The cost of your shoes could jump thanks to the US-China trade war

The cost of your sneakers or high heels could soon jump, thanks to another round of tariffs under consideration by the Trump administration as part of an ongoing trade war with China. The list includes footwear — everything from sneakers to sandals, golf shoes, rain boots and ski shoes. Should the tariff increase ultimately take effect, analysts say consumers would feel the brunt of the impact. FDRA said a popular type of canvas “skate” sneaker, currently retailing at $49.99, with a 25% tariff,


The cost of your sneakers or high heels could soon jump, thanks to another round of tariffs under consideration by the Trump administration as part of an ongoing trade war with China. The list includes footwear — everything from sneakers to sandals, golf shoes, rain boots and ski shoes. Should the tariff increase ultimately take effect, analysts say consumers would feel the brunt of the impact. FDRA said a popular type of canvas “skate” sneaker, currently retailing at $49.99, with a 25% tariff,
The cost of your shoes could jump thanks to the US-China trade war Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-14  Authors: lauren thomas
Keywords: news, cnbc, companies, war, footwear, billion, jump, shoes, increase, trade, thanks, tariff, cost, tariffs, 25, china, working, uschina


The cost of your shoes could jump thanks to the US-China trade war

The cost of your sneakers or high heels could soon jump, thanks to another round of tariffs under consideration by the Trump administration as part of an ongoing trade war with China.

The White House on Monday released a fresh list of about $300 billion in Chinese goods that could get hit with 25% tariffs, if President Donald Trump decides to move forward with his threat. The list includes footwear — everything from sneakers to sandals, golf shoes, rain boots and ski shoes.

Should the tariff increase ultimately take effect, analysts say consumers would feel the brunt of the impact. And the American footwear industry is particularly dependent on China.

In 2017, China accounted for about 72% of all footwear imported into the U.S., according to the American Apparel and Footwear Association. The U.S. imported $11.4 billion worth of footwear from China last year, according to data from the U.S. Census Bureau.

“While brands have moved their production into other countries in Asia because labor costs are lower there, everybody is still making shoes in China,” said Matt Powell, a sports analyst for NPD Group. “The Chinese have years of expertise. They tend to be the best at making high-value product.”

Both Nike and Adidas — the top two sneaker makers in the U.S. by sales — have steadily been easing their reliance on China, shifting production to Vietnam instead. Both companies declined to comment when reached by CNBC.

Puma has said it’s working to do more of the same. But China still dominates when it comes to footwear manufacturing.

“For a lot of working families who buy shoes at Walmart, Target and these other retailers … a ton of volume runs through [China], ” said Matt Priest, the president and CEO of the Footwear Distributors and Retailers of America, a trade organization. The proposed tariffs on footwear “are concerning to say the least,” he said. “It’s every single type of shoe.”

FDRA said a popular type of canvas “skate” sneaker, currently retailing at $49.99, with a 25% tariff, could increase to $65.57. The price of a typical hunting boot would increase from $190 to $248.56. And a popular performance running shoe could jump from $150 to $206.25, FDRA said.

Ultimately, a 25% tariff on footwear could cost shoppers more than $7 billion each year, Priest said — what he called a “conservative” estimate.

— CNBC’s Jessica Golden contributed to this reporting.

WATCH: Cramer explains which businesses have the most exposure to the trade war


Company: cnbc, Activity: cnbc, Date: 2019-05-14  Authors: lauren thomas
Keywords: news, cnbc, companies, war, footwear, billion, jump, shoes, increase, trade, thanks, tariff, cost, tariffs, 25, china, working, uschina


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Uber employee No. 1 is a billionaire, and he got the job thanks to a tweet

On Jan 5, 2010, Ryan Graves sent a tweet to Uber co-founder Travis Kalanick suggesting himself as a potential hire for what was then a new start-up. On March 1, 2010, he became the first employee at Uber thanks to that tweet. “I was hitting Craigslist, Twitter, and other channels looking for the right candidate,” Kalanick wrote in a 2010 blog post about Uber’s early days. Because of his equity in the company, Graves, 35, is a very rich man, worth more than $1 billion, according to Forbes. Kalani


On Jan 5, 2010, Ryan Graves sent a tweet to Uber co-founder Travis Kalanick suggesting himself as a potential hire for what was then a new start-up. On March 1, 2010, he became the first employee at Uber thanks to that tweet. “I was hitting Craigslist, Twitter, and other channels looking for the right candidate,” Kalanick wrote in a 2010 blog post about Uber’s early days. Because of his equity in the company, Graves, 35, is a very rich man, worth more than $1 billion, according to Forbes. Kalani
Uber employee No. 1 is a billionaire, and he got the job thanks to a tweet Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-10  Authors: catherine clifford, mark neuling
Keywords: news, cnbc, companies, ubers, silicon, job, billion, graves, billionaire, according, employee, wrote, uber, company, 2010, kalanick, thanks


Uber employee No. 1 is a billionaire, and he got the job thanks to a tweet

It would turn out to be a billion-dollar tweet.

On Jan 5, 2010, Ryan Graves sent a tweet to Uber co-founder Travis Kalanick suggesting himself as a potential hire for what was then a new start-up.

Graves, who was at the time working as a leader in a management training program in information technology at General Electric, got hired.

On March 1, 2010, he became the first employee at Uber thanks to that tweet.

“I was hitting Craigslist, Twitter, and other channels looking for the right candidate,” Kalanick wrote in a 2010 blog post about Uber’s early days. “What resulted was the Awesomest job post and response I’ve ever seen.”

Now of course, Uber is a multibillion-dollar company. It was valued at more than $75 billion based on it’s $45 a share IPO on Thursday, and shares were hovering between about $42 and $44 when it started trading on the New York Stock Exchange Friday.

Because of his equity in the company, Graves, 35, is a very rich man, worth more than $1 billion, according to Forbes.

Kalanick (worth over $5 billion, according to Forbes) has said that Graves, “hit the ground running,” at Uber after he was hired. “From the day he got going, we spent about 15-20 hours a week working together going over product, driver on-boarding, pricing model, the whole nine. He learned the startup game fast and worked his a– off to build the Uber team and make the San Francisco launch and subsequent growth a huge success,” Kalanick wrote in the 2010 blog post.

Graves’ tenure at Uber included an almost year-long stint as the CEO and an almost seven-year run as the senior vice president of global operations.

Of course, Graves’ time at Uber was not without controversy, and he announced his resignation from Uber in August 2017, two months after Kalanick was forced to resign when investigations into Uber’s culture revealed sexual harassment and discrimination.

“We should have taken more time to reflect on our mistakes and make changes together,” Graves said in an email sent to Uber staff at the time. “There always seemed to be another goal, another target, another business or city to launch. Confucius said that reflection is the noblest method to learn wisdom, and fortunately, our new found reflection and introspection has become an asset to us and we have evolved and grown considerably.”

Graves still sits on Uber’s board of directors. He now lives with his family in Hawaii, according to Forbes, and is running the investment firm he founded, Saltwater. Saltwater’s portfolio includes independent San Francisco beer company Fort Point beer, cannabis company Caliva and women’s health and fertility services company Kindbody.

Though Graves’ money tweet may sound like a Silicon Valley fairy tale, it’s not entirely unique. Adam Lyons was the 25-year-old founder of car-insurance start-up The Zebra when he guessed Mark Cuban’s email address, shot him a note and ended up getting an investment from the billionaire star of ABC’s “Shark Tank.” And Elon Musk recently suggested a Reddit user “should interview at Tesla” for the analysis he posted of his Tesla’s self-driving car technology.

And it’s not just Silicon Valley: Hafthor Bjornsson who stars as “The Mountain” on HBO’s “Game of Thrones,” got an audition for the role via an unsolicited Facebook Messenger message.

See also:

Hedge fund billionaire Ray Dalio to younger self: ‘Why are you so stupidly arrogant!?!’

Pinterest’s employee No. 2 left before his equity vested—here’s what he says of the decision that cost him millions

Google execs reveal secrets to success they got from Silicon Valley’s ‘trillion dollar’ business coach


Company: cnbc, Activity: cnbc, Date: 2019-05-10  Authors: catherine clifford, mark neuling
Keywords: news, cnbc, companies, ubers, silicon, job, billion, graves, billionaire, according, employee, wrote, uber, company, 2010, kalanick, thanks


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Robot food delivery may be coming to a campus near you

Campus food delivery is getting a surprising pick-me-up, thanks to autonomous robots offering food-and-beverage delivery right to the dorm room. The first college to do this is George Mason University in Fairfax, Virginia. It teamed up with Sodexo and Starship Technologies to launch the service in late January. So far, more than 10,000 deliveries have been made by 40 roaming robots from local haunts like Blaze Pizza, Dunkin’, Subway and Steak and Shake, and plans are to make this a 24-hour servi


Campus food delivery is getting a surprising pick-me-up, thanks to autonomous robots offering food-and-beverage delivery right to the dorm room. The first college to do this is George Mason University in Fairfax, Virginia. It teamed up with Sodexo and Starship Technologies to launch the service in late January. So far, more than 10,000 deliveries have been made by 40 roaming robots from local haunts like Blaze Pizza, Dunkin’, Subway and Steak and Shake, and plans are to make this a 24-hour servi
Robot food delivery may be coming to a campus near you Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: lori ioannou, dan bukszpan, special to cnbccom, caroline gao
Keywords: news, cnbc, companies, food, robot, virginia, robots, thanks, teamed, university, surprising, near, delivery, service, campus, coming, technologies


Robot food delivery may be coming to a campus near you

Campus food delivery is getting a surprising pick-me-up, thanks to autonomous robots offering food-and-beverage delivery right to the dorm room.

The first college to do this is George Mason University in Fairfax, Virginia. It teamed up with Sodexo and Starship Technologies to launch the service in late January. So far, more than 10,000 deliveries have been made by 40 roaming robots from local haunts like Blaze Pizza, Dunkin’, Subway and Steak and Shake, and plans are to make this a 24-hour service.

The service also has created 20 jobs on campus for students.


Company: cnbc, Activity: cnbc, Date: 2019-05-02  Authors: lori ioannou, dan bukszpan, special to cnbccom, caroline gao
Keywords: news, cnbc, companies, food, robot, virginia, robots, thanks, teamed, university, surprising, near, delivery, service, campus, coming, technologies


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A controversial part of Robinhood’s business tripled in sales thanks to high-frequency trading firms

The revenue Robinhood gets from a controversial practice of selling customer trades to high frequency trading firms is skyrocketing, according to new research. The company sends customers’ orders to high-frequency trading firms like Virtu or Citadel Securities instead of a stock exchange like the NYSE. As a private company, Robinhood is not required to disclose its income statements, which would paint a better picture of its revenue components. According to a Bloomberg report last year, Robinhoo


The revenue Robinhood gets from a controversial practice of selling customer trades to high frequency trading firms is skyrocketing, according to new research. The company sends customers’ orders to high-frequency trading firms like Virtu or Citadel Securities instead of a stock exchange like the NYSE. As a private company, Robinhood is not required to disclose its income statements, which would paint a better picture of its revenue components. According to a Bloomberg report last year, Robinhoo
A controversial part of Robinhood’s business tripled in sales thanks to high-frequency trading firms Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: kate rooney
Keywords: news, cnbc, companies, business, trades, customers, sales, firms, orders, trading, tripled, highfrequency, revenue, robinhood, robinhoods, thanks, rowady, controversial, practice, company


A controversial part of Robinhood's business tripled in sales thanks to high-frequency trading firms

The revenue Robinhood gets from a controversial practice of selling customer trades to high frequency trading firms is skyrocketing, according to new research.

The popular millennial stock-trading app brought in $69 million in order routing revenue in 2018, according to a new estimate from Alphacution Research, three times what the company brought in a year earlier. So-called “payment for order flow,” is a common practice on Wall Street.

“This certainly means they’re growing,” Paul Rowady, director of research at Alphacution, told CNBC. “There’s a lot more flow going through Robinhood’s platform.”

The Menlo Park, California-based company has ushered in 6 million users and a $5.6 billion valuation in its five-year existence. Its no-fee model for stock trading has been successful in attracting millennials and put pressure on incumbents like Charles Schwab and TD Ameritrade, which charge $4.95 and $6.95, for trades, respectively.

Robinhood has faced criticism over its reliance on high-frequency traders, especially considering a founding ethos that some have categorized as “anti-Wall Street.” The company sends customers’ orders to high-frequency trading firms like Virtu or Citadel Securities instead of a stock exchange like the NYSE. These trades are executed in what’s known as a dark pool, which as the name suggests, lacks some transparency.

Critics of high-frequency trading say the practice, which takes milliseconds, can result in big market swings and also allow institutional investors to gain an upper hand over smaller retail investors.

“The question is, what does that suggest about the underlying execution quality? Are they are going to be biased based on who is paying the most?” Rowady said. “There’s a feeling that maybe because of mass tech and speed in everything, that there’s still some games being played.”

But the practice is hardly unique on Wall Street. Roughly 40 percent of all trading is done outside of exchanges — up from just 10 percent a decade ago, according to CFA Institute, a group of investment professionals. There are also regulations that require broker dealers to execute trades at the best price.

The entire industry saw a roughly 42 percent increase in overall order-routing revenue, according to Alphacution. TD Ameritrade for example, saw 43 percent growth in order-routing revenue year over year. Robinhood’s outsized percentage increase accounts for the fact that it was much smaller to start, Rowady said.

Robinhood makes money by taking a fraction of a cent per dollar from each trade order and collecting interest on customers’ deposits. It also has a paid subscription service called “Robinhood Gold,” unveiled in September 2016.

As a private company, Robinhood is not required to disclose its income statements, which would paint a better picture of its revenue components. As a registered broker-dealer, though, it does have certain required disclosures, which Alphacution used to estimate its totals.

According to a Bloomberg report last year, Robinhood brought in more than 40 percent of its revenue in early 2018 from selling its customers’ orders to high-frequency trading firms, or market makers. Robinhood’s co-founder and CEO Vlad Tenev defended the practice in a blog post.

Tenev said like its broker-dealer peers, the start-up “participates in rebate programs which help customers get additional price improvement for their orders by creating competition amongst the exchanges and liquidity providers who fill the orders, often resulting in superior execution quality.”

“We send your orders to the market maker that’s most likely to give you the best execution quality,” Tenev said a blog post. The company also said it does not take rebates into consideration. “All market makers with whom we work have the same rebate rate.”

Robinhood declined to comment on the 2018 revenue figures.

The growth in Robinhood’s revenue came alongside a massive increase in customers. The start-up jumped from 5 million to 6 million customers in a matter of months last year.

It also ended 2018 with a major misstep, though. The company announced in December that it would launch checking and savings accounts with an eye-popping, industry leading interest rate. Just a day later, Robinhood’s co-founders said they were re-naming and re-launching after regulators and Wall Street sounded the alarm.

“Robinhood is growing and their business plan seems to be working,” Rowady said. “It’s just a question of when you look below the components of revenue — is it sustainable, and how far can it go?”


Company: cnbc, Activity: cnbc, Date: 2019-04-18  Authors: kate rooney
Keywords: news, cnbc, companies, business, trades, customers, sales, firms, orders, trading, tripled, highfrequency, revenue, robinhood, robinhoods, thanks, rowady, controversial, practice, company


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Mortgage rates just tanked thanks to the Fed – and they could go even lower

Mortgage rates fell quickly after the Fed’s announcement Wednesday that it would be getting back into the bond-buying business, big time – which could take rates even lower. The move in mortgage rates followed Fed Chairman Jerome Powell’s announcement that the central bank would end the so-called runoff of bonds from its balance sheet sooner than most expected. Mortgage rates loosely follow that yield. It means the Fed will be buying more bonds more quickly,” wrote Matthew Graham, chief operatin


Mortgage rates fell quickly after the Fed’s announcement Wednesday that it would be getting back into the bond-buying business, big time – which could take rates even lower. The move in mortgage rates followed Fed Chairman Jerome Powell’s announcement that the central bank would end the so-called runoff of bonds from its balance sheet sooner than most expected. Mortgage rates loosely follow that yield. It means the Fed will be buying more bonds more quickly,” wrote Matthew Graham, chief operatin
Mortgage rates just tanked thanks to the Fed – and they could go even lower Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-21  Authors: diana olick
Keywords: news, cnbc, companies, fed, daily, lower, mortgage, rates, quickly, rate, expected, sharply, tanked, thanks, fell


Mortgage rates just tanked thanks to the Fed – and they could go even lower

Mortgage rates fell quickly after the Fed’s announcement Wednesday that it would be getting back into the bond-buying business, big time – which could take rates even lower.

The average rate on the popular 30-year fixed, which had been sitting for days at 4.40 percent, fell sharply to 4.34 percent, according to Mortgage News Daily. That is the lowest in over a year and 19 basis points lower than a year ago. The rate had surged to over 5 percent at the start of November, which caused home sales to fall sharply in December and January.

The move in mortgage rates followed Fed Chairman Jerome Powell’s announcement that the central bank would end the so-called runoff of bonds from its balance sheet sooner than most expected. That caused the yield on the 10-year Treasury to tumble. Mortgage rates loosely follow that yield.

“This is about as big of a change as anyone expected. It means the Fed will be buying more bonds more quickly,” wrote Matthew Graham, chief operating officer of Mortgage News Daily. “And bond buying results in lower rates, all other things being equal.”


Company: cnbc, Activity: cnbc, Date: 2019-03-21  Authors: diana olick
Keywords: news, cnbc, companies, fed, daily, lower, mortgage, rates, quickly, rate, expected, sharply, tanked, thanks, fell


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Irish whiskey continues to thrive in the US, thanks to millennials

But they’re actually helping at least one industry: Irish whiskey. Over the last five years, the volume of Irish whiskey sold in the U.S. grew by 61 percent, according to the Irish Food Board. American millennials are driving the growth of Irish whiskey in the U.S., in part, due to their willingness to spent more on higher quality alcohol, Ozgo said. Irish whiskey tends to be smoother and less smoky than its Scottish cousin scotch and less sweet than American and Canadian varieties. Ozgo also no


But they’re actually helping at least one industry: Irish whiskey. Over the last five years, the volume of Irish whiskey sold in the U.S. grew by 61 percent, according to the Irish Food Board. American millennials are driving the growth of Irish whiskey in the U.S., in part, due to their willingness to spent more on higher quality alcohol, Ozgo said. Irish whiskey tends to be smoother and less smoky than its Scottish cousin scotch and less sweet than American and Canadian varieties. Ozgo also no
Irish whiskey continues to thrive in the US, thanks to millennials Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: amelia lucas, igor golovniov, lightrocket, getty images
Keywords: news, cnbc, companies, whiskey, thrive, thanks, spirits, according, irish, market, continues, millennials, worlds, volume, distillers, spending, sold


Irish whiskey continues to thrive in the US, thanks to millennials

Millennials have been accused of killing canned tuna, motorcycles and diamonds. But they’re actually helping at least one industry: Irish whiskey.

Over the last five years, the volume of Irish whiskey sold in the U.S. grew by 61 percent, according to the Irish Food Board. In 2018 alone, sales grew by 9.4 percent compared to the previous year, netting distillers roughly $1 billion in revenue.

Last year also marked the ninth straight time that spirits took market share from beer, according to David Ozgo, the Distilled Spirits Council’s chief economist.

American millennials are driving the growth of Irish whiskey in the U.S., in part, due to their willingness to spent more on higher quality alcohol, Ozgo said.

Despite its growth in the U.S. and elsewhere in the world, Irish whiskey still represents less than 3 percent of the case volume of all spirits sold. But spirits companies are trying to change that, spending more on marketing pushes for their brands. For example, when Diageo, the world’s largest spirits purveyor, re-entered the booming market in 2017 with Roe & Co., it increased its marketing spending by 20 percent compared to the previous year.

Irish whiskey tends to be smoother and less smoky than its Scottish cousin scotch and less sweet than American and Canadian varieties.

Jameson, owned by French spirits giant Pernod Ricard, remains the market leader. But there are some upstarts looking to make their own mark on the space. In 2013, there were just three distillers in Ireland: Cooley, Irish Distillers and Dingle Distillery. Now, there are 18 facilities with eight more on the way, according to the Irish Food Board.

Ozgo also noted that cocktails featuring Irish whiskey have become more popular menu items over the years. New York City’s The Dead Rabbit, named the World’s Best Bar in 2016 by Drinks International, devotes about half of its menu to such cocktails, but its bartenders are also trained to help customers learn more about the alcohol.

“What I generally see is, people say whiskey as a general term, and then that’s where we say, ‘Well, Irish whiskey is a huge part of our DNA and what we’re known for,'” said Jillian Vose, the bar’s beverage director.


Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: amelia lucas, igor golovniov, lightrocket, getty images
Keywords: news, cnbc, companies, whiskey, thrive, thanks, spirits, according, irish, market, continues, millennials, worlds, volume, distillers, spending, sold


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Coyote fur is in big demand thanks to popular parkas

Coyote fur pelts are in big demand to provide the lush, silvery or tawny-tinged arcs of fur on the hoods on Canada Goose coats and their many global imitators. A good western coyote, prized for its silky, light-colored fur, can fetch more than $100. Fur is sold at big auction houses in Canada, by individual fur buyers across North America and at local auctions near where the animals roam. Fur experts say the uptick in coyote demand began with Canada Goose parkas, with their distinctive Arctic Ci


Coyote fur pelts are in big demand to provide the lush, silvery or tawny-tinged arcs of fur on the hoods on Canada Goose coats and their many global imitators. A good western coyote, prized for its silky, light-colored fur, can fetch more than $100. Fur is sold at big auction houses in Canada, by individual fur buyers across North America and at local auctions near where the animals roam. Fur experts say the uptick in coyote demand began with Canada Goose parkas, with their distinctive Arctic Ci
Coyote fur is in big demand thanks to popular parkas Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-28  Authors: frank franklin ii, michael hill
Keywords: news, cnbc, companies, john, auction, popular, parkas, fur, goose, big, demand, coyote, thanks, winter, lush, canada


Coyote fur is in big demand thanks to popular parkas

Those fur-trimmed parkas so common on city sidewalks have become a boon to backwoods trappers.

Coyote fur pelts are in big demand to provide the lush, silvery or tawny-tinged arcs of fur on the hoods on Canada Goose coats and their many global imitators. A good western coyote, prized for its silky, light-colored fur, can fetch more than $100. The top price at a recent Colorado auction hit $170, a 40 percent increase from four years ago.

“Coyotes are hot,” says John Hughes, a longtime buyer at J and M Furs in Roundup, Montana, “and it’s all due to the trim trade.”

Late fall and early winter are the prime trapping time, when coyote coats are at their fullest, but a lot of the selling happens in late winter. Fur is sold at big auction houses in Canada, by individual fur buyers across North America and at local auctions near where the animals roam. At one such auction in a VFW hall in the upstate New York town of Herkimer, tables were piled high with the furs of hundreds of muskrats, beavers, fishers, mink, red fox, gray fox, otters, bobcats and coyotes.

“They like the white-belly coyotes, something like this, the whiter belly,” says John Rutherford, a trapper and hunter, showing a lush, long-haired coyotes.

Fur experts say the uptick in coyote demand began with Canada Goose parkas, with their distinctive Arctic Circle patch, a brand that went big in 2013 when model Kate Upton famously wore one over her bikini on the cover of the Sports Illustrated swimsuit Issue. Over the years, more celebrities and their fashion-conscious followers began donning the parkas, which now can retail for more than $1,000 each.


Company: cnbc, Activity: cnbc, Date: 2019-02-28  Authors: frank franklin ii, michael hill
Keywords: news, cnbc, companies, john, auction, popular, parkas, fur, goose, big, demand, coyote, thanks, winter, lush, canada


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Brexit ‘no-deal’ threat leaves smaller UK firms scrambling to prepare

On her way to an EU-Arab League summit over the weekend, Prime Minister Theresa May announced she would not provide British parliamentarians with a meaningful vote on an altered Brexit deal perhaps until March 12. “Those costs have already been incurred as a contingency measure,” explains Alex Veitch from the Freight Transport Association, who previously worked inside a no-deal Brexit planning team at the U.K.’s tax authority when it consisted of fewer than a dozen people. But he says it is only


On her way to an EU-Arab League summit over the weekend, Prime Minister Theresa May announced she would not provide British parliamentarians with a meaningful vote on an altered Brexit deal perhaps until March 12. “Those costs have already been incurred as a contingency measure,” explains Alex Veitch from the Freight Transport Association, who previously worked inside a no-deal Brexit planning team at the U.K.’s tax authority when it consisted of fewer than a dozen people. But he says it is only
Brexit ‘no-deal’ threat leaves smaller UK firms scrambling to prepare Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-26  Authors: willem marx, sean gallup, getty images news, getty images
Keywords: news, cnbc, companies, tock, prepare, businesses, week, tick, summit, nodeal, threat, leaves, scrambling, firms, trading, brexit, uk, deal, smaller, thanks


Brexit 'no-deal' threat leaves smaller UK firms scrambling to prepare

Another day, another potentially key Brexit date.

On her way to an EU-Arab League summit over the weekend, Prime Minister Theresa May announced she would not provide British parliamentarians with a meaningful vote on an altered Brexit deal perhaps until March 12. Lawmakers wanted that opportunity this week. Instead, the embattled leader has again sought to delay proceedings as she battles to guarantee a supportive majority in the House of Commons.

Officials in Brussels, and businesses on both sides of the English Channel, have been quick to express their dismay at her decision, as a “no deal” deadline looms ever closer. And after a visit last week with a logistics firm that has recently opened a new fulfilment center in Southampton, thanks in part to the Brexit-related uncertainty about Britain’s future trading relationship, it is possible to understand the context for that apparent frustration. It seems particularly acute in the freight and transportation sector.

PFS U.K. is a subsidiary of a large U.S. e-commerce company that employs more than 2,600 people worldwide and provides shipping and operations support to a slew of brands. It first expanded to Europe almost 20 years ago, and its operations on this side of the Atlantic have for some time been headquartered in the Belgian city of Liege, just an hour or so from the political heart of the European Union.

But late last year, after several clients requested that PFS offer them a separate, U.K.-specific fulfilment location, the company took control of a vast new warehouse space on the English south coast. General Manager Lisa Cooley moved from Tennessee to take charge, and explained quite candidly how much work had been required in such a tight span of time. “It’s a little chaotic in the beginning,” she acknowledged, before underlining that thanks to next-day delivery expectations, time is rarely on the side of her consumer retail clients.

The costs associated with separate shipping capacities, extra warehousing space, and an expanded workforce to combat the potential challenge of cross-border trading tariffs will all eat into the margins of companies like PFS, forcing them to pass the higher expenditure on to their clients, and then in turn to the end consumer.

“Those costs have already been incurred as a contingency measure,” explains Alex Veitch from the Freight Transport Association, who previously worked inside a no-deal Brexit planning team at the U.K.’s tax authority when it consisted of fewer than a dozen people. But he says it is only the larger businesses that can afford to devote time and money to this kind of no-deal planning.

The Federation of Small Businesses (FSB) says its members have continued to hold off on this kind of spending, and says many would need between six weeks and two months to get ready for a no-deal Brexit. According to Craig Beaumont, an external affairs director at the FSB, many such firms have now, “simply run out of time to prepare.”

Political allies and opponents of May have repeatedly requested that she remove the possibility of “no deal,” and in recent days European leaders like Donald Tusk and Angela Merkel have discussed with her a postponement of the March 29 deadline. But once again after the summit in Egypt ended, the British leader refused to bend — publicly, at least — to those demands. Tick tock, tick tock.


Company: cnbc, Activity: cnbc, Date: 2019-02-26  Authors: willem marx, sean gallup, getty images news, getty images
Keywords: news, cnbc, companies, tock, prepare, businesses, week, tick, summit, nodeal, threat, leaves, scrambling, firms, trading, brexit, uk, deal, smaller, thanks


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Amazon will pay $0 in federal taxes this year — and it’s partially thanks to Trump

And yet, Amazon’s federal tax bill this year: $0. In fact, Amazon is actually getting a federal tax refund of $129 million this year, due in part to a combination of tax credits and deductions. Sen. Bernie Sanders, I-Vt., who has criticized Amazon in the past for not paying higher federal taxes, took to Twitter on Thursday to point out that any Amazon Prime member paid more for that program’s annual fee ($119) than the company paid in federal taxes. Amazon reported its sizable federal refund in


And yet, Amazon’s federal tax bill this year: $0. In fact, Amazon is actually getting a federal tax refund of $129 million this year, due in part to a combination of tax credits and deductions. Sen. Bernie Sanders, I-Vt., who has criticized Amazon in the past for not paying higher federal taxes, took to Twitter on Thursday to point out that any Amazon Prime member paid more for that program’s annual fee ($119) than the company paid in federal taxes. Amazon reported its sizable federal refund in
Amazon will pay $0 in federal taxes this year — and it’s partially thanks to Trump Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: tom huddleston jr, alex wong, getty images
Keywords: news, cnbc, companies, fact, paying, partially, tax, million, pay, report, thanks, trump, federal, refund, taxes, amazon, billion


Amazon will pay $0 in federal taxes this year — and it's partially thanks to Trump

Amazon is one of the world’s most valuable companies, valued at nearly $800 million, and the e-commerce giant pulled in $232.9 billion in global revenue in 2018.

And yet, Amazon’s federal tax bill this year: $0. For the second year in a row.

In fact, Amazon is actually getting a federal tax refund of $129 million this year, due in part to a combination of tax credits and deductions. This is despite the fact that Amazon nearly doubled its taxable income in 2018 to $11.2 billion, from $5.6 billion a year earlier.

In other words, Amazon is basically paying a -1 percent federal income tax rate this year after reportedly paying a federal rate of more than 11 percent between 2011 and 2016, according to The Week.

Sen. Bernie Sanders, I-Vt., who has criticized Amazon in the past for not paying higher federal taxes, took to Twitter on Thursday to point out that any Amazon Prime member paid more for that program’s annual fee ($119) than the company paid in federal taxes.

Prime has 100 million subscribers.

“Amazon pays all the taxes we are required to pay in the U.S. and every country where we operate, including paying $2.6 billion in corporate tax and reporting $3.4 billion in tax expense over the last three years,” an Amazon spokesperson said in a statement provided to CNBC Make It.

Amazon reported its sizable federal refund in a recent corporate filing for the company’s fourth-quarter earnings report. However, Amazon also notes in that filing that it will pay $756 million in total taxes this year, between state and international taxes.

A report this week from the Institute on Taxation and Economic Policy, or ITEP, a nonpartisan and nonprofit tax policy think tank, pointed out the fact that Amazon will not pay federal taxes for the second year in a row. In fact, last year, Amazon received an even larger refund, getting $137 million from the federal government.

One reason for Amazon’s nonexistent federal tax bill is the Tax Cuts and Jobs Act that Congress enacted in 2017, which lowered the statutory corporate tax rate from 35 percent to 21 percent. In addition to the lower tax rates for corporations, the new tax law also “failed to … close a slew of tax loopholes that allow profitable companies to routinely avoid paying federal and state income taxes on almost half of their profits,” ITEP senior fellow Matthew Gardner wrote in a report on Wednesday.


Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: tom huddleston jr, alex wong, getty images
Keywords: news, cnbc, companies, fact, paying, partially, tax, million, pay, report, thanks, trump, federal, refund, taxes, amazon, billion


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Stashing cash finally pays, thanks to high-yield savings accounts

If you’ve stashed some cash in a savings account, this is your time to shine. As a result of the increase, savings rates are now more than 2.4 percent, up from 0.1 percent, on average, before the Federal Reserve started increasing its benchmark rate in 2015. “If you’re not earning upwards of 2 percent on an online bank then you’re really missing out,” said Mandi Woodruff, MagnifyMoney’s executive editor. In 2018, high-yielding savings accounts even outperformed the stock market for the first tim


If you’ve stashed some cash in a savings account, this is your time to shine. As a result of the increase, savings rates are now more than 2.4 percent, up from 0.1 percent, on average, before the Federal Reserve started increasing its benchmark rate in 2015. “If you’re not earning upwards of 2 percent on an online bank then you’re really missing out,” said Mandi Woodruff, MagnifyMoney’s executive editor. In 2018, high-yielding savings accounts even outperformed the stock market for the first tim
Stashing cash finally pays, thanks to high-yield savings accounts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: jessica dickler, sharon epperson, -greg mcbride, bankrates chief financial analyst
Keywords: news, cnbc, companies, woodruff, highyield, pays, savings, finally, 2015, rates, upwards, cash, 2018, accounts, yield, youve, volatile, youre, stashing, thanks


Stashing cash finally pays, thanks to high-yield savings accounts

If you’ve stashed some cash in a savings account, this is your time to shine.

Signs of rising inflation, which pushed the Fed into hiking rates beginning in 2015, are finally having a significant effect on the annual percentage yield banks pay consumers on their money.

As a result of the increase, savings rates are now more than 2.4 percent, up from 0.1 percent, on average, before the Federal Reserve started increasing its benchmark rate in 2015. (You can earn even more with certificates of deposit.)

“If you’re not earning upwards of 2 percent on an online bank then you’re really missing out,” said Mandi Woodruff, MagnifyMoney’s executive editor.

In 2018, high-yielding savings accounts even outperformed the stock market for the first time in over a decade.

“Cash was the lone investment class to generate positive returns in 2018,” said Greg McBride, chief financial analyst at Bankrate.com. “Anytime markets are volatile, it’s the money you have tucked away that helps you sleep at night.”


Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: jessica dickler, sharon epperson, -greg mcbride, bankrates chief financial analyst
Keywords: news, cnbc, companies, woodruff, highyield, pays, savings, finally, 2015, rates, upwards, cash, 2018, accounts, yield, youve, volatile, youre, stashing, thanks


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