead with flagship phone launch — with or without Google services Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-30  Authors: arjun kharpal
Keywords: news, cnbc, companies, known, huawei, google, source, chinese, phone, flagship, services, mate, push, firms, ahead, launch, huaweis


Huawei to push ahead with flagship phone launch — with or without Google services

Huawei will launch a new flagship phone next month which may not come with Google apps, a source with direct knowledge of the matter told CNBC, as the Chinese firm faces being blocked from accessing the search giant’s software.

The Mate 30 will be showcased at a September 19 launch event in Munich, Germany, the source said. It will be powered by Huawei’s latest processor called the Kirin 990 which is yet to be unveiled. The Mate 30 will be able to connect to next-generation mobile networks known as 5G which promise super-fast data speeds.

Huawei is pushing ahead with the launch despite being on a U.S. blacklist known as the Entity List. It restricts American firms from doing business with the Chinese company. But the tech giant has been given another 90-day reprieve under which U.S. firms can apply for special licenses to sell to Huawei.

Google is subject to these restrictions. Huawei relies on Google’s Android operating system to power its smartphones. In China, Huawei uses a modified version of Android which is stripped of Google services like Gmail or Maps because those are blocked in the country. Instead, it pre-loads its own apps. But in international markets, those Google services are pre-loaded on Huawei phones.

Not having access to Google services abroad could damage Huawei’s global ambitions to become the number one smartphone maker in the world, analysts say.


Company: cnbc, Activity: cnbc, Date: 2019-08-30  Authors: arjun kharpal
Keywords: news, cnbc, companies, known, huawei, google, source, chinese, phone, flagship, services, mate, push, firms, ahead, launch, huaweis


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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


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Bugatti’s $18.7 million La Voiture Noire makes its US debut at Pebble Beach

Bugatti’s La Voiture Noire Source: Bugatti 2019. Bugatti’s La Voiture Noire Source: Bugatti 2019. Bugatti’s La Voiture Noire Source: Bugatti 2019. Bugatti’s La Voiture Noire Source: Bugatti 2019. Bugatti’s La Voiture Noire Source: Bugatti 2019.


Bugatti’s La Voiture Noire Source: Bugatti 2019. Bugatti’s La Voiture Noire Source: Bugatti 2019. Bugatti’s La Voiture Noire Source: Bugatti 2019. Bugatti’s La Voiture Noire Source: Bugatti 2019. Bugatti’s La Voiture Noire Source: Bugatti 2019.
Bugatti’s $18.7 million La Voiture Noire makes its US debut at Pebble Beach Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-13  Authors: elijah shama
Keywords: news, cnbc, companies, beach, voiture, million, car, noire, company, debut, cars, bugatti, customer, makes, 187, pebble, la, source, bugattis


Bugatti's $18.7 million La Voiture Noire makes its US debut at Pebble Beach

Bugatti’s La Voiture Noire Source: Bugatti 2019.

The world’s most expensive new car makes its North American debut this week at the world’s premier luxury auto show, the Pebble Beach Concours D’Elegance, which kicks off Tuesday in Monterey, California. Bugatti debuted its one-of-a-kind $18.68 million La Voiture Noire, which translates to The Black Car, at the Geneva International Motor Show in March. The car pays homage to the art deco design of the Type 57SC Atlantic, one of the most coveted classic cars in the world. Designed in 1934 by Jean Bugatti, eldest son of company founder Ettore Bugatti, only four were made. Three are accounted for while the fourth one, which was lost in World War II, would be valued at well over $100 million if found today. The new La Voiture Noire packs 1,500 horsepower and 1,180 pound-foot of torque that propels it from 0 to 60 mph in 2.5 seconds. It has a quad turbo W-16 engine with a top speed of 261 mph. “We produced a true one-off, a single unit car that we call automotive haute couture,” said Achim Anscheidt, Bugatti’s design director. “It’s not just a car anymore, it’s really more like a piece of art in line with the highly exclusive fashion and luxury brands in France.”

Bugatti’s La Voiture Noire Source: Bugatti 2019.

Bugatti limited the La Voiture Noire’s top speed to give it more touring refinement. The company’s previous limited-run model, the Divo, also traded top speed for a focus on cornering. “High-speed mode was not relevant for these cars because they had a much different focus. The Divo is made for corners and La Voiture Noire is a Grand Turismo,” said Tim Bravo, a Bugatti spokesperson. The car at Pebble Beach has already been purchased, but Bugatti isn’t saying who owns it. Rumored buyers have included soccer star Cristiano Ronaldo and Ferdinand Piech, former chairman of the Volkswagen, which owns Bugatti. “As soon as a customer makes a public claim, then we can refer to that, but other than that we will honor a customer’s anonymity and he will decide whether or not he wants to remain anonymous,” said Bravo. Whoever it is, he won’t be driving the car any time soon. Bravo said Bugatti still needs about 2½ years to finish and deliver the car.

Bugatti’s La Voiture Noire Source: Bugatti 2019.

Bugatti has been making one-of-a-kind and custom-made cars for its ultra-wealthy clients for more than 100 years. The average Bugatti buyer owns roughly 42 vehicles, five homes, three private jets, three helicopters and a yacht, according to Bugatti. “When you’re wealthy, the thing that you want most after your wealth is to feel special and unique — and someone who pays $18 million for a car gets to claim ‘I bought the most expensive car ever, see how special I am,'” said Karl Brauer, an analyst for Autotrader. After becoming a part of the VW Group in 1998, the company scrapped custom models in favor of more mass produced, but still incredibly limited, super cars. In the years that followed, the company produced 450 Veyron super cars launched in 2005 and recently completed 200 of 500 planned Bugatti Chirons, which start at $3 million.

Source: Bugatti

The French super car maker envisioned something more exclusive than that for its loyal customers and returned to its coach building roots to offer the Bugatti Divo at the 2018 Pebble Beach Concours. That $5.8 million super car, which was based off the Chiron, was shown to a select group of Chiron customers at Pebble Beach last year. The limited production of 40 Divos sold out that same day, Bugatti said at the time. “I think it’s brilliant on their part because they’re making a claim that they’re going back to their roots and once upon a time when cars came out they were almost all coach built and they were hard to afford and it was a fairly premium experience,” said Brauer.

Bugatti’s La Voiture Noire Source: Bugatti 2019.

La Voiture Noire represents another step in the return to that ultra exclusive heritage. How exclusive? Well, Bugatti only approached one customer with the sketches and idea for the car. The company says he bought it on the spot. “The idea of La Voiture Noire was 100% born within Bugatti, it doesn’t come from the customer. However, with it being a one of one, the customer enjoys the freedom to create specific detailing with us,” said Anscheidt. Some of those specifics include the car’s six tailpipes, the same as the Type 57SC, a detail recommended by the buyer’s wife.

Bugatti’s La Voiture Noire Source: Bugatti 2019.

The buyer also had total design control over is the interior. Notably, the show car revealed in Geneva sported blacked out windows obscuring the interior. The French carmaker says it’s because the car doesn’t have one yet. “As to the interior, we wanted to make sure the customer that decided to buy that car could really create the interior to his own gusto,” said Anscheidt. “So, our designers are working hand in hand with the customer to make that interior just 100% like he wants,” he continued.

Bugatti’s La Voiture Noire Source: Bugatti 2019.

Despite the price tag, custom car building is a sound business strategy according to analysts like Brauer, since it minimizes the risks associated with designing new models. Put simply, if the buyer is already known, there’s no speculation for what demand for it might be. “These guys didn’t have to spend hardly anything. It was a phone call and some sketches to a customer to say ‘how about $18 million for this.’ Before they ever had to fire up a metal production machine or hand-stitch the leather, they had a sale,” said Brauer. Hans Wurl, a specialist at classic car auction company Gooding, called it a “shocker of a valuation.” For collectors, valuing a car like La Voiture is difficult because it’s one of a kind and has never been publicly auctioned before, making it hard to estimate how much someone would pay for it. “I think that if it came to an open auction today, there’s a very good chance it would not reach the number that it sold for new,” he said. “But that doesn’t mean it’s not a great investment over a period of decades.”

Bugatti’s La Voiture Noire Source: Bugatti 2019.

The company showed the new Bugatti at Geneva and the Concorso d’Eleganza Villa d’Este in Italy in May. But this is the first time it’s being displayed in the U.S. The Concours at Pebble Beach is the industry’s most prestigious car show with automakers often using the six days in Monterey to debut their priciest new cars and concept vehicles. It also may be one of the few times La Voiture Noire isn’t the most expensive car on the lot. A 1962 Ferrari 250 GTO was sold at last year’s Pebble Beach car week for a record $48.4 million.

Bugatti’s La Voiture Noire Source: Bugatti 2019.


Company: cnbc, Activity: cnbc, Date: 2019-08-13  Authors: elijah shama
Keywords: news, cnbc, companies, beach, voiture, million, car, noire, company, debut, cars, bugatti, customer, makes, 187, pebble, la, source, bugattis


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Saudi Aramco IPO could be back on front burner, as company plans first ever investor call

The success of Saudi Aramco’s debt offering has given Saudi officials confidence that they can bring their IPO to market sometime in 2020, sources familiar with their thinking said. Saudi Aramco’s board was meeting with bankers in Boston this week, and the IPO of the world’s biggest oil company was on the agenda. Recently, Saudi energy minister Khalid Al-Falih said Aramco would likely go public in 2020, 2021. Saudi Aramco issued $12 billion in bonds in April in an offering that saw sky-high dema


The success of Saudi Aramco’s debt offering has given Saudi officials confidence that they can bring their IPO to market sometime in 2020, sources familiar with their thinking said. Saudi Aramco’s board was meeting with bankers in Boston this week, and the IPO of the world’s biggest oil company was on the agenda. Recently, Saudi energy minister Khalid Al-Falih said Aramco would likely go public in 2020, 2021. Saudi Aramco issued $12 billion in bonds in April in an offering that saw sky-high dema
Saudi Aramco IPO could be back on front burner, as company plans first ever investor call Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-08  Authors: patti domm
Keywords: news, cnbc, companies, prince, investor, aramco, oil, offering, saudi, burner, market, ipo, plans, company, prices, source


Saudi Aramco IPO could be back on front burner, as company plans first ever investor call

The success of Saudi Aramco’s debt offering has given Saudi officials confidence that they can bring their IPO to market sometime in 2020, sources familiar with their thinking said.

Saudi Aramco’s board was meeting with bankers in Boston this week, and the IPO of the world’s biggest oil company was on the agenda. Recently, Saudi energy minister Khalid Al-Falih said Aramco would likely go public in 2020, 2021. One source suggested the company is trying to move the timeline forward, with an announcement in the fall and the offering of a small percentage of Aramco next year.

Aramco is expected to hold an investor call Monday, its first ever following its board meeting. It is expected bond investors will be on the call, and it is not clear which company officials will speak and what they will say about the stock offering, or whether they will take questions.

Saudi Arabia’s Crown Prince Mohammed bin Salman had planned the public offering of Aramco to be the cornerstone of his vision to transform the kingdom from an oil producer to a more diversified economy. But it was put off previously, and Aramco reached a $69.1 billion deal to purchase a majority stake in petrochemicals firm Sabic from the kingdom’s sovereign wealth fund, boosting the fund’s buying power and ability to diversify holdings.

MBS, as the crown prince is known, is seeking a $2 trillion valuation for Saudi Aramco, but there still seems to be a gap between what the prince would like to see and what bankers view as a reasonable market price, given the wild cards of oil prices, stock prices and the global economy. The bankers’ valuations average around $1.5 trillion, one source said.

“It’s going to be a lot harder job to get there, especially since going into 2020 doesn’t look fantastic for oil prices,” said one source. But the company may show strong cash flow to help make its case.

“It’s clear the 10 fold over-subscription for the debt gave a giant burst of confidence to doing an IPO,” said one source. “But there’s a big difference between a debt offering and reporting quarterly performance to shareholders around the world.”

Saudi Aramco issued $12 billion in bonds in April in an offering that saw sky-high demand of $100 billion.

A report that Saudi Arabia called other producers to discuss how to support oil prices helped kick up crude prices Thursday after its steep decline. Brent futures were trading at $57.47 per barrel, and it is down 11.7% month-to-date. One source dismissed that report as unlikely, based on the fact that OPEC is currently producing about 2 million barrels a day beneath its quota and cutting further would be futile.

Saudi Arabia earlier announced that demand for its oil was improved, with a 700,000 barrel per day increase in customer request for supply for September, over August.

“Obviously, it’s the latest round of verbal intervention by the Saudis to try to push back against the narrative that the demand growth outlook is cratering for the oil market,” said John Kilduff of Again Capital.


Company: cnbc, Activity: cnbc, Date: 2019-08-08  Authors: patti domm
Keywords: news, cnbc, companies, prince, investor, aramco, oil, offering, saudi, burner, market, ipo, plans, company, prices, source


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Surveillance videos show alleged criminals attacking ATMs — and the crime is getting more common

The U.S. Secret Service gave CNBC surveillance video from two incidents that showed people attacking ATMs in broad daylight. These are two alleged criminals that dressed up as ATM workers to attack an ATM, according to the U.S. Secret Service. And there was pedestrian traffic,” said Greg Naranjo, a Secret Service special agent in charge from the Miami field office. Greg Naranjo is a Secret Service special agent in charge from the Miami field office. “When that street thug walks away with the mon


The U.S. Secret Service gave CNBC surveillance video from two incidents that showed people attacking ATMs in broad daylight. These are two alleged criminals that dressed up as ATM workers to attack an ATM, according to the U.S. Secret Service. And there was pedestrian traffic,” said Greg Naranjo, a Secret Service special agent in charge from the Miami field office. Greg Naranjo is a Secret Service special agent in charge from the Miami field office. “When that street thug walks away with the mon
Surveillance videos show alleged criminals attacking ATMs — and the crime is getting more common Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: jennifer schlesinger andrea day, jennifer schlesinger, andrea day
Keywords: news, cnbc, companies, attacking, alleged, atm, theyre, secret, money, ibm, attacks, criminals, videos, common, service, xforce, getting, crime, source, atms, surveillance


Surveillance videos show alleged criminals attacking ATMs — and the crime is getting more common

The recent Capital One breach of more than 100 million customer records has left consumers worrying about banking safety. But the threats extend far beyond customer records, as hackers are increasingly finding ways to attack ATMs. “We know for a fact that ATM crime and fraud does cost the banking industry and financial services industry billions of dollars per year,” said David Tente the executive director for the U.S. and Americas for the ATM Industry Association, ATMIA. The trade group includes financial institutions as well as ATM manufacturers. The U.S. Secret Service gave CNBC surveillance video from two incidents that showed people attacking ATMs in broad daylight.

These are two alleged criminals that dressed up as ATM workers to attack an ATM, according to the U.S. Secret Service. Source: U.S. Secret Service

“I’ve seen surveillance footage of technicians dressed up as actual technicians come up to a department store where the ATM was located right by the front door. And there was pedestrian traffic,” said Greg Naranjo, a Secret Service special agent in charge from the Miami field office. “And they’re working on this ATM for approximately 30 minutes when they finally install their device and depart and then have the cashing crew come in and cash out the machine,” These attacks and others cost $3.5 million between late 2017 and early 2018, according to the Secret Service, which protects Americans from financial crimes.

Greg Naranjo is a Secret Service special agent in charge from the Miami field office. Source: CNBC

For these physical attacks, one criminal plants a device on the back of the ATM, which is one reason why . Depending on how it’s programmed, the machine could just spit out cash. But most of the time, criminal accomplices walk up and insert a card and enter a PIN to make it look like they’re real customers. To learn how to pull the attacks off, Naranjo says, criminal gangs have set up training facilities in South and Central America. “They have stolen machines from banks. They have training rooms with different types of ATMs,” he said. Physical attacks like these are on the rise. In a recent survey of ATM operators that the ATMIA shared with CNBC, 57 percent of respondents said physical attacks are increasing. The survey also found that stand-alone ATMs not connected to a bank were the most common for fraud. Stores and shopping malls were other common locations for fraud.

David Tente is the executive director for the U.S. and Americas for the ATM Industry Association, ATMIA. Source: CNBC

Physical attacks are not the only threat ATMs need to watch out for. Hackers can remotely access a bank’s servers to get it to allow ATM transactions, according to IBM Security’s X-Force Red, a team that does penetration testing. “We intercept the traffic, the response from the bank and change the ‘deny’ response to an approval,” said David Byrne, the global head of methodology for X-Force Red.

David Byrne is a global hacking methodology expert for IBM Security’s X-Force Red. He demonstrates how to refill an ATM. Source: CNBC

CNBC visited IBM’s ATM testing lab outside Toronto where the team demonstrated how this attack worked. Byrne demonstrated how a CNBC reporter could take out money using a grocery loyalty card and an old student ID. Any card with a magnetic stripe would work.

ATMs inside IBM Security’s ATM testing lab outside Toronto, Canada. Source: CNBC

“The street thug that the hacker mastermind sends out could conceivably sit here and just collect money after money after money until the ATM is empty,” said Charles Henderson, the global managing partner of X-Force Red. “When that street thug walks away with the money from an ATM, they’re gone forever.” IBM has seen a 500 percent increase in ATM testing demand from banks. “They’re seeing the attacks in the wild, and they’re trying to get ahead of the criminals,” Henderson said. “The thing about these machines is they’re very often connected to the internet…That’s a very important vulnerability, and one that we exploit in a lot of our ATM testing.”

Charles Henderson is the global managing partner of IBM Security’s X-Force Red. Source: CNBC


Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: jennifer schlesinger andrea day, jennifer schlesinger, andrea day
Keywords: news, cnbc, companies, attacking, alleged, atm, theyre, secret, money, ibm, attacks, criminals, videos, common, service, xforce, getting, crime, source, atms, surveillance


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US debt ceiling and budget deal is ‘near final,’ source says

Steven Mnuchin, U.S. Treasury secretary, speaks during a press briefing at the White House in Washington, D.C., U.S., on Monday, July 15, 2019. The White House and congressional Democrats have moved close to a budget deal that would raise the U.S. debt ceiling for two years, a source close to the talks told CNBC. An agreement to prevent the U.S. from hitting its borrowing limit and stop government funding from lapsing is “near final,” the person said. The developing deal would suspend the debt c


Steven Mnuchin, U.S. Treasury secretary, speaks during a press briefing at the White House in Washington, D.C., U.S., on Monday, July 15, 2019. The White House and congressional Democrats have moved close to a budget deal that would raise the U.S. debt ceiling for two years, a source close to the talks told CNBC. An agreement to prevent the U.S. from hitting its borrowing limit and stop government funding from lapsing is “near final,” the person said. The developing deal would suspend the debt c
US debt ceiling and budget deal is ‘near final,’ source says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-22  Authors: ylan mui jacob pramuk, ylan mui, jacob pramuk
Keywords: news, cnbc, companies, ceiling, white, deal, near, close, washington, debt, final, house, budget, congressional, talks, sequester, source


US debt ceiling and budget deal is 'near final,' source says

Steven Mnuchin, U.S. Treasury secretary, speaks during a press briefing at the White House in Washington, D.C., U.S., on Monday, July 15, 2019.

The White House and congressional Democrats have moved close to a budget deal that would raise the U.S. debt ceiling for two years, a source close to the talks told CNBC.

An agreement to prevent the U.S. from hitting its borrowing limit and stop government funding from lapsing is “near final,” the person said. Remaining talks relate to “technical language issues,” according to the source.

The developing deal would suspend the debt ceiling through July 31, 2021. It would permanently end the sequester, automatic across the board spending cuts. A sequester would have taken effect in January without congressional action.


Company: cnbc, Activity: cnbc, Date: 2019-07-22  Authors: ylan mui jacob pramuk, ylan mui, jacob pramuk
Keywords: news, cnbc, companies, ceiling, white, deal, near, close, washington, debt, final, house, budget, congressional, talks, sequester, source


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The new 2020 Corvette Stingray revealed. Guns for Ferrari with Chevy’s first mid-engine design

2020 Chevrolet Corvette Stingray Source: General MotorsGeneral Motors is gunning for Ferrari with its newest redesign of the Chevrolet Corvette — the 2020 Stingray unveiled Thursday night. First introduced in 1954, the Chevy Corvette quickly stood out in a market dominated by the heavy metal that was rolling out of most Detroit factories in that era. 2020 Chevrolet Corvette Stingray Source: General MotorsOf course, as you’d expect, the 2020 Chevrolet Corvette will offer a bump in power. And to s


2020 Chevrolet Corvette Stingray Source: General MotorsGeneral Motors is gunning for Ferrari with its newest redesign of the Chevrolet Corvette — the 2020 Stingray unveiled Thursday night. First introduced in 1954, the Chevy Corvette quickly stood out in a market dominated by the heavy metal that was rolling out of most Detroit factories in that era. 2020 Chevrolet Corvette Stingray Source: General MotorsOf course, as you’d expect, the 2020 Chevrolet Corvette will offer a bump in power. And to s
The new 2020 Corvette Stingray revealed. Guns for Ferrari with Chevy’s first mid-engine design Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: paul a eisenstein
Keywords: news, cnbc, companies, stingray, ferrari, corvette, guns, revealed, c8, car, chevys, source, design, engine, general, 2020, chevy, midengine, chevrolet


The new 2020 Corvette Stingray revealed. Guns for Ferrari with Chevy's first mid-engine design

2020 Chevrolet Corvette Stingray Source: General Motors

General Motors is gunning for Ferrari with its newest redesign of the Chevrolet Corvette — the 2020 Stingray unveiled Thursday night. First introduced in 1954, the Chevy Corvette quickly stood out in a market dominated by the heavy metal that was rolling out of most Detroit factories in that era. It’s long been called America’s sports car, but the launch of an all-new version of the “‘Vette,” General Motors is hoping it will become a global sales phenomenon as well with the C8, or eighth-generation Corvette. For the first time ever, Chevy is mounting its engine in the middle of the car — like Ferrari and other key competitors. With its distinctive, two-seat design and its powerful V-8 engine, the outgoing version of the car is one of the fastest ever produced in the U.S. But speed alone isn’t everything. For one thing, the current Corvette still has its engine mounted up front, while most of its global competitors have opted for a mid-engine layout that makes a vehicle nimbler, both on the street and on the track. “The traditional front-engine vehicle reached its limits of performance, necessitating the new layout,” GM President Mark Reuss said in a statement ahead of the C8 unveiling in Orange County, California. “In terms of comfort and fun, it still looks and feels like a Corvette, but drives better than any vehicle in Corvette history.”

2020 Chevrolet Corvette Stingray Source: General Motors

Of course, as you’d expect, the 2020 Chevrolet Corvette will offer a bump in power. The base version of the sports car will punch out 495 horsepower, 40 more than the seventh-generation car and enough to launch it from 0 to 60 in “less than three seconds” when equipped with an optional performance package, the automaker claims. The new model will actually be longer, wider and 366 pounds heavier than the C7, or seventh-generation Corvette. But a driver might not notice, sitting more than a foot closer to the nose and with a hood that almost disappears from view when you’re in the left seat. Visually, there are some familiar design cues carried over from the current Corvette, including details such as the tail lamps and the way the hood has been sculpted. But by moving the engine amidship, it picks up more European proportions, like those of a McLaren or Aston Martin. And to showcase the new engine, Chevy has borrowed a trick from Ferrari, mounting it beneath a 3.2 mm glass panel. The engine is the latest update of Chevrolet’s LT2 “Small Block V-8. At 6.2-liters, it punches out 495 horsepower, 40 more than the 2019 ‘Vette, while torque rises 10 pound-feet, to 470.

2020 Chevrolet Corvette Stingray Source: General Motors

Privately, Chevy officials confirm that there will be several upgrades of the C8 to follow, much as the bowtie brand has rolled out versions like today’s Corvette Z06 and ZR1, the latter currently delivering 755 horsepower. Two executives involved in the project told CNBC the latest coupe will be followed by a convertible — and even more dramatic changes are in the works. The new platform underpinning the C8 was specifically designed to be able to use battery-based technology, they said, adding that it will included a battery boost system to improve launch acceleration as well as a battery-based all-wheel drive system. Chevy has been debating whether to go to a mid-engine design for decades, Zora Arkus-Duntov, the chief engineer often called “the father of the Corvette,” pushing for that approach over a half-century ago. But “It didn’t make business sense” until now, said Ken Gross, an author and expert who has set up automotive exhibits at a number of museums across the U.S. Chevrolet had to make the move “or it would have been treading water,” unable to take the Corvette much further, added Gross, echoing GM President Reuss. That said, the move to mid-engine could be just one of the decisions that might shock Corvette traditionalists. The 2020 remake will also be the first since in decades to abandon a stick shift in favor of a new, eight-speed double-clutch transmission. “DCTs” can be thought of as automatically shifting manual gearboxes and a driver will be able to select their gears by using steering wheel-mounted paddle shifters. Chevy isn’t alone, however, even Ferrari abandoning the stick shift.

2020 Chevrolet Corvette Stingray Source: General Motors


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: paul a eisenstein
Keywords: news, cnbc, companies, stingray, ferrari, corvette, guns, revealed, c8, car, chevys, source, design, engine, general, 2020, chevy, midengine, chevrolet


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