European lawmakers warn US that aircraft trade dispute threatens growth and relations

European governments continued to call for a negotiated settlement to trade disputes between the United States and the European Union (EU) on Thursday. “They are not based on fundamentals of our economy,” he told CNBC in an interview. “They don’t respond to any sort of imbalances that we really have in the global economy.” The director general of the Geneva-based multilateral trade arbiter, Roberto Azevedo, acknowledges that some of Washington’s other recent trade moves, executed outside the WTO


European governments continued to call for a negotiated settlement to trade disputes between the United States and the European Union (EU) on Thursday. “They are not based on fundamentals of our economy,” he told CNBC in an interview. “They don’t respond to any sort of imbalances that we really have in the global economy.” The director general of the Geneva-based multilateral trade arbiter, Roberto Azevedo, acknowledges that some of Washington’s other recent trade moves, executed outside the WTO
European lawmakers warn US that aircraft trade dispute threatens growth and relations Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: willem marx
Keywords: news, cnbc, companies, threatens, threat, european, scheduled, tariffs, uncertainty, economy, global, lawmakers, aircraft, worth, warn, growth, relations, told, dispute, trade


European lawmakers warn US that aircraft trade dispute threatens growth and relations

14 March 2018, Germany, Frankfurt am Main: An Airbus A380 (L) and a retro design Boeing 747-8 cross each others path at the ramp of Frankfurt Airport.

European governments continued to call for a negotiated settlement to trade disputes between the United States and the European Union (EU) on Thursday.

The latest plea comes a little more than a week before American tariffs of between 10 and 25% are scheduled to take effect on billions of dollars worth of European exports, ranging from civilian aircraft to agricultural products like cheese and wine.

An array of finance ministers gathered in Luxembourg for monthly meetings told CNBC that the escalating global trade disputes represented a significant threat to European economies, but that the imposition of tariffs by Washington would nevertheless force Europe to respond in kind.

Mario Centeno, the Portuguese finance minister who steers the regular gathering of his euro zone counterparts, said the uncertainty over trade and the threat of fresh tariffs were risks to the economic order that were “political in nature.”

“They are not based on fundamentals of our economy,” he told CNBC in an interview. “They don’t respond to any sort of imbalances that we really have in the global economy.”

The Trump administration’s impending tariffs on $7.5bn worth of European goods are scheduled to kick in on October 18th, in retaliation for decades of European nations’ subsidies to aircraft manufacturer Airbus, and subsequent non-compliance with previous World Trade Organisation rulings.

The director general of the Geneva-based multilateral trade arbiter, Roberto Azevedo, acknowledges that some of Washington’s other recent trade moves, executed outside the WTO’s framework, have been “unorthodox.”

But even though the new EU-targeting sanctions will be entirely permissible under WTO rules, he told CNBC’s Joumanna Bercetche in an interview Thursday that he hoped the US and EU would “sit down, talk and find a negotiated solution, because the last thing we need at this point in time is an escalation of tariff barriers and trade restrictions.”

He posited that sanctions and trade conflicts have been “provoking the level of uncertainty that is slowing down the economy, the global economy across the board.”


Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: willem marx
Keywords: news, cnbc, companies, threatens, threat, european, scheduled, tariffs, uncertainty, economy, global, lawmakers, aircraft, worth, warn, growth, relations, told, dispute, trade


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Sports agents warn NBA players to avoid China talk as athletes, executives walk ‘fine line’

Kevin Frayer | Getty ImagesNBA players have been unusually quiet on China since the nation started severing ties with the league. “I think it’s a fine line, and when you’re walking that fine line, it’s best to not even play around with it.” NBA players and officials have been walking that line since Houston Rockets General Manager Daryl Morey tweeted support for anti-government protesters in Hong Kong on Friday, according to interviews with players, league officials and sports agents. Stand with


Kevin Frayer | Getty ImagesNBA players have been unusually quiet on China since the nation started severing ties with the league. “I think it’s a fine line, and when you’re walking that fine line, it’s best to not even play around with it.” NBA players and officials have been walking that line since Houston Rockets General Manager Daryl Morey tweeted support for anti-government protesters in Hong Kong on Friday, according to interviews with players, league officials and sports agents. Stand with
Sports agents warn NBA players to avoid China talk as athletes, executives walk ‘fine line’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: jabari young
Keywords: news, cnbc, companies, nba, executives, avoid, league, different, china, walk, chinese, kong, asked, game, talk, hong, line, warn, players, fine


Sports agents warn NBA players to avoid China talk as athletes, executives walk 'fine line'

A Chinese flag is placed on merchandise in the NBA flagship retail store on October 9, 2019 in Beijing, China. Kevin Frayer | Getty Images

NBA players have been unusually quiet on China since the nation started severing ties with the league. That may stem from the private advice they are getting from sports agents to tread lightly — or avoid discussing it entirely — if they are asked about the uproar over Hong Kong. “What I told my guys is, ‘Don’t even talk about it,'” said one sports agent, who asked not to be identified because of the politically sensitive nature of the issue. “I think it’s a fine line, and when you’re walking that fine line, it’s best to not even play around with it.” NBA players and officials have been walking that line since Houston Rockets General Manager Daryl Morey tweeted support for anti-government protesters in Hong Kong on Friday, according to interviews with players, league officials and sports agents. The tweet, “Fight for freedom. Stand with Hong Kong,” has since been deleted. But it’s touched off a political and economic firestorm between the NBA and its partners in China, the world’s second-largest economy.

Billions at stake

The league stands to lose billions of dollars in revenue, despite mea culpas from Morey and NBA Commissioner Adam Silver. Silver apologized for upsetting fans in China but not for Morey’s right to say what he wanted. The NBA has canceled several events scheduled for Shanghai this week, and state-run television station CCTV has pulled the league’s games from its airwaves, including Thursday’s game there between the Los Angeles Lakers and Brooklyn Nets. All of the NBA’s partners in China, including tech giant Tencent and Luckin Coffee, have suspended their relationships with the league. The controversy could hit closer to home for professional basketball players, many of whom spend part of their summers in China promoting lucrative endorsements there. Although the league hasn’t, and says it won’t, attempt to censor team executives or players from speaking their minds, the swift and angry response from China appears to have everyone on edge.

Workers remove a banner advertising Thursday’s NBA China Games between the Brooklyn Nets and the Los Angeles Lakers from a building in Shanghai, October 9, 2019. Aly Song | Reuters

Growing tension

The tension was clear when Philadelphia 76ers head coach Brett Brown was asked about China following an exhibition game against the Guangzhou Loong Lions of the Chinese Basketball Association on Tuesday night. Brown appeared not to hear the question — or at least pretended not to — when asked if this game felt different. “One more question, sorry,” Brown said after finishing a sip of water as he sat at the press conference table inside the Wells Fargo Center in Philadelphia. The Sixers won 144-86, and Brown shook his head abruptly when pressed a second time about whether the game felt any different, given all the commotion over China. “No,” Brown said.

Consequences

One Western Conference executive, who asked not to be identified because of the politically sensitive nature of the issue, said he also supported Morey’s right to free speech. But he didn’t think it was Morey’s place to take a public stand on the matter, saying the Houston general manager should have been aware of the consequences. “There is a difference between freedom to speak and license to speak,” the executive said in an interview. “Just because you can say it doesn’t mean you should say it.” Golden State Warriors star Steph Curry, who spends part of his summers in China promoting Under Armour gear, avoided taking a stand on China when asked about it after practice at the Biofreeze Performance Center in San Francisco on Wednesday. “This one is a league-wide situation and our presence in China is just a different conversation,” he told reporters. He said the situation was different when Warriors head coach Steve Kerr talks publicly about gun violence or gender equality because the latter makes a big impact for “people who can’t speak for themselves within our communities” in the U.S. Kerr is an outspoken gun-control advocate, donning a “Vote For Our Lives” T-shirt at the NBA Finals in June after a gunman killed 12 people and wounded four in Virginia Beach, Virginia.

Weight and gravity

“This situation has a huge weight and gravity to it, and there’s going to be some things that need to be sorted out,” Curry said of the anti-government protests in Hong Kong over a now-withdrawn bill that would have enabled extradition of criminal suspects to mainland China. “But I just don’t know enough about Chinese history and how that’s influenced modern society today and that interaction to speak on it.”

Steph Curry: “This situation, there’s a huge weight and gravity to it. There’s going to need to be some things to be sorted out. But I just don’t know enough about Chinese history and how that’s influenced modern society…This is not going away. So we’ll come back to it.” pic.twitter.com/6h6ZGWHQtq — Anthony Slater (@anthonyVslater) October 9, 2019

The trips to China for players like Curry are sometimes part of multimillion-dollar endorsement deals, selling shoes, jerseys and other merchandise to what was a growing Chinese market before Morey’s tweet. Houston Rockets guards James Harden and Russell Westbrook similarly ignored a question on China at a press conference during the NBA’s Japan games in Tokyo earlier this week. A team representative can be heard saying “we’re taking basketball questions only” before the two players stared silently at the room.

Journalist gets quickly shut down when she asked James Harden, Russell Westbrook if they would refrain from speaking out on politics/social justice after China debacle… pic.twitter.com/VkXSWo0N0s — gifdsports (@gifdsports) October 10, 2019

Fans ejected

The NBA-China rift escalated off the court in Philadelphia on Tuesday night when a fan was ejected for causing a stir by holding a “Free Hong Kong” sign during the game. Arena security removed Sam Wachs and his wife after he ignored three warnings from Loong Lions team security, the arena said in a statement. Before that incident, the NBA issued a statement from Silver saying the league will continue to support “values of equality, respect, and freedom of expression” despite the criticism the league is facing domestically and abroad. “It is inevitable that people around the world — including from America and China — will have different viewpoints over different issues,” Silver said in the statement. “It is not the role of the NBA to adjudicate those differences.

Progressive leader


Company: cnbc, Activity: cnbc, Date: 2019-10-10  Authors: jabari young
Keywords: news, cnbc, companies, nba, executives, avoid, league, different, china, walk, chinese, kong, asked, game, talk, hong, line, warn, players, fine


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Jury says J&J must pay $8 billion in case over male breast growth linked to Risperdal

Johnson & Johnson must pay $8 billion in punitive damages to a man who previously won $680,000 over his claims that it failed to warn that young men using its antipsychotic drug Risperdal could grow breasts, a Philadelphia jury said on Tuesday. The extremely large punitive damages award is likely to be reduced on the grounds that it violates due process. Murray, like other male plaintiffs in the mass tort litigation over Risperdal, alleges that he developed breasts after being prescribed the med


Johnson & Johnson must pay $8 billion in punitive damages to a man who previously won $680,000 over his claims that it failed to warn that young men using its antipsychotic drug Risperdal could grow breasts, a Philadelphia jury said on Tuesday. The extremely large punitive damages award is likely to be reduced on the grounds that it violates due process. Murray, like other male plaintiffs in the mass tort litigation over Risperdal, alleges that he developed breasts after being prescribed the med
Jury says J&J must pay $8 billion in case over male breast growth linked to Risperdal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-08
Keywords: news, cnbc, companies, murray, male, breast, case, damages, punitive, risperdal, jury, pay, linked, billion, growth, warn, philadelphia, drug, johnson, breasts


Jury says J&J must pay $8 billion in case over male breast growth linked to Risperdal

Johnson & Johnson must pay $8 billion in punitive damages to a man who previously won $680,000 over his claims that it failed to warn that young men using its antipsychotic drug Risperdal could grow breasts, a Philadelphia jury said on Tuesday.

The Philadelphia Court of Common Pleas jury’s verdict in favor of Nicholas Murray came in the first case in which a Pennsylvania jury had been able to consider awarding punitive damages in one of thousands of Risperdal cases pending in the state.

J&J and a lawyer for Murray did not immediately comment on the verdict.

The extremely large punitive damages award is likely to be reduced on the grounds that it violates due process.

In a 2003 case, the U.S. Supreme Court threw out a $145 million punitive damage award and held that, “few awards exceeding a single-digit ratio between punitive and compensatory damages, to a significant degree, will satisfy due process.”

Murray, like other male plaintiffs in the mass tort litigation over Risperdal, alleges that he developed breasts after being prescribed the medicine when he was a minor. The U.S. Food and Drug Administration approved the drug in late 1993 for treating schizophrenia and episodes of bipolar mania in adults.

Plaintiffs claim that J&J failed to warn of the risk of gynecomastia, the development of enlarged breasts in males, associated with Risperdal, which they say the company marketed for unapproved uses with children.

In his lawsuit, Murray, now 26, alleged that he developed breasts after his doctors began prescribing him Risperdal off-label in 2003 after a psychologist diagnosed him with autism spectrum disorder. Doctors are allowed to prescribe medicines as they see fit, while companies are only allowed to promote their drugs for approved uses.

Johnson & Johnson released the following statement:


Company: cnbc, Activity: cnbc, Date: 2019-10-08
Keywords: news, cnbc, companies, murray, male, breast, case, damages, punitive, risperdal, jury, pay, linked, billion, growth, warn, philadelphia, drug, johnson, breasts


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Chinese soldiers in Hong Kong warn protesters as emergency rules fail to quell unrest

Police fire from the Mongkok police station toward protesters after they marched from the Tsim Sha Tsui district to Mongkok in Hong Kong on October 6, 2019. Chinese soldiers issued a warning to Hong Kong protesters on Sunday who shone lasers at their barracks in the city, in the first direct interaction with mainland military forces in four months of anti-government demonstrations. One officer shouted through a loudhailer in broken Cantonese — the main language of Hong Kong — “Bear consequences


Police fire from the Mongkok police station toward protesters after they marched from the Tsim Sha Tsui district to Mongkok in Hong Kong on October 6, 2019. Chinese soldiers issued a warning to Hong Kong protesters on Sunday who shone lasers at their barracks in the city, in the first direct interaction with mainland military forces in four months of anti-government demonstrations. One officer shouted through a loudhailer in broken Cantonese — the main language of Hong Kong — “Bear consequences
Chinese soldiers in Hong Kong warn protesters as emergency rules fail to quell unrest Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-07
Keywords: news, cnbc, companies, protesters, rules, tied, unrest, warn, hong, mask, law, fail, kong, wrists, pla, emergency, soldiers, mongkok, marched, quell


Chinese soldiers in Hong Kong warn protesters as emergency rules fail to quell unrest

Police fire from the Mongkok police station toward protesters after they marched from the Tsim Sha Tsui district to Mongkok in Hong Kong on October 6, 2019.

Chinese soldiers issued a warning to Hong Kong protesters on Sunday who shone lasers at their barracks in the city, in the first direct interaction with mainland military forces in four months of anti-government demonstrations.

The People’s Liberation Army (PLA) garrison in Kowloon district warned a crowd of a few hundred protesters they could be arrested for targeting its troops and barracks walls with laser lights.

One officer shouted through a loudhailer in broken Cantonese — the main language of Hong Kong — “Bear consequences for your actions.”

The stand-off with the PLA came after rallies attended by tens of thousands of protesters earlier on Sunday ended in violent clashes in several locations. Police fired tear gas and baton-charged the crowds, while some demonstrators threw bricks and petrol bombs at police as night fell.

Protesters concealed their faces in defiance of colonial-era emergency laws invoked by the authorities on Friday, which banned face masks. Protesters face a maximum of one year in jail for breaking the mask ban.

Police made their first arrests under the new rules, detaining scores of people. Officers tied their wrists with cable and unmasked their faces before placing them on buses. Some protesters lay in foetal positions on the ground, their wrists tied behind their backs, after being subdued with pepper spray and batons.

“The anti-mask law just fuels our anger and more will people come on to the street,” Lee, a university student wearing a blue mask, said on Sunday, as he marched on Hong Kong island.

“We are not afraid of the new law, we will continue fighting. We will fight for righteousness. I put on the mask to tell the government that I’m not afraid of tyranny.”


Company: cnbc, Activity: cnbc, Date: 2019-10-07
Keywords: news, cnbc, companies, protesters, rules, tied, unrest, warn, hong, mask, law, fail, kong, wrists, pla, emergency, soldiers, mongkok, marched, quell


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Doctor launches the first online clinic dedicated to using common drugs for a different purpose: to slow aging

One of the many wild medical pursuits in Silicon Valley is the effort to slow down the aging process. Zalzala, a 38-year-old family medicine doctor based in the Detroit area, has just opened an online clinic called Qalytude, dedicated to anti-aging. “There’s this movement around Metformin that I could see having a snowball effect,” Zalzala told CNBC. He’s jumping into a market for anti-aging services, products and technologies that’s expected to reach $271 billion by 2024, according to Market Re


One of the many wild medical pursuits in Silicon Valley is the effort to slow down the aging process. Zalzala, a 38-year-old family medicine doctor based in the Detroit area, has just opened an online clinic called Qalytude, dedicated to anti-aging. “There’s this movement around Metformin that I could see having a snowball effect,” Zalzala told CNBC. He’s jumping into a market for anti-aging services, products and technologies that’s expected to reach $271 billion by 2024, according to Market Re
Doctor launches the first online clinic dedicated to using common drugs for a different purpose: to slow aging Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-06  Authors: christina farr
Keywords: news, cnbc, companies, slow, online, doctor, metformin, market, drug, aging, warn, wild, purpose, zalzala, launches, visit, common, antiaging, different, using, drugs, dedicated


Doctor launches the first online clinic dedicated to using common drugs for a different purpose: to slow aging

One of the many wild medical pursuits in Silicon Valley is the effort to slow down the aging process. Sajad Zalzala is trying to make it a reality.

Zalzala, a 38-year-old family medicine doctor based in the Detroit area, has just opened an online clinic called Qalytude, dedicated to anti-aging. As a physician licensed to practice in all 50 states, Zalzala can treat patients anywhere in the country by phone or online, in addition to those who visit his physical clinic.

Initially, Zalzala will be targeting the small but growing segment of Americans who take medicines like Metformin, a type 2 diabetes drug, but for the unintended purpose of staving off aging. Researchers are now finding evidence of reduced cancer risk in the drug, and studies in mice have shown potential for an improved life span, but scientists warn that it might not produce the same result in humans.

“There’s this movement around Metformin that I could see having a snowball effect,” Zalzala told CNBC.

He’s jumping into a market for anti-aging services, products and technologies that’s expected to reach $271 billion by 2024, according to Market Research Engine. Venture capital funds are dabbling in the space as are billionaires like Jeff Bezos and biohackers, who experiment with drugs and supplements for health and longevity purposes.


Company: cnbc, Activity: cnbc, Date: 2019-10-06  Authors: christina farr
Keywords: news, cnbc, companies, slow, online, doctor, metformin, market, drug, aging, warn, wild, purpose, zalzala, launches, visit, common, antiaging, different, using, drugs, dedicated


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Venture capitalists to warn startups of the downside of IPOs in San Francisco meeting

Venture capitalists have invited more than 100 start-ups to a meeting on Tuesday where they hope to convince them to go public through direct stock exchange listings rather than IPOs, which often lower returns for early investors. Two dozen venture capital firms are sponsoring the meeting in San Francisco, and the invited companies are likely to go public in the next year, said Benchmark Capital partner Bill Gurley, one of the organizers. He did not identify the companies. Advocates of direct li


Venture capitalists have invited more than 100 start-ups to a meeting on Tuesday where they hope to convince them to go public through direct stock exchange listings rather than IPOs, which often lower returns for early investors. Two dozen venture capital firms are sponsoring the meeting in San Francisco, and the invited companies are likely to go public in the next year, said Benchmark Capital partner Bill Gurley, one of the organizers. He did not identify the companies. Advocates of direct li
Venture capitalists to warn startups of the downside of IPOs in San Francisco meeting Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: fred imbert
Keywords: news, cnbc, companies, stock, shares, public, warn, francisco, capitalists, venture, companies, san, listings, exchange, invited, startups, ipos, direct, meeting, downside


Venture capitalists to warn startups of the downside of IPOs in San Francisco meeting

Venture capitalists have invited more than 100 start-ups to a meeting on Tuesday where they hope to convince them to go public through direct stock exchange listings rather than IPOs, which often lower returns for early investors.

Two dozen venture capital firms are sponsoring the meeting in San Francisco, and the invited companies are likely to go public in the next year, said Benchmark Capital partner Bill Gurley, one of the organizers. He did not identify the companies.

Advocates of direct listings, the route taken by Spotify Technology and Slack Technologies, say they offer companies a better alternative to the traditional initial public offerings underwritten by investment banks.

In a direct listing, companies list existing shares on the stock exchange without issuing new shares or raising new funds.


Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: fred imbert
Keywords: news, cnbc, companies, stock, shares, public, warn, francisco, capitalists, venture, companies, san, listings, exchange, invited, startups, ipos, direct, meeting, downside


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China state media warn US investment curbs will have ‘significant repercussions’

A Chinese and U.S. flag at a booth during the first China International Import Expo in Shanghai, taken on taken on November 6, 2018. Beijing called Washington’s potential restrictions on U.S. investments in China “the latest attempt at a decoupling,” in a Global Times piece published on Sunday. The Chinese state-owned media said that even news of measures like delisting Chinese companies from American stock exchanges “is expected to have significant repercussions for the Chinese and US economies


A Chinese and U.S. flag at a booth during the first China International Import Expo in Shanghai, taken on taken on November 6, 2018. Beijing called Washington’s potential restrictions on U.S. investments in China “the latest attempt at a decoupling,” in a Global Times piece published on Sunday. The Chinese state-owned media said that even news of measures like delisting Chinese companies from American stock exchanges “is expected to have significant repercussions for the Chinese and US economies
China state media warn US investment curbs will have ‘significant repercussions’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-30  Authors: grace shao
Keywords: news, cnbc, companies, repercussions, investment, negotiations, curbs, state, stock, warn, wang, chinese, companies, taken, round, china, shares, media, trade, significant


China state media warn US investment curbs will have 'significant repercussions'

A Chinese and U.S. flag at a booth during the first China International Import Expo in Shanghai, taken on taken on November 6, 2018.

Beijing called Washington’s potential restrictions on U.S. investments in China “the latest attempt at a decoupling,” in a Global Times piece published on Sunday.

The Chinese state-owned media said that even news of measures like delisting Chinese companies from American stock exchanges “is expected to have significant repercussions for the Chinese and US economies, as well as their companies, in the future.”

The White House has discussed some curbs on U.S. investments in China, a source familiar with the matter told CNBC last Friday.

But U.S. Treasury assistant secretary for public affairs, Monica Crowley, said in a statement over the weekend that “the administration is not contemplating blocking Chinese companies from listing shares on U.S. stock exchanges at this time. We welcome investment in the United States.”

Still, the Chinese propaganda arm criticized the move by the U.S. politicians, saying that they “seem to believe that a decoupling from China will be simple” and “won’t significantly impact its economy.”

Meanwhile, China’s top trade negotiator will be leading the country’s delegation to the U.S. for the next round of discussions one week after China’s National Holiday, Commerce Ministry Vice Minister Wang Shouwen said Sunday.

“We look forward to the 13th round of negotiations,” Wang said in Mandarin, according to a CNBC translation. “We hope both sides, on the basis of equal and mutual respect, jointly take care of each other’s concerns and, with a calm attitude, use negotiations to resolve differences, and find a resolution that’s beneficial to both sides.”

The U.S. and China have been locked in a protracted trade war for more than a year, with each country slapping tariffs on goods worth billions of dollars.

Chinese tech giants listed in the U.S. immediately reacted. Alibaba shares slipped more than 5% on the reports, while Baidu and JD.com also fell 3.6% and 6% respectively on Friday after the news came out.

— CNBC’s Evelyn Cheng contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-09-30  Authors: grace shao
Keywords: news, cnbc, companies, repercussions, investment, negotiations, curbs, state, stock, warn, wang, chinese, companies, taken, round, china, shares, media, trade, significant


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Wall Street Democratic donors warn the party: We’ll sit out, or back Trump, if you nominate Elizabeth Warren

Democratic donors on Wall Street and in big business are preparing to sit out the presidential campaign fundraising cycle — or even back President Donald Trump — if Sen. Elizabeth Warren wins the party’s nomination. During the campaign, Warren has put out multiple plans intended to curb the influence of Wall Street, including a wealth tax. Biden was one of three contenders that saw an influx of contributions from those on Wall Street in the second quarter. CNBC’s Jim Cramer said earlier this mon


Democratic donors on Wall Street and in big business are preparing to sit out the presidential campaign fundraising cycle — or even back President Donald Trump — if Sen. Elizabeth Warren wins the party’s nomination. During the campaign, Warren has put out multiple plans intended to curb the influence of Wall Street, including a wealth tax. Biden was one of three contenders that saw an influx of contributions from those on Wall Street in the second quarter. CNBC’s Jim Cramer said earlier this mon
Wall Street Democratic donors warn the party: We’ll sit out, or back Trump, if you nominate Elizabeth Warren Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-26  Authors: brian schwartz
Keywords: news, cnbc, companies, campaign, wall, warren, president, democratic, presidential, warn, party, donors, million, street, sit, nominate, elizabeth, trump


Wall Street Democratic donors warn the party: We'll sit out, or back Trump, if you nominate Elizabeth Warren

Democratic presidential hopeful Former Vice President Joe Biden (L) talks to Massachusetts Senator Elizabeth Warren the moderators during the third Democratic primary debate of the 2020 presidential campaign season hosted by ABC News in partnership with Univision at Texas Southern University in Houston, Texas on September 12, 2019.

In recent weeks, CNBC spoke to several high-dollar Democratic donors and fundraisers in the business community and found that this opinion was becoming widely shared as Warren, an outspoken critic of big banks and corporations, gains momentum against Joe Biden in the 2020 race.

Democratic donors on Wall Street and in big business are preparing to sit out the presidential campaign fundraising cycle — or even back President Donald Trump — if Sen. Elizabeth Warren wins the party’s nomination.

“You’re in a box because you’re a Democrat and you’re thinking, ‘I want to help the party, but she’s going to hurt me, so I’m going to help President Trump,'” said a senior private equity executive, who spoke on condition of anonymity in fear of retribution by party leaders. The executive said this Wednesday, a day after Speaker Nancy Pelosi announced that the House would begin a formal impeachment inquiry into Trump.

During the campaign, Warren has put out multiple plans intended to curb the influence of Wall Street, including a wealth tax. In July, she released a proposal that would make private equity firms responsible for debts and pension obligations of companies they buy. Trump, meanwhile, has given wealthy business leaders a helping hand with a major corporate tax cut and by eliminating regulations.

Warren has sworn off taking part in big money fundraisers for the 2020 presidential primary. She has also promised to not take donations from special interest groups. She finished raising at least $19 million in the second quarter mainly through small-dollar donors. The third quarter ends Monday.

Trump, has been raising hundreds of millions of dollars, putting any eventual 2020 rival in a bind as about 20 Democrats vie for their party’s nomination.

Trump’s campaign and the Republican National Committee have raised over $100 million in the second quarter. A large portion of that haul came from wealthy donors who gave to their joint fundraising committee, Trump Victory. In August, the RNC raised just over $23 million and has $53 million on hand.

The Democratic National Committee have struggled to keep up. The DNC finished August bringing in $7.9 million and has $7.2 million in debt.

Biden, who has courted and garnered the support of various wealthy donors, has started to lag in some polls. The latest Quinnipiac poll has Warren virtually tied with the former vice president. Biden was one of three contenders that saw an influx of contributions from those on Wall Street in the second quarter.

A spokeswoman for the senator from Massachusetts declined to comment.

The business community’s unease about Warren’s candidacy has surged in tandem with her campaign’s momentum. CNBC’s Jim Cramer said earlier this month that he’s heard from Wall Street executives that they believe Warren has “got to be stopped.” Warren later tweeted her response to Cramer’s report: “I’m Elizabeth Warren and I approve this message.”

Some big bank executives and hedge fund managers have been stunned by Warren’s ascent, and they are primed to resist her.

“They will not support her. It would be like shutting down their industry,” an executive at one of the nation’s largest banks told CNBC, also speaking on condition of anonymity. This person said Warren’s policies could be worse for Wall Street than those of President Barack Obama, who signed the Dodd-Frank bank regulation bill in the wake of the 2008 financial meltdown.


Company: cnbc, Activity: cnbc, Date: 2019-09-26  Authors: brian schwartz
Keywords: news, cnbc, companies, campaign, wall, warren, president, democratic, presidential, warn, party, donors, million, street, sit, nominate, elizabeth, trump


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New York’s MTA might warn riders not to remove AirPods on the subway because it’s tired of picking them up

New York’s MTA is considering a public service announcement that would ask subway riders not to remove Apple AirPods while getting on or off the subway, according to The Wall Street Journal. In the report, The Wall Street Journal quoted MTA maintenance supervisor Steven Dluginski, who said the MTA uses a “picker-upper thing” to rescue lost AirPods. It’s also dangerous for riders who might try to rescue AirPods themselves. Apple AirPods have rocketed in popularity over the last several years for


New York’s MTA is considering a public service announcement that would ask subway riders not to remove Apple AirPods while getting on or off the subway, according to The Wall Street Journal. In the report, The Wall Street Journal quoted MTA maintenance supervisor Steven Dluginski, who said the MTA uses a “picker-upper thing” to rescue lost AirPods. It’s also dangerous for riders who might try to rescue AirPods themselves. Apple AirPods have rocketed in popularity over the last several years for
New York’s MTA might warn riders not to remove AirPods on the subway because it’s tired of picking them up Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-03  Authors: todd haselton
Keywords: news, cnbc, companies, riders, wall, try, mta, airpods, yorks, subway, rescue, tired, picking, journal, remove, warn, summer, street


New York's MTA might warn riders not to remove AirPods on the subway because it's tired of picking them up

New York’s MTA is considering a public service announcement that would ask subway riders not to remove Apple AirPods while getting on or off the subway, according to The Wall Street Journal.

In the report, The Wall Street Journal quoted MTA maintenance supervisor Steven Dluginski, who said the MTA uses a “picker-upper thing” to rescue lost AirPods. But, given the summer heat and increased sweat, Dluginski said he has found an uptick in the number of AirPods that have fallen on the tracks.

The Journal said this summer was the “worst” for AirPod rescues and that on just a single summer Thursday at noon, Dluginski’s team had to retrieve six of them. It’s risky for employees who have to try to pick them up and can cause train delays.

It’s also dangerous for riders who might try to rescue AirPods themselves. In July, a rider named Ashley Mayer went viral on Twitter after she retrieved a lost AirPod from the tracks using duct tape at the end of a pole.

Apple AirPods have rocketed in popularity over the last several years for their ease of use, good sound quality and, now, the iconic look.

Read more from The Wall Street Journal.


Company: cnbc, Activity: cnbc, Date: 2019-09-03  Authors: todd haselton
Keywords: news, cnbc, companies, riders, wall, try, mta, airpods, yorks, subway, rescue, tired, picking, journal, remove, warn, summer, street


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Tech giants want rules on facial recognition, but critics warn that won’t be enough

The privacy regulator has also been investigating the use of facial recognition by police. In Sweden, a local authority was fined under GDPR for trialing facial recognition on high-school students. Tomlinson told CNBC that policymakers should ensure live facial recognition is only used for “purposes where there is a real legitimate interest.” Facial recognition “has a track record of misidentifying people of color, women and kids,” Hare said. Campaigners are already challenging the police use of


The privacy regulator has also been investigating the use of facial recognition by police. In Sweden, a local authority was fined under GDPR for trialing facial recognition on high-school students. Tomlinson told CNBC that policymakers should ensure live facial recognition is only used for “purposes where there is a real legitimate interest.” Facial recognition “has a track record of misidentifying people of color, women and kids,” Hare said. Campaigners are already challenging the police use of
Tech giants want rules on facial recognition, but critics warn that won’t be enough Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-30  Authors: ryan browne
Keywords: news, cnbc, companies, used, tech, facial, wont, technology, live, ban, giants, warn, critics, recognition, rules, surveillance, regulation, public, data


Tech giants want rules on facial recognition, but critics warn that won't be enough

People walk past a CCTV camera at King’s Cross on August 16, 2019 in London. CCTV cameras using facial recognition are being investigated by the UK’s data protection watchdog.

It almost comes naturally to many smartphone users today. You can just take out your iPhone — or Android equivalent — and hold it up to your face to unlock the device. But the technology behind that has become increasingly controversial of late, with business executives and regulators alike calling for oversight. Microsoft CEO Satya Nadella earlier this year said the technology warranted “any regulation that helps the marketplace not be a race to the bottom.” While people are far more open to the idea of registering their portrait with Apple’s Face ID, the idea of being spotted by an artificial intelligence-powered camera on the street has proven much more unnerving. This is the difference, tech executives and experts say, between consensual identity verification and non-consensual surveillance. The use of facial recognition technology in London’s King’s Cross area was met with much backlash earlier this month, drawing the attention of the U.K. data protection watchdog. It emerged that Argent, a property developer, had deployed the software in the space without people’s knowledge. Argent was not immediately available for comment when contacted by CNBC. Some are calling for a ban of so-called live facial recognition, where surveillance cameras equipped with the technology scan people in public places. One of the biggest problems with face identification systems, independent researcher Stephanie Hare said, is that it involves biometric data — in other words, information about people’s bodies. She thinks an outright ban on the technology should be one option on the table. “It needs to be treated in the same way that your DNA would be,” Hare told CNBC. “They’re in the same category of powerful data. What you could do with face recognition in terms of identifying someone in real time makes it a surveillance technology.” And it’s that issue of surveillance that has become a key concern for regulators. Britain’s Information Commissioner Elizabeth Denham said she would launch a probe into how the software was used in London, adding she was “deeply concerned about the growing use of facial recognition technology in public spaces” by both law enforcement and the private sector. The privacy regulator has also been investigating the use of facial recognition by police.

UK police trials

Some police forces in the U.K. have conducted trials of the technology, which is being promoted by the Home Office. London’s Metropolitan Police ended its pilot program, which was aimed at identifying criminals, last month. Researchers from the University of Essex found “significant flaws ” with the Met’s trial, adding that police deployment of live facial recognition technology “may be held unlawful if challenged before the courts.” South Wales Police, on the other hand, has gone ahead with an app that lets officers run a snapshot of a person through a database of suspects to find potential matches. That’s despite a court case against the force brought by the campaign group Liberty. Privacy campaigners at Big Brother Watch want the British parliament to step in. They think that lawmakers in the country should look to ban the technology from being used for monitoring people, rather than introduce regulation that sees it permitted under certain guidelines. Laws can take years to implement and even then policies would vary across different regions. “We’re not asking parliament to regulate, we’re asking parliament to immediately put a stop to it,” Silkie Carlo, director of Big Brother Watch, told CNBC. “If anyone thinks it’s feasible that live facial recognition for public surveillance is possible in a rights-respecting democracy, they’d have to make a pretty convincing argument.”

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Various police forces across the country have pushed back against the scheme. “That’s not a positive thing,” said Jason Tooley, chief revenue officer of biometric software maker Veridium. The worry for some is whether legislators take too heavy-handed an approach. “In terms of innovative technology, we want the police forces to be able to innovate to deliver better services,” Tooley told CNBC. “What we’ve got to try to avoid here is that innovation is squashed or stopped.” Biometric data is already covered by the European Union’s GDPR, or General Data Protection Regulation, a data privacy overhaul that was introduced by the bloc last year. The rules call on companies to obtain explicit consent from consumers on the use of their personal information. In Sweden, a local authority was fined under GDPR for trialing facial recognition on high-school students. But recently it was reported that the EU is looking to tighten its laws around the use of facial recognition as part of an overhaul of how AI is regulated. Natasha Bertaud, deputy chief spokesperson for the European Commission, declined to comment on that report last week, but pointed to recommendations from a group of experts advising the EU executive body on its approach to AI. That group had suggested the EU consider the need for new regulation of biometric technologies like emotion tracking and facial recognition.

Tech firms ‘ride the wave of public opinion’

So where do tech firms like Microsoft and Amazon sit in the regulatory debate swirling around facial recognition? Tech giants make “big claims about being on the side of privacy,” but ultimately “ride the wave of where public opinion is,” said Mike Beck, global head of threat analysis at cybersecurity firm Darktrace. Amazon’s computer vision platform Rekognition — that’s the one that can now apparently detect fear — has in the past been used by police in the U.S. That hasn’t always sat well with the company’s own shareholders, who earlier this year lumped pressure on the tech giant to stop selling the facial identification software to law enforcement.

But the company has — like Microsoft — said it wants to at least see guidelines established to ensure the technology is used ethically. “New technology should not be banned or condemned because of its potential misuse,” Michael Punke, vice president of global public policy for Amazon’s cloud business, AWS, said in a blog post earlier this year. Microsoft has repeatedly called on governments to regulate face recognition, with the firm’s president, Brad Smith, having previously said that 2019 should be the year for regulation. Google, meanwhile, has said it will not sell the technology “before working through important technology and policy questions.” Beck said that a ban on live facial recognition was “not the answer,” adding regulation would need to address how biometric data is collected and handled by organizations. “Regulation is only part of the answer,” he said. “Securing data when it is collected is as important as regulating the applications of the technology in the first place.” Meanwhile, Gus Tomlinson, head of strategy at identity verification firm GBG, said a clear regulatory framework could help consumers understand the benefits of the technology — one of the benefits cited by Amazon is that Rekognition has been used to prevent human trafficking and find missing children. Tomlinson told CNBC that policymakers should ensure live facial recognition is only used for “purposes where there is a real legitimate interest.”

‘Perfect tool of oppression’

One big problem with facial recognition is it uses machine-learning algorithms that are fed abundant volumes of data on people’s faces to be able to discriminate between one person and another. But that information can be discriminatory in its own right, as demonstrated by MIT researcher Joy Buolamwini, who published a paper that showed such systems are less likely to accurately identify ethnic minorities and women than white men. The combination of that with laying down the law is problematic, critics say, as it could result in cases of mistaken identity and people being wrongly arrested. Facial recognition “has a track record of misidentifying people of color, women and kids,” Hare said. And even as the technology improves, it could become a “perfect tool of oppression,” Carlo said, adding: “In extremis, you could live in a society where you have no chance of being anonymous.” The technology is used without hesitation in China. The country is littered with millions of surveillance cameras and almost all of its 1.4 billion citizens are included in a facial recognition database. That has become a source of scrutiny amid claims the technology has been used to track Uighur Muslims in China’s Xinjiang territory.

In the U.S., meanwhile, the technology is facing increasing pushback from legislators, at least in terms of how it’s used by the police. The California State Senate is considering legislation that would ban the use of facial recognition software in police body cameras, while San Francisco’s Board of Supervisors already went ahead with moving to ban the use of the technology by law enforcement. Hare said that the issue was so severe that it could result in a “landmark” court case. Campaigners are already challenging the police use of facial recognition in the U.K., but Hare said there could one day be a “class action lawsuit.” She said GDPR — under which firms can be fined up to 4% of their global revenues — would be “legalizing mass surveillance” if it doesn’t protect people from live facial recognition.


Company: cnbc, Activity: cnbc, Date: 2019-08-30  Authors: ryan browne
Keywords: news, cnbc, companies, used, tech, facial, wont, technology, live, ban, giants, warn, critics, recognition, rules, surveillance, regulation, public, data


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