Google suspends Viagogo from advertising over trust concerns

Ticket resales company Viagogo has been suspended from advertising globally on Google’s search engine. Google took action on Thursday after concluding that the Swiss firm was in breach of its advertising policy, basing its decision on advice from advertising regulators. While Viagogo will not be able to advertise on Google, its suspension will not apply to organic search results. Google told CNBC via email that it would be suspending advertisements from Viagogo from Thursday. Cris Miller, Managi


Ticket resales company Viagogo has been suspended from advertising globally on Google’s search engine. Google took action on Thursday after concluding that the Swiss firm was in breach of its advertising policy, basing its decision on advice from advertising regulators. While Viagogo will not be able to advertise on Google, its suspension will not apply to organic search results. Google told CNBC via email that it would be suspending advertisements from Viagogo from Thursday. Cris Miller, Managi
Google suspends Viagogo from advertising over trust concerns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: chloe taylor
Keywords: news, cnbc, companies, breach, trust, tickets, viagogo, concerns, told, ticket, google, policies, googles, suspends, company, advertising


Google suspends Viagogo from advertising over trust concerns

Ticket resales company Viagogo has been suspended from advertising globally on Google’s search engine.

Google took action on Thursday after concluding that the Swiss firm was in breach of its advertising policy, basing its decision on advice from advertising regulators. While Viagogo will not be able to advertise on Google, its suspension will not apply to organic search results.

The U.K.’s Competition and Markets Authority (CMA) announced earlier this month that it was moving forward with legal proceedings against Viagogo. The company faces contempt of court charges for allegedly failing to comply with a court order that demanded it overhaul its practices.

According to the CMA, Viagogo has not done enough to alter the way it sells products, and therefore is in breach of U.K. consumer protection law. It accused the company of using misleading ticket availability messages, failing to warn people that certain tickets may not guarantee entry to an event, and not displaying seat numbers for some tickets.

Google told CNBC via email that it would be suspending advertisements from Viagogo from Thursday.

“When people use our platform for help in purchasing tickets, we want to make sure that they have an experience they can trust,” a spokesperson from Google said. “This is why we have strict policies and take necessary action when we find an advertiser in breach.”

Cris Miller, Managing Director of Viagogo, told CNBC on Thursday that the firm was “extremely surprised” to learn of Google’s concerns.

“We are confident that there has been no breach of Google’s policies and look forward to working with them to resolve this as quickly as possible,” he said via email.

In early 2018, Google updated its policies to ensure that resellers could not claim to be official ticket vendors, and resellers must now provide a breakdown of ticket prices across fees and taxes before payments are taken.

Last year, Google removed 2.3 billion adverts found to be in breach of its policies or the law.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: chloe taylor
Keywords: news, cnbc, companies, breach, trust, tickets, viagogo, concerns, told, ticket, google, policies, googles, suspends, company, advertising


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Amazon would be a better choice than Facebook to develop Libra, author Ben Mezrich says

“I think that Amazon could pull this off because for whatever reason we all trust Amazon, ” Ben Mezrich said. Facebook announced last month that it was developing Libra, with dozens of other companies signing on to the project. David Marcus, the head of the Facebook team developing Libra, testified before Congress for two days this week. Mezrich said he thinks Amazon would be subject to less scrutiny than Facebook. Mezrich, whose book “Bitcoin Billionaires” came out in May, said Libra would not


“I think that Amazon could pull this off because for whatever reason we all trust Amazon, ” Ben Mezrich said. Facebook announced last month that it was developing Libra, with dozens of other companies signing on to the project. David Marcus, the head of the Facebook team developing Libra, testified before Congress for two days this week. Mezrich said he thinks Amazon would be subject to less scrutiny than Facebook. Mezrich, whose book “Bitcoin Billionaires” came out in May, said Libra would not
Amazon would be a better choice than Facebook to develop Libra, author Ben Mezrich says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: jesse pound
Keywords: news, cnbc, companies, choice, better, amazon, develop, author, project, think, currency, marcus, trust, libra, mezrich, facebook, ben, bitcoin


Amazon would be a better choice than Facebook to develop Libra, author Ben Mezrich says

The author of books about the early days of Facebook and Bitcoin said Thursday that the wrong tech giant is leading the charge to create Libra, a new cryptocurrency.

“This is all about trust. You can’t have a bank, you can’t be a new currency without people trusting it if you’re going to sit in the middle of it, and people don’t trust Facebook,” Ben Mezrich said on CNBC’s “Squawk Box. ”

Mezrich, whose book “Accidental Billionaires” was the basis for the movie “The Social Network,” said it would make more sense for Amazon to lead the project instead.

“I think that Amazon could pull this off because for whatever reason we all trust Amazon, ” Ben Mezrich said. “We put our credit cards in there everyday.”

Facebook announced last month that it was developing Libra, with dozens of other companies signing on to the project. The social media giant has said it will not run the currency once it is launched, with Libra instead being managed by a nonprofit based in Switzerland.

Both Democratic and Republican lawmakers have been critical of the project, with many mentioning Facebook’s past scandals involving user data.

David Marcus, the head of the Facebook team developing Libra, testified before Congress for two days this week. Some members of Congress asked Marcus if he would pause or scale down the project while the federal government figured out how to regulate it.

“I don’t think you should launch Libra at all, because the creation of a new currency is a core government function,” Rep. Carolyn Maloney, D-N.Y., said to Marcus. “But at the very least you should agree to do this small pilot program first.”

Mezrich said he thinks Amazon would be subject to less scrutiny than Facebook. “Regulators would be on them, but it wouldn’t be like this.”

Mezrich, whose book “Bitcoin Billionaires” came out in May, said Libra would not be a true cryptocurrency because it would involve financial mediators. He said it could, however, serve as an “on ramp” to bitcoin for people unfamiliar with cryptocurrencies.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: jesse pound
Keywords: news, cnbc, companies, choice, better, amazon, develop, author, project, think, currency, marcus, trust, libra, mezrich, facebook, ben, bitcoin


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Sen. Sherrod Brown slams Facebook’s crypto plans: ‘It doesn’t deserve our trust’

Sen. Sherrod Brown came out swinging at Facebook on Tuesday to kick off the Senate Banking Committee hearing on the company’s new cryptocurrency project, Libra. “Facebook is dangerous,” the Ohio Democrat and ranking committee member began his opening statement. Brown repeatedly referenced what he called Facebook’s “competing missions” to make the world more connected and to make money for themselves. “Facebook has demonstrated through scandal after scandal that it doesn’t deserve our trust. It s


Sen. Sherrod Brown came out swinging at Facebook on Tuesday to kick off the Senate Banking Committee hearing on the company’s new cryptocurrency project, Libra. “Facebook is dangerous,” the Ohio Democrat and ranking committee member began his opening statement. Brown repeatedly referenced what he called Facebook’s “competing missions” to make the world more connected and to make money for themselves. “Facebook has demonstrated through scandal after scandal that it doesn’t deserve our trust. It s
Sen. Sherrod Brown slams Facebook’s crypto plans: ‘It doesn’t deserve our trust’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: lauren feiner
Keywords: news, cnbc, companies, crypto, facebooks, world, toddler, called, treated, doesnt, deserve, dangerous, sherrod, brown, slams, facebook, plans, trust, scandal, committee, sen


Sen. Sherrod Brown slams Facebook's crypto plans: 'It doesn't deserve our trust'

Sen. Sherrod Brown came out swinging at Facebook on Tuesday to kick off the Senate Banking Committee hearing on the company’s new cryptocurrency project, Libra.

“Facebook is dangerous,” the Ohio Democrat and ranking committee member began his opening statement. “Now Facebook may not intend to be dangerous, but surely they don’t respect the power of the technologies they’re playing with. Like a toddler who has gotten his hands on a book of matches, Facebook has burned down the house over and over and called every arson a learning experience.”

Brown repeatedly referenced what he called Facebook’s “competing missions” to make the world more connected and to make money for themselves.

“Facebook has demonstrated through scandal after scandal that it doesn’t deserve our trust. It should be treated like the profit-seeking corporation it is, just like any other company,” Brown said.


Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: lauren feiner
Keywords: news, cnbc, companies, crypto, facebooks, world, toddler, called, treated, doesnt, deserve, dangerous, sherrod, brown, slams, facebook, plans, trust, scandal, committee, sen


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Amazon to add over 2,000 jobs in Britain this year

Facebook exec reminds the world that it won’t control Libra… The need to reiterate these points after only two weeks suggests Facebook will have an uphill battle getting people to trust it with something so sensitive as their finances. Technologyread more


Facebook exec reminds the world that it won’t control Libra… The need to reiterate these points after only two weeks suggests Facebook will have an uphill battle getting people to trust it with something so sensitive as their finances. Technologyread more
Amazon to add over 2,000 jobs in Britain this year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-03  Authors: eugene kim
Keywords: news, cnbc, companies, jobs, reiterate, sensitive, wont, amazon, world, facebook, weeks, reminds, britain, trust, suggests, add, 2000, uphill


Amazon to add over 2,000 jobs in Britain this year

Facebook exec reminds the world that it won’t control Libra…

The need to reiterate these points after only two weeks suggests Facebook will have an uphill battle getting people to trust it with something so sensitive as their finances.

Technology

read more


Company: cnbc, Activity: cnbc, Date: 2019-07-03  Authors: eugene kim
Keywords: news, cnbc, companies, jobs, reiterate, sensitive, wont, amazon, world, facebook, weeks, reminds, britain, trust, suggests, add, 2000, uphill


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Britain’s big banks see ‘trust’ as a competitive edge amid the rise of fledgling fintechs

“Everything is expected to be on their phones and on their apps,” she said, referring to younger bank customers, “and actually that is the way we need to go.” According to the U.K. consultancy Caci, mobile banking is set to become more popular than visiting bank branches by 2021. Monzo reported a £33.1 million ($42.1 million) pre-tax loss last year, while Revolut racked up a £15.1 million loss in 2017. But it’s also an independent bank, and Nicholls says it will be able to operate at “zero margi


“Everything is expected to be on their phones and on their apps,” she said, referring to younger bank customers, “and actually that is the way we need to go.” According to the U.K. consultancy Caci, mobile banking is set to become more popular than visiting bank branches by 2021. Monzo reported a £33.1 million ($42.1 million) pre-tax loss last year, while Revolut racked up a £15.1 million loss in 2017. But it’s also an independent bank, and Nicholls says it will be able to operate at “zero margi
Britain’s big banks see ‘trust’ as a competitive edge amid the rise of fledgling fintechs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-03  Authors: ryan browne
Keywords: news, cnbc, companies, rise, fintechs, banks, bank, nicholls, banking, million, amid, edge, fintech, customers, uk, monzo, money, fledgling, trust, big, britains, competitive


Britain's big banks see 'trust' as a competitive edge amid the rise of fledgling fintechs

HSBC’s U.K. headquarters are seen at the Canary Wharf financial district of London on July 31, 2018. Tolga Akmen | AFP | Getty Images

Britain is the home of some of the world’s oldest financial institutions. To stay relevant, they’re racing to bring a better banking experience to their customers. In the last few years, a wave of fintech, or financial technology, start-ups have flooded the U.K. market, offering checking accounts and bank cards through an app — not a single physical branch in sight. That’s not gone unnoticed by the established consumer banking giants, which are having to evolve to keep up with the kind of offering coming out of challengers like Revolut and Monzo. HSBC for instance last year launched a new money management app called Connected Money, which shows users bank accounts from HSBC as well as rivals including Barclays and Lloyds. The bank recently topped the 300,000-user milestone. While that’s nowhere near Revolut’s more than 5 million users or Monzo’s 2 million signups, HSBC’s new app did hit that target in the space of a year. RBS, meanwhile, has formed its own standalone digital bank called Bo. The lender’s app breaks down spending into categories and sends alerts when a user pays for something, similar to how the fintech challengers’ platforms work. Bo, which is part of RBS’ NatWest division, is currently being beta-tested, with no date set for an eventual release to the general public.

The battle for trust

While banks are under increased pressure to innovate, they’re not facing an existential crisis, according to Raman Bhatia, HSBC’s head of digital for the U.K. and Europe. The lenders that will win in the long run, he says, are those that people trust. “I think one thing which remains a truism is customers do have a very high degree of trust when it comes to money, their deposits and their identity with respect to established banks,” Bhatia told CNBC. “And banks need to work harder than ever to preserve that trust.”

That view was echoed by Amelia Nicholls, chief of staff at RBS’ Bo, who said: “Customers trust legacy banks to keep their money safe, but they’re slightly unsure of fintechs keeping their money safe.” And there’s some truth to that claim. While Monzo has attracted over 2 million customers, the bank has seen some difficulty getting them to take the plunge and switch from their main bank to the start-up’s app-based current account. Monzo CEO Tom Blomfield told Reuters last month that only 30% of its users are using the app as their main bank account. “We’re kind of the best of both worlds,” Nicholls added. “We’re looking and acting and being built like a fintech start-up. But actually we have that backing of NatWest and hopefully that’s an advantage.”

Banking beyond Main Street

Large lenders may have the advantage of history and a customer base far outstripping that of any fintech challenger. But they’re having to wind back on their brick and mortar operations as customers increasingly flock to digital banking. British banks have shuttered their branches at an alarming rate. Consumer rights organization Which? said last year that 60 bank branches are closing every month. In total, 1,080 branches across the U.K. have closed, or are set to be closed, in 2018 and 2019. That might simply be the direction things are leaning toward. Bo’s Nicholls said the banks of the future will be forced to go beyond Main Street, as younger people increasingly want to do most of their daily tasks via smartphone. “Everything is expected to be on their phones and on their apps,” she said, referring to younger bank customers, “and actually that is the way we need to go.” She notes that challenger banks have gained significant popularity, among young people in particular, and suggested big lenders are hoping to tap into that trend. According to the U.K. consultancy Caci, mobile banking is set to become more popular than visiting bank branches by 2021.

Profitability is another potential advantage for the big banks. While neobanks like Monzo and Revolut have scored millions of users between them, they’ve struggled to translate their wild growth into profits. Monzo reported a £33.1 million ($42.1 million) pre-tax loss last year, while Revolut racked up a £15.1 million loss in 2017. Nicholls said that Bo had the advantage of being associated with a major banking brand like RBS, a profitable lender. But it’s also an independent bank, and Nicholls says it will be able to operate at “zero marginal cost.” “We are able to operate our current account on a break-even basis, which is super important in that space,” Nicholls said. “It would be easy for us to be financially sustainable because we can leverage the wider group and use our deposit base as well.” Going on a hiring spree also helps, HSBC’s Bhatia said, adding the company’s retail banking division boasts talent from fintechs as well as big tech companies. “We built a global digital team over the last four years which has people from all sorts of backgrounds,” he said. “We have big tech talent, we have start-ups and of course we have our homegrown talent expertise.”

Are banks too slow?

While banks are touting their moves into digital as a sign of progress, some in the fintech industry think they aren’t moving fast enough.

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Company: cnbc, Activity: cnbc, Date: 2019-07-03  Authors: ryan browne
Keywords: news, cnbc, companies, rise, fintechs, banks, bank, nicholls, banking, million, amid, edge, fintech, customers, uk, monzo, money, fledgling, trust, big, britains, competitive


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Italian socialist Sassoli elected EU Parliament speaker

Facebook exec reminds the world that it won’t control Libra… The need to reiterate these points after only two weeks suggests Facebook will have an uphill battle getting people to trust it with something so sensitive as their finances. Technologyread more


Facebook exec reminds the world that it won’t control Libra… The need to reiterate these points after only two weeks suggests Facebook will have an uphill battle getting people to trust it with something so sensitive as their finances. Technologyread more
Italian socialist Sassoli elected EU Parliament speaker Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-03
Keywords: news, cnbc, companies, elected, reiterate, speaker, eu, wont, socialist, facebook, world, weeks, reminds, sassoli, trust, suggests, italian, sensitive, parliament, uphill


Italian socialist Sassoli elected EU Parliament speaker

Facebook exec reminds the world that it won’t control Libra…

The need to reiterate these points after only two weeks suggests Facebook will have an uphill battle getting people to trust it with something so sensitive as their finances.

Technology

read more


Company: cnbc, Activity: cnbc, Date: 2019-07-03
Keywords: news, cnbc, companies, elected, reiterate, speaker, eu, wont, socialist, facebook, world, weeks, reminds, sassoli, trust, suggests, italian, sensitive, parliament, uphill


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Suzy Welch: Why working from home can be terrible for your career

The flexibility to work remotely is a perk many workers dream of having. But according to bestselling management author and CNBC contributor Suzy Welch, working from the comfort of your home or coffee shop can easily become “a career killer.” “I understand that as an employee, sometimes remote work is the only way work is possible,” Welch tells CNBC Make It. However, she says, though working remotely has a few “very real upsides,” it has serious drawbacks as well. CNBC contributor Suzy Welch”Her


The flexibility to work remotely is a perk many workers dream of having. But according to bestselling management author and CNBC contributor Suzy Welch, working from the comfort of your home or coffee shop can easily become “a career killer.” “I understand that as an employee, sometimes remote work is the only way work is possible,” Welch tells CNBC Make It. However, she says, though working remotely has a few “very real upsides,” it has serious drawbacks as well. CNBC contributor Suzy Welch”Her
Suzy Welch: Why working from home can be terrible for your career Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: courtney connley
Keywords: news, cnbc, companies, way, contributor, welch, working, suzy, work, remotely, understand, career, terrible, trust, remote


Suzy Welch: Why working from home can be terrible for your career

The flexibility to work remotely is a perk many workers dream of having. But according to bestselling management author and CNBC contributor Suzy Welch, working from the comfort of your home or coffee shop can easily become “a career killer.” “I understand that as an employee, sometimes remote work is the only way work is possible,” Welch tells CNBC Make It. “And I understand as a boss, sometimes remote work is the only way to get the person you need.” However, she says, though working remotely has a few “very real upsides,” it has serious drawbacks as well.

CNBC contributor Suzy Welch

“Here’s the truth,” says Welch. “The best work in an organization, the important work, it never gets done on the phone, or over email or on Slack.” Instead, she says, “it is almost always facilitated by relationships and understandings that only happen when people are together physically.” Great teams are built on “the banter, the lunches, the late nights, the jokes, the asides, the shared ah-has!” That type of bonding, she says, “builds layers of trust, and trust is a career’s rocket fuel. You can fly without it, but you can’t soar.”


Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: courtney connley
Keywords: news, cnbc, companies, way, contributor, welch, working, suzy, work, remotely, understand, career, terrible, trust, remote


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Facebook’s cryptocurrency chief says if you don’t trust our digital wallet use our competitors

“If people don’t want to trust us, they can use any of the other wallets that will be available,” Marcus said in a “Squawk Box ” interview. The Libra currency will not be run by Facebook, but rather by a nonprofit association supported by a range of companies and organizations. The Calibra digital wallet will be the way Facebook eventually makes money through financial services such as loans. “We felt it was time to try something new, and this is the beginning of a long journey in launching this


“If people don’t want to trust us, they can use any of the other wallets that will be available,” Marcus said in a “Squawk Box ” interview. The Libra currency will not be run by Facebook, but rather by a nonprofit association supported by a range of companies and organizations. The Calibra digital wallet will be the way Facebook eventually makes money through financial services such as loans. “We felt it was time to try something new, and this is the beginning of a long journey in launching this
Facebook’s cryptocurrency chief says if you don’t trust our digital wallet use our competitors Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-18  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, network, facebooks, bitcoin, competitors, wallet, marcus, libra, money, currency, dont, trust, facebook, cryptocurrency, chief, digital


Facebook's cryptocurrency chief says if you don't trust our digital wallet use our competitors

An executive behind Facebook’s venture into cryptocurrency told CNBC on Tuesday that consumers shouldn’t be worried about the social media network gaining access to their financial data.

“To earn people’s trust, we are going to have to make strong commitments on privacy,” said David Marcus, the head of Facebook’s Calibra division, a newly announced subsidiary to host a digital wallet by the same name for storing and exchanging the digital coin called Libra.

“If people don’t want to trust us, they can use any of the other wallets that will be available,” Marcus said in a “Squawk Box ” interview. “There will be plenty of competition.”

At a time when it is trying to rebuild user trust after data privacy and security scandals, Facebook announced Tuesday an ambitious endeavor to create Libra and launch it in the first half of 2020.

The goal — using blockchain, the technology underlying bitcoin on other cryptocurrencies — is to make it as easy to send money across the world as it is to send a photo. But unlike bitcoin and others, Libra will be backed by more stable government-backed money.

The Libra currency will not be run by Facebook, but rather by a nonprofit association supported by a range of companies and organizations.

“We painstakingly removed ourselves from governing this network,” said Marcus, the former PayPal president whom Facebook hired in 2014 to lead its Messenger app.

The Calibra digital wallet will be the way Facebook eventually makes money through financial services such as loans. However, Marcus said those add-ons won’t happen anytime soon.

Marcus said the latest venture is “very close” to Facebook’s mission of connecting people across the world. People in the U.S. are privileged when it comes to having a stable currency and trusted institutions, he said. “But that’s not the case for many people across the world.”

He said the new currency would lower the barrier for cross-border payments.

“We felt it was time to try something new, and this is the beginning of a long journey in launching this new network,” Marcus said. Other cryptocurrencies are “investment vehicles or investment assets rather than being a great medium of exchange. [Libra] is really designed from the ground up to be a great medium of exchange, a very high quality form of digital money that you can use for everyday payments.”

Shares of Facebook opened Tuesday’s trading up 2.3%, after soaring more than 4% to $189 per share on Monday ahead of the announcement. The stock has gained 44% this year.

Libra is backed by other payment companies, including Visa and PayPal and tech giants eBay, Lyft, Spotify and Uber. The 27 companies in total each will be expected to invest a minimum of $10 million to fund the project, according to The New York Times.

Reports speculating about the Facebook news over the past few weeks helped boost the price of bitcoin. The world’s biggest digital coin jumped across the $9,000 level on Sunday, on the thought that Facebook’s entry in crypto would add legitimacy to the industry. Bitcoin gained ground Monday as well, but slipped some in Tuesday trading.


Company: cnbc, Activity: cnbc, Date: 2019-06-18  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, network, facebooks, bitcoin, competitors, wallet, marcus, libra, money, currency, dont, trust, facebook, cryptocurrency, chief, digital


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Social Security trust fund could be depleted by 2035. Here’s what to watch for

If nothing is done to protect Social Security benefits, its reserves will be depleted in 2035. Rep. John Larson (D-Conn.) leaves the Capitol after the final votes of the week on Thursday, Feb. 28, 2019. Larson has worked on Social Security reform for the majority of his 20 years in Congress. It also has the backing of industry groups including the AFL-CIO, the National Committee to Preserve Social Security and Medicare and Social Security Works. If ever there was a generation that needed the gua


If nothing is done to protect Social Security benefits, its reserves will be depleted in 2035. Rep. John Larson (D-Conn.) leaves the Capitol after the final votes of the week on Thursday, Feb. 28, 2019. Larson has worked on Social Security reform for the majority of his 20 years in Congress. It also has the backing of industry groups including the AFL-CIO, the National Committee to Preserve Social Security and Medicare and Social Security Works. If ever there was a generation that needed the gua
Social Security trust fund could be depleted by 2035. Here’s what to watch for Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-03  Authors: lorie konish
Keywords: news, cnbc, companies, john, watch, fund, medicare, president, depleted, security, meadows, trust, 2035, heres, issue, plan, larson, bill, social


Social Security trust fund could be depleted by 2035. Here's what to watch for

If nothing is done to protect Social Security benefits, its reserves will be depleted in 2035. At that time, the system will only be able to pay 80% of benefits.

Rep. John Larson (D-Conn.) leaves the Capitol after the final votes of the week on Thursday, Feb. 28, 2019. Bill Clark | CQ-Roll Call Group | Getty Images

Rep. John Larson, D-Conn., the ranking member of the Ways & Means Subcommittee on Social Security, has a plan aimed at correcting that for the rest of this century. Larson has worked on Social Security reform for the majority of his 20 years in Congress. His latest proposal — the Social Security 2100 Act — has 204 co-sponsors. It also has the backing of industry groups including the AFL-CIO, the National Committee to Preserve Social Security and Medicare and Social Security Works. The bill would provide a boost for beneficiaries equal to 2% of the average benefit, set the minimum benefit at 25% above the poverty line and change the way the annual cost-of-living adjustment is calculated. The plan also would raise the limits on non-Social Security income before benefits begin to be taxed. The new caps would go to $50,000 for individuals and $100,000 for couples, up from the current $25,000 and $32,000. In order to pay for those changes, which would sustain the system through the end of the century, the plan also would apply payroll taxes to wages over $400,000 and gradually increase the contribution rate for both workers and employers to 7.4% from 6.2% of wages between 2020 and 2043.

Backing could come from across the aisle

One needed area of support to get the bill passed will be the Senate, as well as the president. There are indications that the administration is at least considering the issue, Larson said. “We’ve met with Ivanka a couple of times,” Larson said of President Donald Trump’s daughter and advisor. He said Sen. Susan Collins, R-Maine, has also met with the bill’s supporters several times and likes the approach. “We’ll see what that translates into,” he said.

If ever there was a generation that needed the guarantee of Social Security, it’s millennials. Rep. John Larson, D-Conn.

Another Republican who has voiced support for the measure is Rep. Mark Meadows, R-N.C. After hearing from his own mother how crucial those benefits and Medicare are to her budget, Meadows said in October he plans to work with Larson to come up with a Social Security fix. “It is a bipartisan issue,” Meadows said in the interview.

It could become a campaign issue

“We feel rather confident, with 204 original co-sponsors, that we will be able to pass the bill in the House,” Larson said. After that, how much progress is made is up to the Senate, and largely the president, he said. “The question remains: Will the president engage?” Larson said. “I believe if he does, there is a clear path forward to the passage of the bill. If he doesn’t, I think this will be a major campaign issue.” More from Personal Finance:

This bill could extend Social Security’s solvency for the rest of this century

Tucked away in this retirement bill is a provision to ease college students’ tax burdens

This company wants to help shave $6,200 off your student loans The National Committee to Preserve Social Security and Medicare is encouraging its members to raise the issue at the presidential candidates’ town hall meetings. “We’re hoping that this becomes an issue in some of these Democratic debates that are going to begin next month,” said Max Richtman, the advocacy group’s president and CEO.

The changes could affect everyone


Company: cnbc, Activity: cnbc, Date: 2019-06-03  Authors: lorie konish
Keywords: news, cnbc, companies, john, watch, fund, medicare, president, depleted, security, meadows, trust, 2035, heres, issue, plan, larson, bill, social


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Mexican tariffs would be bad news for denim retailers

U.S. President Donald Trump has promised to sign into law tariffs on imported steel and aluminum today and the European Commission has vowed to retaliate with tariffs on Levi’s jeans, Kentucky bourbon and Harley-Davidson motorcycles. President Donald Trump’s surprise vow to slap new tariffs on Mexican goods could end up hurting retailers, which are already threatened by the ongoing tit-for-tat trade war between the U.S. and China. The U.S. is set to impose a 5% tariff on all Mexican imports on J


U.S. President Donald Trump has promised to sign into law tariffs on imported steel and aluminum today and the European Commission has vowed to retaliate with tariffs on Levi’s jeans, Kentucky bourbon and Harley-Davidson motorcycles. President Donald Trump’s surprise vow to slap new tariffs on Mexican goods could end up hurting retailers, which are already threatened by the ongoing tit-for-tat trade war between the U.S. and China. The U.S. is set to impose a 5% tariff on all Mexican imports on J
Mexican tariffs would be bad news for denim retailers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-31  Authors: lauren thomas courtney reagan, lauren thomas, courtney reagan
Keywords: news, cnbc, companies, mexican, retailers, trust, tariffs, levis, trump, trade, president, bad, jean, jeans, supplier, denim


Mexican tariffs would be bad news for denim retailers

In this photo illustration Levi’s 501 blue jeans by U.S. clothing manufacturer Levi Strauss are seen on March 8, 2018 in Berlin, Germany. U.S. President Donald Trump has promised to sign into law tariffs on imported steel and aluminum today and the European Commission has vowed to retaliate with tariffs on Levi’s jeans, Kentucky bourbon and Harley-Davidson motorcycles.

President Donald Trump’s surprise vow to slap new tariffs on Mexican goods could end up hurting retailers, which are already threatened by the ongoing tit-for-tat trade war between the U.S. and China.

The U.S. is set to impose a 5% tariff on all Mexican imports on June 10, Trump announced on his Twitter account Thursday evening. One of the biggest victims of the new Mexican tariffs in the retail industry could be jean makers.

Mexico is the biggest supplier of men’s and boy’s jeans to the U.S., representing about 35% of imports, according to the American Apparel & Footwear Association.

The country South of the U.S. border is overall the eighth-largest supplier of apparel and the seventh-largest supplier of footwear to the U.S. market, AAFA said.

The association, in a statement, likened the tariffs to a tax on U.S. businesses, workers and consumers, saying it would boost prices for jeans, cars and other consumer-facing goods.

“The bottom line is that these tariffs are disastrous for the American economy,” Rick Helfenbein, president and CEO of AAFA, said in a statement.

Helfenbein later in an interview said the tariffs could make it more difficult to negotiate trade deals.

“It’s trust,” he said. “Who do you trust? If you can’t trust the partner you are trading with, if a tweet can disrupt your business overnight, why would you do business with them?”

“We are losing face as a negotiating board. This is a problem we are facing with China, the Chinese are all about face, and now they are turning on us.”

Representatives from jean makers Levi’s, Wrangler-owner Kontoor Brands and Gap Inc. didn’t immediately respond to CNBC’s requests for comment.


Company: cnbc, Activity: cnbc, Date: 2019-05-31  Authors: lauren thomas courtney reagan, lauren thomas, courtney reagan
Keywords: news, cnbc, companies, mexican, retailers, trust, tariffs, levis, trump, trade, president, bad, jean, jeans, supplier, denim


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