Senators: We’re cracking down on shell companies and money laundering

To make matters worse, banking laws designed to detect and combat money laundering and illicit financial activities haven’t been updated comprehensively in decades. We’ve worked together to draft bipartisan legislation that would require U.S. shell companies to report their true owners so that law enforcement can better track and penalize illicit criminal activities. That’s why in addition to requiring greater transparency for shell companies and updating money laundering laws, our bill also inc


To make matters worse, banking laws designed to detect and combat money laundering and illicit financial activities haven’t been updated comprehensively in decades. We’ve worked together to draft bipartisan legislation that would require U.S. shell companies to report their true owners so that law enforcement can better track and penalize illicit criminal activities. That’s why in addition to requiring greater transparency for shell companies and updating money laundering laws, our bill also inc
Senators: We’re cracking down on shell companies and money laundering Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-18  Authors: sens mark warner, tom cotton, doug jones, mike rounds
Keywords: news, cnbc, companies, shell, illicit, laws, information, cracking, law, united, senators, financial, criminal, companies, laundering, money


Senators: We're cracking down on shell companies and money laundering

The U.S. Capitol building is seen reflected in a puddle at sunrise on the day of the U.S. midterm election as voters go to the polls across the country to elect 33 U.S. senators and all 435 members of the U.S. House of Representatives in Washington, U.S., November 6, 2018.

The United States has become one of the go-to destinations for the creation of anonymous shell companies, allowing human traffickers, terrorists, money launderers, sanctions evaders, kleptocrats, and other criminals to promote criminal activities here in the United States undetected.

To make matters worse, banking laws designed to detect and combat money laundering and illicit financial activities haven’t been updated comprehensively in decades.

As a result, our financial institutions are spending more money than ever before to adhere to outdated compliance rules, while regulators and law enforcement personnel are stuck fighting 21st century threats with 20th century tools.

As senators committed to protecting U.S. national security, upholding the rule of law, and promoting efficient government, we believe the time is right to reform our laws for combating illicit finance.

We’ve worked together to draft bipartisan legislation that would require U.S. shell companies to report their true owners so that law enforcement can better track and penalize illicit criminal activities.

The Improving Laundering Laws and Increasing Comprehensive Information Tracking of Criminal Activity in Shell Holdings Act (ILLICIT CASH Act) would modernize our antiquated money-laundering laws and ensure that public and private sector resources are used where they matter most.

Additionally, our legislation would facilitate information sharing between financial regulators and law enforcement, and upgrade the technology they use to fight terrorism and prevent criminals from exploiting our financial system.

Financial institutions, law enforcement professionals, national-security experts, regulators, businesses, transparency advocates, and human-rights activists agree that our current methods are falling short.

The United States is ranked second-worst in the world for its high levels of secrecy and offshore activities, according to the Tax Justice Network’s Financial Secrecy Index. Illicit finance has become such a problem that the Financial Action Task Force (FATF)—the premier international organization for combating money laundering—recently identified the United States as an outlier among developed nations for failing to disclose and track shell company ownership.

As we work to improve our policies for fighting illicit finance, we also want to protect legitimate privacy interests. That’s why in addition to requiring greater transparency for shell companies and updating money laundering laws, our bill also includes strict protocols for protecting personal information and stiff penalties for unauthorized disclosures of ownership information or personal data.

Legitimate U.S. businesses have much to gain from a crackdown on anonymous shell companies. Businesses will avoid lost revenue from counterfeit goods and risks to reputational damage from unknowingly dealing with criminal organizations.

At the same time, reporting this information shouldn’t mean hours of new paperwork or other costly reporting obligations. Our bill mandates that new corporate-reporting obligations be well-tailored and integrated within existing reporting requirements so they don’t place needless burdens on small businesses.

We’re encouraged by progress the House of Representatives has made on similar reforms and believe our legislation will provide tools to fight back against illicit financial and criminal activities in America.

We look forward to working with our House and Senate colleagues to move this important debate forward, bring the anti-money laundering system into the 21st century, and close our nation’s doors to shady shell companies and illicit financial activity.

Commentary by U.S. Sens. Mark R. Warner (D-VA), Tom Cotton (R-AR), Doug Jones (D-AL), and Mike Rounds (R-SD)

For more insight from CNBC contributors, follow @CNBCopinion on Twitter.


Company: cnbc, Activity: cnbc, Date: 2019-06-18  Authors: sens mark warner, tom cotton, doug jones, mike rounds
Keywords: news, cnbc, companies, shell, illicit, laws, information, cracking, law, united, senators, financial, criminal, companies, laundering, money


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United Technologies makes hybrid-electric plane push with ‘Project 804’

Aerospace and defense giant United Technologies says it’s working to put a hybrid-electric turboprop airplane into the sky within three years. Dubbed “Project 804,” United Technologies has said its aim is to enable certified hybrid-electric regional travel within 10 years. Speaking at the Paris Air Show Monday, the chief technology officer of United Technologies, Paul Eremenko, told CNBC that the notion of hybrid propulsion is very similar to what you might have in an automobile. United Technolo


Aerospace and defense giant United Technologies says it’s working to put a hybrid-electric turboprop airplane into the sky within three years. Dubbed “Project 804,” United Technologies has said its aim is to enable certified hybrid-electric regional travel within 10 years. Speaking at the Paris Air Show Monday, the chief technology officer of United Technologies, Paul Eremenko, told CNBC that the notion of hybrid propulsion is very similar to what you might have in an automobile. United Technolo
United Technologies makes hybrid-electric plane push with ‘Project 804’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-18  Authors: david reid
Keywords: news, cnbc, companies, push, officer, hybridelectric, united, paris, technology, regional, turboprop, technologies, project, makes, plane, flights, 804


United Technologies makes hybrid-electric plane push with 'Project 804'

Paul Eremenko, chief technical officer of United Technologies Corp., right, speaks beside Bruno Stoufflet, chief technical officer of Dassault Aviation SA, during the 53rd International Paris Air Show at Le Bourget in Paris, France, on Tuesday, June 18, 2019.

Aerospace and defense giant United Technologies says it’s working to put a hybrid-electric turboprop airplane into the sky within three years.

Dubbed “Project 804,” United Technologies has said its aim is to enable certified hybrid-electric regional travel within 10 years. Regional airlines typically do shorter flights into smaller airports that the mainline carriers can’t fit bigger planes into.

Speaking at the Paris Air Show Monday, the chief technology officer of United Technologies, Paul Eremenko, told CNBC that the notion of hybrid propulsion is very similar to what you might have in an automobile.

“In the case of Project 804 we’re basically taking a commuter regional turboprop airplane and we’re making it such that during take-off and climb, about half the energy is supplied electrically and about half of the supply is maintained by the engine,” he said.

Eremenko added that energy would be replenished back into the battery during the descent, which could be used in case a landing was not completed properly.

The project, scheduled to fly in 2022, will solely be a technology demonstrator and would center around an aircraft that could be used as a city hopper.

The design is premised on a mid-sized regional turboprop, using a typical existing airframe, control systems and propellers but adding in new battery technology and a 2-megawatt hybrid-electric propulsion system.

The test-bed plane will only swap out one traditional engine, so initial flights can be conducted in a safer manner.

Eremenko said the ultimate aim of the project is to attempt to secure as much as a 30% fuel saving on shorter flights, which he described as “huge in an industry trying to shave 1 or 2%.”

United Technologies is set to merge with Raytheon in a mega deal to become the second-largest aerospace and defense company in the U.S., after Boeing, with an estimated $74 billion in sales.

The firm has said the new combined organization will work closely with all major plane builders and there would be no preferential treatment between the likes of Boeing and Airbus as the aircraft would be “platform agnostic.”

Now watch: United Technologies CEO Greg Hayes on the Raytheon merger


Company: cnbc, Activity: cnbc, Date: 2019-06-18  Authors: david reid
Keywords: news, cnbc, companies, push, officer, hybridelectric, united, paris, technology, regional, turboprop, technologies, project, makes, plane, flights, 804


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United Technologies CEO predicts Raytheon merger gets done despite activist investor opposition

United Technologies Corp. CEO Greg Hayes believes a “compelling” technology argument in the proposed merger with Raytheon will help to win over concerned shareholders. UTC and Raytheon announced an all-stock merger earlier this month. Hedge fund mogul and activist investor Bill Ackman has said the proposed UTC-Raytheon merger makes “no sense. ” The new company, to be called Raytheon Technologies, would become the second-largest aerospace and defense company in the U.S., after Boeing, with an est


United Technologies Corp. CEO Greg Hayes believes a “compelling” technology argument in the proposed merger with Raytheon will help to win over concerned shareholders. UTC and Raytheon announced an all-stock merger earlier this month. Hedge fund mogul and activist investor Bill Ackman has said the proposed UTC-Raytheon merger makes “no sense. ” The new company, to be called Raytheon Technologies, would become the second-largest aerospace and defense company in the U.S., after Boeing, with an est
United Technologies CEO predicts Raytheon merger gets done despite activist investor opposition Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-17  Authors: sam meredith
Keywords: news, cnbc, companies, ceo, technology, opposition, merger, hayes, think, proposed, gets, investor, shareholders, despite, predicts, united, raytheon, utc, told, technologies


United Technologies CEO predicts Raytheon merger gets done despite activist investor opposition

United Technologies Corp. CEO Greg Hayes believes a “compelling” technology argument in the proposed merger with Raytheon will help to win over concerned shareholders. UTC and Raytheon announced an all-stock merger earlier this month. The deal, which the two companies called a “merger of equals,” would bring together a booming aerospace company with a giant government defense contractor. It is expected to close in the first half of 2020. However, the proposal has raised questions among regulators and shareholders about the economic benefits and costs of large mergers. “If you think about the regulatory landscape, which is the first question in terms of the timing, there is zero overlap,” Hayes told CNBC’s Phil LeBeau at the Paris Air Show on Monday. “From a regulatory standpoint, we think nine months at the outsight to get this done. Ten countries, it does not require Chinese approval, so we think we have got a pretty clear path,” Hayes said.

Hedge fund mogul and activist investor Bill Ackman has said the proposed UTC-Raytheon merger makes “no sense. ” Ackman, whose Pershing Square Capital Management owned 5.8 million UTC shares at the end of the first quarter, said in a letter addressed to Hayes that the merger would be ill-advised. Dan Loeb’s Third Point is also reportedly thought to be opposed to the deal. When asked how he would respond to such criticism, Hayes replied: “We have talked to a lot of investors, including Bill and including Dan, and I would say they have both been respectful as we have laid out the rationale.” “This is simply giving us scale from a technology standpoint to do things that we could not possibly do before, whether it’s advanced analytics, whether it’s AI, autonomy in the cockpit, cyber protection for aerospace systems. … It is phenomenal the opportunities we have.”

Raytheon has been ‘on our radar for a long time’

President Donald Trump told CNBC last week that he was a “little concerned” the proposed deal could harm competition and make it more difficult for the U.S. government to negotiate defense contracts. Raytheon and UTC have since dismissed concerns about a possible reduction in competition, saying they have very little overlap that would generally spark concern among anti-trust regulators. “As far as objections from shareholders, I think, again, the more we talk about technology, the more they see the benefits, the easier this is going to be to convince people,” Hayes said. The new company, to be called Raytheon Technologies, would become the second-largest aerospace and defense company in the U.S., after Boeing, with an estimated $74 billion in sales. Raytheon International CEO John Harris told CNBC on Monday he could not remember a time when the two companies were competing during the past 35 years.

United Technologies Chairman and CEO Greg Hayes. Brendan McDermid | Reuters


Company: cnbc, Activity: cnbc, Date: 2019-06-17  Authors: sam meredith
Keywords: news, cnbc, companies, ceo, technology, opposition, merger, hayes, think, proposed, gets, investor, shareholders, despite, predicts, united, raytheon, utc, told, technologies


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Pentagon sending about 1,000 more US troops to the Middle East amid tensions

The sun sets behind a C-17 Globemaster as soldiers wait in line to board the aircraft. WASHINGTON — The Pentagon is preparing to send more troops to the Middle East amid increasing tensions between the United States and Iran. “I have authorized approximately 1,000 additional troops for defensive purposes to address air, naval, and ground-based threats in the Middle East,” wrote acting Secretary of Defense Pat Shanahan in a statement Monday. “The recent Iranian attacks validate the reliable, cred


The sun sets behind a C-17 Globemaster as soldiers wait in line to board the aircraft. WASHINGTON — The Pentagon is preparing to send more troops to the Middle East amid increasing tensions between the United States and Iran. “I have authorized approximately 1,000 additional troops for defensive purposes to address air, naval, and ground-based threats in the Middle East,” wrote acting Secretary of Defense Pat Shanahan in a statement Monday. “The recent Iranian attacks validate the reliable, cred
Pentagon sending about 1,000 more US troops to the Middle East amid tensions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-17  Authors: amanda macias
Keywords: news, cnbc, companies, sending, iranian, 1000, troops, tensions, weeks, middle, east, attacks, amid, united, states, wrote, pentagon


Pentagon sending about 1,000 more US troops to the Middle East amid tensions

The sun sets behind a C-17 Globemaster as soldiers wait in line to board the aircraft.

WASHINGTON — The Pentagon is preparing to send more troops to the Middle East amid increasing tensions between the United States and Iran.

“I have authorized approximately 1,000 additional troops for defensive purposes to address air, naval, and ground-based threats in the Middle East,” wrote acting Secretary of Defense Pat Shanahan in a statement Monday.

“The recent Iranian attacks validate the reliable, credible intelligence we have received on hostile behavior by Iranian forces and their proxy groups that threaten United States personnel and interests across the region.”

The Pentagon did not give any further details on the timing of the deployment.

The latest revelation comes on the heels of last week’s attacks on two oil tankers in the Gulf of Oman.


Company: cnbc, Activity: cnbc, Date: 2019-06-17  Authors: amanda macias
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Vladimir Putin is muscling his way into Africa, and that is bad news for US interests

Russian President Vladimir Putin attends a ceremony to bestow state awards on military personnel who fought in Syria, at the Kremlin in Moscow on December 28, 2017. Russia also provided CAR’s president his national security advisor, Russian intelligence agent Valery Zakahrov, who serves him to this day. Though the story of China’s increased influence in Africa is well-known, the competing Russian version has only recently gained more attention. The United States, however, is playing catch-up and


Russian President Vladimir Putin attends a ceremony to bestow state awards on military personnel who fought in Syria, at the Kremlin in Moscow on December 28, 2017. Russia also provided CAR’s president his national security advisor, Russian intelligence agent Valery Zakahrov, who serves him to this day. Though the story of China’s increased influence in Africa is well-known, the competing Russian version has only recently gained more attention. The United States, however, is playing catch-up and
Vladimir Putin is muscling his way into Africa, and that is bad news for US interests Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-14  Authors: fred kempe
Keywords: news, cnbc, companies, interests, russian, russia, china, military, muscling, africa, african, vladimir, united, influence, way, president, bad, putin, states


Vladimir Putin is muscling his way into Africa, and that is bad news for US interests

Russian President Vladimir Putin attends a ceremony to bestow state awards on military personnel who fought in Syria, at the Kremlin in Moscow on December 28, 2017.

Russian leader Vladimir Putin recently bought himself into an African country for a relative pittance, working through Yevgeny Prigozhin, his favorite contractor for such special projects, which have ranged from attempting to tip U.S. elections to saving Syria’s dictator.

With that partner, Putin won an insider’s influence over the strategically placed Central African Republic, or CAR, and priority access to its oil, diamonds, gold and uranium resources. At least that’s how one U.S. government official, with years of experience tracking such matters, explains this bargain basement price of geopolitical cunning.

The story goes that President Faustin-Archange Touadera, though elected fairly in 2016, was struggling to exert control over much of the nation’s territory. Soldiers from a United Nations peacekeeping mission were working to stabilize the country amid clashes between rival militias, but inadequately.

That’s when Prigozhin, nicknamed “Putin’s chef” for his catering business, stepped forward with money, training, paramilitary support and other survival help. (That’s the same Prigozhin indicted by Robert Mueller for funding a social media troll factory to influence the 2016 U.S. presidential election.) Russia also provided CAR’s president his national security advisor, Russian intelligence agent Valery Zakahrov, who serves him to this day.

Welcome to our new era of major power competition, which is playing out globally, sometimes quietly and sometimes this colorfully. What the CAR story provides is yet further evidence that America’s autocratic rivals, both Russia and China, are acting with greater operational creativity and strategic purpose than their counterparts – in this case France and the United States.

In the Central African Republic, Washington had discarded this resource-rich country, poised strategically between Africa’s Muslim north and Christian south, as a place of marginal importance. US officials are now scrambling to frame a response.

Ensuring his escalating African efforts aren’t missed, Putin and Egyptian President Abdel Fatah al-Sisi will convene 50 African leaders at the first-ever Russian-African Summit in Sochi this October. Russian Foreign Minister Sergei Lavrov, a frequent traveler to Africa, says its purpose will be to cement “Russia’s active presence in the region. ”

When Moscow sees a vacuum in Africa left by Europe or the United States, it increasingly steps in with trade and business agreements, military sales and cooperation, and political and paramilitary support. What it lacks in China’s means it makes up for with muscle. Putin’s efforts sometimes fail: Russia bet on the wrong horse in Sudan and paid handsomely for a nuclear energy contract in South Africa that looks less likely now that Jacob Zuma has left power.

Russia’s successes, however, are more frequent. And both Russia and China see themselves involved in a long game for position and influence on an African continent that by 2050 will have 25% of the world’s working age population and the greatest store of rare earth materials outside of China. What’s more, its 54 countries make up the most important voting bloc in the United Nations, providing both China and Russia the wherewithal to block Western initiatives.

Though the story of China’s increased influence in Africa is well-known, the competing Russian version has only recently gained more attention.

The Guardian this week, reporting from documents leaked to the Mikhail Khodorkovsky funded Dossier Center, reports that Russia is seeking to bolster its presence in at least 13 African countries – having already signed military deals in 20 states – “by building relations with existing rulers, striking military deals, and grooming a new generation of ‘leaders’ and undercover ‘agents.'”

The documents include a map that assesses the level of cooperation between Prigozhin’s “company” and individual African countries, scoring them at between one to five points on matters of cooperation that include military, political, economic, police training, media and humanitarian projects.

This Russian activity hasn’t gone without notice in Washington. Last December, national security advisor John Bolton, in a speech to the Heritage Foundation, laid out what he called “the Trump administration’s new Africa strategy.”

“In short,” said Bolton, “the predatory practices pursued by China and Russia stunt economic growth in Africa; threaten the financial independence of African nations; inhibit opportunities for U.S. investment; interfere with U.S. military operations and pose a significant threat to U.S. national security interests.”

He outlined a three-part response, which included advancing trade and commercial ties, countering radical Islamist terrorism and violent conflict, and ensuring U.S. aid dollars are more effectively deployed.

The United States, however, is playing catch-up and lacks not only the bandwidth but also the focus. It also hasn’t yet fully absorbed the requirements of this new, global struggle for influence, one where the costs of losing may not be apparent until it’s become a fait accompli.

One of the earliest experts to spot this Russian shift of attention to Africa was J. Peter Pham, director of the Atlantic Council’s Africa Center. Pham isn’t ready to predict a return to the Cold War’s zero-sum competition in Africa, but he does believe the United States and Europe “no longer can ignore Moscow’s resurgent interest” and its reconstituting of a strategic web of access.

The Washington-based Institute for the Study of War tracks several lines of Russian effort: military basing, security cooperation, capturing the emerging nuclear energy market, gaining access to natural resources, leveraging private military contractors and growing agricultural export markets for its wheat.

One of the most telling recent efforts, reported in a BBC documentary earlier this year, involved a Russian campaign to influence presidential elections in Madagascar. According to the BBC, the Russians worked with six of the 35 presidential candidates. Candidates who received Russian money told the BBC they were instructed to back off and support the front-runner, who Russia was also backing, when it became apparent he would win.

Yet tracking these sorts of Russian activities in Africa can be a perilous game. Last July, three Russian journalists investigating Prigozhin’s paramilitary involvement in CAR were shot dead outside the capital city.

Russia’s price for acquiring influence in the Central African Republic might have been a small one. The price for the United States and Africans alike of neglecting this Russian shift may be far higher.

Frederick Kempe is a best-selling author, prize-winning journalist and president & CEO of the Atlantic Council, one of the United States’ most influential think tanks on global affairs. He worked at The Wall Street Journal for more than 25 years as a foreign correspondent, assistant managing editor and as the longest-serving editor of the paper’s European edition. His latest book – “Berlin 1961: Kennedy, Khrushchev, and the Most Dangerous Place on Earth” – was a New York Times best-seller and has been published in more than a dozen languages. Follow him on Twitter and subscribe here to Inflection Points, his look each Saturday at the past week’s top stories and trends.

For more insight from CNBC contributors, follow @CNBCopinion on Twitter.


Company: cnbc, Activity: cnbc, Date: 2019-06-14  Authors: fred kempe
Keywords: news, cnbc, companies, interests, russian, russia, china, military, muscling, africa, african, vladimir, united, influence, way, president, bad, putin, states


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Huawei asks Verizon to pay more than $1 billion for over 230 patents: Source

Verizon should pay to “solve the patent licensing issue,” a Huawei intellectual property licensing executive wrote in February, The Wall Street Journal reported earlier. The licensing fees for the more than 230 patents sought is more than $1 billion, the person said. National security experts worry that “back doors” in routers, switches and other Huawei equipment could allow China to spy on U.S. communications. Companies involved, including Verizon have notified the U.S. government and the dispu


Verizon should pay to “solve the patent licensing issue,” a Huawei intellectual property licensing executive wrote in February, The Wall Street Journal reported earlier. The licensing fees for the more than 230 patents sought is more than $1 billion, the person said. National security experts worry that “back doors” in routers, switches and other Huawei equipment could allow China to spy on U.S. communications. Companies involved, including Verizon have notified the U.S. government and the dispu
Huawei asks Verizon to pay more than $1 billion for over 230 patents: Source Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: eustance huang
Keywords: news, cnbc, companies, united, person, issue, pay, billion, states, patents, 230, asks, source, licensing, equipment, china, huawei, verizon


Huawei asks Verizon to pay more than $1 billion for over 230 patents: Source

In this photo illustration, the Huawei logo and Chinese flag is seen displayed on an Android mobile phone.

Huawei Technologies has told Verizon Communications that the U.S. carrier should pay licensing fees for more than 230 of the Chinese telecoms equipment maker’s patents and in aggregate is seeking more than $1 billion, a person briefed on the matter said on Wednesday.

Verizon should pay to “solve the patent licensing issue,” a Huawei intellectual property licensing executive wrote in February, The Wall Street Journal reported earlier. The patents cover network equipment for more than 20 of the company’s vendors including major U.S. tech firms but those vendors would indemnify Verizon, the person said. Some of those firms have been approached directly by Huawei, the person said.

The patents in question range from core network equipment, wireline infrastructure to internet-of-things technology, the Journal reported. The licensing fees for the more than 230 patents sought is more than $1 billion, the person said.

Huawei has been battling the U.S. government for more than a year. National security experts worry that “back doors” in routers, switches and other Huawei equipment could allow China to spy on U.S. communications. Huawei has denied that it would help China spy.

Companies involved, including Verizon have notified the U.S. government and the dispute comes amid a growing feud between China and the United States. The licensing fee demand may be more about the geopolitical battle between China and the United States rather than a demand for patent fees.

Huawei and Verizon representatives met in New York last week to discuss some of the patents at issue and whether Verizon is using equipment from other companies that could infringe on Huawei patents.

Verizon spokesman Rich Young declined to comment “regarding this specific issue because it’s a potential legal matter.”

However, Young said, “These issues are larger than just Verizon. Given the broader geopolitical context, any issue involving Huawei has implications for our entire industry and also raise national and international concerns.”

Huawei and U.S. wireless carriers T-Mobile US and AT&T did not respond to Reuters’ requests for comment. Sprint declined to comment.

The United States last month put Huawei on a blacklist that barred it from doing business with U.S. companies on security grounds without government approval, prompting some global tech firms to cut ties with the world’s largest telecoms equipment maker.

Washington is also seeking the extradition of Huawei Chief Financial Executive Meng Wanzhou from Canada after her arrest in Vancouver last December on a U.S. warrant.

China has since upped the pressure on Canada, halting Canadian canola imports and in May suspended the permits of two major pork producers.


Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: eustance huang
Keywords: news, cnbc, companies, united, person, issue, pay, billion, states, patents, 230, asks, source, licensing, equipment, china, huawei, verizon


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Delta CEO urges UTC to ‘stay focused’ after Raytheon deal announcement

Delta Air Lines CEO Ed Bastian said his company has one message for United Technologies after it announced its merger with Raytheon: “Stay focused.” Raytheon and United Technologies on Sunday announced they would merge in an all-stock deal, creating a company with combined annual sales of $74 billion. United Technologies owns aerospace manufacturer Pratt & Whitney, which produces engines for many of Delta’s planes. Delta jets also have a number of products aboard them made by Collins Aerospace,


Delta Air Lines CEO Ed Bastian said his company has one message for United Technologies after it announced its merger with Raytheon: “Stay focused.” Raytheon and United Technologies on Sunday announced they would merge in an all-stock deal, creating a company with combined annual sales of $74 billion. United Technologies owns aerospace manufacturer Pratt & Whitney, which produces engines for many of Delta’s planes. Delta jets also have a number of products aboard them made by Collins Aerospace,
Delta CEO urges UTC to ‘stay focused’ after Raytheon deal announcement Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-12  Authors: ashley turner
Keywords: news, cnbc, companies, utc, technologies, company, raytheon, stay, united, rethink, urges, announcement, merger, deal, delta, ceo, investors, focused


Delta CEO urges UTC to 'stay focused' after Raytheon deal announcement

Delta Air Lines CEO Ed Bastian said his company has one message for United Technologies after it announced its merger with Raytheon: “Stay focused.”

“UTC is a big partner of ours, a big supplier of ours,” Bastian said in an interview with CNBC’s Carl Quintanilla. “They’ve gone through some mergers, there’s been some distractions along the way.”

Bastian’s comments come as some investors and activists speak out against the planned deal.

Raytheon and United Technologies on Sunday announced they would merge in an all-stock deal, creating a company with combined annual sales of $74 billion. When the merger is complete, it will be renamed Raytheon Technologies.

United Technologies owns aerospace manufacturer Pratt & Whitney, which produces engines for many of Delta’s planes. Delta jets also have a number of products aboard them made by Collins Aerospace, another subsidiary of United Technologies.

If the deal goes through, shareholders of United Technologies will own 57% of the new company’s stock, while Raytheon investors would own 43% on a diluted basis.

However, some activists are pressing United Technologies to rethink the merger.

Billionaire investor Bill Ackman sent a letter to United Technologies CEO Greg Hayes urging the company to rethink its deal with Raytheon, a source told CNBC. Ackman, whose hedge fund Pershing Square Capital Management owned 5.8 million United Technologies shares at the end of the first quarter, expressed his unease about the deal.


Company: cnbc, Activity: cnbc, Date: 2019-06-12  Authors: ashley turner
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More China tariffs could push the US into a ‘Trump recession,’ CEO says

While the U.S. Commerce Department has granted a 90-day reprieve to Huawei, China has already been ramping up development of its own semiconductor industry — which could ultimately hurt the profits of U.S. companies. The blacklisting of Huawei will not only push China to become more closed off to the rest of the world, but will also hinder the United States’ ability to maintain “world leadership” in the technology market, Shapiro said. “We have these great American chip companies ready to sell t


While the U.S. Commerce Department has granted a 90-day reprieve to Huawei, China has already been ramping up development of its own semiconductor industry — which could ultimately hurt the profits of U.S. companies. The blacklisting of Huawei will not only push China to become more closed off to the rest of the world, but will also hinder the United States’ ability to maintain “world leadership” in the technology market, Shapiro said. “We have these great American chip companies ready to sell t
More China tariffs could push the US into a ‘Trump recession,’ CEO says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-11  Authors: shirley tay
Keywords: news, cnbc, companies, trump, world, china, companies, xi, push, ceo, united, states, shapiro, recession, president, tariffs, huawei


More China tariffs could push the US into a 'Trump recession,' CEO says

Trump on Monday renewed his tariff threats on China after Myron Brilliant, the head of international affairs at the U.S. Chamber of Commerce, told CNBC that Trump’s “weaponization of tariffs” hurts the U.S. economy and “creates uncertainty” with trading partners. Trump confirmed that an additional raft of levies will be slapped on Beijing if Chinese President Xi Jinping does not show up at the G-20 meeting in Japan — an event investors and economists will be watching for signs of a breakthrough in the trade impasse.

Huawei dispute could ‘escalate out of control’

The current tensions between the U.S. and China appeared to reach a new height when Washington placed Huawei on a U.S. entity list in May, limiting the Chinese telecom giant’s ability to purchase goods from American firms. While the U.S. Commerce Department has granted a 90-day reprieve to Huawei, China has already been ramping up development of its own semiconductor industry — which could ultimately hurt the profits of U.S. companies. According to Shapiro, restrictive measures in the tech space could escalate “out of control” and cause both consumers and U.S. chip companies to be “trampled.” The blacklisting of Huawei will not only push China to become more closed off to the rest of the world, but will also hinder the United States’ ability to maintain “world leadership” in the technology market, Shapiro said. “We have these great American chip companies ready to sell to all around the world,” he said. “And the fact is, I think the U.S. policy may be really pushing China to do everything by itself, and not only put up walls around China, but we’re putting up an economic fence around the United States.” If the U.S. wants to advance “and be innovative, maintain world leadership, we have to be out there in the world marketplace,” he added.

President Donald Trump speaks during a press conference with China’s President Xi Jinping at the Great Hall of the People in Beijing on November 9, 2017. Nicholas Asfouri | AFP | Getty Images

Tech bifurcation possible


Company: cnbc, Activity: cnbc, Date: 2019-06-11  Authors: shirley tay
Keywords: news, cnbc, companies, trump, world, china, companies, xi, push, ceo, united, states, shapiro, recession, president, tariffs, huawei


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US crude ticks up 1 cent to $53.27 as OPEC supply cuts counter growth concerns

Oil prices were little changed on Tuesday, weighed by concerns about a global economic slowdown that could dent crude demand, but supported by expectations that OPEC and its allies will extend their supply curbs. Concern about slowing demand and economic growth has had a large impact on sentiment amid a trade war between the United States and China. The U.S. Energy Information Administration cut its 2019 world oil demand growth forecast by 160,000 barrels per day to 1.22 million bpd. “The global


Oil prices were little changed on Tuesday, weighed by concerns about a global economic slowdown that could dent crude demand, but supported by expectations that OPEC and its allies will extend their supply curbs. Concern about slowing demand and economic growth has had a large impact on sentiment amid a trade war between the United States and China. The U.S. Energy Information Administration cut its 2019 world oil demand growth forecast by 160,000 barrels per day to 1.22 million bpd. “The global
US crude ticks up 1 cent to $53.27 as OPEC supply cuts counter growth concerns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-11
Keywords: news, cnbc, companies, united, ticks, 5327, economic, opec, concerns, extend, slowing, trade, counter, cent, growth, crude, global, oil, demand, war, cuts, supply


US crude ticks up 1 cent to $53.27 as OPEC supply cuts counter growth concerns

A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf.

Oil prices were little changed on Tuesday, weighed by concerns about a global economic slowdown that could dent crude demand, but supported by expectations that OPEC and its allies will extend their supply curbs.

U.S. West Texas Intermediate settled just a penny higher at $53.27. Brent crude, the global benchmark, settled unchanged from Monday’s settlement at $62.29 a barrel.

Brent is down 17.5% from its 2019 peak reached in April, while WTI is down 20% over the same period.

Concern about slowing demand and economic growth has had a large impact on sentiment amid a trade war between the United States and China.

The U.S. Energy Information Administration cut its 2019 world oil demand growth forecast by 160,000 barrels per day to 1.22 million bpd.

“The demand outlook is central to the oil market these days,” said John Kilduff, an analyst at Again Capital. “The global economic data has been chock full of negative surprises, of late, attributable to the fallout from the U.S.-China trade war.”

However, Beijing said it will allow local governments to use proceeds from special bonds as capital for major investment projects, in a bid to support the slowing economy amid an escalating trade war with the United States.

Supporting oil prices on Tuesday was optimism that OPEC and other producers such as Russia would extend an output cut deal that has been in place since the beginning of the year to prop up prices.

The group, known as OPEC+, is due to meet in late June or early July to decide whether to extend the pact.


Company: cnbc, Activity: cnbc, Date: 2019-06-11
Keywords: news, cnbc, companies, united, ticks, 5327, economic, opec, concerns, extend, slowing, trade, counter, cent, growth, crude, global, oil, demand, war, cuts, supply


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How a United Technologies-Raytheon tie-up could make a ‘monster supplier’ and reshape the industry

Raytheon and United Technologies have a combined market value of close to $166 billion. The United Technology-Raytheon tie-up “creates this monster supplier in aerospace and defense,” said Richard Aboulafia, aerospace analyst at Teal Group. Raytheon and United Technologies don’t have a lot of the overlap that generally draws regulatory opposition to such deals. Boeing initially expressed concerns about United Technologies’ $23 billion-acquisition of avionics and aircraft seat maker Rockwell Coll


Raytheon and United Technologies have a combined market value of close to $166 billion. The United Technology-Raytheon tie-up “creates this monster supplier in aerospace and defense,” said Richard Aboulafia, aerospace analyst at Teal Group. Raytheon and United Technologies don’t have a lot of the overlap that generally draws regulatory opposition to such deals. Boeing initially expressed concerns about United Technologies’ $23 billion-acquisition of avionics and aircraft seat maker Rockwell Coll
How a United Technologies-Raytheon tie-up could make a ‘monster supplier’ and reshape the industry Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: leslie josephs
Keywords: news, cnbc, companies, deal, monster, industry, defense, business, boeing, reshape, aerospace, company, supplier, tieup, united, whitney, technologiesraytheon, technologies, raytheon


How a United Technologies-Raytheon tie-up could make a 'monster supplier' and reshape the industry

A Pratt & Whitney PW1000G turbofan engine sits on the wing of an Airbus A320neo aircraft during a delivery ceremony outside the Airbus Group SE factory in Hamburg, Germany, on Friday, Feb. 12, 2016.

United Technologies has struck a deal to combine its booming aerospace business with defense contractor Raytheon, a surprise twist capable of rattling customers and competitors alike.

The deal would create a giant, one-stop shop with products that range from Tomahawk missiles and radar systems to jet engines that power passenger planes and the seats that fill them.

Under one roof, the companies could put more pressure on suppliers and encourage their industrial conglomerate competitors to seek deals of their own.

Raytheon and United Technologies have a combined market value of close to $166 billion. The stock price of each has gained more than 21% this year, far outpacing the broader market, as they’ve reaped the benefits of strong defense spending and record orders for passenger planes around the world.

The new company, which they plan to name Raytheon Technologies, would have approximate annual sales of $74 billion, putting it behind Boeing as the second-largest aerospace and defense company in the U.S. by revenue.

The combined company, with big footprints in both the fast-growing commercial aerospace business and an increase in military spending, may be emboldened to push back on big customers like Boeing, Airbus and Lockheed Martin in terms of pricing, aftermarket work and intellectual property.

Boeing itself has been trying to gain more direct control over certain parts of its supply chain and strengthen its services businesses that can provide revenue streams long after aircraft are delivered.

In June 2018, Boeing 737 said it formed a joint venture with French engine manufacturer Safran to make auxiliary power units for planes, a business that competes directly with United Technologies’ Pratt and Whitney unit and with Honeywell.

Earlier that year, Boeing unveiled a joint venture to make airplane seats with Adient.

The United Technology-Raytheon tie-up “creates this monster supplier in aerospace and defense,” said Richard Aboulafia, aerospace analyst at Teal Group.

Raytheon and United Technologies don’t have a lot of the overlap that generally draws regulatory opposition to such deals. But customers may have other views. Boeing initially expressed concerns about United Technologies’ $23 billion-acquisition of avionics and aircraft seat maker Rockwell Collins.

The combination of the two companies may shake up competitors as well. The deal comes just as industrial conglomerates are rethinking their businesses and scrambling to focus on highly profitable units.

United Technologies last November announced it would split into three companies, spinning out its Carrier HVAC business and Otis elevator unit. The aerospace business, which includes United Technologies’ newly acquired Rockwell Collins and engine maker Pratt and Whitney, would be the unit merging with Raytheon.

The deal could pressure others in the sector, like Honeywell International and General Electric, both of which make jet engines and other airplane parts and have shed other businesses, to look for partners to bulk up top-performing units.

Last year, military equipment suppliers Harris Corp and L3 Technologies agreed to merge in the largest ever deal for that sector.

“Clearly the logic of size keeps marching on,” Aboulafia said. “It increases pressure on them to do something.”

The new company, called Raytheon Technologies, would be headquartered in the Boston area. Raytheon is based in Waltham, Mass., a Boston suburb.


Company: cnbc, Activity: cnbc, Date: 2019-06-10  Authors: leslie josephs
Keywords: news, cnbc, companies, deal, monster, industry, defense, business, boeing, reshape, aerospace, company, supplier, tieup, united, whitney, technologiesraytheon, technologies, raytheon


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