Apple CEO Tim Cook: ‘If you love what you do, you will never work a day in your life’ is ‘total crock’

Then work won’t be work. So says Apple CEO Tim Cook. And though Cook may love the work he does, he also certainly works hard. The Apple CEO gets up before 4 a.m. each day, he told Axios in November. See also:Apple CEO Tim Cook to the class of 2019: ‘My generation has failed you’Apple CEO Tim Cook: ‘The world is full of cynics and you have to tune them out’Apple CEO Tim Cook: ‘Don’t work for money … you will never be happy’


Then work won’t be work. So says Apple CEO Tim Cook. And though Cook may love the work he does, he also certainly works hard. The Apple CEO gets up before 4 a.m. each day, he told Axios in November. See also:Apple CEO Tim Cook to the class of 2019: ‘My generation has failed you’Apple CEO Tim Cook: ‘The world is full of cynics and you have to tune them out’Apple CEO Tim Cook: ‘Don’t work for money … you will never be happy’
Apple CEO Tim Cook: ‘If you love what you do, you will never work a day in your life’ is ‘total crock’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-18  Authors: catherine clifford
Keywords: news, cnbc, companies, tim, total, day, ceo, told, work, apple, steve, wont, cook, crock, tools, love, life


Apple CEO Tim Cook: 'If you love what you do, you will never work a day in your life' is 'total crock'

Find what you love. Do what you love. Then work won’t be work.

It sounds too good to be true. Because it is. So says Apple CEO Tim Cook.

“There is a saying that if you do what you love, you will never work a day in your life,” Cook said Saturday in his commencement speech at Tulane University in New Orleans, La., at the Mercedes-Benz Superdome.

“At Apple, I learned that is a total crock,” Cook said.

Rather, when you find a job you are passionate about, you will work hard, but you won’t mind doing so, Cook says.

“You will work harder than you ever thought possible, but the tools will feel light in your hands,” Cook says.

Cook joined Apple at the behest of the iconic entrepreneur Steve Jobs.

He was inspired to be part of the larger purpose behind the products.

“In 1998, Steve Jobs convinced me to leave Compaq behind to join a company that was on the verge of bankruptcy. They made computers, but at that moment at least, people weren’t interested in buying them. Steve had a plan to change things. And I wanted to be a part of it,” Cook said.

“I wasn’t just about the iMac or the iPod or everything that came after. It was about the values that brought these inventions to life. The idea that putting powerful tools in the hands of everyday people helps unleash creativity and moves humanity forward,” Cook says.

And though Cook may love the work he does, he also certainly works hard.

The Apple CEO gets up before 4 a.m. each day, he told Axios in November.

“I like to take the first hour and go through user comments and things like this that sort of focus on the external people that are so important to us,” Cook told Axios. “And then I go to the gym and work out for an hour because it keeps my stress at bay.”

See also:

Apple CEO Tim Cook to the class of 2019: ‘My generation has failed you’

Apple CEO Tim Cook: ‘The world is full of cynics and you have to tune them out’

Apple CEO Tim Cook: ‘Don’t work for money … you will never be happy’


Company: cnbc, Activity: cnbc, Date: 2019-05-18  Authors: catherine clifford
Keywords: news, cnbc, companies, tim, total, day, ceo, told, work, apple, steve, wont, cook, crock, tools, love, life


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Luckin Coffee IPO won’t stop Starbucks’ stock breakout, technical analyst says

But some experts, like MKM Partners Chief Market Technician JC O’Hara, say Starbucks’ journey higher is just getting started. But let’s remember four years prior,” O’Hara said Thursday on CNBC’s “Trading Nation,” calling attention to Starbucks’ five-year stock chart. John Petrides, managing director and portfolio manager at Point View Wealth Management, didn’t have as much conviction in Starbucks’ prospects. “If the three of us wanted to go in and open up a coffee shop, we can do so,” he said Th


But some experts, like MKM Partners Chief Market Technician JC O’Hara, say Starbucks’ journey higher is just getting started. But let’s remember four years prior,” O’Hara said Thursday on CNBC’s “Trading Nation,” calling attention to Starbucks’ five-year stock chart. John Petrides, managing director and portfolio manager at Point View Wealth Management, didn’t have as much conviction in Starbucks’ prospects. “If the three of us wanted to go in and open up a coffee shop, we can do so,” he said Th
Luckin Coffee IPO won’t stop Starbucks’ stock breakout, technical analyst says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: lizzy gurdus
Keywords: news, cnbc, companies, analyst, ohara, think, stock, coffee, nation, breakout, billion, wealth, luckin, wont, starbucks, technical, trading, view, stop, high, ipo


Luckin Coffee IPO won't stop Starbucks' stock breakout, technical analyst says

Starbucks is piping hot.

The coffeemaker’s stock surged to an all-time high Thursday, adding to a more than 22% gain for 2019. But Thursday also brought a twist to the U.S. coffeemaker’s story as details on Chinese rival Luckin Coffee’s pricing for its initial public offering surfaced after the closing bell.

The Chinese competitor will price at $17, the high end of the $15 to $17 range in its regulatory filing, sources told CNBC. The $2.9 billion company is set to go public Friday on the Nasdaq under the ticker LK.

The IPO has called into question how much staying power Starbucks really has, particularly as it focuses on expanding in China and as U.S.-China trade tensions escalate.

But some experts, like MKM Partners Chief Market Technician JC O’Hara, say Starbucks’ journey higher is just getting started.

“I think this is a perfect example of an area where we don’t want to be afraid of momentum. Yes, it’s up 23% year to date. It’s up 40% over the last year. But let’s remember four years prior,” O’Hara said Thursday on CNBC’s “Trading Nation,” calling attention to Starbucks’ five-year stock chart.

“The stock has pretty much done nothing,” he said. “It’s been trading in a $12 range — $64 as the top, $52 as the low — and, often, when stock charts like these hibernate for an extended period of time and finally break out, that breakout is powerful and it can continue a lot longer than many people think is possible.”

John Petrides, managing director and portfolio manager at Point View Wealth Management, didn’t have as much conviction in Starbucks’ prospects.

“A nearly $100 billion company is expected to grow earnings 25% per year over the next two years, so the earnings growth rate is pretty high and there’s not much margin safety in the valuation from the multiple standpoint,” he said in the same “Trading Nation” interview.

One big, largely unaccounted-for risk is that “the barriers to entry aren’t very high” in the coffee business, Petrides said.

“If the three of us wanted to go in and open up a coffee shop, we can do so,” he said Thursday to O’Hara and “Trading Nation” host Mike Santoli. “I don’t think it would take $100 billion for us to get in.”

So, in the near term, “I would expect [Starbucks’] multiple possibly to come in again, and let’s see if they can compete against Luckin,” the wealth manager said.

Starbucks shares were down slightly in Friday’s premarket, a day after gaining more than 1%.

Disclosure: Some Point View Wealth Management clients own shares of Starbucks.


Company: cnbc, Activity: cnbc, Date: 2019-05-17  Authors: lizzy gurdus
Keywords: news, cnbc, companies, analyst, ohara, think, stock, coffee, nation, breakout, billion, wealth, luckin, wont, starbucks, technical, trading, view, stop, high, ipo


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New Uber feature lets you request a quiet driver who won’t be chatty—but there’s a catch

On Wednesday, Uber is rolling out upgrades to its premium service, Uber Black, including one that allows riders to ask for a silent driver. But there’s a catch: That feature, which is being referred to in reports as a “quiet car” mode, is only available for Uber Black rides, which can cost two to three times as much as an UberX ride. If you’re willing to spring for Uber Black, you can set your ride preference in the Uber mobile app. If you select “quiet preferred,” Uber Black drivers know that y


On Wednesday, Uber is rolling out upgrades to its premium service, Uber Black, including one that allows riders to ask for a silent driver. But there’s a catch: That feature, which is being referred to in reports as a “quiet car” mode, is only available for Uber Black rides, which can cost two to three times as much as an UberX ride. If you’re willing to spring for Uber Black, you can set your ride preference in the Uber mobile app. If you select “quiet preferred,” Uber Black drivers know that y
New Uber feature lets you request a quiet driver who won’t be chatty—but there’s a catch Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: tom huddleston jr
Keywords: news, cnbc, companies, request, premium, select, quiet, theres, black, preferred, youre, riders, wont, feature, ride, driver, uber, catch, lets, preference, chattybut


New Uber feature lets you request a quiet driver who won't be chatty—but there's a catch

If you’re the type of person who hates getting stuck with a chatty Uber driver, then the ride-sharing start-up is finally offering an option that should allow you to enjoy your next ride in peace.

On Wednesday, Uber is rolling out upgrades to its premium service, Uber Black, including one that allows riders to ask for a silent driver.

But there’s a catch: That feature, which is being referred to in reports as a “quiet car” mode, is only available for Uber Black rides, which can cost two to three times as much as an UberX ride.

If you’re willing to spring for Uber Black, you can set your ride preference in the Uber mobile app. Once you confirm your destination and select an Uber Black or Uber Black SUV — services that offer riders trips in luxury cars, like a BMW 5-Series or Cadillac Escalade — under the preference for “conversation,” you can select either “quiet preferred,” “happy to chat” or state no preference.

If you select “quiet preferred,” Uber Black drivers know that you’re not looking to engage in conversation for the duration of your trip. And if your driver doesn’t get the memo, Uber says that Uber Black riders will also get access to “premium phone support with live agents” should you feel the need to call the company to tell them your preferences are not being honored mid-trip. (Of course, that could make for a very awkward ride.)


Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: tom huddleston jr
Keywords: news, cnbc, companies, request, premium, select, quiet, theres, black, preferred, youre, riders, wont, feature, ride, driver, uber, catch, lets, preference, chattybut


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NBC’s 2020 streaming service won’t be very compelling for cord cutters — and that’s by design

The proof is in the details of NBC’s streaming service, coming next spring. And you’ll get a few originals for the streaming service, the quality of which is to be determined. NBC expects its revenue from cord cutters on its streaming service to be “completely immaterial,” according to a person familiar with the matter. Customers who cancel Comcast’s TV service for, say, YouTube TV will still get NBC’s streaming service for free. But at launch next year, the NBC streaming service won’t be a comp


The proof is in the details of NBC’s streaming service, coming next spring. And you’ll get a few originals for the streaming service, the quality of which is to be determined. NBC expects its revenue from cord cutters on its streaming service to be “completely immaterial,” according to a person familiar with the matter. Customers who cancel Comcast’s TV service for, say, YouTube TV will still get NBC’s streaming service for free. But at launch next year, the NBC streaming service won’t be a comp
NBC’s 2020 streaming service won’t be very compelling for cord cutters — and that’s by design Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-14  Authors: alex sherman
Keywords: news, cnbc, companies, wont, cord, disney, thats, live, nbcs, service, hulu, tv, 2020, compelling, nbc, paytv, streaming, design, customers, cutters


NBC's 2020 streaming service won't be very compelling for cord cutters — and that's by design

The streaming wars — the race to launch subscription video products — has been driven by an underlying concept: The traditional pay-TV bundle is dying as millions of U.S. households cut the cord each year and shift their video consumption to services like Netflix.

This has been a hard pill to swallow for legacy media companies, which derive billions of dollars from traditional pay TV. Yet, many of those media companies are coming to grips with reality and beginning to disrupt their own business models, headlined by Disney’s $6.99 Disney+ offering for this year.

That’s not the case for Comcast’s NBCUniversal (the parent company of CNBC and CNBC.com).

NBC doesn’t want you to cut the cord. Maybe this isn’t too surprising since its owner is the largest U.S. cable company. But it’s unusual because it directly contradicts the disruption narrative. Instead of submissively accepting that the pay-TV world is ending, NBC is taking a stand and fighting back.

The proof is in the details of NBC’s streaming service, coming next spring.

NBC’s ad-supported streaming service will be free to all customers who pay for traditional live television — whether through Comcast or any other provider, including virtual pay-TV bundles like Google’s YouTube TV or AT&T’s DirecTV Now, assuming partnership deals are struck, according to people familiar with the matter.

For those who have cut the cord, it will probably be about $10, said the people, who asked not to be named because the discussions on price are still ongoing.

CNBC has also learned that the free version of service for pay-TV subscribers will include live linear channels, same-season episodes and past-season episodes. Customers will be able to watch NBC programming anywhere, on any device, independent of their cable provider’s footprint. NBC will have nonexclusive access to all of the programming it sells to Hulu for the streaming service, as part of the deal with Disney the two companies announced on Tuesday.

But the $10 version for cord cutters won’t include live linear channels and won’t include same-season shows. You’ll get a bunch of reruns, most of which will also be available on Hulu if you already subscribe to that service. And you’ll get a few originals for the streaming service, the quality of which is to be determined.

So what are you getting for your $10 a month? Not much at first. And that’s the point.

NBC expects its revenue from cord cutters on its streaming service to be “completely immaterial,” according to a person familiar with the matter. The company is actively trying to make its cord-cutting streaming service inferior to its pay-TV version. The service is primarily meant as a nice additional benefit for customers who already pay for cable or satellite TV.

NBC’s decision isn’t totally motivated by supporting Comcast’s cable TV business. Now that Disney has full operational control of Hulu, Disney can bundle Hulu (or Hulu with Live TV) with Disney+ to make a compelling streaming offering that should further accelerate cord cutting. NBC is OK with this. Customers who cancel Comcast’s TV service for, say, YouTube TV will still get NBC’s streaming service for free.

NBC will certainly monitor the take rate of its streaming service among non pay-TV subscribers if cord cutting dramatically accelerates. If necessary, it can move content on and off its service thanks to Tuesday’s deal with Hulu, as well as the impending expiration of streaming-rights deals for popular shows it owns, such as “The Office.” And three years from now, when its content deal with Hulu ends, there’s an easy path for NBC to make its streaming service more compelling by making all its content exclusive to it.

But at launch next year, the NBC streaming service won’t be a compelling addition for cord cutters. And that’s the point.

Disclosure: Comcast owns NBCUniversal, the parent company of CNBC and CNBC.com.

WATCH: Comcast will sell its Hulu stake to Disney, giving Disney full control


Company: cnbc, Activity: cnbc, Date: 2019-05-14  Authors: alex sherman
Keywords: news, cnbc, companies, wont, cord, disney, thats, live, nbcs, service, hulu, tv, 2020, compelling, nbc, paytv, streaming, design, customers, cutters


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Breaking up Facebook won’t solve core issues, says business professor

Breaking up Facebook won’t solve core issues, says business professor4 Hours AgoArun Sundararajan of NYU discusses whether Facebook and big data companies need to be broken up with CNBC’s “Power Lunch” team. Facebook’s co-founder wrote an op-ed for the New York Times, calling for the social media giant to be broken up.


Breaking up Facebook won’t solve core issues, says business professor4 Hours AgoArun Sundararajan of NYU discusses whether Facebook and big data companies need to be broken up with CNBC’s “Power Lunch” team. Facebook’s co-founder wrote an op-ed for the New York Times, calling for the social media giant to be broken up.
Breaking up Facebook won’t solve core issues, says business professor Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-09
Keywords: news, cnbc, companies, facebook, times, team, sundararajan, business, breaking, professor, york, solve, social, wrote, issues, wont, broken, core


Breaking up Facebook won't solve core issues, says business professor

Breaking up Facebook won’t solve core issues, says business professor

4 Hours Ago

Arun Sundararajan of NYU discusses whether Facebook and big data companies need to be broken up with CNBC’s “Power Lunch” team. Facebook’s co-founder wrote an op-ed for the New York Times, calling for the social media giant to be broken up.


Company: cnbc, Activity: cnbc, Date: 2019-05-09
Keywords: news, cnbc, companies, facebook, times, team, sundararajan, business, breaking, professor, york, solve, social, wrote, issues, wont, broken, core


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Brexit won’t be solved by next deadline, survey of global finance chiefs says

Brexit won’t be solved by the end of October and the European Union (EU) will need to grant yet another deadline, according to a CNBC survey of senior financial executives in boardrooms sited around the world. Within both parties there are deep divides over any joint plan, with a growing chorus calling for a second “confirmatory” referendum on any deal. According to the latest CFO Council quarterly survey, published Tuesday, 35.6% of chief financial officers (CFOs) now see yet another extension


Brexit won’t be solved by the end of October and the European Union (EU) will need to grant yet another deadline, according to a CNBC survey of senior financial executives in boardrooms sited around the world. Within both parties there are deep divides over any joint plan, with a growing chorus calling for a second “confirmatory” referendum on any deal. According to the latest CFO Council quarterly survey, published Tuesday, 35.6% of chief financial officers (CFOs) now see yet another extension
Brexit won’t be solved by next deadline, survey of global finance chiefs says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-07  Authors: david reid
Keywords: news, cnbc, companies, chiefs, cfos, deal, wont, global, brexit, deadline, solved, second, finance, referendum, uk, survey, goods, members, respondents


Brexit won't be solved by next deadline, survey of global finance chiefs says

Brexit won’t be solved by the end of October and the European Union (EU) will need to grant yet another deadline, according to a CNBC survey of senior financial executives in boardrooms sited around the world.

After missing an end of March exit date, Britain and Northern Ireland are now set to leave the EU on October 31, but the withdrawal agreement has not yet been approved by U.K. lawmakers in London.

Representatives from the ruling Conservatives and the main opposition Labour are currently in talks to see if a cross-party deal can break a deadlock which has brought the process to a halt. Within both parties there are deep divides over any joint plan, with a growing chorus calling for a second “confirmatory” referendum on any deal.

The CNBC Global CFO Council represents some of the largest public and private companies in the world, collectively managing nearly $5 trillion in market value.

According to the latest CFO Council quarterly survey, published Tuesday, 35.6% of chief financial officers (CFOs) now see yet another extension to the Brexit deadline as the most probable option. Exactly 20% percent of respondents think Britain will hold another referendum while 26.7% think the country will leave on the October date with a deal in place.

Just 2.2% of those asked believe that Brexit will happen at the end of October with no deal whatsoever. That marks an enormous shift in sentiment from February this year, when 40.7% of chief financial officers thought “no deal” was the most probable option

When broken down into regions, the chances of a second referendum was most pronounced by executives based in Asia with 60% percent of respondents believing that the U.K. would need to go back to the polls in order to finalize the Brexit outcome.

By comparison only 10% of U.S. based CFOs and 6.7% of EMEA executives predicted another referendum would be needed.

The council’s global economic outlook offers a quarterly view for different countries and regions around the globe. This quarter revealed that the U.K. was the only one of 11 areas seen as “declining.” All other areas were rated as “stable,” except for the United States which was upgraded to “improving.”

To other questions asked, 25.9% of respondents said U.S. trade policy was the biggest external risk factor to the success of their businesses. That figure far exceed a cyberattack (7.9%) and Brexit (5.5%) as the next two biggest fears.

The results were collated prior to a fresh tariff threat from President Donald Trump on goods produced and exported by the world’s second biggest economy, China.

Trump said in a tweet Sunday afternoon that the current 10% levies on $200 billion worth of Chinese goods will rise to 25% on Friday. He also threatened to impose 25% tariffs on an additional $325 billion of Chinese goods “shortly.”

Taking into account that the Trump bombshell was as yet unknown to the CFOs, some of the feedback suggested a more bullish outlook for markets in 2019. For stocks, 68.9% expect the Dow Jones Industrial Average will rise above 27,000 this year. That percentage more than doubled from the first quarter survey when just one in three asked were as bullish.

Most CFOs around the world also stated that interest rates are “about right”. That answer was particularly pronounced in the United States where 90% agreed with current levels of borrowing.

More than two-thirds (68.9%) of CFOs surveyed predict no cuts or hike from the U.S. Federal Reserve in 2019 while 22.2% forecast one hike this year.

(Note: 45 of the 124 current members of the CNBC Global CFO Council responded to this quarter’s survey, including 20 North American-based members, 15 EMEA-based members and 10 APAC-based members. The survey was conducted from Apr. 23–30, 2019.)


Company: cnbc, Activity: cnbc, Date: 2019-05-07  Authors: david reid
Keywords: news, cnbc, companies, chiefs, cfos, deal, wont, global, brexit, deadline, solved, second, finance, referendum, uk, survey, goods, members, respondents


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China says it’s still preparing for US trade talks — but won’t give details after new Trump threats

U.S. President Donald Trump (R) and Chinese Vice Premier Liu He talk to reporters in the Oval Office at the White House April 04, 2019 in Washington, DC. China said Monday its negotiators are still preparing to travel to the U.S. for trade talks this week despite President Donald Trump threatening Beijing with increased tariffs. Trump said in a Sunday afternoon Twitter post that the current 10% tariffs on $200 billion worth of Chinese goods will rise to 25% on Friday. He also threatened to impos


U.S. President Donald Trump (R) and Chinese Vice Premier Liu He talk to reporters in the Oval Office at the White House April 04, 2019 in Washington, DC. China said Monday its negotiators are still preparing to travel to the U.S. for trade talks this week despite President Donald Trump threatening Beijing with increased tariffs. Trump said in a Sunday afternoon Twitter post that the current 10% tariffs on $200 billion worth of Chinese goods will rise to 25% on Friday. He also threatened to impos
China says it’s still preparing for US trade talks — but won’t give details after new Trump threats Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-06  Authors: kayla tausche evelyn cheng eustance huang, kayla tausche, evelyn cheng, eustance huang
Keywords: news, cnbc, companies, goods, wont, threats, premier, trip, trump, billion, details, vice, deal, trade, preparing, chinese, talks, liu, china


China says it's still preparing for US trade talks — but won't give details after new Trump threats

U.S. President Donald Trump (R) and Chinese Vice Premier Liu He talk to reporters in the Oval Office at the White House April 04, 2019 in Washington, DC.

China said Monday its negotiators are still preparing to travel to the U.S. for trade talks this week despite President Donald Trump threatening Beijing with increased tariffs.

That wasn’t quite a confirmation that the talks would still go on, but it quieted some concern following multiple reports that the Chinese side was reconsidering its involvement in the negotiations.

Trump said in a Sunday afternoon Twitter post that the current 10% tariffs on $200 billion worth of Chinese goods will rise to 25% on Friday. He also threatened to impose 25% levies on an additional $325 billion of Chinese goods “shortly.”

Chinese Vice Premier Liu He had planned to bring a large delegation to Washington on Wednesday to hash out a trade deal — and there’d been talk in recent days that something resembling a deal could result. Instead, two sources briefed on the talks said the Chinese side may be weighing backing out of this week’s negotiations.

That was pegged to Trump’s new threats, they said, which abandon a six-month truce after Beijing waffled on some previously discussed commitments.

One source had said the Chinese vice premier would likely cancel the trip he’d planned for himself and a 100-person delegation for the final round of talks that U.S. officials had previously said could yield a deal by Friday. Chinese officials canceled a trip in late September 2018 in similar circumstances.

A second source said Trump’s decision to more than double the tariff rate on $200 billion of goods was meant to send a message to Liu to not come to the U.S. with more “empty offers.”

During a Monday news conference, a spokesman for China’s Ministry of Foreign Affairs said through a translator that the country’s team “is preparing to travel to the U.S. for the trade talks.” He did not confirm whether Liu would be among that group.

The spokesman, Geng Shuang would not elaborate on the number of people on the Chinese team, the length of the trip, or the date of departure. Instead, he told reporters to contact the relevant authority. The Ministry of Commerce did not respond to a CNBC faxed request for comment.

Geng also emphasized that such back-and-forth in the trade negotiations have happened before, and that the latest round of talks saw “positive” progress.

The White House, the Treasury and the U.S. Trade Representative’s office did not immediately respond to CNBC’s requests for comment.


Company: cnbc, Activity: cnbc, Date: 2019-05-06  Authors: kayla tausche evelyn cheng eustance huang, kayla tausche, evelyn cheng, eustance huang
Keywords: news, cnbc, companies, goods, wont, threats, premier, trip, trump, billion, details, vice, deal, trade, preparing, chinese, talks, liu, china


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Treasury Secretary Steven Mnuchin won’t release Trump’s tax returns to Congress, says no ‘legitimate legislative purpose’

Treasury Secretary Steven Mnuchin on Monday said he will not allow President Donald Trump’s tax returns to be released to Congress by the IRS, as a powerful oversight committee has requested. House Democrats had asked the IRS to release six years of Trump’s personal and business tax returns. Experts have said the U.S. tax code mandates that anyone’s tax returns “shall” be released to one of the authorized panels if they request them. Trump has repeatedly rebuffed requests to release his tax retu


Treasury Secretary Steven Mnuchin on Monday said he will not allow President Donald Trump’s tax returns to be released to Congress by the IRS, as a powerful oversight committee has requested. House Democrats had asked the IRS to release six years of Trump’s personal and business tax returns. Experts have said the U.S. tax code mandates that anyone’s tax returns “shall” be released to one of the authorized panels if they request them. Trump has repeatedly rebuffed requests to release his tax retu
Treasury Secretary Steven Mnuchin won’t release Trump’s tax returns to Congress, says no ‘legitimate legislative purpose’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-06  Authors: dan mangan
Keywords: news, cnbc, companies, mnuchin, treasury, secretary, returns, trumps, request, house, department, congress, steven, trump, purpose, release, wont, irs, tax


Treasury Secretary Steven Mnuchin won't release Trump's tax returns to Congress, says no 'legitimate legislative purpose'

Treasury Secretary Steven Mnuchin on Monday said he will not allow President Donald Trump’s tax returns to be released to Congress by the IRS, as a powerful oversight committee has requested.

The formal denial, coming weeks after acting White House chief of staff Mick Mulvaney said Congress will never get those tax returns, sets the stage for yet another fight over documents sought by the Democratic-led House of Representatives from the Republican Trump’s administration.

The dispute could end up in court.

In a letter to House Ways and Means Committee Chairman Richard Neal, D-Mass., Mnuchin said that after conferring with the Justice Department, he has determined that the request “lacks a legitimate legislative purpose” and that because of that the request would be denied.

“I am informing you now that that [Treasury] Department may not lawfully fulfill the Committee’s request,” Mnuchin wrote to Neal, whose committee is one of three congressional panels with the power to request a president’s income tax returns.

House Democrats had asked the IRS to release six years of Trump’s personal and business tax returns. Experts have said the U.S. tax code mandates that anyone’s tax returns “shall” be released to one of the authorized panels if they request them.

Mnuchin’s letter called that request “unprecedented” and said it also “presents serious constitutional questions, the resolution of which may have lasting consequences for all taxpayers.”

Mnuchin also said that the Justice Department intends to “memorialize its advice in a published legal opinion as soon as practicable.”

Neal, in a statement, said, “Today, Secretary Mnuchin notified me that the IRS will not provide the documents I requested under Section 6103 of the Internal Revenue Code. I will consult with counsel and determine the appropriate response.”

Trump has repeatedly rebuffed requests to release his tax returns to the public, saying they are being audited. But Trump’s former personal attorney Michael Cohen has testified to Congress that he has seen no proof that Trump was being audited.

Cohen entered a federal prison in upstate New York on Monday to begin serving a three-year sentence for multiple crimes.

In April, Trump said Americans don’t care if they can see his tax returns.

“Remember, I got elected last time,” Trump told reporters then. “The same exact issue, with the same intensity, which wasn’t very much. Because frankly, the people don’t care.”

However, a poll conducted around the same time found that 51% of voters supported Democrats’ bid to obtain his tax returns, compared with 36% of voters who oppose that effort.


Company: cnbc, Activity: cnbc, Date: 2019-05-06  Authors: dan mangan
Keywords: news, cnbc, companies, mnuchin, treasury, secretary, returns, trumps, request, house, department, congress, steven, trump, purpose, release, wont, irs, tax


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AG William Barr won’t attend House Judiciary hearing scheduled for Thursday

U.S. Attorney General William Barr testifies before the Senate Judiciary Committee May 1, 2019 in Washington, DC. Barr testified on the Justice Department’s investigation of Russian interference with the 2016 presidential election. U.S. Attorney General William Barr will not testify before the House Judiciary Committee on Thursday. This comes after Barr testified before the Senate Judiciary Committee on Wednesday regarding his handling of the Mueller report. Mueller sent Barr a letter in late Ma


U.S. Attorney General William Barr testifies before the Senate Judiciary Committee May 1, 2019 in Washington, DC. Barr testified on the Justice Department’s investigation of Russian interference with the 2016 presidential election. U.S. Attorney General William Barr will not testify before the House Judiciary Committee on Thursday. This comes after Barr testified before the Senate Judiciary Committee on Wednesday regarding his handling of the Mueller report. Mueller sent Barr a letter in late Ma
AG William Barr won’t attend House Judiciary hearing scheduled for Thursday Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: nadine el-bawab
Keywords: news, cnbc, companies, washington, house, ag, testified, scheduled, attend, senate, hearing, judiciary, general, testify, committee, attorney, william, barr, wont


AG William Barr won't attend House Judiciary hearing scheduled for Thursday

U.S. Attorney General William Barr testifies before the Senate Judiciary Committee May 1, 2019 in Washington, DC. Barr testified on the Justice Department’s investigation of Russian interference with the 2016 presidential election.

U.S. Attorney General William Barr will not testify before the House Judiciary Committee on Thursday. The hearing is set to proceed as scheduled, starting at 9 a.m. EST.

This comes after Barr testified before the Senate Judiciary Committee on Wednesday regarding his handling of the Mueller report.

Mueller sent Barr a letter in late March, stating that the summary Barr released “did not fully capture the context, nature, and substance” of the full report.


Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: nadine el-bawab
Keywords: news, cnbc, companies, washington, house, ag, testified, scheduled, attend, senate, hearing, judiciary, general, testify, committee, attorney, william, barr, wont


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Chevron, Occidental have fire power left in battle for Anadarko — but they probably won’t use it

Chevron may try to lure Anadarko away from Occidental Petroleum, but some analysts expect a lower bid than its rival. Analysts say Chevron is likely gearing up for another bid for Anadarko but with a lower offer than Occidental’s $38 billion offer. Occidental offered $38 in cash and 0.6094 of a share per Anadarko share, while Chevron bid $16.25 and 0.3869 of a share of its stock per Anadarko share. I think Chevron is a better fit than Anadarko, Occidental.” “We aren’t likely to see [Chevron] bid


Chevron may try to lure Anadarko away from Occidental Petroleum, but some analysts expect a lower bid than its rival. Analysts say Chevron is likely gearing up for another bid for Anadarko but with a lower offer than Occidental’s $38 billion offer. Occidental offered $38 in cash and 0.6094 of a share per Anadarko share, while Chevron bid $16.25 and 0.3869 of a share of its stock per Anadarko share. I think Chevron is a better fit than Anadarko, Occidental.” “We aren’t likely to see [Chevron] bid
Chevron, Occidental have fire power left in battle for Anadarko — but they probably won’t use it Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: patti domm
Keywords: news, cnbc, companies, billion, occidental, offer, wont, deal, bid, left, chevron, think, anadarko, oil, share, battle, power, probably


Chevron, Occidental have fire power left in battle for Anadarko — but they probably won't use it

Chevron may try to lure Anadarko away from Occidental Petroleum, but some analysts expect a lower bid than its rival.

The typically conservative diversified oil companies are eyeing Anadarko’s prime acreage in the Permian Basin, and in the case of Chevron, it also sees deepwater and liquified natural gas assets it likes. Plus Chevron can more easily digest a big deal, something that may make its stock a more attractive piece of the offer, analysts said.

Anadarko said Monday it was considering Occidental’s $38 billion offer, after it agreed to Chevron’s $33 billion takeover bid just weeks ago. That sets the stage for another round of bidding, but Anadarko stock is not responding as if investors expect to see the offers go much higher. Occidental’s bid was worth $76 per share when announced last week, and the stock has lost about 2.8% since then. Anadarko closed Monday at about $72.93, up 13 cents.

“I don’t think Chevron has this as a buy-at-any-cost-type approach,” said Dan Pickering, co-president and chief investment officer of Tudor, Pickering, Holt & Co.

“My guess is Chevron comes back with an improved bid but not necessarily one that is significantly higher or even higher at all than Oxy. Then the ball is in Oxy’s court to tell us how much they want this business. For Oxy, we’re probably approaching the place where if a bid gets much higher than that, the market starts to worry about their leverage,” he said.

The outcome of the high stakes merger battle could also determine whether there’s a deal frenzy in the oil patch. Pickering said it’s only been recently that the stock of the majors has traded at such a premium to exploration and production companies, giving them better currency for deals.

“I think if you get one more transaction, there’s going to be a big rush that will be fear of missing out. Fear of missing out on both a dance partner and a cost opportunity. … One more [major] transaction, and everyone gets nervous they’re missing out. That’s investors and the companies themselves, whether they’re a buyer or seller,” he said.

“To me, it seems like we’re one deal away from a bunch of deals,” he added. “I think it goes back to combinations that make industrial sense.”

Occidental, which had been rebuffed earlier by Anadarko, offered a $76 cash-and-stock deal, valued about $11 more per share than Chevron’s offer on the day it was announced, April 12.

Analysts say Chevron is likely gearing up for another bid for Anadarko but with a lower offer than Occidental’s $38 billion offer. Occidental offered $38 in cash and 0.6094 of a share per Anadarko share, while Chevron bid $16.25 and 0.3869 of a share of its stock per Anadarko share. Chevron has lost about 6% since its deal with Anadarko was announced, lowering the value of its stock portion of the offer.

Anadarko agreed to negotiate with Occidental on its offer, but its board also reaffirmed the recommendation of its existing merger agreement with Chevron.

“I think Anadarko is probably angling for Chevron to raise its bid. It’s a $7 billion gap between Chevron’s bid and Anadarko’s bid,” said Stewart Glickman, energy analyst at CFRA. “They would still be technically better off from a pure numbers stand point. They might be better off with Chevron. … I think Chevron is a better fit than Anadarko, Occidental.”

Glickman said he doesn’t believe Chevron would have to top Occidental’s offer in order to win, but Chevron may have to narrow the gap between the offers. “If part of your selling point is if it’s a growth driver for you, that might work in Chevron’s favor,” he said. “Chevron has a bigger war chest, three times as much cash as Oxy. I think they can afford to do it. Chevron has $9 billion on its books, Occidental has $3 billion. I don’t think Occidental can afford to bid higher than what they already bid. If you’re going to spend $38 billion and they only have $3 billion, then they either have to raise more debt financing or they have to do a secondary. I think Oxy looked at this and said we’re going to make our first and best offer,” he said.

Paul Sankey, Mizuho energy analyst, said he believes both companies could bid into the low $80s per share if they wanted to, and the deal would still be accretive. Occidental also has the $1 billion break up fee on the Chevron deal if it wins.

Occidental also needs shareholder approval, but Chevron does not. “We believe the market has more faith in Chevron’s stated synergies, which appear to be under-promise/over-deliver type numbers, than OXY’s, which appear to be ambitious in order to make their unsolicited bid look viable,” Sankey wrote in a note.

Sankey said Chevron might even be able to squeak out as much as $90 per share, but it won’t. “We aren’t likely to see [Chevron] bid aggressively into a “winner’s curse” type auction. Chevron CEO Mike Wirth said as much on the 1Q conference call on Friday,” noted Sankey.

Pickering said the deal is considered to be transformational by Occidental, but for Chevron it is more a way of business. The risks involved for Occidental are greater.

“If you’re Oxy and oil tanks to $40 [a barrel], in a couple years, all of a sudden the way you did the Anadarko deal looks more aggressive, and if you’re Chevron and oil tanks to $40 maybe you have a little buyer’s remorse, … but your balance sheet is fine and you’re not worried about your leverage. I think Oxy would be more worried about their leverage,” he said.

Pickering said the oil price is not driving the current bids for Anadarko, and the environment is more like the 1990s when major oil companies were formed from mergers, like BP with Amoco and with Arco, and Chevron and Texaco. Companies then were looking for ways to grow their businesses but not counting on higher oil prices.

“Now we’re talking [oil in] mid-$60s, a pretty good price. We have all these macro factors playing in, but I think this process would be taking place if oil was $50 or oil was $70. I think the industrial logic both the buyers are talking about makes sense, and I think the valuation opportunity would have been present at $50 and would probably be present at $70,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: patti domm
Keywords: news, cnbc, companies, billion, occidental, offer, wont, deal, bid, left, chevron, think, anadarko, oil, share, battle, power, probably


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