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Showing posts from January, 2020

China trade deficit has cost the US 3.7 million jobs this century, report says

Jeff Cox 2-3 minutes Source: CNBC Containers sit at the Yangshan Port in Shanghai, China, Aug. 6, 2019. Aly Song | Reuters The U.S. has lost 3.7 million jobs since 2001 due to its trade imbalance with China, with most of the damage done to manufacturing, according to a report released Thursday. As the deficit has continued to swell, American workers have suffered, according to the Economic Policy Institute, a nonpartisan think tank in Washington, D.C. generally considered to be left-leaning. Among the study’s findings: Some 1.7 million jobs have disappeared since the beginning of the financial crisis in 2008; of the total losses, 2.8 million, or about three-quarters, have come from manufacturing; and the deficit continues to grow, with employment taking a hit across all 50 states even as nonfarm payrolls have continued to grow. President Donald Trump has made closing the gap a priority of his administration. Along thos

Bank of England opts against a rate cut but warns of slow growth after Brexit

Elliot Smith 4minutes - Source: CNBC Mark Carney, the outgoing Governor of the Bank of England. Matt Dunham | WPA Pool | Getty Images The Bank of England (BOE) on Thursday held interest rates following Governor Mark Carney’s final monetary policy meeting. Sterling jumped 0.5% against the dollar to trade at around $1.3084 after the central bank’s Monetary Policy Committee (MPC) voted 7-2 to keep the base rate at 0.75%. Weak GDP (gross domestic product) figures had led several members to mull a rate cut, but with January data showing an uptick in confidence and activity following the December 12 general election, expectations of an imminent cut had dampened. The decision comes at a crucial time for the British economy, with the U.K. set to leave the European Union at 11 p.m. London time on Friday. British and European leaders will now enter pivotal negotiations in a bid to secure a free trade agreement before the end of 202

Deutsche Bank posts net loss of 5.3 billion euros for 2019 amid major restructuring

Elliot Smith 3-4 minutes - Source: CNBC Deutsche Bank on Thursday posted a full-year net loss of 5.3 billion euros ($5.8 billion) amid a huge transformation project, the cost of which the German lender said is now 70% complete. Analysts had expected a 5.1 billion euro loss for the year, according to a Reuters poll, while the fourth-quarter net loss came in at 1.5 billion euros against expectations of 1 billion euros. The German lender announced in July that it would pull out of its global equities sales and trading operations, scale back its investment banking division and cut 18,000 jobs in a bid to trim its adjusted cost base by 20% by 2022. The bank’s common equity tier 1 (CET1) ratio came in at 13.6%, unchanged from the fourth quarter of 2018 and up from 13.4% in the previous quarter, with Deutsche citing “ahead-of-target risk weighted asset reduction by the Capital Release Unit.” Deutsche Bank Chief Financial Officer James

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves premarket: Verizon, Coca-Cola, Altria, DuPont, UPS & more

Peter Schacknow 4-5 minutes - Source: CNBC Check out the companies making headlines before the bell: Coca-Cola (KO) – The beverage giant matched estimates with quarterly earnings of 44 cents per share , with revenue above Street forecasts. Coca-Cola also said it had its largest market share gain – as measured by value – in nearly a decade. Verizon (VZ) – Verizon missed estimates by a penny a share, with quarterly profit of $1.13 per share. Revenue beat forecasts, however, and Verizon saw 852,000 wireless retail postpaid net additions during the quarter. Altria (MO) – The tobacco producer reported in-line adjusted earnings of $1.02 per share, but revenue came in below estimates. Altria took a fourth-quarter impairment charge of $4.1 billion related to its investment in e-cigarette maker Juul. DuPont (DD) – The life sciences company matched estimates with quarterly earnings of 95 cents per share. Revenue came in below estimates, ho

Facebook to Pay $550 Million to Settle Facial Recognition Suit

By Natasha Singer and Mike Isaac 6-8 minutes - Source: NYT Technology |Facebook to Pay $550 Million to Settle Facial Recognition Suit It was another black mark on the privacy record of the social network, which also reported its quarterly earnings. A class-action lawsuit accused Facebook of violating an Illinois privacy law. Credit...Jason Henry for The New York Times Facebook said on Wednesday that it had agreed to pay $550 million to settle a class-action lawsuit over its use of facial recognition technology in Illinois, giving privacy groups a major victory that again raised questions about the social network’s data-mining practices. The case stemmed from Facebook’s photo-labeling service, Tag Suggestions , which uses face-matching software to suggest the names of people in users’ photos. The suit said the Silicon Valley company violated an Illinois biometric privacy law by harvesting facial data for Tag Suggestions from the photos of mi

Biden Push for Labor Support Is Burdened by Obama-Era Baggage

By Noam Scheiber 10-13 minutes - Source: NYT Supporters of the former vice president say he can win back union members who rejected Hillary Clinton. But he must overcome some hard feelings first. Chris Laursen, the president of a United Automobile Workers local in Ottumwa, Iowa, says most of his members support either President Trump or Senator Bernie Sanders. Credit...Daniel Acker for The New York Times Jan. 30, 2020 On the campaign trail, former Vice President Joseph R. Biden Jr. has highlighted the first two years of the Obama administration as a time when he helped enact sweeping legislation to widen access to health care and revive the economy, accomplishments most Democrats revere. But to many union officials, those years were a disappointment — a time when the administration failed to pass a labor rights bill that was their top priority and imposed a tax that would affect many union members’ health plans. And t

Analysis | The Cybersecurity 202: There’s a new cross-country effort to train election and campaign pros on digital security

By Joseph Marks 10-12 minutes - Source: The Washington Post A woman votes in Sandy Springs, Ga. (AP Photo/John Bazemore, File) THE KEY A team from the University of Southern California has embarked on a 50-state tour to give cybersecurity training to poll workers and state and local campaign staffers who will be the last line of defense against Russian hacking in 2020. The group, called the Election Cybersecurity Initiative , views itself as a bottom-up, grass-roots counterpart to national-level election security efforts led by the Department of Homeland Security in the wake of Russia’s election interference in 2016. It's hoping to advise local election officials, Election Day volunteers, ground-level campaign door-knockers and even interns in both political parties who national officials are unlikely to reach. The group also wants to build a network of cybersecurity experts at universities across the nation who can he

US futures tumble as coronavirus death toll in China continues to rise

Elliot Smith 2minutes - Source: CNBC U.S. stock index futures fell sharply on Thursday morning. Around 5:45 a.m. ET, Dow futures implied a negative open of more than 150 points, while futures on the S&P 500 and Nasdaq were also lower. Market focus is largely attuned to the spread of the coronavirus outbreak, with China’s National Health Commission confirming on Thursday that the death toll has hit 170, with confirmed cases of the virus surpassing 7,700. U.S. stocks closed little changed on Wednesday even as the Federal Reserve kept interest rates steady in the 1.5% to 1.75% range and struck an optimistic tone on the health of the U.S. economy. Investors will have an eye on U.S. fourth-quarter GDP figures set for release at 8:30 a.m. ET, along with weekly jobless claims. Corporate earnings remain in focus, with Facebook warning on Wednesday that growth could continue to slow as the business matured, and reporting a sharp

Financial Services Industry: Hackers are ramping up attacks on retirement accounts — how to keep yourself safe

Alessandra Malito 9-11 minutes - Source:  The thought of losing your life savings to hackers can be terrifying — and it’s why two of Houston financial adviser Michelle Gessner’s clients didn’t want to consolidate their retirement assets, even if the move would be financially savvy. The couple had already been the target of identity theft in the past, then with their credit cards, and they were afraid that if they rolled all their money together, they’d be “sitting ducks” at risk of losing their entire nest egg. “The question is real and understandable,” Gessner sai

CNBC TV Live: WATCH LIVE: WHO officials update on coronavirus outbreak – 1/29/2020

Market Insider | Biggest Moves Premarket:Stocks making the biggest moves premarket: Boeing, McDonald's, L Brands, AT&T, GE & more

Peter Schacknow 4-5 minutes - Source: CNBC Check out the companies making headlines before the bell: Boeing (BA) – Boeing lost $2.33 per share for the fourth quarter and reported an annual loss for 2019, its first since 1997. Boeing now estimates the total cost of the 737 Max grounding at $18.6 billion, and an increase in production costs for the 737 Max over the life of the program of $2.6 billion. McDonald’s (MCD) – The restaurant chain reported quarterly profit of $1.97 per share , a penny a share above estimates. Revenue was in line with forecasts. Both global and US comparable-store sales came in above consensus. L Brands (LB) – Leslie Wexner is in talks to step aside as CEO of L Brands, and is exploring strategic options for the Victoria’s Secret Brand, according to The Wall Street Journal. AT&T (T) – AT&T beat estimates by 2 cents a share, with quarterly earnings of 89 cents per share. Revenue came in below Wall S

Analysis | The Cybersecurity 202: DNC heads to Iowa to help protect caucuses from digital attacks and disinformation

By Joseph Marks 13-16 minutes - Source: The Washington Post Democratic presidential candidates businessman Tom Steyer, Sen. Elizabeth Warren, D-Mass., former Vice President Joe Biden, Sen. Bernie Sanders, I-Vt., former South Bend Mayor Pete Buttigieg, and Sen. Amy Klobuchar, D-Minn. (AP Photo/Charlie Neibergall, File) THE KEY The Democratic National Committee’s top cybersecurity and disinformation experts will head to Iowa to help protect the caucuses against digital attacks from Russia and other U.S. adversaries. The team will run a rapid response operation out of the Iowa Democratic Party’s main operations center in Des Moines on caucus night, the DNC's chief technology officer Nellwyn Thomas said in an interview. The team will be standing by to act on any reports of possible hacking of caucus technology. It will also flag for social media companies anything that violates their policies and work with the state party