Japan typhoon death toll rises to 58 as hopes for missing fade

Police officers search an area by boat that was flooded by Typhoon Hagibis on October 14, 2019 in Marumori, Miyagi, Japan. The death toll in the worst typhoon to hit Japan for decades climbed to 58 on Tuesday as rescuers slogged through mud and debris in an increasingly grim search for the missing and as thousands of homes remained without power or water. Survivors described how waters rose rapidly to chest height in roughly an hour and mainly at night, making it hard to escape to higher ground.


Police officers search an area by boat that was flooded by Typhoon Hagibis on October 14, 2019 in Marumori, Miyagi, Japan. The death toll in the worst typhoon to hit Japan for decades climbed to 58 on Tuesday as rescuers slogged through mud and debris in an increasingly grim search for the missing and as thousands of homes remained without power or water. Survivors described how waters rose rapidly to chest height in roughly an hour and mainly at night, making it hard to escape to higher ground.
Japan typhoon death toll rises to 58 as hopes for missing fade Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15
Keywords: news, cnbc, companies, search, missing, nhk, toll, typhoon, rises, japan, fade, water, waters, storm, death, fukushima, hopes


Japan typhoon death toll rises to 58 as hopes for missing fade

Police officers search an area by boat that was flooded by Typhoon Hagibis on October 14, 2019 in Marumori, Miyagi, Japan.

The death toll in the worst typhoon to hit Japan for decades climbed to 58 on Tuesday as rescuers slogged through mud and debris in an increasingly grim search for the missing and as thousands of homes remained without power or water.

The storm hit a wide swathe of central and eastern Japan, with 15 missing and some 211 injured nearly three days after Typhoon Hagibis — whose name means “speed” in the Philippine language Tagalog — lashed Japan with high winds and intense rains, NHK national broadcaster said.

Some 138,000 households were without water while 24,000 lacked electricity, a far cry from the hundreds of thousands without power just after the storm but cause for concern in northern areas where the weather was starting to turn chilly.

The highest toll was in Fukushima prefecture north of Tokyo, where levees burst in at least 14 places along the Abukuma River, which meanders through a number of cities in the agricultural prefecture.

At least 18 died in Fukushima, including a mother who was caught up in flood waters with her two children, one of whose death was confirmed on Monday while the other, a little boy, remained missing.

Thousands of police, fire officials and military personnel continued to search for people who may have been cut off by floodwaters and landslides set off by the storm, with hope diminishing that the missing would be found alive.

Survivors described how waters rose rapidly to chest height in roughly an hour and mainly at night, making it hard to escape to higher ground. Many of the dead in Fukushima were elderly, NHK said.

“I couldn’t believe it, the water came up so fast,” one man in Fukushima told NHK.

Though the threat of rain is expected to diminish on Tuesday, temperatures are likely to drop in many areas later this week, in some cases to unseasonably low temperatures, NHK said.


Company: cnbc, Activity: cnbc, Date: 2019-10-15
Keywords: news, cnbc, companies, search, missing, nhk, toll, typhoon, rises, japan, fade, water, waters, storm, death, fukushima, hopes


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Tokyo area shuts down as powerful typhoon lashes Japan

A man photographs the flooded Tama River during Typhoon Hagibis on October 12, 2019 in Tokyo, Japan. Typhoon Hagibis is the most powerful typhoon to hit Japan this year and has been classed by the Japan Meteorological Agency as a ‘violent typhoon’ – the highest category on Japans typhoon scale. The Japan Meteorological Agency warned of dangerously heavy rainfall in Tokyo and surrounding prefectures, including Gunma, Saitama and Kanagawa, and later expanded the area to include Fukushima and Miyag


A man photographs the flooded Tama River during Typhoon Hagibis on October 12, 2019 in Tokyo, Japan. Typhoon Hagibis is the most powerful typhoon to hit Japan this year and has been classed by the Japan Meteorological Agency as a ‘violent typhoon’ – the highest category on Japans typhoon scale. The Japan Meteorological Agency warned of dangerously heavy rainfall in Tokyo and surrounding prefectures, including Gunma, Saitama and Kanagawa, and later expanded the area to include Fukushima and Miyag
Tokyo area shuts down as powerful typhoon lashes Japan Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-12
Keywords: news, cnbc, companies, tokyo, area, river, typhoon, japan, agency, rainfall, heavy, shizuoka, waters, shuts, rivers, lashes, powerful


Tokyo area shuts down as powerful typhoon lashes Japan

A man photographs the flooded Tama River during Typhoon Hagibis on October 12, 2019 in Tokyo, Japan. Typhoon Hagibis is the most powerful typhoon to hit Japan this year and has been classed by the Japan Meteorological Agency as a ‘violent typhoon’ – the highest category on Japans typhoon scale.

A heavy downpour and strong winds pounded Tokyo and surrounding areas on Saturday as a powerful typhoon forecast to be Japan’s worst in six decades made landfall and passed over the capital, where streets, nearby beaches and train stations were long deserted.

Store shelves were bare after people stocked up on water and food ahead of Typhoon Hagibis. The Japan Meteorological Agency warned of dangerously heavy rainfall in Tokyo and surrounding prefectures, including Gunma, Saitama and Kanagawa, and later expanded the area to include Fukushima and Miyagi to the north. A coastal earthquake also rattled the area.

“Be ready for rainfall of the kind that you have never experienced,” said meteorological agency official Yasushi Kajihara, adding that areas usually safe from disasters may prove vulnerable.

“Take all measures necessary to save your life,” he said.

Kajihara said people who live near rivers should take shelter on the second floor or higher of any sturdy building if an officially designated evacuation center wasn’t easily accessible.

Hagibis, which means “speed” in Filipino, was advancing north-northwestward with maximum sustained winds of 144 kilometers (90 miles) per hour, according to the meteorological agency. It was traveling northward at a speed of 40 kph (25 mph).

It reached Kawasaki, a western part of greater Tokyo, late Saturday and headed to Tsukuba city to the north about an hour later, before it was expected to swerve toward the sea, the agency said.

The storm brought heavy rainfall in wide areas of Japan all day ahead of its landfall, including in Shizuoka and Mie prefectures, southwest of Tokyo, as well as Chiba to the north, which saw power outages and damaged homes in a typhoon last month.

Under gloomy skies, a tornado ripped through Chiba on Saturday, overturning a car in the city of Ichihara and killing a man inside the vehicle, city official Tatsuya Sakamaki said. Five people were injured when the tornado ripped through a house. Their injuries were not life-threatening, Sakamaki said.

The heavy rain caused rivers to swell, and several had flooded by late Saturday. The wind flipped anchored boats and whipped up sea waters in a dangerous surge along the coast and areas near rivers, flooding some residential neighborhoods and leaving people to wade in ankle-deep waters and cars floating. Some roads were so flooded they looked like muddy ditches.

An earthquake shook the area drenched by the rainfall shortly before the typhoon made landfall in Shizuoka prefecture Saturday evening. but there were no immediate reports of damage. The U.S. Geological Survey said the magnitude 5.3 quake was centered in the ocean off the coast of Chiba, near Tokyo, and was fairly deep, at 59.5 kilometers (37 miles). Deep quakes tend to cause less damage than shallow ones.

In Shizuoka, one of two men who went missing in the Nishikawa River was rescued, Gotemba city official Fumihiko Katsumata said. Firefighters said the two men were working at a river canal to try to control overflowing when they were swept away.

The nationally circulated Yomiuri newspaper put the storm’s casualty toll at two people dead, three missing and 62 injured. More than 170,000 people had evacuated, the paper said.

More than 370,000 homes suffered power outages as a result of the typhoon, according to Tokyo Electric Power Co.

Yusuke Ikegaya, a Shizuoka resident who evacuated ahead of the storm, said he was surprised that the nearby river was about to overflow in the morning, hours before the typhoon made landfall.

“In the 28 years of my life, this is the first time I’ve had to evacuate even before a typhoon has landed,” he said.

Authorities also warned of mudslides, common in mountainous Japan.

Two dams began to release some of their waters and other dams in the area may take similar measures, as waters were nearing limits, public broadcaster NHK reported. An overflooded dam is likely to cause greater damage, and so releasing some water gradually is a standard emergency measure, but the released water added to the heavy rainfall could be dangerous, causing rivers to flood.

Rugby World Cup matches, concerts and other events in the typhoon’s path were canceled, while flights were grounded and train services halted. Authorities acted quickly, with warnings issued earlier in the week, including urging people to stay indoors.

Some 17,000 police and military troops were called up, standing ready for rescue operations.

Residents taped up their apartment windows to prevent them from shattering. TV talks shows showed footage of household items like a slipper bashing through glass when hurled by winds.

Evacuation centers were set up in coastal towns, and people rested on gymnasium floors, saying they hoped their homes were still there after the storm passed.

The typhoon disrupted a three-day weekend in Japan that includes Sports Day on Monday. Qualifying for a Formula One auto race in Suzuka was pushed to Sunday. The Defense Ministry cut a three-day annual navy review to a single day on Monday.

All Nippon Airways and Japan Airlines grounded most domestic and international flights at the Tokyo, Osaka and Nagoya airports, and some Sunday flights have also been canceled.

Central Japan Railway Co. canceled bullet-train service between Tokyo and Osaka except for several early Saturday trains connecting Nagoya and Osaka. Tokyo Disneyland was closed, while Ginza department stores and smaller shops throughout Tokyo were shuttered.

A typhoon that hit the Tokyo region in 1958 left more than 1,200 people dead and half a million houses flooded.


Company: cnbc, Activity: cnbc, Date: 2019-10-12
Keywords: news, cnbc, companies, tokyo, area, river, typhoon, japan, agency, rainfall, heavy, shizuoka, waters, shuts, rivers, lashes, powerful


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Floating NYC art installation shows East River’s pollution level

But a new art installation, which provides real-time data on the cleanliness of the water, is aiming to show that it might not actually be all that bad. They glow blue when the water is safe to swim in, and pink when it’s not. The direction with which the lights illuminate is based the movement of the water’s current, and the speed with which the lights move is determined by the water’s velocity. It’s part of +POOL’s grander ambition of building a public swimming pool within the East River, whic


But a new art installation, which provides real-time data on the cleanliness of the water, is aiming to show that it might not actually be all that bad. They glow blue when the water is safe to swim in, and pink when it’s not. The direction with which the lights illuminate is based the movement of the water’s current, and the speed with which the lights move is determined by the water’s velocity. It’s part of +POOL’s grander ambition of building a public swimming pool within the East River, whic
Floating NYC art installation shows East River’s pollution level Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-06  Authors: pippa stevens
Keywords: news, cnbc, companies, lights, york, shows, based, pollution, quality, art, installation, level, waters, change, east, rivers, nyc, floating, series, pool, water


Floating NYC art installation shows East River's pollution level

But a new art installation, which provides real-time data on the cleanliness of the water, is aiming to show that it might not actually be all that bad.

The installation, created by PLAYLAB Inc., Family New York and Friends of +POOL and funded by Heineken, The Howard Hughes Corporation and the National Endowment for the Arts, is a 50 x 50-foot plus sign composed of a series of LED lights that change color based on the water quality. They glow blue when the water is safe to swim in, and pink when it’s not. The direction with which the lights illuminate is based the movement of the water’s current, and the speed with which the lights move is determined by the water’s velocity.

The “+” design of POOL+ Light symbolizes “the positive steps we have taken to improve water quality since the Clean Water Act of 1972,” according to the installation’s website, and it’s also “a symbol of inclusivity in that the water that surrounds us belongs to no one single group, but to everyone.”

The sculpture is located off lower Manhattan’s Pier 17. It’s part of +POOL’s grander ambition of building a public swimming pool within the East River, which has faced a series of roadblocks since the idea was initially proposed in 2010.

Friends of +Pool managing director Kara Meyer believes the timing of the installation was fortuitous, given the growing emphasis on how society interacts with the natural resources that surround us, all within the broader conversation about climate change.


Company: cnbc, Activity: cnbc, Date: 2019-10-06  Authors: pippa stevens
Keywords: news, cnbc, companies, lights, york, shows, based, pollution, quality, art, installation, level, waters, change, east, rivers, nyc, floating, series, pool, water


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House members push for Zuckerberg to testify on Facebook’s cryptocurrency plans, not just his deputies

Members of the House of Representatives Financial Services Committee are no longer willing to settle for the testimony of Facebook CEO Mark Zuckerberg’s deputies. Several representatives are pushing for Zuckerberg to testify on the company’s plans to launch a new cryptocurrency called libra following talks for his COO Sheryl Sandberg to appear before the committee. Congresswoman Sylvia Garcia, D-Tex., is among the committee members calling for Zuckerberg to appear before the committee. Rep. Lanc


Members of the House of Representatives Financial Services Committee are no longer willing to settle for the testimony of Facebook CEO Mark Zuckerberg’s deputies. Several representatives are pushing for Zuckerberg to testify on the company’s plans to launch a new cryptocurrency called libra following talks for his COO Sheryl Sandberg to appear before the committee. Congresswoman Sylvia Garcia, D-Tex., is among the committee members calling for Zuckerberg to appear before the committee. Rep. Lanc
House members push for Zuckerberg to testify on Facebook’s cryptocurrency plans, not just his deputies Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: lauren feiner
Keywords: news, cnbc, companies, sandberg, deputies, members, facebook, testify, appear, libra, house, testimony, push, cryptocurrency, committee, facebooks, plans, zuckerberg, waters


House members push for Zuckerberg to testify on Facebook's cryptocurrency plans, not just his deputies

Members of the House of Representatives Financial Services Committee are no longer willing to settle for the testimony of Facebook CEO Mark Zuckerberg’s deputies. Several representatives are pushing for Zuckerberg to testify on the company’s plans to launch a new cryptocurrency called libra following talks for his COO Sheryl Sandberg to appear before the committee.

Congresswoman Sylvia Garcia, D-Tex., is among the committee members calling for Zuckerberg to appear before the committee. In a call with reporters on Friday, Garcia said she hopes Zuckerberg could answer questions more thoroughly than project lead David Marcus could at his July hearing.

“I think it is imperative that we get Mr. Zuckerberg before the committee,” Garcia said. “Obviously this is his brainchild and this is his company and I think he would be the one to have the answers.”

Garcia’s press secretary Robert Julien said there has been a “significant push” for Zuckerberg to testify before the committee, though he could not confirm how many representatives are involved in the effort.

Rep. Lance Gooden, R-Tex., also said he wants to see Zuckerberg appear before the committee. In an emailed statement, Gooden said, “After the last hearing my colleagues and I were left with more questions than answers. If Facebook shares our commitment to transparency for the American people then I hope Mr. Zuckerberg will share his testimony before the Committee.”

Zuckerberg’s right hand executive, COO Sheryl Sandberg, had been in talks to testify before the committee as soon as this month, CNBC previously reported. But two sources familiar with the situation told CNBC that the Oct. 29 hearing with Sandberg would not be confirmed until Zuckerberg agrees to appear before the committee. Chairwoman Maxine Waters, D-Calif., has called for Zuckerberg to appear by January, one of the sources said.

Facebook and a spokesperson for the committee declined to comment.

Waters had been critical of Facebook’s plans to create a new cryptocurrency at the committee’s Marcus in July. At the hearing, Waters had asked if Facebook would postpone its plans to launch libra until policymakers could implement appropriate regulations.

Marcus said, “I committed to waiting for us to have all the appropriate regulatory approvals and have addressed all concerns before moving forward.”

“That’s not a commitment,” Waters responded at the time.

The push for Zuckerberg’s testimony comes as other corporate backers for libra are reportedly questioning their involvement in the project. PayPal said Friday it is withdrawing from the Libra Assocation, the nonprofit that will govern the currency. That followed reports that Visa and MasterCard are among other financial partners reconsidering their role due to government pushback, according to The Wall Street Journal. Facebook has touted the role of outside firms as a way to assuage lawmakers’ fears that Facebook could have unilateral power over the currency.

Garcia said PayPal’s withdrawal is “a clear indication that something’s amiss,” but said she had already been concerned that Facebook seemed to essentially be able to choose its founding partners.

“If I’m doing the inviting, then that’s controlling the entire agenda,” she said.

Facebook introduced its plans for libra as it faces a growing number of investigations on the federal and local level. Zuckerberg has not testified on Capitol Hill since last year in the wake of the Cambridge Analytica scandal. He recently returned to D.C. to meet with members of congress about impending internet regulation, but those meetings were all behind closed doors.

-CNBC’s Mary Catherine Wellons contributed to this report.

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WATCH: FB’s Marcus: There will be no special privilege for Facebook with Libra


Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: lauren feiner
Keywords: news, cnbc, companies, sandberg, deputies, members, facebook, testify, appear, libra, house, testimony, push, cryptocurrency, committee, facebooks, plans, zuckerberg, waters


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Chinese military conducts anti-ship ballistic missile tests in the hotly contested South China Sea

WASHINGTON — China is in the midst of conducting a series of anti-ship ballistic missile tests in the hotly contested waters of the South China Sea, according to two U.S. officials with knowledge of the matter. While the U.S. military has ships in the South China Sea, they were not close to the weekend test and are not in danger, the official said. The South China Sea, which is home to more than 200 specks of land, serves as a gateway to global sea routes where approximately $3.4 trillion of tra


WASHINGTON — China is in the midst of conducting a series of anti-ship ballistic missile tests in the hotly contested waters of the South China Sea, according to two U.S. officials with knowledge of the matter. While the U.S. military has ships in the South China Sea, they were not close to the weekend test and are not in danger, the official said. The South China Sea, which is home to more than 200 specks of land, serves as a gateway to global sea routes where approximately $3.4 trillion of tra
Chinese military conducts anti-ship ballistic missile tests in the hotly contested South China Sea Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: amanda macias, courtney kube
Keywords: news, cnbc, companies, hotly, south, contested, chinese, tests, china, trade, military, missile, sea, official, conducts, waters, test, weekend


Chinese military conducts anti-ship ballistic missile tests in the hotly contested South China Sea

Crew members of the Chinese Navy stand guard on the deck of Chinese PLA Navy ship on May 23, 2014.

WASHINGTON — China is in the midst of conducting a series of anti-ship ballistic missile tests in the hotly contested waters of the South China Sea, according to two U.S. officials with knowledge of the matter.

The Chinese carried out the first test over the weekend, firing off at least one missile into the sea, one official said. The window for testing remains open until Wednesday, and the official expects the Chinese military to test again before it closes.

While the U.S. military has ships in the South China Sea, they were not close to the weekend test and are not in danger, the official said. However, the official added that the test is “concerning.” The official, who was not authorized to speak about the testing, could not say whether the anti-ship missiles being tested represent a new capability for the Chinese military.

The Pentagon did not immediately respond to CNBC and NBC’s requests for comment.

The development comes as the U.S. and China have paused tensions in their ongoing trade battle. U.S. President Donald Trump and Chinese President Xi Jinping agreed over the weekend at the G-20 summit in Japan to restart negotiations and not impose new tariffs on each other’s goods. A burgeoning trade deal between the two countries fell through in the beginning of May.

The South China Sea, which is home to more than 200 specks of land, serves as a gateway to global sea routes where approximately $3.4 trillion of trade passes annually.

The numerous overlapping sovereign claims to islands, reefs and rocks — many of which disappear under high tide — have turned the waters into an armed camp. Beijing holds the lion’s share of these features with approximately 27 outposts peppered throughout.

In May 2018, China quietly installed anti-ship cruise missiles and surface-to-air missile systems on three of its fortified outposts west of the Philippines in the South China Sea, a move that allows Beijing to further project its power in the hotly disputed waters, according to sources with direct knowledge of U.S. intelligence reports.

According to U.S. intelligence reports, the installations mark the first Chinese missile deployments to Fiery Cross Reef, Subi Reef and Mischief Reef in the Spratly Islands. The Spratlys, to which six countries lay claim, are located approximately two-thirds of the way east from southern Vietnam to the southern Philippines.

By all accounts, the coastal defense systems represent a significant addition to Beijing’s military portfolio in one of the most contested regions in the world.

The U.S. has remained neutral – but expressed concern – about the overlapping sovereignty claims to the Spratlys.

Still, the U.S. and China have disagreed over several issues regarding the South China Sea.

“China does need to have necessary defense of these islands and rocks, which we believe are Chinese territory,” high-ranking Chinese Col. Zhou Bo told CNBC in June. His remarks came after then-acting U.S. Defense Secretary Patrick Shanahan said America would no longer “tiptoe” around Chinese behavior in the region.

Amanda Macias covers the Pentagon for CNBC. Courtney Kube is an NBC News correspondent covering national security and the Pentagon.


Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: amanda macias, courtney kube
Keywords: news, cnbc, companies, hotly, south, contested, chinese, tests, china, trade, military, missile, sea, official, conducts, waters, test, weekend


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Trump’s latest sanctions on Iran may be the end of the diplomatic road, says former US official

U.S. President Donald Trump’s fresh sanctions on Iran are a “symbolic act” and may leave Washington with no room to exert further pressure on the nuclear power, a former U.S. diplomat said Tuesday. Trump on Monday signed an executive order to impose “hard-hitting” sanctions on Iranian Supreme Leader Ayatollah Ali Khamenei, whom he said was responsible for the “hostile conduct” of the regime. Washington’s new sanctions come on the back of tense U.S.-Iran rhetoric after Tehran downed an American m


U.S. President Donald Trump’s fresh sanctions on Iran are a “symbolic act” and may leave Washington with no room to exert further pressure on the nuclear power, a former U.S. diplomat said Tuesday. Trump on Monday signed an executive order to impose “hard-hitting” sanctions on Iranian Supreme Leader Ayatollah Ali Khamenei, whom he said was responsible for the “hostile conduct” of the regime. Washington’s new sanctions come on the back of tense U.S.-Iran rhetoric after Tehran downed an American m
Trump’s latest sanctions on Iran may be the end of the diplomatic road, says former US official Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-25  Authors: shirley tay
Keywords: news, cnbc, companies, washington, road, responsible, waters, official, usiran, hochstein, ayatollah, sanctions, diplomatic, iranian, united, iran, end, trumps, latest


Trump's latest sanctions on Iran may be the end of the diplomatic road, says former US official

U.S. President Donald Trump’s fresh sanctions on Iran are a “symbolic act” and may leave Washington with no room to exert further pressure on the nuclear power, a former U.S. diplomat said Tuesday.

Trump on Monday signed an executive order to impose “hard-hitting” sanctions on Iranian Supreme Leader Ayatollah Ali Khamenei, whom he said was responsible for the “hostile conduct” of the regime.

While the new sanctions aim to deny top Iranian officials access to important financial resources, “the Ayatollah and most of the people closest to him don’t really have bank accounts in their names … in Europe or outside of Iran” that would be hit by the sanctions, said Amos Hochstein, who served as U.S. special envoy for international energy affairs under the Obama administration.

Washington’s new sanctions come on the back of tense U.S.-Iran rhetoric after Tehran downed an American military drone last Thursday. The Trump administration has accused Iran of being responsible for a recent attack on six oil tankers in or near the Strait of Hormuz.

However, Washington may be treading into dangerous waters in its Iran policy, Hochstein told CNBC’s “Street Signs Asia. ”

“When (U.S. Secretary of State Mike) Pompeo says that the United States has sanctioned more than 80% of the (Iranian) economy, that’s the good news, but it’s also the bad news, ” he added.

“What else do you have to do that will actually have to affect the Iranians’ calculus?” Hochstein asked.


Company: cnbc, Activity: cnbc, Date: 2019-06-25  Authors: shirley tay
Keywords: news, cnbc, companies, washington, road, responsible, waters, official, usiran, hochstein, ayatollah, sanctions, diplomatic, iranian, united, iran, end, trumps, latest


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Congress will move ‘aggressively’ to examine Facebook’s cryptocurrency, Rep. Maxine Waters says

Top lawmakers are not hesitating to examine Facebook’s ambitious new cryptocurrency project. “We’re going to move aggressively and very quickly to deal with what is going on with this new cryptocurrency,” Rep. Maxine Waters, D-Calif., chairwoman of the House Financial Services Committee, told CNBC’s “Closing Bell ” Thursday. Facebook has faced widespread scrutiny in the days following its plan to launch a global cryptocurrency. “We don’t have a regulatory agency to oversee who they are and what


Top lawmakers are not hesitating to examine Facebook’s ambitious new cryptocurrency project. “We’re going to move aggressively and very quickly to deal with what is going on with this new cryptocurrency,” Rep. Maxine Waters, D-Calif., chairwoman of the House Financial Services Committee, told CNBC’s “Closing Bell ” Thursday. Facebook has faced widespread scrutiny in the days following its plan to launch a global cryptocurrency. “We don’t have a regulatory agency to oversee who they are and what
Congress will move ‘aggressively’ to examine Facebook’s cryptocurrency, Rep. Maxine Waters says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: kate rooney
Keywords: news, cnbc, companies, facebook, lawmakers, run, theyre, facebooks, maxine, examine, aggressively, waters, going, rep, senior, cryptocurrency, congress, committee, global


Congress will move 'aggressively' to examine Facebook's cryptocurrency, Rep. Maxine Waters says

Top lawmakers are not hesitating to examine Facebook’s ambitious new cryptocurrency project.

“We’re going to move aggressively and very quickly to deal with what is going on with this new cryptocurrency,” Rep. Maxine Waters, D-Calif., chairwoman of the House Financial Services Committee, told CNBC’s “Closing Bell ” Thursday. “I think it’s very important for them to stop right now what they’re doing so that we can get a handle on this.”

Facebook has faced widespread scrutiny in the days following its plan to launch a global cryptocurrency. The social network’s announcement Tuesday caught the attention of Waters and other senior congressional finance committee members, global regulators, former lawmakers and industry insiders who questioned Facebook’s ambitions.

In a statement Tuesday, Waters asked Facebook to delay the project, which she said was a continuation of its “unchecked expansion and extending its reach into the lives of its users.”

“We don’t have a regulatory agency to oversee who they are and what they’re doing,” Waters said Thursday on CNBC. “This is like starting a bank without having to go through any steps to do it.”

Earlier this week, Facebook announced that it would launch a cryptocurrency run by the nonprofit Switzerland-based Libra Association in 2020. The project will not be controlled or fully run by Facebook, according to its white paper. It’s also being run by a collaboration of organizations and companies that include Stripe, Uber, Mastercard, Visa, PayPal and Spotify. But Facebook has plans to profit from it through a new subsidiary, Calibra, that is building a digital wallet to store and exchange the cryptocurrency.

Federal Reserve Chairman Jerome Powell said that Facebook spoke to the central bank about the digital currency and that to his knowledge, the social network has made “quite broad rounds around the world with regulators, supervisors and lots of people to discuss their plans, and that certainly includes us.”

Waters is not the only Congress member pushing back on Facebook’s plan. The senior Republican on the House Financial Services Committee, Rep. Patrick McHenry of North Carolina, highlighted “its potential unprecedented impact on the global financial system” and called for a hearing. Sen. Sherrod Brown of Ohio, the senior Democrat on the Senate Banking Committee, said, “Facebook is already too big and too powerful, and it has used that power to exploit users’ data without protecting their privacy.”

“We look forward to responding to lawmakers’ questions as this process moves forward,” a Facebook spokesperson told CNBC.

Waters highlighted consumer protection, data and privacy issues and “ways that Facebook has conducted itself in the past” as reasons for a congressional hearing.

“There are a lot of issues with Facebook,” she said. “They’re creating their own cryptocurrency — it’s going to be an alternative to the dollar, so I think it’s very important for them to stop right now what they’re doing so that we can get a handle on this.”


Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: kate rooney
Keywords: news, cnbc, companies, facebook, lawmakers, run, theyre, facebooks, maxine, examine, aggressively, waters, going, rep, senior, cryptocurrency, congress, committee, global


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Rep. McHenry calls for a hearing on Facebook’s cryptocurrency: ‘We should be better informed’

Rep. Patrick McHenry has questions about Facebook’s plan for its cryptocurrency. “There are so many open questions here, and I think we should actually be better informed,” he said on “Closing Bell. ” Rep. Maxine Waters, D-Calif., chairwoman of the House Financial Services Committee, asked the company to delay the project until Congress and financial watchdogs can get more information. “With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion


Rep. Patrick McHenry has questions about Facebook’s plan for its cryptocurrency. “There are so many open questions here, and I think we should actually be better informed,” he said on “Closing Bell. ” Rep. Maxine Waters, D-Calif., chairwoman of the House Financial Services Committee, asked the company to delay the project until Congress and financial watchdogs can get more information. “With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion
Rep. McHenry calls for a hearing on Facebook’s cryptocurrency: ‘We should be better informed’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-19  Authors: michelle fox
Keywords: news, cnbc, companies, rep, cryptocurrency, informed, facebook, hearing, separate, world, mchenry, maxine, waters, facebooks, better, project, questions, calls


Rep. McHenry calls for a hearing on Facebook's cryptocurrency: 'We should be better informed'

Rep. Patrick McHenry has questions about Facebook’s plan for its cryptocurrency.

The Republican from North Carolina is calling for a hearing on the matter, although he told CNBC on Wednesday he isn’t prejudging the social media giant and its proposal.

“There are so many open questions here, and I think we should actually be better informed,” he said on “Closing Bell. ”

“What I’m asking for is a hearing on what they’re proposing with project Libra and the consortium that they’ve built around the world, how they are going to utilize it, the opportunity and the intention that they have.”

Facebook announced on Tuesday that in 2020 it will launch a cryptocurrency, run by the nonprofit Switzerland-based Libra Association. It is also collaborating with several companies, including Mastercard, Visa and PayPal.

The news has some on Capitol Hill concerned, or at least hesitant.

Rep. Maxine Waters, D-Calif., chairwoman of the House Financial Services Committee, asked the company to delay the project until Congress and financial watchdogs can get more information.

“With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users,” she said in a statement Tuesday.

However, McHenry said he’s looking at Facebook’s crypto as an issue separate from the regulatory ones the company is already facing.

“You can have a worldview about whether or not Facebook is a savior of the world or the ‘Death Star,’ but the question of cryptocurrency is a wholly separate thing than Facebook and the utilization of our data,” he said.

Tune in: Rep. Maxine Waters will appear on “Closing Bell” on Thursday at 3 p.m. ET.

— CNBC’s Kate Rooney contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-06-19  Authors: michelle fox
Keywords: news, cnbc, companies, rep, cryptocurrency, informed, facebook, hearing, separate, world, mchenry, maxine, waters, facebooks, better, project, questions, calls


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Congress looks into ways to regulate Facebook’s cryptocurrency, Libra

Congress looks into ways to regulate Facebook’s cryptocurrency, Libra11:33 AM ET Wed, 19 June 2019CNBC’s Ylan Mui reports on “Squawk Alley” that Rep. Maxine Waters, head of the House Financial Services Committee, has called for a moratorium on Facebook’s planned currency Libra until Congress has the opportunity to ask questions, claiming the company has gone “unchecked.”


Congress looks into ways to regulate Facebook’s cryptocurrency, Libra11:33 AM ET Wed, 19 June 2019CNBC’s Ylan Mui reports on “Squawk Alley” that Rep. Maxine Waters, head of the House Financial Services Committee, has called for a moratorium on Facebook’s planned currency Libra until Congress has the opportunity to ask questions, claiming the company has gone “unchecked.”
Congress looks into ways to regulate Facebook’s cryptocurrency, Libra Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-19
Keywords: news, cnbc, companies, ways, congress, facebooks, unchecked, squawk, waters, rep, libra, cryptocurrency, ylan, reports, regulate, looks, services


Congress looks into ways to regulate Facebook's cryptocurrency, Libra

Congress looks into ways to regulate Facebook’s cryptocurrency, Libra

11:33 AM ET Wed, 19 June 2019

CNBC’s Ylan Mui reports on “Squawk Alley” that Rep. Maxine Waters, head of the House Financial Services Committee, has called for a moratorium on Facebook’s planned currency Libra until Congress has the opportunity to ask questions, claiming the company has gone “unchecked.”


Company: cnbc, Activity: cnbc, Date: 2019-06-19
Keywords: news, cnbc, companies, ways, congress, facebooks, unchecked, squawk, waters, rep, libra, cryptocurrency, ylan, reports, regulate, looks, services


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Rep. Maxine Waters asks Facebook to pause work on cryptocurrency Libra

Democratic Rep. Maxine Waters, chair of the House Financial Services Committee, on Tuesday requested that Facebook pause its development of Libra, an upcoming cryptocurrency that the company plans to release in 2020. Facebook and a consortium of partners on Tuesday unveiled Libra, its much-awaited blockchain project that the company has been working on over the past year. Rep. Patrick McHenry, the ranking Republican on the committee, had requested Waters to call the hearing earlier in the day. “


Democratic Rep. Maxine Waters, chair of the House Financial Services Committee, on Tuesday requested that Facebook pause its development of Libra, an upcoming cryptocurrency that the company plans to release in 2020. Facebook and a consortium of partners on Tuesday unveiled Libra, its much-awaited blockchain project that the company has been working on over the past year. Rep. Patrick McHenry, the ranking Republican on the committee, had requested Waters to call the hearing earlier in the day. “
Rep. Maxine Waters asks Facebook to pause work on cryptocurrency Libra Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-18  Authors: salvador rodriguez
Keywords: news, cnbc, companies, maxine, cryptocurrency, work, past, pause, financial, company, libra, waters, asks, project, regulators, data, facebook, rep, provide


Rep. Maxine Waters asks Facebook to pause work on cryptocurrency Libra

Democratic Rep. Maxine Waters, chair of the House Financial Services Committee, on Tuesday requested that Facebook pause its development of Libra, an upcoming cryptocurrency that the company plans to release in 2020.

“Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action,” Waters said in a statement on Tuesday.

Facebook and a consortium of partners on Tuesday unveiled Libra, its much-awaited blockchain project that the company has been working on over the past year. Libra is an open-source digital currency that people will be able to use to transfer money to peers or merchants over the internet. Facebook is also introducing a digital wallet, Calibra, for users to store and exchange the currency.

Rep. Patrick McHenry, the ranking Republican on the committee, had requested Waters to call the hearing earlier in the day. “While there is great promise for this new technology in fostering financial inclusion and faster payments, particularly in the developing world, we know there are many open questions as to the scope and scale of the project and how it will conform to our global financial regulatory framework,” he wrote. “We need to go beyond the rumors and speculations and provide a forum to assess this project and its potential unprecedented impact on the financial system.”

Senator Sherrod Brown, a Democrat, also expressed skepticism, tweeting “We cannot allow Facebook to run a risky new cryptocurrency out of a Swiss bank account without oversight.”

Sen. Mark Warner, a Democrat, echoed the sentiment, saying Facebook is a company that has lost Americans’ trust in its ability to keep their data private.

“The idea that we are going to turn over our financial data and information to that company, I think they have a big uphill effort to try to convince Americans that they ought to trust in Facebook’s proprietary interest in keeping your data secret,” Warner said.

A Facebook spokesperson told CNBC, “We look forward to responding to lawmakers’ questions as this process moves forward.”

You can read Waters’ full statement below:

Facebook has data on billions of people and has repeatedly shown a disregard for the protection and careful use of this data. It has also exposed Americans to malicious and fake accounts from bad actors, including Russian intelligence and transnational traffickers. Facebook has also been fined large sums and remains under a Federal Trade Commission consent order for deceiving consumers and failing to keep consumer data private, and has also been sued by the government for violating fair housing laws on its advertising platform. “With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users. The cryptocurrency market currently lacks a clear regulatory framework to provide strong protections for investors, consumers, and the economy. Regulators should see this as a wake-up call to get serious about the privacy and national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies. Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action. Facebook executives should also come before the Committee to provide testimony on these issues.

WATCH: Here’s how to see which apps have access to your Facebook data — and cut them off


Company: cnbc, Activity: cnbc, Date: 2019-06-18  Authors: salvador rodriguez
Keywords: news, cnbc, companies, maxine, cryptocurrency, work, past, pause, financial, company, libra, waters, asks, project, regulators, data, facebook, rep, provide


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