Oculus founder says he ‘got fired’ from Facebook, suggesting a pro-Trump donation was to blame

Palmer Luckey, founder of Oculus and former Facebook employee, admitted Wednesday on CNBC that he was fired from the social networking giant a few years ago, saying it was for “no reason at all.” “I gave $10,000 to a pro-Trump group, and I think that’s something to do with it,” quipped Luckey in an interview with CNBC’s Deirdre Bosa from the Collision tech conference in Toronto. Luckey added that California, where Facebook is headquartered, is an at-will state. Luckey, who sold his Oculus virtua


Palmer Luckey, founder of Oculus and former Facebook employee, admitted Wednesday on CNBC that he was fired from the social networking giant a few years ago, saying it was for “no reason at all.” “I gave $10,000 to a pro-Trump group, and I think that’s something to do with it,” quipped Luckey in an interview with CNBC’s Deirdre Bosa from the Collision tech conference in Toronto. Luckey added that California, where Facebook is headquartered, is an at-will state. Luckey, who sold his Oculus virtua
Oculus founder says he ‘got fired’ from Facebook, suggesting a pro-Trump donation was to blame Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, blame, technology, fired, toronto, protrump, facebook, virtual, donation, valley, oculus, luckey, founder, think, suggesting, thats, trolls


Oculus founder says he 'got fired' from Facebook, suggesting a pro-Trump donation was to blame

Palmer Luckey, founder of Oculus and former Facebook employee, admitted Wednesday on CNBC that he was fired from the social networking giant a few years ago, saying it was for “no reason at all.”

“I gave $10,000 to a pro-Trump group, and I think that’s something to do with it,” quipped Luckey in an interview with CNBC’s Deirdre Bosa from the Collision tech conference in Toronto. Luckey added that California, where Facebook is headquartered, is an at-will state. Luckey said he identifies politically as a libertarian. Much of Silicon Valley would be considered liberal.

Luckey, who sold his Oculus virtual reality headset company to Facebook for $2 billion in 2014, left there in March 2017 amid controversy surrounding his political contributions and financial support of far-right groups and internet trolls. Since then, he’s founded Anduril Industries, a defense technology start-up that’s focusing on national security and artificial intelligence.


Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, blame, technology, fired, toronto, protrump, facebook, virtual, donation, valley, oculus, luckey, founder, think, suggesting, thats, trolls


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HSBC plans more China tech jobs in push for market share

HSBC Holdings PLC plans to add more than a 1,000 jobs this year at its technology development center in China, as the Asia-focused lender seeks to bolster its presence in the world’s second largest economy. Europe’s biggest bank by assets will boost headcount at its technology centers in Guangzhou, Shanghai and Xi’an by 14% from a current 7,000-strong workforce, said HSBC Chief Information Officer Darryl West. HSBC’s expansion plan in China, a key market for the bank, comes amid growing use of t


HSBC Holdings PLC plans to add more than a 1,000 jobs this year at its technology development center in China, as the Asia-focused lender seeks to bolster its presence in the world’s second largest economy. Europe’s biggest bank by assets will boost headcount at its technology centers in Guangzhou, Shanghai and Xi’an by 14% from a current 7,000-strong workforce, said HSBC Chief Information Officer Darryl West. HSBC’s expansion plan in China, a key market for the bank, comes amid growing use of t
HSBC plans more China tech jobs in push for market share Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-21
Keywords: news, cnbc, companies, share, plans, technology, information, mainland, west, tech, bank, centers, operations, market, china, worldwide, push, hsbc, jobs


HSBC plans more China tech jobs in push for market share

HSBC Holdings PLC plans to add more than a 1,000 jobs this year at its technology development center in China, as the Asia-focused lender seeks to bolster its presence in the world’s second largest economy.

Europe’s biggest bank by assets will boost headcount at its technology centers in Guangzhou, Shanghai and Xi’an by 14% from a current 7,000-strong workforce, said HSBC Chief Information Officer Darryl West.

In recent years the London-based bank has spent $3 billion annually on its group technology operations which employ 40,000 people worldwide, and West said annual investments of $3-$3.5 billion are planned over the next few years.

Many global banks set up low-cost hubs in China and India more than a decade ago to maintain their complex worldwide information technology networks, but these centers have now become a core part of their operations.

The centers develop and implement risk and fraud management technologies, as well as digital applications that make it easier for banks to attract customers and deliver faster and more secure services.

HSBC’s expansion plan in China, a key market for the bank, comes amid growing use of technology in the financial sector – from payments to transactions.

At stake is a bigger share of the billions of dollars worth of retail and corporate banking business in a major financial market with a growing customer base.

“There is a lot more we can do with technology in mainland China. The level of technology adoption and innovation in China is way ahead of other markets,” West told reporters during a tour of HSBC’s technology center in the southern city of Guangzhou last week.

“We see mainland China as a tremendous source of talent, not just for the local market but our technology operations globally. We are hiring very aggressively here,” he added.


Company: cnbc, Activity: cnbc, Date: 2019-05-21
Keywords: news, cnbc, companies, share, plans, technology, information, mainland, west, tech, bank, centers, operations, market, china, worldwide, push, hsbc, jobs


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European stocks close higher as trade war offers reprieve; tech sector rallies

European stocks closed higher Tuesday as tensions eased slightly in the escalating trade war between the U.S. and China. The pan-European STOXX 600 closed provisionally 0.5% higher, with most sectors in positive territory. Technology stocks led the gains with a 1.6% rise. Chipmakers AMS and STMicroelectronics both climbed about 4% as a result of the positive trade developments. OECD chief economist Laurence Boone told CNBC Tuesday that U.S.-Sino trade tensions have “derailed global growth” and n


European stocks closed higher Tuesday as tensions eased slightly in the escalating trade war between the U.S. and China. The pan-European STOXX 600 closed provisionally 0.5% higher, with most sectors in positive territory. Technology stocks led the gains with a 1.6% rise. Chipmakers AMS and STMicroelectronics both climbed about 4% as a result of the positive trade developments. OECD chief economist Laurence Boone told CNBC Tuesday that U.S.-Sino trade tensions have “derailed global growth” and n
European stocks close higher as trade war offers reprieve; tech sector rallies Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-21  Authors: elliot smith ryan browne, elliot smith, ryan browne
Keywords: news, cnbc, companies, technology, rallies, tech, stocks, reprieve, trade, european, tensions, offers, higher, markets, sector, territory, positive, growth, huawei, war


European stocks close higher as trade war offers reprieve; tech sector rallies

European stocks closed higher Tuesday as tensions eased slightly in the escalating trade war between the U.S. and China.

The pan-European STOXX 600 closed provisionally 0.5% higher, with most sectors in positive territory. Technology stocks led the gains with a 1.6% rise.

Monday saw markets close lower after a U.S. crackdown on Chinese telecommunications giant Huawei weighed on the technology sector. Major European chipmakers saw a sell-off with reports that Germany’s Infineon had suspended shipments to Huawei.

However, markets rebounded Tuesday after the U.S. government temporarily eased some trade restrictions imposed on the company, in a move intended to minimize disruption for Huawei customers around the world. Google confirmed Tuesday that it had reversed a decision to cut ties with Huawei following the move.

Chipmakers AMS and STMicroelectronics both climbed about 4% as a result of the positive trade developments. Many semiconductor stocks had turned south on Monday amid jitters around Huawei.

In economic news, the OECD released its growth outlook, projecting global economic growth of 3.2% in 2019, down 0.1% from its March forecast, and an unchanged 3.4% in 2020. OECD chief economist Laurence Boone told CNBC Tuesday that U.S.-Sino trade tensions have “derailed global growth” and need to be dealt with at a multilateral level.

Meanwhile, investors stateside took their cues from international equity markets, with the Dow Jones Industrial Average trading around 130 points higher and the S&P 500 and Nasdaq indexes also in positive territory.


Company: cnbc, Activity: cnbc, Date: 2019-05-21  Authors: elliot smith ryan browne, elliot smith, ryan browne
Keywords: news, cnbc, companies, technology, rallies, tech, stocks, reprieve, trade, european, tensions, offers, higher, markets, sector, territory, positive, growth, huawei, war


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Stocks slide as Huawei fallout drags down Qualcomm, other tech shares

Stocks fell on Monday as the intensifying fallout from a U.S. crackdown on Chinese telecom giant Huawei pressured the technology sector. The S&P 500 pulled back 0.7% to 2,840.23, with the tech sector dropping 1.8%. The Nasdaq Composite lagged, dropping 1.46% to 7,702.38. Bloomberg News also reported that companies like Intel, Qualcomm and Broadcom will not supply Huawei until further notice. That’s difficult because “Huawei has its tentacles in so many parts of technology sector.


Stocks fell on Monday as the intensifying fallout from a U.S. crackdown on Chinese telecom giant Huawei pressured the technology sector. The S&P 500 pulled back 0.7% to 2,840.23, with the tech sector dropping 1.8%. The Nasdaq Composite lagged, dropping 1.46% to 7,702.38. Bloomberg News also reported that companies like Intel, Qualcomm and Broadcom will not supply Huawei until further notice. That’s difficult because “Huawei has its tentacles in so many parts of technology sector.
Stocks slide as Huawei fallout drags down Qualcomm, other tech shares Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-20  Authors: fred imbert
Keywords: news, cnbc, companies, slide, companies, qualcomm, technology, tech, lagged, stocks, shares, drags, fallout, points, dropping, chinese, sector, business, thats, huawei


Stocks slide as Huawei fallout drags down Qualcomm, other tech shares

Stocks fell on Monday as the intensifying fallout from a U.S. crackdown on Chinese telecom giant Huawei pressured the technology sector.

The Dow Jones Industrial Average declined by 84.1 points to 25,679.90 as Apple lagged. The 30-stock index dropped as much as 203 points earlier in the day. The S&P 500 pulled back 0.7% to 2,840.23, with the tech sector dropping 1.8%. The Nasdaq Composite lagged, dropping 1.46% to 7,702.38.

Alphabet’s Google has suspended business with Huawei that involves transferring hardware, software and other technical services. The U.S. search giant’s decision follows President Donald Trump’s administration adding Huawei to a list that required U.S. companies get a license to do business with the Chinese company. Bloomberg News also reported that companies like Intel, Qualcomm and Broadcom will not supply Huawei until further notice.

“If this remains enforced, it’s going to create some opportunity, but clearly companies are working with their compliance departments to get out of the way of this Huawei situation,” said Quincy Krosby, chief market strategist at Prudential Financial. That’s difficult because “Huawei has its tentacles in so many parts of technology sector. That’s why this is not a one-day event.”


Company: cnbc, Activity: cnbc, Date: 2019-05-20  Authors: fred imbert
Keywords: news, cnbc, companies, slide, companies, qualcomm, technology, tech, lagged, stocks, shares, drags, fallout, points, dropping, chinese, sector, business, thats, huawei


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Roger McNamee: Facebook must stop making ‘superficial’ privacy fixes and change its business model

Facebook executives are making progress when it comes to speaking with the public, but need to focus on changing its business model, early Facebook and Google investor Roger McNamee told CNBC on Friday. “I really applaud Sheryl (Sandberg) and especially Mark Zuckerberg for engaging in the public conversation, ” the author of “Zucked” said on “Squawk Alley. ” Get focused on changing the business model in ways that are going to make the progress we will be able to see.” Facebook and other technolo


Facebook executives are making progress when it comes to speaking with the public, but need to focus on changing its business model, early Facebook and Google investor Roger McNamee told CNBC on Friday. “I really applaud Sheryl (Sandberg) and especially Mark Zuckerberg for engaging in the public conversation, ” the author of “Zucked” said on “Squawk Alley. ” Get focused on changing the business model in ways that are going to make the progress we will be able to see.” Facebook and other technolo
Roger McNamee: Facebook must stop making ‘superficial’ privacy fixes and change its business model Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, model, superficial, changing, public, technology, sandberg, facebook, making, mcnamee, roger, change, business, stop, ways, fixes, privacy


Roger McNamee: Facebook must stop making 'superficial' privacy fixes and change its business model

Facebook executives are making progress when it comes to speaking with the public, but need to focus on changing its business model, early Facebook and Google investor Roger McNamee told CNBC on Friday.

“I really applaud Sheryl (Sandberg) and especially Mark Zuckerberg for engaging in the public conversation, ” the author of “Zucked” said on “Squawk Alley. ” “But stop doing these superficial things … that don’t actually address the underlying problems. Get focused on changing the business model in ways that are going to make the progress we will be able to see.”

There’s a reason there’s dangers to privacy and democracy when it comes to technology, he said.

“There is this massive gathering of private data and use of it in ways that consumers are just completely unaware of. That’s the model that we have to fix,” McNamee said. Facebook and other technology giants, such as Alphabet’s Google, Microsoft or Amazon, should be looking at changing their business models, he said.

Sandberg, Facebook’s chief operating officer, sat down for an interview with CNBC’s Julia Boorstin on Friday morning, where she called for regulation of American technology companies and addressed privacy concerns, but advocated against breaking up Facebook.

“We know at Facebook we have a real possibility to do better and earn back people’s trust,” Sandberg said, referring to the several privacy mishaps that have occurred since the Cambridge Analytica scandal. Since early last year, Facebook has announced actions to improve the platform, among them, reworking its desktop and mobile apps, overhauling its ad targeting, and unveiling several measures aimed at making it easier for users to see what data is being held by companies.

And while appearing for interviews and “framing the conversation,” is helpful, McNamee said, technology giants should “pay the costs.”

“You have to get rid of the hate speech and disinformation before it amplifies,” he said.

Facebook, Alphabet, Microsoft and Amazon did not immediately respond to a request for comment.


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, model, superficial, changing, public, technology, sandberg, facebook, making, mcnamee, roger, change, business, stop, ways, fixes, privacy


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Shares of Huawei’s American suppliers slide, but the Chinese giant says it can survive US blacklist

Shares of Huawei’s key U.S.-listed suppliers stumbled on Thursday following a new rule that requires American firms to seek government approval before selling to the Chinese tech giant. That means American firms will need to get a license from the government to sell or transfer technology to Huawei. Huawei, for its part, said the U.S. government’s move could meaningfully hurt such American firms. US company reactionCNBC reached out to 11 U.S.-listed Huawei suppliers. A concern is that there coul


Shares of Huawei’s key U.S.-listed suppliers stumbled on Thursday following a new rule that requires American firms to seek government approval before selling to the Chinese tech giant. That means American firms will need to get a license from the government to sell or transfer technology to Huawei. Huawei, for its part, said the U.S. government’s move could meaningfully hurt such American firms. US company reactionCNBC reached out to 11 U.S.-listed Huawei suppliers. A concern is that there coul
Shares of Huawei’s American suppliers slide, but the Chinese giant says it can survive US blacklist Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: arjun kharpal
Keywords: news, cnbc, companies, survive, huawei, suppliers, business, huaweis, blacklist, told, technology, chinese, spare, shares, slide, american, firms, components, companies, giant


Shares of Huawei's American suppliers slide, but the Chinese giant says it can survive US blacklist

Shares of Huawei’s key U.S.-listed suppliers stumbled on Thursday following a new rule that requires American firms to seek government approval before selling to the Chinese tech giant. Earlier this week, Huawei was added to the U.S. Bureau of Industry and Security’s so-called Entity List. That means American firms will need to get a license from the government to sell or transfer technology to Huawei. Huawei has over 30 U.S. companies that it deems “core suppliers,” selling it components to go in everything from its smartphones to its telecom networking equipment. Many of those firms are publicly listed and took a battering by the close of U.S. trade on Thursday. Qualcomm was down 4%, Micron was nearly 3% lower, and semiconductor firms Qorvo and Skyworks were down 7% and 6%, respectively. CNBC reached out to all four of those companies for comment about Huawei’s inclusion on the Entity List. None have replied.

Huawei, for its part, said the U.S. government’s move could meaningfully hurt such American firms. “This decision is in no one’s interest. It will do significant economic harm to the American companies with which Huawei does business, affect tens of thousands of American jobs, and disrupt the current collaboration and mutual trust that exist on the global supply chain,” a Huawei spokesperson said on Friday. “Huawei will seek remedies immediately and find a resolution to this matter. We will also proactively endeavor to mitigate the impacts of this incident.”

Huawei’s ‘spare tires’

It appeared that Huawei has been preparing for this situation for some time. The world’s largest telecom equipment maker told some suppliers six months ago that it wanted to build up a year’s worth of crucial components to prepare for any U.S.-China trade war-related issues, according to a report from the Nikkei Asian Review on Friday. Over the past few years, Huawei has also been trying to reduce its reliance on U.S. companies by investing in its own chip technology for consumer products, particularly smartphone processors and 5G chips. 5G refers to the next generation of mobile networks which promises super-fast speeds and the ability to support new technologies like driverless cars. He Tingbo, president of Huawei chip division Hi-Silicon, called the American decision to put it on the Entity List “insane” in a letter to employees translated by CNBC. She said the company has been preparing for it for several years, and that Huawei has been creating “spare tires” — apparently referring to extra components that would allow the company to survive if the U.S. cut off the fresh supply. “All the ‘spare tires’ we’ve created are no longer spare,” He said in the letter.

The Huawei logo is seen on the side of the main building at the company’s production campus on April 25, 2019 in Dongguan, near Shenzhen, China. Kevin Frayer | Getty Images News | Getty Images

The stockpiling along with the development of its own chip technology could help Huawei weather the storm in the near term, experts said. Still, it’s bad news for major suppliers. “While it could hit Huawei quite a bit, it will also hit these companies as Huawei has grown big enough to be substantial portion of these companies’ revenues,” Neil Shah, a research director at Counterpoint Research told CNBC. “Huawei has … started to stock enough components for next 8-12 months so ideally should be little affected in the near term. Huawei would be expecting to get this resolved by then but there will always be a hanging sword,” Shah added.

Stockpiles may not be enough

While Huawei has been investing in some components, there are other parts that make up a smartphone for which it doesn’t have its own technology and for which it heavily relies on American parts. “It’ll be catastrophic for Huawei,” Edward Snyder, managing director of Charter Equity Research, told “Squawk Box Asia” on Friday. “So yes, they have some internal (parts), but they’re missing a large portion of what they need to do the most advanced stuff, and there’s no way around buying American for that,” he added.

The analyst said that Huawei’s smartphone business, which has helped drive the consumer division to be the company’s biggest by revenues, could “suffer.” “Huawei’s phone business is going to suffer, in my opinion, significantly from this, and that means they’re going to lose shares. Well someone’s going to sell those phones, and it won’t be ZTE, because they don’t have much of a phone business at all. It’ll probably be Samsung, and maybe perhaps other (original equipment manufacturers) like Oppo, Vivo, Xiaomi who do buy a lot of Qualcomm, ” Snyder said.

US company reaction

CNBC reached out to 11 U.S.-listed Huawei suppliers. Corning, a maker of specialist glass, said it will continue to comply with trade regulations. “Corning’s optical communications business segment has a large global customer base. We are confident that our optical communications business segment will remain on track to deliver on its goal of $5 billion in 2020 sales, with continued growth beyond,” a spokesperson told CNBC. “We do not believe that this issue will have a material impact on Corning’s overall financial performance.” A spokesperson for Flex, a U.S.-listed design and manufacturing company, said it is “monitoring the situation closely and reviewing” the Entity List to determine the impact on its business. Several other companies have not replied to CNBC’s request for comment. A concern is that there could be some retaliation from the Chinese government to suppliers with exposure to China, such as Qualcomm. But analysts said they are not worried about that yet.

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Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: arjun kharpal
Keywords: news, cnbc, companies, survive, huawei, suppliers, business, huaweis, blacklist, told, technology, chinese, spare, shares, slide, american, firms, components, companies, giant


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Jack Ma explains how entrepreneurs should deal with rejection

Jack Ma, chairman of Alibaba Group Holding Ltd., speaking during a fireside interview at the Viva Technology conference in Paris, on May 16, 2019. When it comes to building a business from scratch, every entrepreneur is bound to face some form of rejection along the way. Having to get used to being said ‘no’ to by the other people, by the investors, by your customers, by people,” said Jack Ma, executive chairman of Alibaba Group on Thursday. Yet, rejection should be treated as an opportunity, Ma


Jack Ma, chairman of Alibaba Group Holding Ltd., speaking during a fireside interview at the Viva Technology conference in Paris, on May 16, 2019. When it comes to building a business from scratch, every entrepreneur is bound to face some form of rejection along the way. Having to get used to being said ‘no’ to by the other people, by the investors, by your customers, by people,” said Jack Ma, executive chairman of Alibaba Group on Thursday. Yet, rejection should be treated as an opportunity, Ma
Jack Ma explains how entrepreneurs should deal with rejection Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: alexandra gibbs
Keywords: news, cnbc, companies, group, prove, alibaba, ma, used, rejection, technology, deal, viva, chairman, successful, jack, explains, entrepreneurs


Jack Ma explains how entrepreneurs should deal with rejection

Jack Ma, chairman of Alibaba Group Holding Ltd., speaking during a fireside interview at the Viva Technology conference in Paris, on May 16, 2019.

When it comes to building a business from scratch, every entrepreneur is bound to face some form of rejection along the way. And if they want to keep pushing forward, they’re going to have to get accustomed to receiving these negative responses, says the lead founder of Chinese e-commerce behemoth, Alibaba. “As an entrepreneur, you have got to get used to being challenged. Having to get used to being said ‘no’ to by the other people, by the investors, by your customers, by people,” said Jack Ma, executive chairman of Alibaba Group on Thursday. Yet, rejection should be treated as an opportunity, Ma said, as if everybody initially agrees with your vision or service, then “there is no opportunity.” “When everybody believes (in) it, you have no chance. When only few people believe it, you believe it, you prove it — that’s your chance.”

Jack Ma, chairman of Alibaba Group (L), speaks during a fireside interview with Maurice Levy, chairman of Publicis Group (R), at the Viva Technology conference in Paris, on May 16, 2019. Marlene Awaad/Bloomberg | Bloomberg | Getty Images

During a fireside chat with Publicis Chairman Maurice Levy at the Viva Technology conference in Paris, the business magnate explained how when he and the other founders started Alibaba in 1999, they had “almost nothing.” “I talked to the 18 founders, (and) one of the things we wanted to prove: If Jack Ma and his team can be successful, 80% of people in the world can be successful, because we don’t have money, we don’t have technology, we have almost nothing.” “The only thing is that we believe in future, and we started to do little by little,” Ma said, adding that he believes that anyone can be successful, if they “really try hard.” “So, people like us, we are getting used to being criticized. We are getting used to being said ‘no’, people saying ‘no’ to you. When people say ‘yes’ to you, we really appreciate it. (I mean,) why should people say ‘yes’ to you? You have to prove (yourself),” said Ma, adding that the main two groups that you should focus on convincing is your own business team and your customers. Of course, Ma is no stranger to setback. Over the years, the tycoon has talked openly about his encounters with rejection, whether that’s failing to secure any of the 30 jobs he applied for after college, including one at KFC, or being turned down by Harvard 10 times.


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: alexandra gibbs
Keywords: news, cnbc, companies, group, prove, alibaba, ma, used, rejection, technology, deal, viva, chairman, successful, jack, explains, entrepreneurs


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Tesla shares drop after report says its Autopilot system was engaged during a fatal crash

Tesla shares fell almost 8% on Friday to their lowest close since December 2016, after the National Transportation Safety Board said the company’s Autopilot driver assistance system was engaged during a fatal crash in March. The latest crash occurred in Delray Beach, Florida, and involved a Model 3. The accident was at least the third of its kind in the U.S. and raises concerns about Tesla’s Autopilot technology. Tesla’s manufacturing operation burns so much cash that the company’s long-term pat


Tesla shares fell almost 8% on Friday to their lowest close since December 2016, after the National Transportation Safety Board said the company’s Autopilot driver assistance system was engaged during a fatal crash in March. The latest crash occurred in Delray Beach, Florida, and involved a Model 3. The accident was at least the third of its kind in the U.S. and raises concerns about Tesla’s Autopilot technology. Tesla’s manufacturing operation burns so much cash that the company’s long-term pat
Tesla shares drop after report says its Autopilot system was engaged during a fatal crash Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: ari levy lora kolodny, ari levy, lora kolodny
Keywords: news, cnbc, companies, transportation, crash, fatal, report, system, autopilot, safety, used, technology, engaged, companys, teslas, upcoming, shares, drop, tesla


Tesla shares drop after report says its Autopilot system was engaged during a fatal crash

Tesla shares fell almost 8% on Friday to their lowest close since December 2016, after the National Transportation Safety Board said the company’s Autopilot driver assistance system was engaged during a fatal crash in March.

Elon Musk, Tesla’s billionaire co-founder and CEO, has been touting the company’s self-driving technology, going so far as to say last month that it will have 1 million robotaxis on the road next year. While investors are used to discounting Musk’s public comments because of how frequently the company has failed to deliver on its promises, actual reports of safety hazards create a deeper problem.

The latest crash occurred in Delray Beach, Florida, and involved a Model 3. The accident was at least the third of its kind in the U.S. and raises concerns about Tesla’s Autopilot technology. Tesla’s manufacturing operation burns so much cash that the company’s long-term path to generating profits relies on its software.

“Autopilot software has incredibly high profit margins which makes it critical to Tesla’s shot at overall profitability,” said Edward Niedermeyer, the author of an upcoming book on Tesla.


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: ari levy lora kolodny, ari levy, lora kolodny
Keywords: news, cnbc, companies, transportation, crash, fatal, report, system, autopilot, safety, used, technology, engaged, companys, teslas, upcoming, shares, drop, tesla


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China has plenty of ways to get back at US for treatment of Huawei

Omar Marques | LightRocket | Getty ImagesChina has plenty of ways it can retaliate against the U.S. treatment of Huawei, and U.S. companies could feel the brunt of it. Huawei was put on the Commerce Department’s Entity List which would require companies to apply for a license to sell technology to Huawei, thus limiting its access to U.S. technology. The U.S. may see the action against Huawei as a lever in its China trade negotiations, which have hit a rough spot and now could take several more m


Omar Marques | LightRocket | Getty ImagesChina has plenty of ways it can retaliate against the U.S. treatment of Huawei, and U.S. companies could feel the brunt of it. Huawei was put on the Commerce Department’s Entity List which would require companies to apply for a license to sell technology to Huawei, thus limiting its access to U.S. technology. The U.S. may see the action against Huawei as a lever in its China trade negotiations, which have hit a rough spot and now could take several more m
China has plenty of ways to get back at US for treatment of Huawei Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-16  Authors: patti domm
Keywords: news, cnbc, companies, plenty, chance, trade, meng, consumers, treatment, deal, ways, products, huawei, technology, companies, china


China has plenty of ways to get back at US for treatment of Huawei

5G logo is seen on an android mobile phone with Huawei logo on the background. Omar Marques | LightRocket | Getty Images

China has plenty of ways it can retaliate against the U.S. treatment of Huawei, and U.S. companies could feel the brunt of it. Both the White House and Commerce Department Wednesday took actions against the Chinese telecom company, which would essentially ban it from selling technology in the U.S. market and also stop it from buying the Qualcomm chips it needs for its production. Huawei was put on the Commerce Department’s Entity List which would require companies to apply for a license to sell technology to Huawei, thus limiting its access to U.S. technology. The U.S. may see the action against Huawei as a lever in its China trade negotiations, which have hit a rough spot and now could take several more months. China’s possible reactions range from encouraging boycotts of U.S. products, favoring other companies over American companies, and conducting nuisance regulatory enforcements and inspections.

China could also use the same tactics it might use if trade talks become more difficult or fall apart, such as limiting purchases of U.S. Treasurys or selling them or weakening its currency. The biggest holder of U.S. Treasurys, China recently reduced its holdings to the lowest level in two years. Eurasia Group analysts said there’s only now a 15% chance of a deal by the time President Donald Trump and Chinese President Xi Jinping meet at the G-20 meeting at the end of June. They see a 45% chance that negotiations will be extended, and 40% chance there will be no deal or truce. Citigroup economists still expect a trade deal within the next couple of months, regardless of where Huawei stands. “This is consistent with our view that the tensions between the U.S. and China go beyond trade. What we thought before this event was these issues regarding the technology sector were mostly taken on a different path, so they’re not that tied to having a trade deal,” said Cesar Rojas, global economist at Citigroup. Analysts speculated that one of China’s first responses to the Huawei actions was to formally charge two Canadians Thursday with espionage. The two were arrested in December, and the charges against them were viewed as payback for Canada’s help in the arrest of Huawei CFO Meng Wanzhou, who is fighting extradition to the U.S.

‘Mobilizing patriotic consumers’

In January, the U.S. charged Huawei and Meng with wire fraud, obstructing justice, conspiring to launder money and violating the International Emergency Economic Powers Act by doing business with sanctioned Iran. Meng is the daughter of Hauwei’s founder and faces extradition to the U.S. Washington has also discouraged the adoption of Huawei technology in other countries, for fear its equipment is not secure and could be used for cyber-espionage. “There has been some signaling about maybe mobilizing patriotic consumers, so you could maybe see a boycott of U.S. products. That’s been pretty limited so far. That’s been the main response,” said Adam Segal, director of digital and cybersecurity at the Council on Foreign Relations. He said Apple would be the most likely target because its products are sold directly to consumers, but China may not want to rev up consumers too much. “There is a worry that if you mobilize too much nationalist sentiment, that you can’t control it,” he said. Segal said China could use anti-competition inspections on China-based operations of U.S. companies, as it did with Microsoft several years ago. “They could search your factory. At 5 o’clock in the morning, inspectors show up and demand to see your books,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-05-16  Authors: patti domm
Keywords: news, cnbc, companies, plenty, chance, trade, meng, consumers, treatment, deal, ways, products, huawei, technology, companies, china


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Cramer: Trump no longer cares if his China policies hurt American businesses

President Donald Trump has practically “blacklisted” Chinese telecommunications giant Huawei and made it crystal clear that he does not want American companies doing business with the country, CNBC’s Jim Cramer said Thursday. “Huawei has the best technology for the 5G wireless infrastructure build-out, but without components from American suppliers, that technology just doesn’t work. The move bans American businesses from buying equipment from Huawei and requires a special license to sell compon


President Donald Trump has practically “blacklisted” Chinese telecommunications giant Huawei and made it crystal clear that he does not want American companies doing business with the country, CNBC’s Jim Cramer said Thursday. “Huawei has the best technology for the 5G wireless infrastructure build-out, but without components from American suppliers, that technology just doesn’t work. The move bans American businesses from buying equipment from Huawei and requires a special license to sell compon
Cramer: Trump no longer cares if his China policies hurt American businesses Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-16  Authors: tyler clifford
Keywords: news, cnbc, companies, business, companies, chinese, stocks, policies, walmart, american, hurt, businesses, technology, trump, cramer, cares, china, longer


Cramer: Trump no longer cares if his China policies hurt American businesses

President Donald Trump has practically “blacklisted” Chinese telecommunications giant Huawei and made it crystal clear that he does not want American companies doing business with the country, CNBC’s Jim Cramer said Thursday.

That tanked the shares of a group of chipmakers — Qualcomm, Skyworks Solutions, Broadcom, Micron, and Xilinx — as much as 7.3%, he argued.

“Huawei has the best technology for the 5G wireless infrastructure build-out, but without components from American suppliers, that technology just doesn’t work. They’re gonna get beat,” the “Mad Money” host said. “It could be the end for Huawei’s 5G leadership. That’s a huge blow to this pioneering company that many in the industry actually feel is nothing but an arm of the [Chinese] Communist Party.”

On Wednesday, the Trump administration made a national emergency via executive order to regulate any business dealing with information or communications technology that “poses an unacceptable risk to the national security of the United States.” The move bans American businesses from buying equipment from Huawei and requires a special license to sell components to the company, Cramer highlighted.

The semiconductor exchange-trade fund, which tracks chip stocks, slid 1.4%.

“This was a major escalation from the White House. Trump did the same thing to a smaller Chinese company not that long ago, ZTE, although he quickly walked it back,” Cramer said. “This one feels different … It’s clear the president no longer cares if his actions hurt major American businesses.”

Although several semiconductor names took a hit in the session, the major U.S. indexes all gained less than 1%. The Dow Jones Industrial Average added about 214 points, while the S&P 500 and Nasdaq Composite gained 0.89% and 0.97% respectively.

“It’s not that we rallied. It’s that the components of the rally actually made a ton of sense,” Cramer said. “This was a day where we separated the China winners from the China losers, and that allowed many stocks to roar based on good old-fashioned earnings per share.”

Cisco popped 6.7% and Walmart, which has exposure to China, climbed 1.43%. The host called them the “surprise winners.”

Cramer said many expected Cisco to stumble, but the networking equipment maker beat earnings and revenue estimates. Walmart, which has been investing in its digital business and other areas, provided better-than-expected earnings per share and grew U.S. sales by 3.4%.

“They expressed a degree of immunity to the tariffs that stunned Wall Street,” Cramer said. “These companies were widely perceived to be caught in the Chinese crossfire. Turns out that’s just not quite true.”

That’s unlike the assets of Ralph Lauren and Macy’s, who finished another day in the red. Earlier this week, their shares rallied off good quarterly reports but fell after revealing their exposure to China.

Cisco CEO Chuck Robbins told shareholders that they see minimal impact from tariffs on Chinese imports after preparing for the worse six months ago and shifting sourcing out of the country.

Walmart has warned that it will have to raise its prices if Trump goes through with his promises to slap another 25% tariff on $300 billion, on top of the existing $200 billion, worth of Chinese imports.

Luckily the department behemoth doesn’t ship food from the country, meaning their grocery prices can stay low, Cramer said. Furthermore, the retail giant can weather the storm with its massive scale because it “can source better than any other retailer on earth, save maybe Amazon. ”

If Walmart needs to change suppliers, they will do so and still have better prices than their competitors, he said, adding that he’s more concerned about the strong American dollar’s negative impact on the chain’s international sales.

“Here’s how I see it: President Trump is now in charge. He’s in charge of which American companies can do business in China. If you do too much, he’ll smite you. If you buy too much, he’ll find you. If you rely on them too much, he’ll crush you,” Cramer said. “The companies that didn’t see this escalation coming, they may get stream-rolled, but the ones that thought ahead are being re-rated to more exalted status … I think their stocks aren’t done going higher.”


Company: cnbc, Activity: cnbc, Date: 2019-05-16  Authors: tyler clifford
Keywords: news, cnbc, companies, business, companies, chinese, stocks, policies, walmart, american, hurt, businesses, technology, trump, cramer, cares, china, longer


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