Mark Zuckerberg has sold $296 million worth of Facebook shares in August

Mark Zuckerberg has been on a selling spree in August, unloading nearly 1.6 million shares of Facebook worth nearly $296 million. Prior to this month, the Facebook co-founder and CEO hadn’t sold shares since April. He’s now sold 2.9 million shares this year worth more than $526 million. While his selling activity picked up in August, he’s still well off the pace from last year, when Zuckerberg sold nearly 28.9 million shares for more than $5.3 billion. Facebook shares were trading down by less t


Mark Zuckerberg has been on a selling spree in August, unloading nearly 1.6 million shares of Facebook worth nearly $296 million. Prior to this month, the Facebook co-founder and CEO hadn’t sold shares since April. He’s now sold 2.9 million shares this year worth more than $526 million. While his selling activity picked up in August, he’s still well off the pace from last year, when Zuckerberg sold nearly 28.9 million shares for more than $5.3 billion. Facebook shares were trading down by less t
Mark Zuckerberg has sold $296 million worth of Facebook shares in August Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: salvador rodriguez
Keywords: news, cnbc, companies, facebook, nearly, zuckerberg, worth, sells, million, sold, shares, billion, mark, 296, share


Mark Zuckerberg has sold $296 million worth of Facebook shares in August

Mark Zuckerberg has been on a selling spree in August, unloading nearly 1.6 million shares of Facebook worth nearly $296 million.

Prior to this month, the Facebook co-founder and CEO hadn’t sold shares since April. He’s now sold 2.9 million shares this year worth more than $526 million. Zuckerberg still owns over 375 million Facebook shares with a current value of over $68 billion, making him the fifth-richest person in the world, behind Jeff Bezos, Bill Gates, Bernard Arnault and Warren Buffett.

Zuckerberg, 35, regularly sells parts of his Facebook fortune to fund the Chan Zuckerberg Initiative, the philanthropic organization he runs with his wife, Priscilla Chan. CZI funds programs in science and education as well as social issues focused on criminal justice reform, housing affordability and immigration reform.

According to the filings, Zuckerberg’s share sales are part of a 10b5-1 plan, a rule established by the Securities and Exchange Commission that allows public company insiders to sell a predetermined amount of stock at set periods of time. Facebook’s dual-class share structure allows Zuckerberg to retain voting control over the company’s big decisions even as he sells a significant portion of his stake.

While his selling activity picked up in August, he’s still well off the pace from last year, when Zuckerberg sold nearly 28.9 million shares for more than $5.3 billion. In late 2017, Zuckerberg said he planned to sell up to 75 million shares, worth more than $12 billion at the time, by March of this year.

Facebook shares were trading down by less than 1% on Thursday at $182.11.

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


Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: salvador rodriguez
Keywords: news, cnbc, companies, facebook, nearly, zuckerberg, worth, sells, million, sold, shares, billion, mark, 296, share


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I paid more than $600 to spend a weekend at adult summer camp—here’s why it was worth every penny

My seatmate, Keyana, was also traveling solo and we bonded over our shared excitement to finally see what the adult summer camp hype was all about. Emmie Martin | CNBCAfter settling into my cabin, I headed directly to dinner, which also took place at the Mountain House. While the concept of adult summer camp might sound gimmicky to some, to me, it was a fulfilling blend of old and new. Emmie Martin | CNBCFor me, Club Getaway was completely worth the money: It provided the perfect blend of nostal


My seatmate, Keyana, was also traveling solo and we bonded over our shared excitement to finally see what the adult summer camp hype was all about. Emmie Martin | CNBCAfter settling into my cabin, I headed directly to dinner, which also took place at the Mountain House. While the concept of adult summer camp might sound gimmicky to some, to me, it was a fulfilling blend of old and new. Emmie Martin | CNBCFor me, Club Getaway was completely worth the money: It provided the perfect blend of nostal
I paid more than $600 to spend a weekend at adult summer camp—here’s why it was worth every penny Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: emmie martin
Keywords: news, cnbc, companies, emmie, getaway, felt, penny, summer, weekend, 600, spend, worth, adult, club, friends, campheres, paid, camp, martin, course


I paid more than $600 to spend a weekend at adult summer camp—here's why it was worth every penny

I’m 28 and I unabashedly love summer camp. I seek out books about it and watch movies set there. I still regularly reference the 11 summers I spent at sleepaway camp as a kid, which hold some of my favorite memories from growing up, and keep in touch with friends I made there. So when the trend of adult summer camps began to take hold a few years ago, I was intrigued. A chance to shed my responsibilities and spend a weekend knotting friendship bracelets and swimming in a lake? Sign me up.

The author at summer camp as a teenager. Emmie Martin | CNBC

But at the same time, the concept seemed too good to be true. Was it even possible to recapture the magic of going to camp as a kid? Would it just end up being a bunch of adults drinking too much? In July, I decided to finally to see for myself what all the hype was about — and honestly, satisfy my longing to relive the youthful fun I remembered from childhood. I signed up for “Young Professionals Weekend” at Club Getaway in Kent, Connecticut, where I joined around 250 adult campers (the average age is 36), for three days and two nights of ropes courses, Color Wars and free-flowing alcohol.

Friendly bears greet you at the entrance to Club Getaway. Emmie Martin | CNBC

It cost $479 for the weekend, plus $69 for a round-trip bus ride from New York City. With taxes and fees, I spent a total of around $630 upfront. From arts and crafts to costume parties to sleeping in a cabin again, here’s everything I did over the course of the weekend.

Friday night: My first taste of camp life

The party started before we even arrived at camp. On the three-hour bus ride (that should have taken two) from New York, wine and liquor flowed freely and music blasted as everyone got to know each other. My seatmate, Keyana, was also traveling solo and we bonded over our shared excitement to finally see what the adult summer camp hype was all about. We arrived at Club Getaway on Friday evening at around 9 p.m. Surrounded by a thick forest on one side and a small lake on the other, the heart of the camp was lined with wooden cabins and large fields of grass. Inflatable slides dotted the lake, and campers drifted between the lodge, known as the Mountain House, and the boathouse below, where a happy hour of light bites was offered outside.

Club Getaway’s main landscape featured a wide green field and lakefront views. Emmie Martin | CNBC

I exited the bus and collected the key to my cabin, as well as an orange wristband that marked me as part of the camp’s “Cheers” package. For an extra $100, the Cheers package allows guests unlimited drinks for the weekend. You can also choose to buy a bar card for $30, with individual drinks running anywhere from $5 to $10. I dropped my bags off in my cabin, Valley View 19, which overlooked an open field. Club Getaway offers both two- and four-person cabins, equipped with twin beds. Each cabin also has its own bathroom, and blessedly, air conditioning, which was more than I could say for my Brooklyn apartment at the time.

My cabin, Valley View 19. Emmie Martin | CNBC

The rustic setting also offered something else: A break from technology. We kept our phones, but there were no TVs or computer screens. I was placed in a two-person cabin and ended up not having a roommate. At first, I was a little disappointed. How would I make friends without an automatic buddy built in? But by the end of the weekend, I cherished having space to myself and saw it as a stroke of luck.

My cabin included two twin beds, a private bathroom and air conditioning. Emmie Martin | CNBC

After settling into my cabin, I headed directly to dinner, which also took place at the Mountain House. I sat next to Keyana as well as a couple who got married at Club Getaway and were back to celebrate their fifth wedding anniversary. The food did not disappoint: We passed around platters of steak, roasted potatoes and green beans, which I gladly filled up on. The camp also served complimentary wine with dinner, so I treated myself to a glass. I could already tell that this was an environment unlike anywhere else. While the concept of adult summer camp might sound gimmicky to some, to me, it was a fulfilling blend of old and new. Throughout the weekend, I felt like I was back at the summer camp I attended as a kid, conquering the ropes course, frolicking by the lake and laughing with new friends. Yet it was still a uniquely adult experience, choosing to dressing up for themed parties and chatting with strangers over drinks and food. After dinner, things transitioned into a black light dance party in the next room. Watching friends and couples break it down on the dance floor, I became extremely aware of the fact that I was alone.

After dinner on Friday, there was a colorful dance party. Emmie Martin | CNBC

I felt a twinge of awkwardness as I walked around the room, unsure of what to do with my hands. I leaned over to another woman who also stood on the outskirts of the dance party to say hi. “Are you also here alone?” she asked me. She introduced herself as Malini, and we instantly bonded. I introduced her to Keyana, and the three of us agreed to meet up the next day for activities.

Saturday morning: Overcoming my fears

Waking up Saturday morning, I felt like a kid on Christmas. I was both excited by the potential activities the day held and overwhelmed by the sheer number of them. Would I be able to fit in everything I wanted to see and do?

Club Getaway offered everything from archery to golf to trapeze classes. Emmie Martin | CNBC

I decided to jump-start the day by attending an 8 a.m. hike before breakfast. It was quick and easy, but moving around and breathing in the fresh air energized me to take on everything camp had to offer. More importantly, I let go of some of my anxiety that it would be a lonely weekend. In addition to Keyana and Malini, I began to make more friends. From the hike, I headed straight to breakfast where a full buffet of options was set up, including an omelet bar, pancake station and entire tables of pastries and fruit. I took a seat with my hiking friends. As Club Getaway veterans — one person had attended more than 30 weekends — they suggested that I go on the camp tour to get a feel for the space.

It was worth getting up early to hike with these new friends. Emmie Martin | CNBC

The tour gave me the lay of the land and allowed me to meet even more people. I learned that the camp has a program where former campers can come back as volunteers throughout the summer. They get to attend camp for free in exchange for teaching classes and facilitating activities. They aren’t counselors — more like friendly faces who love the camp experience. They made sure I was never awkwardly standing alone with no one to talk to, but I never once felt like they were only making conversation with me because they had to. After the tour, I met up with Keyana and Malini, and we decided to check out the ropes course together. For activities like these, which require advanced safety training, the camp has full-time, trained staff members take the lead.

The ropes course at Club Getaway. Emmie Martin | CNBC

As we walked over, I couldn’t help but have flashbacks to when I was 10 and spent two full hours sobbing at the top of a 50-foot-high ropes course, paralyzed by my fear of heights. But I was ready to put that phobia behind me. “This weekend will be different,” I told myself. I wasn’t going to let my fear stop me from trying new things. I took a deep breath, put on a harness and climbed up. The first part was easy: A short obstacle course of swings and rope ladders. Next, however, we wandered over to the Geronimo Free Fall. The name says it all: The attraction is basically a suspension cable that holds your weight while you drop through the air. Despite my tour guides calling it one of the most fun things to do at Club Getaway, I was skeptical. I knew I would be strapped in, but I wasn’t too keen on jumping off a 40-foot-high platform. My anxiety began to snake back in.

Ready to conquer my fear of heights at the ropes course. Emmie Martin | CNBC

“You’re not scared,” I told myself. I climbed up, closed my eyes, counted to three, listened to my new friends cheer me on — and stepped off the platform. In a single second, I felt a rush of both exhilaration and fear, and the next thing I knew, I was floating gently back to Earth. After that, I was ready to tackle anything. I did it! I jumped! I couldn’t believe the same girl who shook with tears at the top of the ropes course as a kid had not only hopped off the platform, but enjoyed it. I glided through our next few activities, which included zip-lining, a vertical obstacle course called the Pine Climb, and a mixology class, which was the first activity of the day to take place 100% on solid ground.

You won’t find mixology classes at kids’ camps. Emmie Martin | CNBC

Around 2 p.m., everyone was corralled to lunch in the camp’s open air tent, which featured another well-stocked buffet. I loaded up on ribs, pasta and made-to-order salad. Of course, I also went back for a full plate of desserts, which included brownies, cake and chocolate chip cookies. As lunch wound down, Color Wars started up. The entire dining hall was divided into three teams: Blue, yellow and red. We competed in a series of relay races and team games. I’m not much for group sports, so I mostly cheered from the sidelines. Still, it was fun to be part of the action, and I appreciated the nod to the traditional summer camp rite of passage.

Color Wars were intense, but fun. Emmie Martin | CNBC

From there, Keyana, Malini and I trekked over to our trapeze lesson. When I signed up that morning, I was more nervous than excited. But after conquering the ropes course, I knew I could do it. The trapeze class cost an additional $25, but it was something I had been wanting to do, and similar classes in Manhattan cost almost $100. We got lucky and it ended up being just four of us, plus three instructors, which made for a semi-private lesson. After going over safety procedures, commands and proper form on the ground, we climbed up to the platform and swung from the trapeze one by one. I went last and looking down from the platform for the first time, I felt almost dizzy. Everything in my body screamed, “Get me down from here!” But I had jumped off the Geronimo! I had zip-lined! You’re strapped in — there’s no reason to be scared, I told myself. And one more time, I got over my fears and I jumped. It was exhilarating. I was too distracted by the rush of the fall to be able to follow the instructor’s commands on the first round, but the second time I was able to both swing upside down on the trapeze and backflip off of it. It felt like an out-of-body experience. I couldn’t believe I had done it.

At the Woodstock-themed happy hour, I performed Taylor Swift’s “Our Song” with friends during karaoke. Emmie Martin | CNBC

Once again, my elation propelled me forward. At the Woodstock-themed happy hour that immediately followed our class, Keyana invited me to sing karaoke with her. Normally, I’d decline, or at least imbibe a bit of liquid courage first, but to my surprise, I agreed to sing not one, but two songs. It didn’t matter that I was nervous. No one cared that I don’t have a great voice. We had fun reprising early Taylor Swift hits, and that’s all that mattered.

Saturday night: Time to party

Post-shower and nap, the activities were starting to wear on me. But despite my exhaustion, I was ready for dinner — and the much-anticipated “Heaven and Hell” party, which we had been told about ahead of time. I went with a simple costume: Red shorts, a black t-shirt and a pair of glittery devil horns. Most of the other campers keep things low-key as well, but a few people went all-out with their outfits, donning capes, gowns and full-sized red tridents. Plastic ones, of course. I found Keyana at dinner in the open air tent and sat with a crew of both familiar and unfamiliar faces, including an arborist who fascinated me with stories about his job protecting hundred-year-old trees and a fellow Marvel enthusiast who was willing to chat about all things Spiderman. “Just wait, soon this whole place will be a dance party,” my friend Lee told me as dinner finished up. I was confused: The party was here? Outside? I had expected more decorations and fanfare. As it turned out, that was just the pre-party. A performer climbed on stage with a guitar and spent an hour cycling through a series of costumes, which corresponded with the songs he covered, from Guns N’ Roses in a shaggy blond hair metal wig to Britney Spears in a plaid schoolgirl skirt. People got up and danced, sang along and finished the dregs of the wine we were served at dinner.

After dinner on Saturday, the pre-party entertainment included a performer who donned different costumes based on the song he was covering. Emmie Martin | CNBC

When it was over, everyone paraded down to the boathouse, where we entered a room draped in white linens. Men in angel wings danced on platforms while airy pop songs akin to Belinda Carlisle’s “Heaven is a Place on Earth” blasted through the speakers. A few songs in, more sinister sounding music came on and the white curtain in the middle of the room dropped, revealing a second room behind it, decked in blood-red light. As staffers guided us around the perimeter of the room, the curtains hanging from the center parted, revealing our trapeze instructor from earlier. He flipped and tumbled through the air on aerial silks, performing a show reminiscent of Cirque du Soleil. I stared in wonder as he effortlessly glided up and down the silks, twisting and turning and leveraging his body weight the entire time.

The music transported me back to college. I could have been anywhere: Here at Club Getaway in my late 20s dancing to Calvin Harris, or in the basement of a fraternity party in Syracuse, New York, with house music pumping through the speakers.

When the show concluded, everyone crowded into the middle of the room to dance to a parade of throwback hits from the early 2010s. The music transported me back to college. I could have been anywhere: Here at Club Getaway in my late 20s dancing to Calvin Harris, or in the basement of a fraternity party in Syracuse, New York, with house music pumping through the speakers. I let my surroundings fade away and briefly indulged the mindset of my carefree 21-year-old self. Although the partying and unlimited access to alcohol made adult summer camp decidedly different from the kiddie version, it never felt like the sole focus. In fact, I barely found myself reaching for drinks. The combination of heat and excitement was already enough stimulation for me. Others certainly chose to partake and the bar was never without patrons. But I never felt a sense of pressure to drink or judgement for choosing not to. Like the rest of the activities, alcohol fell into the choose-your-own-adventure vibe of the camp. If you wanted to spend the weekend drinking, you could, and you wouldn’t be alone. But choosing to stay sober was fine, too.

Saturday night ended with roasting s’mores over a roaring campfire. Emmie Martin | CNBC

Saturday night ended with a quintessential camp activity: Roasting s’mores over a bonfire while another performer crooned rock classics on his acoustic guitar. One of my favorite parts of the weekend was the camp’s attention to detail. These small things — the post-dinner entertainment and live music during the campfire — weren’t necessary, but enriched the experience.

Sunday morning: Relaxing on the lake

Saturday’s jam-packed schedule finally hit me, and I opted to sleep in on Sunday morning instead of heading out for another early morning hike. That was okay by me — I wanted to enjoy the last day of camp, not sleepwalk through it. After breakfast, I spent the morning making friendship bracelets and floating in the lake. At one point, a group of us rode on the banana boat, which filled me with a swell of nostalgia. The camp I attended as a kid had one as well, and although the ride didn’t feel as crazy this time around, it was still delightful to zip across the lake.

My new friend, Brandon, and I exchanged friendship bracelets. This is the one I made for him. Emmie Martin | CNBC

I loved that there wasn’t a sense of cliquishness at Club Getaway. As I hung out by the lake on Sunday, I felt like I had an entire group of people to talk to and hang out with. Part of that can be attributed to the environment: Group activities, open seating for meals, close quarters. But part of it is the type of people who chose to attend the camp. It seemed as though everyone was open to talking to new people and getting to know each other.

I was excited to ride a banana boat on the lake. Emmie Martin | CNBC

And it wasn’t just those of us flying solo who were looking to make friends. Even people who came together sought out new friendships. Looking back, the activities were fun, but the people were what made the weekend worthwhile. I could have spent hours longer floating on a raft in the sun and chatting with other campers, but before I knew it, it was time to eat lunch, pack up my cabin and board the bus home.

I could have spent all day relaxing by the lake. Emmie Martin | CNBC

For me, Club Getaway was completely worth the money: It provided the perfect blend of nostalgia, excitement and a sense of belonging. That said, I don’t think adult summer camp is for everyone. As an extrovert who thrives on being around people, I jumped right into the thick of camp. But for others who crave time to themselves and prefer to meet people in a more low-key environment, it’s probably overwhelming and exhausting. But as we traveled in exhausted silence to New York, I was already looking forward to going back next summer. Like this story? Subscribe to CNBC Make It on YouTube! Don’t miss: The Ben & Jerry’s founders knew nothing about making ice cream—so they took a $5 class


Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: emmie martin
Keywords: news, cnbc, companies, emmie, getaway, felt, penny, summer, weekend, 600, spend, worth, adult, club, friends, campheres, paid, camp, martin, course


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Disney+ is set to launch on all the major streaming platforms except Amazon

Trump says Fed should cut rates by at least 1%The president said the Fed has been hampered by a “horrendous lack of vision” and said it should institute 100 basis points worth of reductions in its benchmark rate. Marketsread more


Trump says Fed should cut rates by at least 1%The president said the Fed has been hampered by a “horrendous lack of vision” and said it should institute 100 basis points worth of reductions in its benchmark rate. Marketsread more
Disney+ is set to launch on all the major streaming platforms except Amazon Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-19  Authors: annie palmer
Keywords: news, cnbc, companies, worth, fed, platforms, vision, rates, launch, trump, ratemarketsread, president, lack, reductions, disney, major, streaming, set, amazon, points


Disney+ is set to launch on all the major streaming platforms except Amazon

Trump says Fed should cut rates by at least 1%

The president said the Fed has been hampered by a “horrendous lack of vision” and said it should institute 100 basis points worth of reductions in its benchmark rate.

Markets

read more


Company: cnbc, Activity: cnbc, Date: 2019-08-19  Authors: annie palmer
Keywords: news, cnbc, companies, worth, fed, platforms, vision, rates, launch, trump, ratemarketsread, president, lack, reductions, disney, major, streaming, set, amazon, points


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Home Depot is building up a big rally, says top technician

Last week’s wild market swings hit nearly everywhere on Wall Street. If you zoom out just a bit, are there any areas in the market that have provided a relative safe haven? As Cornerstone Macro Head of Technical Analysis Carter Worth pointed out Friday on CNBC’s “Options Action” that yes, there are. While other stocks have struggled, the current interest rate environment has helped keep this group afloat as it gets easier to borrow money to build or renovate housing. Even in periods where Home D


Last week’s wild market swings hit nearly everywhere on Wall Street. If you zoom out just a bit, are there any areas in the market that have provided a relative safe haven? As Cornerstone Macro Head of Technical Analysis Carter Worth pointed out Friday on CNBC’s “Options Action” that yes, there are. While other stocks have struggled, the current interest rate environment has helped keep this group afloat as it gets easier to borrow money to build or renovate housing. Even in periods where Home D
Home Depot is building up a big rally, says top technician Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-19  Authors: tyler bailey
Keywords: news, cnbc, companies, worth, homebuilder, rally, way, depot, technician, market, rate, weeks, big, thats, pointed, interest, building


Home Depot is building up a big rally, says top technician

Last week’s wild market swings hit nearly everywhere on Wall Street.

But how about over the last month? If you zoom out just a bit, are there any areas in the market that have provided a relative safe haven?

As Cornerstone Macro Head of Technical Analysis Carter Worth pointed out Friday on CNBC’s “Options Action” that yes, there are.

“We’re going to focus on Home Depot. We know that homebuilders, actually, as a group — while this is not a homebuilder — the actual builders have done nothing for three weeks, ” said Worth, “but that’s called outperformance compared to the market. That’s probably because of rates.”

While other stocks have struggled, the current interest rate environment has helped keep this group afloat as it gets easier to borrow money to build or renovate housing. Home Depot may not be a homebuilder in the way that a company like Lennar is, but in interest rate environments like this one, it’s a primary beneficiary of a consumer who’s willing to spend on their home.

Even in periods where Home Depot struggles, as Worth pointed out, the stock acts predictably during its sell-offs, which makes it easier to look for a bounce. He thinks another one is on the way.


Company: cnbc, Activity: cnbc, Date: 2019-08-19  Authors: tyler bailey
Keywords: news, cnbc, companies, worth, homebuilder, rally, way, depot, technician, market, rate, weeks, big, thats, pointed, interest, building


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GE CEO Larry Culp bought nearly $2 million worth of the company’s stock after fraud accusation

General Electric CEO Larry Culp bought nearly $2 million worth of the company’s stock after Madoff whistleblower Harry Markopolos called the company “a bigger fraud than Enron.” A Thursday evening filing with the SEC revealed that Culp bought 252,200 shares for about $7.93 each. Culp, who took over the struggling industrial conglomerate last year, has roughly doubled his holding of GE shares this week, according to the filing. In a 175-page report, Markopolos targeted the company, accusing it of


General Electric CEO Larry Culp bought nearly $2 million worth of the company’s stock after Madoff whistleblower Harry Markopolos called the company “a bigger fraud than Enron.” A Thursday evening filing with the SEC revealed that Culp bought 252,200 shares for about $7.93 each. Culp, who took over the struggling industrial conglomerate last year, has roughly doubled his holding of GE shares this week, according to the filing. In a 175-page report, Markopolos targeted the company, accusing it of
GE CEO Larry Culp bought nearly $2 million worth of the company’s stock after fraud accusation Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: christine wang kate rooney, christine wang, kate rooney
Keywords: news, cnbc, companies, ge, culp, million, markopolos, nearly, seidman, market, worth, companys, larry, ges, shares, accounting, stock, statements, report, ceo, fraud


GE CEO Larry Culp bought nearly $2 million worth of the company's stock after fraud accusation

General Electric CEO Larry Culp bought nearly $2 million worth of the company’s stock after Madoff whistleblower Harry Markopolos called the company “a bigger fraud than Enron.”

A Thursday evening filing with the SEC revealed that Culp bought 252,200 shares for about $7.93 each. Culp, who took over the struggling industrial conglomerate last year, has roughly doubled his holding of GE shares this week, according to the filing.

Shares of GE were up about 2.5% in after-hours trading.

In a 175-page report, Markopolos targeted the company, accusing it of issuing fraudulent financial statements to hide the extent of its accounting problems. Following those allegations, GE shares plunged 11% during the normal session to $8.01 per share, their biggest drop since April 2008.

Culp, who is former CEO of Danaher, said the accusations were false and driven by market manipulation.

“GE will always take any allegation of financial misconduct seriously. But this is market manipulation – pure and simple,” he said in a statement. “Mr. Markopolos’s report contains false statements of fact and these claims could have been corrected if he had checked them with GE before publishing the report.”

A U.S. hedge fund, that Markopolos wouldn’t name, paid Markopolos to conduct and publish his report, and Markopolos told CNBC that he was getting a “decent percentage” of profits that the hedge fund would make from betting against GE.

Leslie Seidman, a GE board director and chair of its audit committee, also pushed back on the Markopolos report, which she said contained “numerous novel interpretations and downright mistakes about the actual accounting requirements.”

“In his own words, he stands to personally financially benefit from today’s significant market reaction to his report, and he is selectively front-running widely reported regulatory processes and rigorous investigations without the benefit of any access to GE’s books and records,” Seidman said.

The report went through a list of accounting irregularities that Markopolos says amount to a $38 billion fraud, equivalent to more than 40% of GE’s market capitalization. Much of the report focuses on GE’s business of reinsuring long-term care insurance providers.


Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: christine wang kate rooney, christine wang, kate rooney
Keywords: news, cnbc, companies, ge, culp, million, markopolos, nearly, seidman, market, worth, companys, larry, ges, shares, accounting, stock, statements, report, ceo, fraud


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Warren Buffett’s Berkshire Hathaway raises Amazon stake by 11%, now worth $947 million

Warren Buffett’s Berkshire Hathaway has been loading up on shares of Amazon. Berkshire upped its stake in the e-commerce giant by 11%, the Omaha, Nebraska-based holding company revealed in a government filing Wednesday. Berkshire now owns 537,300 shares of Amazon, worth $947 million. Buffett announced his initial Amazon investment in May, but said he was not the one behind the share purchases. In its last major SEC filing, Berkshire Hathaway disclosed an 18% increase in its J.P. Morgan Chase sta


Warren Buffett’s Berkshire Hathaway has been loading up on shares of Amazon. Berkshire upped its stake in the e-commerce giant by 11%, the Omaha, Nebraska-based holding company revealed in a government filing Wednesday. Berkshire now owns 537,300 shares of Amazon, worth $947 million. Buffett announced his initial Amazon investment in May, but said he was not the one behind the share purchases. In its last major SEC filing, Berkshire Hathaway disclosed an 18% increase in its J.P. Morgan Chase sta
Warren Buffett’s Berkshire Hathaway raises Amazon stake by 11%, now worth $947 million Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: kate rooney
Keywords: news, cnbc, companies, buffetts, berkshire, million, stake, raises, amazon, shares, increase, holdings, holding, worth, filing, 947, warren, hathaway, told


Warren Buffett's Berkshire Hathaway raises Amazon stake by 11%, now worth $947 million

Warren Buffett’s Berkshire Hathaway has been loading up on shares of Amazon.

Berkshire upped its stake in the e-commerce giant by 11%, the Omaha, Nebraska-based holding company revealed in a government filing Wednesday. Berkshire now owns 537,300 shares of Amazon, worth $947 million. The holdings are as of the end of the second quarter.

Buffett announced his initial Amazon investment in May, but said he was not the one behind the share purchases.

“One of the fellows in the office that manage money” bought shares of Amazon on behalf of Berkshire, Buffett told CNBC’s Becky Quick on the eve of the company’s annual shareholders meeting in Omaha.

Buffett also slightly increased his bet on bank shares, which have been hit this month on concerns about an inverted yield curve hurting profits for the group. Berkshire’s Bank of America stake was increased by 3.5% last quarter, according to the filing. It also raised its holding of US Bancorp by 2.4%. Other big bank holdings, including Wells Fargo and J.P. Morgan Chase, remained the same.

The famous value investor has historically avoided major technology bets, ending a rough chapter in IBM last year. But in February 2017, he announced that Berkshire was buying a large stake in Apple. In the the first quarter of 2018, Berkshire added 75 million shares of the iPhone maker and told CNBC at the time that he clearly likes Apple, and “we buy them to hold.”

One of his two lieutenants, Todd Combs or Ted Weschler, who each manage portfolios of more than $13 billion in equities for Berkshire, is behind the original Amazon purchase and likely the increase seen last quarter.

The Berkshire chairman and CEO has long admired Amazon founder Jeff Bezos and is working with him on a joint health care venture. But the legendary investor has basically said that he missed his chance on Amazon.

Amazon has “far surpassed anything I would have dreamt could have been done. Because if I really felt it could have been done, I should have bought it,” Buffett told CNBC in 2018. “I had no idea that it had the potential. I blew it.”

Apparently one of his managers thinks there is still an opportunity for gains still in the shares, which are 12% in the last month amid a broader market sell-off.

Kraft Heinz, Berkshire’s fourth largest holding, hit a record low last week after the company announced an additional write-down of $1.22 billion and missed revenue expectations. Buffett told CNBC in June that he “made a mistake in the Kraft purchase in terms of paying too much. ”

In its last major SEC filing, Berkshire Hathaway disclosed an 18% increase in its J.P. Morgan Chase stake to 59.5 million shares in its last quarterly filing, and a 22% increase to its Red Hat holdings to 5.1 million shares. Red Hat was acquired by IBM for $34 billion in July.


Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: kate rooney
Keywords: news, cnbc, companies, buffetts, berkshire, million, stake, raises, amazon, shares, increase, holdings, holding, worth, filing, 947, warren, hathaway, told


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Warren Buffett ‘virtually memorized’ this book when he was 7—and you’ve probably never heard of it

But you won’t find much about how a little-known book by Frances C. Minaker helped shape the investor’s business acumen at a young age. Buffett loved the book so much that he “virtually memorized” it, according to a 1988 Fortune profile feature of the billionaire. “Very early, probably when I was seven or so, I took this book out of the Benson Library called ‘One Thousand Ways to Make $1,000,'” the investor said in HBO’s 2017 documentary, “Becoming Warren Buffett.” As a kid in Omaha, Buffett was


But you won’t find much about how a little-known book by Frances C. Minaker helped shape the investor’s business acumen at a young age. Buffett loved the book so much that he “virtually memorized” it, according to a 1988 Fortune profile feature of the billionaire. “Very early, probably when I was seven or so, I took this book out of the Benson Library called ‘One Thousand Ways to Make $1,000,'” the investor said in HBO’s 2017 documentary, “Becoming Warren Buffett.” As a kid in Omaha, Buffett was
Warren Buffett ‘virtually memorized’ this book when he was 7—and you’ve probably never heard of it Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: dave schools
Keywords: news, cnbc, companies, money, book, heard, probably, wont, interest, 7and, business, buffett, memorized, weighing, worth, youve, ways, warren, virtually, thousand


Warren Buffett 'virtually memorized' this book when he was 7—and you've probably never heard of it

But you won’t find much about how a little-known book by Frances C. Minaker helped shape the investor’s business acumen at a young age.

Buffett’s wealth has been well-chronicled; there are hundreds of articles and books that explain how he came to be called the “Oracle of Omaha.”

At 88, Warren Buffett remains one of the most iconic investors of our time . With an estimated net worth of $78 billion, according to Forbes , the Berkshire Hathaway CEO is currently the world’s third-richest person.

Buffett loved the book so much that he “virtually memorized” it, according to a 1988 Fortune profile feature of the billionaire. Inspired by the book’s practical business lessons, he began selling Coca-Cola, gum and newspapers door to door.

Published in 1936, “One Thousand Ways to Make $1,000” contains short vignettes of people — from Charles E. Hires (of Hires Root Beer) and James Cash Penney (of J.C. Penney) — who took risks and made enough money to start their own businesses. Each chapter covers a specific topic, including how to start a business, how to invent things to sell and even how to raise money for charity.

“Very early, probably when I was seven or so, I took this book out of the Benson Library called ‘One Thousand Ways to Make $1,000,'” the investor said in HBO’s 2017 documentary, “Becoming Warren Buffett.”

As a kid in Omaha, Buffett was fascinated by anything having to do with numbers and money.

I thoroughly enjoyed reading Minaker’s take on American entrepreneurship in the early 1900s, but I can also understand why it never gained enough momentum to go mainstream. The book had been out of print for some time and, for the most part, the author is uncannily absent from the Internet.

Moreover, the business world has changed dramatically, and the money-making ideas presented in the book (e.g., goat dairying, manufacturing motor-driven chairs, renting out billiard tables to locals) may seem ancient to the modern reader.

But at its very core, “One Thousand Ways” is about how creativity, excellent salesmanship, hard work and resourcefulness can earn you buckets of money. And the book’s underlying fundamentals of business — from marketing and investing to sales and customer relations — remain as relevant today as they were nearly 83 years ago.

Written in an immediate, conversational tone, the book is both entertaining and digestible — so much, in fact, that even your kids can read it (which they probably should if you want them to be grounded, hardworking and smart about money).

Here are three timeless pieces of advice from the book:

1. Make compound interest your best friend.

The chapter about pennyweight scales captivated Buffett the most, he said in the HBO documentary. He figured that if he had one, he’d use it 50 times a day, which made him certain that others would pay to do the same.

“I sat and calculated how much it would cost to buy the first weighing machine, and then how long it would take for the profit of that one to buy another one,” Buffett recalled. “I would create these compound interest tables to figure out how to have a weighing machine for every person in the world.”

He envisioned himself starting with one machine, pyramiding his take into thousands more. “I [pictured] everybody in the country weighing themselves 10 times a day, and me just sitting there like the John D. Rockefeller of weighing machines,” he said.

Buffett was enthralled by the idea that time plus investment can multiply your money — and it further solidified his trademark appreciation for compound interest (a concept that most Americans don’t even understand).

2. Enter an enormous market that you understand.

The products and services mentioned in the book (e.g., cigarette humidors, industrial uniforms, tailored suits, greeting cards, handkerchiefs) were used by almost everyone at the time it was written.

A similar theme can be found in Buffett’s investment style: Berkshire’s portfolio largely consists of companies in big, competitive industries such as real estate, airlines, insurance and food and beverages.

Minaker also emphasizes the importance of sticking with what you know. The folks profiled in the book only sold products and services that they had expertise in — and if they didn’t, they had enough interest to learn more about it.

Buffett himself has famously avoided investing in most high-tech stocks (although Berkshire is now a major shareholder in Apple) because he felt that he couldn’t predict which firms would do well in the future.

3. Waiting for the “right time” won’t make you rich.

It pays (literally) to start young and early — and Buffett knew this well. By the time he was 17, he had already saved up $5,000 (worth roughly $58,000 today).

Despite the book being released in Depression-era America, when the unemployment rate was nearly 17%, Minaker insisted that biggest reason people don’t make money is because they keep “waiting for business to get better.”

So if you’re a procrastinator and in need of motivation, “One Thousand Ways” offers plenty of great lines that are worth putting on your refrigerator door:

“If you sail straight and keep moving, you’ll get to your destination. But you won’t get there, or anywhere, unless you start.”

“Business is a game of ‘put and take’ — you can’t ‘take out’ until you ‘put in.'”

“If you have the urge to go into business or to lay the foundation for a future business by capitalizing your spare time, delay no longer. If you wait for conditions, conditions may leave you in the lurch.”

Dave Schools is a freelance editor and brand storyteller. He is the founding editor of Entrepreneur’s Handbook, a top-50 Medium publication, and the co-founder of Party Qs app. His work has appeared in Axios, Inc., Smashing Magazine, The Next Web, Business Insider, Quartz and Crunchbase.

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Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: dave schools
Keywords: news, cnbc, companies, money, book, heard, probably, wont, interest, 7and, business, buffett, memorized, weighing, worth, youve, ways, warren, virtually, thousand


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Netflix just spent $200 million for ‘Game of Thrones’ creators, but the cost could be greater

Executive Creators and Producers of “Game of Thrones”, David Benioff, George R. R. Martin and D.B Weiss attend the “Game Of Thrones” Season 8 NY Premiere on April 3, 2019 in New York City. Jeff Kravitz | FilmMagic, Inc | Getty Images”Game of Thrones” showrunners David Benioff and D.B. Weiss are leaving HBO for a $200 million paycheck from rival streaming service Netflix. These costs come as Netflix is expected to report $20.2 billion in revenue in 2019, according to analysts surveyed by Refiniti


Executive Creators and Producers of “Game of Thrones”, David Benioff, George R. R. Martin and D.B Weiss attend the “Game Of Thrones” Season 8 NY Premiere on April 3, 2019 in New York City. Jeff Kravitz | FilmMagic, Inc | Getty Images”Game of Thrones” showrunners David Benioff and D.B. Weiss are leaving HBO for a $200 million paycheck from rival streaming service Netflix. These costs come as Netflix is expected to report $20.2 billion in revenue in 2019, according to analysts surveyed by Refiniti
Netflix just spent $200 million for ‘Game of Thrones’ creators, but the cost could be greater Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-09  Authors: sarah whitten
Keywords: news, cnbc, companies, game, creators, spent, 200, tv, cimino, greater, billion, netflix, million, thrones, weiss, benioff, worth, cost


Netflix just spent $200 million for 'Game of Thrones' creators, but the cost could be greater

Executive Creators and Producers of “Game of Thrones”, David Benioff, George R. R. Martin and D.B Weiss attend the “Game Of Thrones” Season 8 NY Premiere on April 3, 2019 in New York City. Jeff Kravitz | FilmMagic, Inc | Getty Images

“Game of Thrones” showrunners David Benioff and D.B. Weiss are leaving HBO for a $200 million paycheck from rival streaming service Netflix. The deal is one of many that Netflix has made in the last year to bring in top-tier talent to make TV shows and films exclusive to the platform to better compete with rival streaming services like Hulu and Amazon Prime as well as up-and-coming ones like Disney+ and Comcast’s yet-to-be-named service. However, analysts wonder if these deals are worth the money for Netflix. Netflix has been burning through cash for the last decade, signing names like Guillermo del Toro ( “Shape of Water”), Ryan Murphy (“Glee”) and Shonda Rhimes (“Grey’s Anatomy”). Last year, Netflix shelled out more than $12 billion to purchase, license and produce content. This year, that figure will rise to $15 billion. It will spend $2.9 billion more on marketing. These costs come as Netflix is expected to report $20.2 billion in revenue in 2019, according to analysts surveyed by Refinitiv.

While Benioff and Weiss were the shepherds of the Emmy Award-winning “Game of Thrones,” there has been criticism about their writing on the show in later seasons, when the pair no longer had author George R. R. Martin’s source material to work from. “Either [Benioff and Weiss] are the next Steven Spielberg or they are the next Michael Cimino,” Wedbush analyst Michael Pachter said. While Spielberg has continued to thrive in the industry, Cimino famously wrote and directed “Heaven’s Gate,” a film that flopped so badly at the box office it caused Transamerica to shutter its film production and sell its studio to MGM. This was just two years after Cimino made the Academy Award-winning “Deer Hunter.” “I’d say somewhere in between,” Pachter said. “They might be good enough to justify the price, but they might not be. Remember, they still have to produce something, and if it’s not great, it isn’t worth it.” And that’s been an issue for Netflix. While someone like Murphy, whom they paid a reported $300 million for a five-year contract, has said he has 10 greenlit projects in the pipeline for Netflix — three documentaries, four TV shows and three movies — only one has been given a release date. “The Politician” is an eight-episode show about the lengths the super rich will go to stay on top, including paying to get their children into elite colleges. The show, whose premise predates the college cheating scandal, is due out at the end of September.

“Stranger Things” season three picks up in the summer of 1985. The Hawkins crew are on the cusp of adulthood and faced with enemies old and new. Netflix


Company: cnbc, Activity: cnbc, Date: 2019-08-09  Authors: sarah whitten
Keywords: news, cnbc, companies, game, creators, spent, 200, tv, cimino, greater, billion, netflix, million, thrones, weiss, benioff, worth, cost


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Goldman Sachs no longer expects US-China trade deal before 2020 election

U.S. President Donald Trump talks to journalists while departing the White House August 01, 2019 in Washington, DC. Chip Somodevilla | Getty Images News | Getty ImagesGoldman Sachs no longer believes the world’s two largest economies will be able to resolve their long-running trade dispute before the U.S. presidential election next year. Analysts at Goldman Sachs, led by Chief Economist Jan Hatzius, said in a research note published late Monday that they had anticipated this move. “News since Pr


U.S. President Donald Trump talks to journalists while departing the White House August 01, 2019 in Washington, DC. Chip Somodevilla | Getty Images News | Getty ImagesGoldman Sachs no longer believes the world’s two largest economies will be able to resolve their long-running trade dispute before the U.S. presidential election next year. Analysts at Goldman Sachs, led by Chief Economist Jan Hatzius, said in a research note published late Monday that they had anticipated this move. “News since Pr
Goldman Sachs no longer expects US-China trade deal before 2020 election Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-06  Authors: sam meredith
Keywords: news, cnbc, companies, trade, yuan, goldman, longer, expects, election, trump, chinese, worth, 2020, uschina, president, sachs, deal, china


Goldman Sachs no longer expects US-China trade deal before 2020 election

U.S. President Donald Trump talks to journalists while departing the White House August 01, 2019 in Washington, DC. Trump is traveling to Cincinnati, Ohio, for a campaign rally. Chip Somodevilla | Getty Images News | Getty Images

Goldman Sachs no longer believes the world’s two largest economies will be able to resolve their long-running trade dispute before the U.S. presidential election next year. It comes shortly after the U.S. officially designated China as a “currency manipulator, ” amid rapidly intensifying tensions between the two economic giants. On Monday, the U.S. Treasury accused Beijing of deliberately influencing the exchange rate between the yuan and the U.S. dollar to gain an “unfair competitive advantage in international trade.” The announcement followed a sharp drop in the yuan against the dollar, with the Chinese currency breaching the 7-per-dollar level for the first time since 2008.

Late last week, China promised to fight back after President Donald Trump vowed to impose 10% tariffs on $300 billion worth of Chinese imports. Analysts at Goldman Sachs, led by Chief Economist Jan Hatzius, said in a research note published late Monday that they had anticipated this move. “News since President Trump’s tariff announcement last Thursday indicates that U.S. and Chinese policymakers are taking a harder line, and we no longer expect a trade deal before the 2020 election.”

‘A trade deal now looks far off’

In targeting the roughly $300 billion worth of Chinese goods that had not already been targeted by American levies, the U.S. president overruled the adamant objections of nearly his entire trade team, according to a report published by The Wall Street Journal on Sunday, citing people familiar with the matter. The U.S. is set to impose the charges against Beijing from September 1. “While we had previously assumed that President Trump would see making a deal as more advantageous to his 2020 re-election prospects, we are now less confident that this is his view,” analysts at Goldman Sachs said. The investment bank added China’s decision to suspend purchases of U.S. agricultural goods and its decision to allow the yuan to breach the psychologically-important level of 7-per-dollar “added up to a swift and meaningful response” to Trump’s latest tariff threat. Citing reports that Chinese policymakers are increasingly inclined not to make major concessions and instead are prepared to wait until after the 2020 U.S. presidential election to resolve the dispute if necessary, Goldman said “a trade deal now looks far off.” Since the trade war started last year, Washington has imposed 25% tariffs on $250 billion worth of U.S. imports from China. Beijing retaliated by slapping elevated levies on billions of dollars of American products that it buys. In recent months, however, tensions between the two countries have extended beyond trade and into areas such as technology and security. In particular, the U.S. placed Huawei on a blacklist which made it more difficult for the Chinese tech giant to do business with American companies.

Interest rates


Company: cnbc, Activity: cnbc, Date: 2019-08-06  Authors: sam meredith
Keywords: news, cnbc, companies, trade, yuan, goldman, longer, expects, election, trump, chinese, worth, 2020, uschina, president, sachs, deal, china


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10-year Treasury yield steady after breaking under 1.7% in overnight trading

The yield on the benchmark 10-year Treasury note held steady Tuesday morning after breaking under 1.7% earlier in the session for the first time since the fall of 2016. ET, the yield on the benchmark 10-year Treasury note was unchanged at 1.736%, off a low of 1.672% hit in overnight trading. Overnight, the People’s Bank of China set the midpoint for the yuan at a level stronger than the key 7 yuan-to-dollar rate. Many thought the yuan’s depreciation could be an attempt by Beijing to juice its ex


The yield on the benchmark 10-year Treasury note held steady Tuesday morning after breaking under 1.7% earlier in the session for the first time since the fall of 2016. ET, the yield on the benchmark 10-year Treasury note was unchanged at 1.736%, off a low of 1.672% hit in overnight trading. Overnight, the People’s Bank of China set the midpoint for the yuan at a level stronger than the key 7 yuan-to-dollar rate. Many thought the yuan’s depreciation could be an attempt by Beijing to juice its ex
10-year Treasury yield steady after breaking under 1.7% in overnight trading Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-06  Authors: sam meredith
Keywords: news, cnbc, companies, steady, worth, trade, china, 17, treasury, breaking, currency, overnight, yuan, yields, yield, war, set, 10year, trading


10-year Treasury yield steady after breaking under 1.7% in overnight trading

The yield on the benchmark 10-year Treasury note held steady Tuesday morning after breaking under 1.7% earlier in the session for the first time since the fall of 2016.

At around 11:19 a.m. ET, the yield on the benchmark 10-year Treasury note was unchanged at 1.736%, off a low of 1.672% hit in overnight trading. The yield on the 30-year Treasury bond was slightly lower at 2.272%.

The uptick in yields came after China’s central bank indicated that it wants the country’s currency to strengthen against the U.S. dollar. Overnight, the People’s Bank of China set the midpoint for the yuan at a level stronger than the key 7 yuan-to-dollar rate. The yuan breached that level for the first time since 2008 on Monday.

Investors took the announcement from the PBOC as welcome relief from the prior session’s fears that China wouldn’t support the yuan against the greenback in a burgeoning currency war. Many thought the yuan’s depreciation could be an attempt by Beijing to juice its exports and aggravate the trade war between the globe’s two largest economies.

Those anxieties sent the Dow Jones Industrial Average tumbling more than 750 points on Monday as all three of Wall Street’s notched their worst day of the year. The stock onslaught fostered a bid for less risky assets like U.S. debt as yields on maturities across the board sank to multiyear lows.

The angst showed no signs of slowing late Monday after the U.S. Treasury officially designated China as a “currency manipulator, ” following a sharp fall in the value of the Chinese yuan against the dollar.

A protracted trade dispute between the U.S. and China has now dragged on for more than a year. Both countries have slapped additional tariffs on each other’s goods worth billions of dollars, and the escalating tensions have spooked markets and hurt global economic growth outlook.

Late last week, China vowed to retaliate after President Donald Trump threatened to impose a 10% tariff on $300 billion worth of Chinese imports.

On the data front, the latest monthly Job Openings and Labor Turnover Survey (JOLTS) will be released at around 10 a.m. ET.

Meanwhile, the U.S. Treasury is set to auction $38 billion in 3-year notes on Tuesday.


Company: cnbc, Activity: cnbc, Date: 2019-08-06  Authors: sam meredith
Keywords: news, cnbc, companies, steady, worth, trade, china, 17, treasury, breaking, currency, overnight, yuan, yields, yield, war, set, 10year, trading


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