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Should You Like Kelso Technologies Inc.’s (TSE:KLS) High Return On Capital Employed?
Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card!
Today we'll evaluate Kelso Technologies Inc. (TSE:KLS) to determine whether it could have potential as an investment idea. In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business.
First of all, we'll work out how to calculate ROCE. Second, we'll look at its ROCE compared to similar companies. Finally, we'll look at how its current liabilities affect its ROCE.
ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business. All else being equal, a better business will have a higher ROCE. In brief, it is a useful tool, but it is not without drawbacks. Author Edwin Whitingsaysto be careful when comparing the ROCE of different businesses, since 'No two businesses are exactly alike.'
The formula for calculating the return on capital employed is:
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
Or for Kelso Technologies:
0.23 = US$2.2m ÷ (US$12m - US$2.7m) (Based on the trailing twelve months to March 2019.)
So,Kelso Technologies has an ROCE of 23%.
See our latest analysis for Kelso Technologies
ROCE is commonly used for comparing the performance of similar businesses. In our analysis, Kelso Technologies's ROCE is meaningfully higher than the 9.3% average in the Machinery industry. We would consider this a positive, as it suggests it is using capital more effectively than other similar companies. Putting aside its position relative to its industry for now, in absolute terms, Kelso Technologies's ROCE is currently very good.
Kelso Technologies has an ROCE of 23%, but it didn't have an ROCE 3 years ago, since it was unprofitable. That implies the business has been improving.
It is important to remember that ROCE shows past performance, and is not necessarily predictive. ROCE can be misleading for companies in cyclical industries, with returns looking impressive during the boom times, but very weak during the busts. ROCE is only a point-in-time measure. How cyclical is Kelso Technologies? You can see for yourself by looking at thisfreegraph of past earnings, revenue and cash flow.
Short term (or current) liabilities, are things like supplier invoices, overdrafts, or tax bills that need to be paid within 12 months. Due to the way the ROCE equation works, having large bills due in the near term can make it look as though a company has less capital employed, and thus a higher ROCE than usual. To counteract this, we check if a company has high current liabilities, relative to its total assets.
Kelso Technologies has total assets of US$12m and current liabilities of US$2.7m. Therefore its current liabilities are equivalent to approximately 22% of its total assets. This is quite a low level of current liabilities which would not greatly boost the already high ROCE.
Low current liabilities and high ROCE is a good combination, making Kelso Technologies look quite interesting. There might be better investments than Kelso Technologies out there,but you will have to work hard to find them. These promising businesses withrapidly growing earningsmight be right up your alley.
If you are like me, then you willnotwant to miss thisfreelist of growing companies that insiders are buying.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Are Insiders Selling Brooks Automation, Inc. (NASDAQ:BRKS) Stock?
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It is not uncommon to see companies perform well in the years after insiders buy shares. Unfortunately, there are also plenty of examples of share prices declining precipitously after insiders have sold shares. So we'll take a look at whether insiders have been buying or selling shares inBrooks Automation, Inc.(NASDAQ:BRKS).
It's quite normal to see company insiders, such as board members, trading in company stock, from time to time. However, rules govern insider transactions, and certain disclosures are required.
We don't think shareholders should simply follow insider transactions. But equally, we would consider it foolish to ignore insider transactions altogether. For example, a Harvard Universitystudyfound that 'insider purchases earn abnormal returns of more than 6% per year.'
See our latest analysis for Brooks Automation
Over the last year, we can see that the biggest insider sale was by the CEO, President & Director, Stephen Schwartz, for US$2.9m worth of shares, at about US$30.93 per share. So it's clear an insider wanted to take some cash off the table, even below the current price of US$38.68. When an insider sells below the current price, it suggests that they considered that lower price to be fair. That makes us wonder what they think of the (higher) recent valuation. Please do note, however, that sellers may have a variety of reasons for selling, so we don't know for sure what they think of the stock price. This single sale was just 15.9% of Stephen Schwartz's stake.
We note that in the last year insiders divested 314k shares for a total of US$9.7m. Insiders in Brooks Automation didn't buy any shares in the last year. The chart below shows insider transactions (by individuals) over the last year. If you click on the chart, you can see all the individual transactions, including the share price, individual, and the date!
For those who like to findwinning investmentsthisfreelist of growing companies with recent insider purchasing, could be just the ticket.
Over the last three months, we've seen significant insider selling at Brooks Automation. In total, insiders dumped US$270k worth of shares in that time, and we didn't record any purchases whatsoever. Overall this makes us a bit cautious, but it's not the be all and end all.
Many investors like to check how much of a company is owned by insiders. I reckon it's a good sign if insiders own a significant number of shares in the company. Insiders own 2.5% of Brooks Automation shares, worth about US$67m. This level of insider ownership is good but just short of being particularly stand-out. It certainly does suggest a reasonable degree of alignment.
Insiders sold Brooks Automation shares recently, but they didn't buy any. And even if we look to the last year, we didn't see any purchases. Insider ownership isn't particularly high, so this analysis makes us cautious about the company. So we'd only buy after careful consideration. Therefore, you should should definitely take a look at thisFREEreport showing analyst forecasts for Brooks Automation.
But note:Brooks Automation may not be the best stock to buy. So take a peek at thisfreelist of interesting companies with high ROE and low debt.
For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
People are obsessed with this $25 drugstore anti-aging serum
Anti-aging productsand procedures are notoriously expensive. From pricey creams that promise to fix your wrinkles to injections that may or may not cause bruising and other side effects, it can be near impossible to find an anti-aging product that works well and doesn't come with a three digit charge.
Well, thanks to beauty giant L'Oreal Paris, we have finally tracked down ananti-aging serum with incredible reviewsand an actually affordable price tag.
TheL'Oreal Paris Revitalift Derm Intensives Hyaluronic Acid Serumis described as a "highly-concentrated, anti-aging plumping hyaluronic acid serum that immediately hydrates and fills wrinkles in 2 weeks." The light-weight formula is the perfect addition to your morning and nighttime skincare routine -- simply incorporate the serum after you wash your face and before you apply yourfavorite moisturizer.
One reviewershared, "I love this! I wake up with silky smooth skin. I feel like I've just had a facial. It delivers on what it promises."
Another echoed their sentiment that this serum truly does its job.
"This product blew me away. I have tried so many products before and nothing worked. This Hyaluronic Acid is amazing and reduced my under-eye fine lines in LESS THAN ONE WEEK!"
You can bring home your own bottle of theL'Oreal Paris Revitalift Derm Intensives Hyaluronic Acid Serumfor $23.94.
Shop our favorite designer perfumes below: |
How Many Brooks Automation, Inc. (NASDAQ:BRKS) Shares Have Insiders Sold, In The Last Year?
Want to participate in ashort research study? Help shape the future of investing tools and you could win a $250 gift card!
We often see insiders buying up shares in companies that perform well over the long term. Unfortunately, there are also plenty of examples of share prices declining precipitously after insiders have sold shares. So we'll take a look at whether insiders have been buying or selling shares inBrooks Automation, Inc.(NASDAQ:BRKS).
It is perfectly legal for company insiders, including board members, to buy and sell stock in a company. However, most countries require that the company discloses such transactions to the market.
We would never suggest that investors should base their decisions solely on what the directors of a company have been doing. But logic dictates you should pay some attention to whether insiders are buying or selling shares. For example, a Harvard Universitystudyfound that 'insider purchases earn abnormal returns of more than 6% per year.'
See our latest analysis for Brooks Automation
In the last twelve months, the biggest single sale by an insider was when the CEO, President & Director, Stephen Schwartz, sold US$2.9m worth of shares at a price of US$30.93 per share. So it's clear an insider wanted to take some cash off the table, even below the current price of US$38.68. When an insider sells below the current price, it suggests that they considered that lower price to be fair. That makes us wonder what they think of the (higher) recent valuation. While insider selling is not a positive sign, we can't be sure if it does mean insiders think the shares are fully valued, so it's only a weak sign. This single sale was just 15.9% of Stephen Schwartz's stake.
Over the last year, we note insiders sold 314k shares worth US$9.7m. Brooks Automation insiders didn't buy any shares over the last year. You can see the insider transactions (by individuals) over the last year depicted in the chart below. If you click on the chart, you can see all the individual transactions, including the share price, individual, and the date!
If you like to buy stocks that insiders are buying, rather than selling, then you might just love thisfreelist of companies. (Hint: insiders have been buying them).
Over the last three months, we've seen significant insider selling at Brooks Automation. Specifically, insiders ditched US$270k worth of shares in that time, and we didn't record any purchases whatsoever. In light of this it's hard to argue that all the insiders think that the shares are a bargain.
For a common shareholder, it is worth checking how many shares are held by company insiders. I reckon it's a good sign if insiders own a significant number of shares in the company. Brooks Automation insiders own about US$67m worth of shares. That equates to 2.5% of the company. While this is a strong but not outstanding level of insider ownership, it's enough to indicate some alignment between management and smaller shareholders.
Insiders haven't bought Brooks Automation stock in the last three months, but there was some selling. And even if we look to the last year, we didn't see any purchases. While insiders do own shares, they don't own a heap, and they have been selling. We'd think twice before buying! Therefore, you should should definitely take a look at thisFREEreport showing analyst forecasts for Brooks Automation.
Of course,you might find a fantastic investment by looking elsewhere.So take a peek at thisfreelist of interesting companies.
For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Bitcoin Price Can Shatter $60,000 This Bull Cycle, Claims Crypto Trader
ByCCN Markets: The red hotbitcoin price rallyisn’t showing any signs of stopping. The flagship cryptocurrency has touched the $11,000 mark once again and there’s ever-growing chorus that it will keep flying higher.
Crypto trader Josh Rager believes that the price of bitcoin could hit $60,000. | Source: TradingView
Crypto trader Josh Rager is one of those bulls calling for a rapid rise in bitcoin prices from here onward. He has made a really bold prediction that will be music to the ears of bitcoin enthusiasts, who have endured a volatile journey over the past year but are now reaping the reward ofstacking Sats.
In a series of recent tweets, Rager pointed out that once the price of bitcoin goes past the $11,700 mark, it will find little resistance and break through to highs that we have neverseen before.
Read the full story on CCN.com. |
How Many CRISPR Therapeutics AG (NASDAQ:CRSP) Shares Do Institutions Own?
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A look at the shareholders of CRISPR Therapeutics AG (NASDAQ:CRSP) can tell us which group is most powerful. Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. We also tend to see lower insider ownership in companies that were previously publicly owned.
CRISPR Therapeutics has a market capitalization of US$2.4b, so we would expect some institutional investors to have noticed the stock. Our analysis of the ownership of the company, below, shows that institutions own shares in the company. Let's delve deeper into each type of owner, to discover more about CRSP.
See our latest analysis for CRISPR Therapeutics
Institutions typically measure themselves against a benchmark when reporting to their own investors, so they often become more enthusiastic about a stock once it's included in a major index. We would expect most companies to have some institutions on the register, especially if they are growing.
CRISPR Therapeutics already has institutions on the share registry. Indeed, they own 42% of the company. This can indicate that the company has a certain degree of credibility in the investment community. However, it is best to be wary of relying on the supposed validation that comes with institutional investors. They too, get it wrong sometimes. When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see CRISPR Therapeutics's historic earnings and revenue, below, but keep in mind there's always more to the story.
We note that hedge funds don't have a meaningful investment in CRISPR Therapeutics. There are plenty of analysts covering the stock, so it might be worth seeing what they are forecasting, too.
While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. Management ultimately answers to the board. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO.
Insider ownership is positive when it signals leadership are thinking like the true owners of the company. However, high insider ownership can also give immense power to a small group within the company. This can be negative in some circumstances.
We can see that insiders own shares in CRISPR Therapeutics AG. The insiders have a meaningful stake worth US$51m. Most would see this as a real positive. Most would say this shows alignment of interests between shareholders and the board. Still, it might be worth checkingif those insiders have been selling.
The general public, with a 16% stake in the company, will not easily be ignored. While this group can't necessarily call the shots, it can certainly have a real influence on how the company is run.
Private equity firms hold a 14% stake in CRSP. This suggests they can be influential in key policy decisions. Some investors might be encouraged by this, since private equity are sometimes able to encourage strategies that help the market see the value in the company. Alternatively, those holders might be exiting the investment after taking it public.
It appears to us that public companies own 26% of CRSP. It's hard to say for sure, but this suggests they have entwined business interests. This might be a strategic stake, so it's worth watching this space for changes in ownership.
It's always worth thinking about the different groups who own shares in a company. But to understand CRISPR Therapeutics better, we need to consider many other factors.
I always like to check for ahistory of revenue growth. You can too, by accessing this free chart ofhistoric revenue and earnings in thisdetailed graph.
If you would prefer discover what analysts are predicting in terms of future growth, do not miss thisfreereport on analyst forecasts.
NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
What Kind Of Shareholders Own CRISPR Therapeutics AG (NASDAQ:CRSP)?
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The big shareholder groups in CRISPR Therapeutics AG (NASDAQ:CRSP) have power over the company. Generally speaking, as a company grows, institutions will increase their ownership. Conversely, insiders often decrease their ownership over time. We also tend to see lower insider ownership in companies that were previously publicly owned.
CRISPR Therapeutics has a market capitalization of US$2.4b, so we would expect some institutional investors to have noticed the stock. Our analysis of the ownership of the company, below, shows that institutions are noticeable on the share registry. Let's take a closer look to see what the different types of shareholder can tell us about CRSP.
View our latest analysis for CRISPR Therapeutics
Institutional investors commonly compare their own returns to the returns of a commonly followed index. So they generally do consider buying larger companies that are included in the relevant benchmark index.
CRISPR Therapeutics already has institutions on the share registry. Indeed, they own 42% of the company. This suggests some credibility amongst professional investors. But we can't rely on that fact alone, since institutions make bad investments sometimes, just like everyone does. If multiple institutions change their view on a stock at the same time, you could see the share price drop fast. It's therefore worth looking at CRISPR Therapeutics's earnings history, below. Of course, the future is what really matters.
Hedge funds don't have many shares in CRISPR Therapeutics. Quite a few analysts cover the stock, so you could look into forecast growth quite easily.
The definition of company insiders can be subjective, and does vary between jurisdictions. Our data reflects individual insiders, capturing board members at the very least. Company management run the business, but the CEO will answer to the board, even if he or she is a member of it.
Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group.
Our most recent data indicates that insiders own some shares in CRISPR Therapeutics AG. The insiders have a meaningful stake worth US$51m. Most would see this as a real positive. If you would like to explore the question of insider alignment, you canclick here to see if insiders have been buying or selling.
The general public, with a 16% stake in the company, will not easily be ignored. While this size of ownership may not be enough to sway a policy decision in their favour, they can still make a collective impact on company policies.
Private equity firms hold a 14% stake in CRSP. This suggests they can be influential in key policy decisions. Some might like this, because private equity are sometimes activists who hold management accountable. But other times, private equity is selling out, having taking the company public.
Public companies currently own 26% of CRSP stock. We can't be certain, but this is quite possible this is a strategic stake. The businesses may be similar, or work together.
While it is well worth considering the different groups that own a company, there are other factors that are even more important.
I like to dive deeperinto how a company has performed in the past. You can findhistoric revenue and earnings in thisdetailed graph.
Ultimatelythe future is most important. You can access thisfreereport on analyst forecasts for the company.
NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Stop Overpaying for These 7 Things That Are Cheaper at a Drugstore
Watch the video of ‘Stop Overpaying for These 7 Things That Are Cheaper at a Drugstore’ on MoneyTalksNews.com.
Do you want great deals at the drugstore? No problem. If you have 60 seconds and a smartphone, you can find the best bargains at major chains like CVS, Rite Aid and Walgreens.
For starters, you can get manufacturer coupons through Coupons.com, which is both a website and an app. And you can rack up cash back by using the Ibotta app — which offers cash rebates on purchases from the biggest of drugstore chains and others.
And if you sign up for the loyalty programs of the drugstores you frequent, you’ll land even more bargains.
It’s the combination of sale prices, coupons, store rewards and cash-back offers that enables Christie Hardcastle — owner of the drugstore deal websitesWild For WagsandWild For CVS— to pay as little as zero dollars for drugstore purchases.
“I routinely walk out with things that cost me absolutely nothing,” she tells Money Talks News.
Sound like too much work to squeeze into your busy life? Then focus on the following items, which are among the best bargains at drugstores.
Hardcastle says that any time you visit a drugstore, you’ll likely find cereal deals. Why? Cereal is a relatively expensive product, so offering low prices on it brings people into a store.
Don’t want to mess with combining sales, coupons and rewards to maximize your savings? If you live near an Aldi grocery store, just buy cereal there instead. It’s oftencheaper there than it is at Costco or grocery stores.
If you’re like me, you always see shampoo and conditioner on sale at drugstores. Those are two more stock-up-and-save products.
Combine a sale price with a coupon, rewards offer or cash rebate, and you just may get shampoo and conditioner cheaper there than anywhere else.
Speaking of coupons, note that CVS, Rite Aid and Walgreens are among a handful ofretailers that allow coupon stacking. That means you can use both a manufacturer coupon and a store coupon on the same item to boost your savings.
Another great item you can buy at the drugstore for bargain prices is sweetener, both sugar substitutes and the real thing.
Toothbrushes and toothpaste are constantly on sale — and, like other items on this list, they’re even cheaper with coupons, cash-back offers and rewards offers.
“I actually can’t remember the last time that I paid for toothbrushes or toothpaste or floss,” Hardcastle tells us.
So, stock up when you find them cheap — or free — and you can avoid ever paying full price.
Swing by the drugstore for milk and eggs, and you’ll likely save $1 on each product, Hardcastle says. Prices vary regionally, but you’ll almost always get a better deal on these products than you will at the grocery store.
For more items that you should avoid at the supermarket, check out “20 Things You Should Never Buy at the Grocery Store.”
There are plenty of great cosmetics available at drugstores. Spend a little time online, and you’ll find plenty of great bargains, too.
Drugstore deal sites and general deal sites likethe Krazy Coupon Ladyroutinely find makeup for next to nothing. AndCoupons.comregularly features coupons from brand names like CoverGirl and Maybelline, which are listed under the “Personal Care” category when available.
No coupons are necessary to score a deal on this item. Simply stock up whenever you see a buy one, get one free sale, which Hardcastle says happens every so often and is “an amazing deal.”
What’s your drugstore of choice and how do you find the best deals there? Share with us in comments below or on ourFacebook page.
This article was originally published onMoneyTalksNews.comas'Stop Overpaying for These 7 Things That Are Cheaper at a Drugstore'.
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Top 5 Crypto Performers: NEO, XMR, BTC, BNB, ETH
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The market data is provided by theHitBTCexchange.
For the agile trader, cryptocurrency trading offers a great opportunity to earn huge returns within a short span of time. It is also uncorrelated to other asset classes, hence, it can act as a safe haven investment during an economic crisis.
InBrazil, which is reeling under a slowdown and high unemployment rate,1.5 millionpeople are investing in cryptocurrencies compared to the local stock markets called B3, which has 1 million investors.
However, history has shown that if traders do not book profits or protect their paper profits, all their gains can vanish and bury the traders in huge losses. Therefore, do not chase prices higher and do not get overly greedy.
Russia, which had banned crypto assets as a means of payment in May of last year is consideringallowingcryptocurrency trading.
Cryptocurrencies and blockchain are not only about making money. The technology is increasingly being used in various fields, includingcharity, to improve productivity and bringgreatertransparency.
Neo (NEO) was the best performer among major cryptocurrencies in the past seven days. The officialTwitterpage reported a fake website misleading token holders on the pretext of NEO 3.0 token swap. Can the digital currency pick up momentum and play catch up with other altcoins? Let us find out.
TheNEO/USDpair has scaled above both moving averages, which are on the verge of a bullish crossover. This is a positive sign and indicates advantage to the bulls. The up move might face selling in $20–$25 zone. Hence, a couple of weeks of consolidation or a minor correction cannot be ruled out.
However, if the sentiment remains positive, we anticipate the bulls to eventually push the price above $25, which is likely to start a new uptrend. The next target to watch on the upside is $42.
Our bullish view will be invalidated if the pair struggles to ascend the overhead resistance zone. In such a case, a few weeks of consolidation cannot be ruled out. The support on the downside is closer to $11.
Monero (XMR) was the second-best performer in the past seven days as it rallied about 20%. Currently, the community is focused on the first-ever MoneroKonferencoon June 22 and 23. Could the price react positively to the events and continue its up-move in the coming weeks? Let’s analyze.
TheXMR/USDpair has continued to move up smartly for the past two weeks. It can now rise to $150. This level had acted as a major roadblock between June and September of last year.
However, the moving averages are on the verge of a bullish crossover and the RSI is close to the overbought zone, which indicates that bulls have the upper hand. They are likely to attempt to ascend $150. If successful, the pair might start a new uptrend that can carry it to $299, with minor resistance at $218.833 that is likely to be crossed.
Conversely, if the bears defend $150, it might remain range bound between $81.167 and $150 for a few weeks. Our bullish view will be invalidated if the price turns around and plummets below $81.
Bitcoin (BTC) has continued itsmomentumin the past week that has forced players sitting on the sidelines to jump in. As a result, bitcoin’s pricesurgedfrom $10,000 to $11,000 within 24 hours.
Not only the price has moved up; bitcoin’s hash rate also rose to a newhighduring the week. Theopen interestin bitcoin futures onCMEhit a new high, which shows increasedinstitutionalinterest. To cater to this higher demand, Galaxy Digital will introduce cryptooptionstrading, which can be used by larger players for hedging purposes.
After the recent price action, Fundstrat Global Advisors co-founder Tom Lee said that bitcoin can easily hit new lifetimehighs. Not only analysts, traders and bitcoin enthusiasts are positive on the cryptocurrency;RippleCEO Brad Garlinghouse said that he was positive on bitcoin as a store of value and islongon it.
Within two weeks, theBTC/USDpair skyrocketed from $7,513.79 to $11,165.69. That is a rally of 48.60% within a short span of time. The 20-week EMA is sloping up and the RSI is in overbought territory, which suggests that the bulls have the upper hand.
The pair is now likely to move up to $12,000 which is a critical resistance. Previously, this level had repeatedly posed a stiff challenge for the bulls. After such a sharp up move, we anticipate the digital currency to enter a minor pullback or a consolidation closer to $12,000.
Any dip will find support at $10,000 but if this level breaks, the cryptocurrency will re-enter the ascending channel. It will signal a deeper correction if it breaks down of this channel.
Contrary to our assumption, if the cryptocurrency breaks out of $12,000, it can spike to $16,000, but we give this a very low probability of occurring in the short term.
Leading cryptocurrency exchangeBinanceannounceda bitcoin-peggedtokenon its blockchain Binance Chain that will be 100% backed by bitcoin. It will be available to trade both on Binance and its decentralized exchange Binance DEX.
A report by Binance Research claimed thatFacebook’sLibrastablecoincanboostcryptocurrency volume because it is likely to generate interest from both institutional and retail players.
Most institutional players expect bitcoin to maintain its supremacy in 2019, according to a survey of institutional and VIP clients of Binance. However, thesurveyshows that respondents did not consider the crypto foray of Facebook,SamsungorJPMorgan Chaseas the future drivers of the asset class. With consistently improving fundamentals, can binance coin (BNB) extend its up move? Let us find out.
TheBNB/USDpair is one of the strongest major cryptocurrencies as it continues to make new lifetime highs on a regular basis. This shows that the market participants are positive that the uptrend will continue. The 20-week EMA is sloping up and the RSI is in the overbought zone, which suggests that bulls are in command. If the bulls scale and sustain above $38.6463356, a rally to $46.1645899 and above it to $56.0786952 is probable.
On the other hand, if the bears defend the overhead resistance, a few weeks of range bound action between $28 and $38.6463356 is possible. A minor correction or a few weeks of consolidation will be a healthy sign.
Our bullish view will be invalidated if the bears sink the pair below $28 and the 20-week EMA. In such a case, a deeper correction can be expected.
Grayscale InvestmentslaunchedOTC trading inEthereum-based security Grayscale Ethereum Trust last week. This gives an opportunity to the traders to invest in ethereum (ETH) without actually holding the cryptocurrency. Can the largest altcoin by market capitalization extend its up-move or is it time for a correction to set in?
TheETH/USDpair is knocking on the doors of the overhead resistance at $322.06. The moving averages are close to completing a bullish crossover and the RSI is near the overbought level, which indicates a trend change.
A breakout and close above $322.06 can propel the price to $480 as there are no major resistance levels in between.
On the other hand, if the bulls fail to push the price above $322.06, it might remain range-bound between $225.39 and $322.06 for a few days. The trend will turn down if the bears sink the pair below the critical support of $225.39 and the moving averages.
The market data is provided by theHitBTCexchange. Charts for analysis are provided byTradingView.
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Here's What Navistar International Corporation's (NYSE:NAV) P/E Ratio Is Telling Us
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This article is written for those who want to get better at using price to earnings ratios (P/E ratios). We'll look at Navistar International Corporation's (NYSE:NAV) P/E ratio and reflect on what it tells us about the company's share price. Looking at earnings over the last twelve months,Navistar International has a P/E ratio of 10.45. That means that at current prices, buyers pay $10.45 for every $1 in trailing yearly profits.
View our latest analysis for Navistar International
Theformula for price to earningsis:
Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)
Or for Navistar International:
P/E of 10.45 = $33.84 ÷ $3.24 (Based on the year to April 2019.)
A higher P/E ratio means that buyers have to paya higher pricefor each $1 the company has earned over the last year. That isn't a good or a bad thing on its own, but a high P/E means that buyers have a higher opinion of the business's prospects, relative to stocks with a lower P/E.
P/E ratios primarily reflect market expectations around earnings growth rates. That's because companies that grow earnings per share quickly will rapidly increase the 'E' in the equation. And in that case, the P/E ratio itself will drop rather quickly. Then, a lower P/E should attract more buyers, pushing the share price up.
In the last year, Navistar International grew EPS like Taylor Swift grew her fan base back in 2010; the 109% gain was both fast and well deserved.
One good way to get a quick read on what market participants expect of a company is to look at its P/E ratio. We can see in the image below that the average P/E (20.9) for companies in the machinery industry is higher than Navistar International's P/E.
This suggests that market participants think Navistar International will underperform other companies in its industry. Since the market seems unimpressed with Navistar International, it's quite possible it could surprise on the upside. It is arguably worth checkingif insiders are buying shares, because that might imply they believe the stock is undervalued.
One drawback of using a P/E ratio is that it considers market capitalization, but not the balance sheet. Thus, the metric does not reflect cash or debt held by the company. Hypothetically, a company could reduce its future P/E ratio by spending its cash (or taking on debt) to achieve higher earnings.
Such expenditure might be good or bad, in the long term, but the point here is that the balance sheet is not reflected by this ratio.
Navistar International's net debt is considerable, at 131% of its market cap. This is a relatively high level of debt, so the stock probably deserves a relatively low P/E ratio. Keep that in mind when comparing it to other companies.
Navistar International trades on a P/E ratio of 10.5, which is below the US market average of 17.9. While the EPS growth last year was strong, the significant debt levels reduce the number of options available to management. The low P/E ratio suggests current market expectations are muted, implying these levels of growth will not continue.
Investors should be looking to buy stocks that the market is wrong about. If the reality for a company is not as bad as the P/E ratio indicates, then the share price should increase as the market realizes this. So thisfreereport on the analyst consensus forecastscould help you make amaster moveon this stock.
You might be able to find a better buy than Navistar International. If you want a selection of possible winners, check out thisfreelist of interesting companies that trade on a P/E below 20 (but have proven they can grow earnings).
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
American Outdoor Brands Overcomes Tough Odds in Q4
The fourth-quarter earnings report forAmerican Outdoor Brands(NASDAQ: AOBC)looks like another indicator that the firearms industry's decline is reaching the bottom, with the gunmaker reporting revenues and earnings well in excess ofmanagement's expectations.
Net sales were $175.7 million, compared with $172 million in last year's fourth quarter, up 2.2% and ahead of management's forecast of $162 million to $172 million.GAAPearnings were $9.8 million, or $0.18 per share, versus $7.7 million, or $0.14, a year ago, far exceeding the $0.03 to $0.07 range management had guided toward. On an adjusted basis, earnings were $0.26 per share, versus $0.24 per share last year; that exceeded the expected $0.11 to $0.15 range.
Although the results were quite good and suggest the industry may be stabilizing at last, they were also a result of factors that investors shouldn't expect to see again anytime soon.
An ad for Smith & Wesson's M&P 380 Shield EZ. Image source: Smith & Wesson.
A lot of growth that American Outdoor's Smith & Wesson brand has enjoyed over the past year is a result ofdiscounting and promotional packagesthat are conditioning customers to expect a deal before buying. Much of the company's sales also came late in the quarter as distributors hurried to get bundled deals that were expiring at the end of April, and in time for spring gun shows.
That shows an industry that is still leery about stocking up too early, particularly since firearms distributor United Sports filed for bankruptcy earlier this month. In a big bet that Hillary Clinton was going to become president, it stocked up its inventory expecting a lot of fear-based buying. Gun dealers now don't need to be reminded of theslack marketDonald Trump's presidency has introduced.
United Sports had been a distributor for American Outdoor at one time, but its relevance had faded markedly over the past 12 to 18 months. American Outdoor said the impact of its bankruptcy was negligible to its own financial performance. CEO James Debney also noted that he has no concerns over the distributors that remain, seeing them all as strong partners.
Yet the distributors are still cautious, and there is plenty of inventory for them to buy from other gunmakers should they need it. For that reason, American Outdoor is not expecting any runs on its products anytime soon.
And it especially won't happen now heading into the summer months, which are historically slow periods for the industry. The company says it expects the coming 2020 fiscal year to be backloaded, in no small part because much of its line and brand extensions and new product introductions tend to align with its other sales and releases.
New products are the drivers for the firearms maker, and it introduced over 100 new stock-keeping units (SKUs) this year, including 32 that it described as "meaningful" new products or extensions. They represented 20% of sales in fiscal 2019. And although that's down from the 29% they accounted for in the year-ago period, some of the more popular models were introduced later in the year, such as the M&P 380 Shield EZ, which is expected to have more of an impact this coming year. But the firearm is also cheaper than other models it sells, so that could affect sales totals.
Tariffs could hurt American Outdoor's results, particularly if the duties on so-called List 4 goods that cover virtually all Chinese-made products are raised to 25%. It predicts that a worst-case scenario on tariffs would cost it as much as $3 million, though Debney also said he believes the gunmaker would be able to mitigate most of the impact through strategies most retailers are using, such as negotiating with suppliers for discounts, finding other countries to buy from, or switching up product mix.
American Outdoor Brands has not included such costs in its guidance for the coming year, but as we've seen, it still has a few moves left, and it could surprise the market once more.
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Did Changing Sentiment Drive Indiva's (CVE:NDVA) Share Price Down By 41%?
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This week we saw theIndiva Limited(CVE:NDVA) share price climb by 13%. But that doesn't change the reality of under-performance over the last twelve months. After all, the share price is down 41% in the last year, significantly under-performing the market.
Check out our latest analysis for Indiva
With just CA$299,676 worth of revenue in twelve months, we don't think the market considers Indiva to have proven its business plan. We can't help wondering why it's publicly listed so early in its journey. Are venture capitalists not interested? So it seems that the investors focused more on what could be, than paying attention to the current revenues (or lack thereof). Investors will be hoping that Indiva can make progress and gain better traction for the business, before it runs low on cash.
As a general rule, if a company doesn't have much revenue, and it loses money, then it is a high risk investment. There is usually a significant chance that they will need more money for business development, putting them at the mercy of capital markets. So the share price itself impacts the value of the shares (as it determines the cost of capital). While some such companies do very well over the long term, others become hyped up by promoters before eventually falling back down to earth, and going bankrupt (or being recapitalized).
Indiva had cash in excess of all liabilities of just CA$1.9m when it last reported (March 2019). So if it has not already moved to replenish reserves, we think the near-term chances of a capital raising event are pretty high. That probably explains why the share price is down 41% in the last year. The image below shows how Indiva's balance sheet has changed over time; if you want to see the precise values, simply click on the image.
In reality it's hard to have much certainty when valuing a business that has neither revenue or profit. What if insiders are ditching the stock hand over fist? I'd like that just about as much as I like to drink milk and fruit juice mixed together. It costs nothing but a moment of your time tosee if we are picking up on any insider selling.
While Indiva shareholders are down 41% for the year, the market itself is up 0.8%. While the aim is to do better than that, it's worth recalling that even great long-term investments sometimes underperform for a year or more. With the stock down 12% over the last three months, the market doesn't seem to believe that the company has solved all its problems. Given the relatively short history of this stock, we'd remain pretty wary until we see some strong business performance. Before spending more time on Indivait might be wise to click here to see if insiders have been buying or selling shares.
For those who like to findwinning investmentsthisfreelist of growing companies with recent insider purchasing, could be just the ticket.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on CA exchanges.
We aim to bring you long-term focused research analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.If you spot an error that warrants correction, please contact the editor ateditorial-team@simplywallst.com. This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Simply Wall St has no position in the stocks mentioned. Thank you for reading. |
Meet the 11-year-old CEO trying to teach 1 billion kids to code
What were you doing at 11 years old? Going to school? Playing with friends? Samaira Mehta does that too — but she’s also is the CEO of her own company.
Samaira is the creator ofCoderBunnyz, board games to help teach kids how to code. The company has sold about 15,000 games, which retail on Amazon (AMZN) for about $35-$40, and has revenues of a little over $600,000 — not bad for a middle schooler.
Samaira's father Rakesh sparked her love for all things coding and tech when she was just 6, using a simple computer prank.
Samaira told Yahoo Finance that her dad showed her a button and a command on the computer that said 'Press this if you're beautiful.' When Samaira's mouse clicked the command, it disappeared, much to her astonishment, “How did you do that?” she asked her dad. Coding, of course! Samaira immediately fell in love. And she also learned a lesson that would serve as her inspiration for CoderBunnyz:
“Learning is so much easier when it is fun.”
Two years later, with the help of her family, Samaira created the CoderBunnyz brand of board games, which are the centerpiece of her "Yes, 1 Billion Kids Can Code" initiative, which aims to teach kids how to code and help them develop an interest in STEM fields.
Samaira travels across the globe to speak about STEM education, most recently at theC2 Montréal conference, where she spoke to a crowd of about 10,000. And she has done over 40 workshops with her board game in her home town, Silicon Valley.
She’s also caught the eye of companies like Facebook and Google. Google invited her to speak at its recent Take Your Child to Work Day event. She was also invited to Facebook headquarters, where she showed execs how her games help children become more computer literate. Both companies have pledged to help Samira with her coding initiative. Facebook bought and donated 100 CoderBunnyz games to underprivileged schools — and a Google exec even offered her a job when she gets older.
Samaira tells Yahoo Finance her biggest challenge while developing CoderBunnyz was getting people to take her seriously. "I'm only 11, but when I started, I was only 6 or 7. So people thought that because I'm so young, I am not able to accomplish great things."
If you're wondering how she juggles schoolwork, friends and her business, Samaira tells us, "It does get a little hard sometimes, but time expands to accommodate your passions and priorities, if you really love what you do."
Given how far she's come for such a young age, you may not be surprised to hear entrepreneurship is not her only ambition. "I want to become President of America when I'm a little older. This position could give me a higher voice to do even greater things for our country, to accomplish so much more. You know, it's just another thing I want to pursue in the future."
Ines Ferre is a markets reporter for Yahoo Finance. Follow her on Twitter at@inesreports;Reggie Wade is a writer for Yahoo Finance. Follow him on Twitter at@ReggieWade.
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Why Joe Biden’s Decades in the Senate Could Hurt His 2020 Presidential Bid
Joe Biden has enjoyed front-runner status since joining the presidential race, but now he is encountering the same pitfalls as other ambitious senators who have found that their experience and record can be a liability.
His struggles to defend his remarks this week about finding common ground with two segregationists is an early sign of the trouble he could have explaining a complicated voting record and his nostalgia for the cloakroom collegiality that has steadily diminished since he first was elected in 1972.
The former six-term Delaware senator’s comments set off a wave of criticism from fellow Democrats — including two African-American Democratic rivals, Kamala Harris and Cory Booker — that is showing no signs of abating. His refusal to apologize was just the latest instance in which his decades on Capitol Hill and his reluctance to concede any mistakes have collided to create problems for his 2020 campaign.
“I think what’s going on here is he believes fundamentally he’s coming from a good place. The problem he’s having is refusing to acknowledge that things have changed not only in just the Senate but in society as a whole,” said Jim Manley, a former aide to Democratic Senators Harry Reid, Ted Kennedy and George Mitchell, and who’s known Biden for decades. “Until that changes, he’s going to continue to have these problems.”
Biden has already been assailed for his years-long reluctance to apologize to Anita Hill for treating her dismissively when she testified in the hearings on the nomination of Clarence Thomas to the Supreme Court in 1991. He called her for the first time to ask forgiveness before launching his campaign this year.
Biden has also faced widespread criticism within his party for his confident assertions that he’d be able to make deals with Senate Majority Leader Mitch McConnell and other Republicans. And his record is full of landmines that could detonate in the Democratic primary or in a general election against President Donald Trump.
“The vice president has no problem talking about his record as a senator in the United States Senate, but we’re looking forward,” Biden senior adviser Symone Sanders said Thursday on CNN.
Biden is a creature of the old Senate, a clubby institution of backslapping, backroom deal-making where senators called each other “my friend” and for whom working across the aisle was a virtue, but often led to messy compromises. Those relationships at times aided President Barack Obama, who would give his vice president the job of chatting up Republican senators, though Biden sometimes came under fire from liberal lawmakers for being too quick to agree to Republican demands.
The flare-up over comments Biden made at a fundraiser suggests that his rueful fondness for the Senate as it worked when he first arrived there in 1973, could be problematic for him.
The trouble began Tuesday, when Biden told donors at the fundraiser that Democratic Senator James Eastland of Mississippi, a segregationist, “never called me boy, he always called me son.” Another segregationist, Senator Herman Talmadge, a Democrat from Georgia, he added, was “one of the meanest guys I ever knew, you go down the list of all these guys” but “at least there was some civility.”
He’s since tried to clarify what he said, explaining that while he disagreed with the Southern Democrats’ views on race, he was able to be civil with them and many others with whom he shared little common ground on policy. But he’s also been unwilling to heed Booker’s call for an apology for using the “boy” language or to admit that an example elevating two segregationists was tone-deaf coming just as the House held a hearing on reparations for slavery.
Biden’s discussion of the segregationists has also prompted reporters and critics to dredge up his opposition to the busing of children to help achieve racial integration in schools, a position that put him on the other side of the issue from civil rights leaders.
Biden is far from the only sitting or former senator to find that their time in the world’s greatest deliberative body did not serve them well when seeking the presidency. Obama was the first to go directly from the Senate to the Oval Office since John F. Kennedy half a century earlier and benefited from being on Capitol Hill for just two years before he began his 2008 presidential campaign.
Hillary Clinton’s Iraq war vote hurt her as she and Obama went head-to-head in the final months of that race, and Bob Dole, a Kansas Republican and Senate majority leader, resigned in 1996 so he could focus on his campaign against President Bill Clinton.
The seven sitting senators also running for president may hit some of the same obstacles around their records, though they’ve all been in the chamber for significantly less time than Biden was. Vermont’s Bernie Sanders has been on Capitol Hill since 1997, but he’s only been in the Senate since 2007. Minnesota’s Amy Klobuchar took office the same year and the other five have all been there for less time, hewing more closely to the model set by Obama.
Brian Fallon, a former adviser to Clinton’s 2016 presidential campaign and Senate Minority Leader Chuck Schumer, said senators who’ve spent less time in office, including Booker, Harris and Elizabeth Warren, could be better suited for the realities of a polarized Republican caucus.
“They’re more willing to shake things up and not be at the mercy of some of these norms and protocols of an institution that is really stacked against our side,” he said. “What’s going to be required for the next president to be successful is going to be a willingness to not be a slave to the customs and niceties of the Senate, which is not working for us.”
Biden, like Hillary Clinton, has come under fire for several votes that are controversial or unpopular among Democrats. He voted to authorize the war in Iraq, for free trade deals including the North American Free Trade Agreement, and he was a key backer of a bankruptcy overhaul sought by credit card companies. He’s flip-flopped on his long-held opposition to federal funding for abortion, and backed crime legislation that increased sentences that many in his party now want to roll back.
“He is going to need to contend with the consequences of those votes and then more recently his unforced error of a gaffe,” said Senator Mazie Hirono of Hawaii. Yet many in the Senate, even as they largely hold off on making endorsements, still have his back, she added. “There’s a lot of people who say they love Joe Biden around here.”
Richard Durbin of Illinois, the No. 2 Senate Democrat, said Biden will face attacks for some of his votes but that his time on the Hill remains an asset. “There are some votes I wish I could do over,” he said. “But the other side of that coin is experience. ‘I’ve been there, I know how the Senate works and how the House works, I can be an effective president.’”
Yet some veterans of recent presidential campaigns are skeptical of whether Biden will be able to overcome his record.
“On the merits, no individual vote should be disqualifying. but the constant fixation on exploring that stuff and the need for his campaign to reconcile these things may cumulatively be a drag,” Fallon said. “All of these things collectively may contribute to an overall vibe that he’s generationally out of step with the current political moment.”
James Wallner, a lecturer at American University and former aide to Republican Senators Pat Toomey, Mike Lee and Jeff Sessions, said that the “kind of personalities that develop in the Senate have not necessarily been conducive in this modern age to run for president.”
Successful recent presidents, he said, benefited from “their ability to be popular leaders, to transcend the nuance and detail of policy issues” while “senators tend to go down into the details.”
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The blockchain/crypto week in quotes
“Thank you Facebook Libra. Imitation is the sincerest form of flattery.” Hedera TOLD YOU FACEBOOK WOULD GET A SPECIAL DEAL from govts. Very interesting development prob also benefits other #crypto start-ups. But they’re all pocketing the interest income—the corporate welfare for banks will now go to tech cos too 😩 @ForbesCrypto https://t.co/b9nHzYXvyz — Caitlin Long 🔑 (@CaitlinLong_) June 21, 2019 “Libra would have to meet the highest standards of prudential regulation and consumer protection. It must address issues ranging from anti-money laundering to data protection to operational resilience. Libra must also be a pro-competitive, open platform that new users can join on equal terms. In addition, authorities will need to consider carefully the implications of Libra for monetary and financial stability. Our citizens deserve no less.” Bank of England’s Mark Carney In ten years time, bitcoin will either have changed the world, or it’ll be zero. There’s no in-between. — Jon Walsh (@walshjonwalsh) June 22, 2019 “Bitcoin crossing $10k doesn’t come as a surprise to people in crypto. At this point, most people have heard of Bitcoin, and there are millions who “get it” and believe it will soar to become the equivalent of gold in the digital age. There are many who bought Bitcoin in 2017 and sold it at a loss only to see it bottoming at a higher price than last time around and coming back stronger. They’re not selling again. Some of these people are institutions who have now established crypto-custody solutions and far more knowledge than before. News like Libra — which is not directly competitive to Bitcoin — will only help to fuel the fire.” Yonatan Sela, Co-Founder and Chief Business Officer, Props This is why I believe the regulators will allow libra. They don’t want the Chinese to dominate global payments. And at least the blockchain piece of this gives some privacy vs all of Alipay’s payments going to the Chinese government clearing house. https://t.co/DTu0DWHjkl — Michael Novogratz (@novogratz) June 19, 2019 “Given Facebook’s troubled past, I am requesting that it agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action.” Rep. Maxine Waters, Chairwoman of the United States House of Representatives’ Financial Services Committee “Supply and demand dynamics made it inevitable that BTC would break $10,000. All the data compiled by the Digital Assets Data platform shows that citizens of countries with high inflation are adopting BTC independently of price movements. Now that it has reached the $10k mark, we could see all-time highs in short order, as attention in developed economies focuses back on BTC as an alternative to the Modern Monetary Theory approach taken by most central banks and policymakers.Personally, I’m looking for $50-60k this cycle and think we could see prices that high sooner rather than later.” Mike Alfred, Cofounder and CEO, Digital Assets Data Libracoin? Let's just make all of the horoscope-named coins and whichever has the highest marketcap will be deemed as superior (*ahem* aquarius..) — 𝕭𝖗𝖊𝖓𝖓𝖆 𝕾𝖕𝖆𝖗𝖐𝖘 (@brennasparksxxx) June 18, 2019 “The market has matured greatly since the last time Bitcoin crossed $10,000. This run is far more justified given the current level of adoption — the Bitcoin blockchain has remained consistently above 3.5 transactions per second since January. With Facebook making a grand entrance into crypto this week as well, it’s likely that the market is anticipating greater institutional participation in the coming weeks and months.” Mati Greenspan, Senior Market Analyst, eToro I was here when Bitcoin was $20k. I was here when Bitcoin was $3.2k. I will be here when Bitcoin is $1mil! — Crypto Sara (@AltcoinSara) June 22, 2019 If you are one of these idiots on my feed commenting that Bitcoin has no utility you need to stop thinking you are so smart and do more research. — Ben Askren (@Benaskren) June 20, 2019 Bitcoin now only has to go up $990,000 for McAfee to not eat his dick — Hipster (@Hipster_Trader) June 22, 2019 The post The blockchain/crypto week in quotes appeared first on Coin Rivet . View comments |
Why Some Seniors Will Get a Surprise Medicare Bill Soon
At least 250,000 seniors may soon receive a bill for up to five months of Medicare premiums that they thought had been paid. The unwelcome letter is the result of a processing error that occurred in January, Kaiser Health News reports . According to the website of the Social Security Administration (SSA), the government agency did not properly deduct Medicare premium costs from some seniors’ Social Security checks earlier this year, so those seniors’ premiums did not get sent to their Medicare plans. Now that Uncle Sam has discovered the mistake, he wants you to pay up. According to the SSA : “If you are affected and haven’t already received a bill in the mail, you will soon. The first bill will likely be for a larger amount than usual to make up for the unpaid premiums.” Bills will come directly from the plans themselves, the SSA says. According to Kaiser Health News, the federal government’s Social Security and Medicare agencies did not explain how or why the mistake occurred, nor did they “provide a more exact number or the names of the plans that were shortchanged.” The total amount that affected Medicare enrollees now owe the plans also wasn’t announced. What all Medicare enrollees should do now The Kaiser Health News report notes that the affected Medicare enrollees may not realize they’ve been affected. They may have assumed the Social Security payments they received were a little bigger since January due to the 2019 cost-of-living increase in benefits , rather than because of a glitch that prevented the withholding of their Medicare premiums. So, if you are on Medicare, consider taking it upon yourself now to determine whether you were affected rather than waiting for a letter to arrive. The sooner you find out whether you were affected, the sooner you will know whether you need to brace your finances for an unexpected health insurance bill. According to the federal Medicare program’s own notice about the premium glitch : “You may be affected if you enrolled either in a Medicare Advantage Plan or in a Medicare Prescription Drug Plan for coverage starting January 1, 2019, and you asked to have your plan premiums taken out of your Social Security payments.” Story continues If you fit that description, the Medicare program advises that you “contact your Medicare plan directly with any questions or concerns.” If you are unsure what plan you have, the program says to check your plan card or materials. If you are unable to find out from your plan whether you were affected — or if you learn that you were indeed affected — you can also seek assistance from one of these entities: Medicare : The federal program notes that you can call 800-MEDICARE, or 800-633-4227. Teletypewriter users can call 877-486-2048. Your State Health Insurance Assistance Program (SHIP) : These federally funded programs offer free counseling and assistance to Medicare beneficiaries. For contact information, visit the national SHIP website and click on the “Find Local Medicare Help” button in the upper right corner. Medicare Rights Center : This nonprofit notes that its Helpline counselors are available at 800-333-4114. Watch the video of ‘Why Some Seniors Will Get a Surprise Medicare Bill Soon’ on MoneyTalksNews.com. What affected Medicare enrollees should know The Medicare program notes that the premium glitch has been corrected. This means that “unless you told your plan you now want to pay your premiums a different way, your plan premiums will be taken out properly from your Social Security payments beginning in June or July 2019 through the rest of the year.” As for premiums that you might still owe due to the glitch, you should know that: The Medicare program says that if you receive a bill from your Medicare plan, the plan must offer you a grace period to repay the missed premiums. The grace period must be at least as long as the billing delay. The nonprofit Medicare Rights Center notes that Medicare plans “also have the option not to pursue these outstanding payments” for premiums. This article was originally published on MoneyTalksNews.com as 'Why Some Seniors Will Get a Surprise Medicare Bill Soon' . More from Money Talks News 5 Health Care Costs That Medicare Does Not Cover Seniors, Don’t Overlook These 6 Medicare ‘Freebies’ 3 Reasons You Need a Health Savings Account — and How to Open One Today |
Major Crypto Exchange Bitfinex to Briefly Go Offline for Upgrade Next Week
Cryptocurrency exchangeBitfinexannounced that it will be offline for up to seven hours next week in a Medium postpublishedon June 20.
Per the announcement, the exchange will go offline for up to seven hours to carry out system upgrades on June 26. The post further specifies that Bitfinex’s hybrid counterpart Ethfinex will also close for maintenance at the same time.
The downtime is similar to that announced by major cryptocurrency exchangeBinancebefore its scheduled system upgrade in May. As Cointelegraphreportedat the time, the exchange warned its users that deposits, withdrawals, and trading would not have been possible for roughly six to eight hours.
Bitfinex states that the update is meant “to enhance the stability and scalability of the iFinex matching engine.” During the upgrade, the platform’s user will not be able to trade, view, or access theirwalletson the exchange.
Still, Bitfinex promises that traders are not required to take any action as their funds will be safe, no orders will be executed during the downtime, and users will not be liquidated during the upgrade.
Lastly, the firm notes that — if market movements are too volatile — the update will be postponed.
As Cointelegraphreportedearlier this month, Bitfinex announced a burn initiative for its LEO tokens. The exchanges parent company iFinex will use some of its gross revenue to purchase the tokens at market price as part of the UNUS SED LEO burn mechanism.
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Fans Think Ariana Grande, Miley Cyrus, and Lana Del Rey Will Collaborate on the "Charlie's Angels" Soundtrack
It didn’t take long for fans to realize that Miley Cyrus and Ariana Grande were quietly liking Instagram posts about a rumored collab also involving Lana Del Rey, signaling that the whispers might actually hold some weight. And now, thanks to some further internet sleuthing, it seems as though more details about the secret project have emerged. According to PopCrave , a recent GIPHY post regarding the upcoming Charlie’s Angels reboot had tagged all three artists, leading some fans to believe that Ariana, Miley, and Lana are collaborating on a song for the film. And it gets even better. As one fan noted on Twitter, if you search for Ariana and Miley in the gif sticker section on Instagram, you’ll find some similarities: the word “angels,” and the gold geometric angel wing logo associated with the film. Commence freakout! https://twitter.com/PopCrave/status/1142570465619259397 https://twitter.com/AG5Rumors/status/1142571743212531712 Charlie’s Angels is slated for a November 2019 release, and stars Kristen Stewart, Naomi Scott, and Ella Balinska as the iconic three secret agents (AKA angels). The film also features Elizabeth Banks, who’s pulling double duty as director as well, and Noah Centineo . Given the girl-power energy behind the Charlie’s Angels legacy, it’s certainly within the realm of possibility that Miley, Ariana, and Lana would team up for the soundtrack (I can just picture the music video now). Of course, we’ll have to wait and see if and when any of the three singer-songwriters confirm the rumors — perhaps with a perfectly posed group selfie? Just an idea. Until then, you can bet we’ll be keeping a close eye on any further clues — or strategic double-taps — on the ‘gram. Want more from Teen Vogue ? Check this out: Miley Cyrus, Ariana Grande, and Lana Del Rey Are Quite Possibly Releasing a Song Together See the video. Originally Appeared on Teen Vogue |
Disney Is Saying All the Right Things About the Hulu-Disney+ Relationship
WhenWalt Disney(NYSE: DIS)first acquired 21st Century Fox, it gained a stable of media properties that turned it into an even more formidable threat in the streaming world. But it also gained a complicated streaming situation: While Disney was determined to create a new streaming service, the one now known as Disney+, it was also the majority-owner of de facto Disney+ competitor, Hulu.
Since then, Disney has taken major steps to clean up its streaming portfolio. The company bought out Hulu co-ownerAT&Tand cut a deal withComcast's NBCUniversal that will ensure that its share ends up with Disney, too (albeit in a few years). Owning all of both Hulu and Disney+ will leave Disney less conflicted in its streaming decisions. Still, running two competing services in-house has its own issues. Fortunately, Disney is saying all the right things.
Image source: Getty Images.
Allowing Hulu and Disney+ to operate more or less independently might make the two services more agile, but it could also lead to a rivalry that could hurt both offerings -- Disney isn't risking it. While the company will work to differentiate the two services, they will not be "silo'd" off from one another. At a conference for Hollywood producers earlier this month, Senior Disney VP of Content Agnes Chu claimed that Disney is "getting to a place where we can have a very fluid conversation across our platforms."
The deal with Comcast was, no doubt, part of what helped Disney "get to this place." Now that Disney can be sure of its long-term control of both streaming services, it is freer to move potential hits back and forth between them -- confident that, wherever a big show lands, it is Disney that will reap the benefits. Chu went on to discuss a documentary team exclusive to Disney+, saying that if they had an idea that would be "a better fit for Hulu," Disney would cooperate in getting the deal done.
Keeping Disney+ and Hulu on the same page is important in part because Disney hopes to offer a consumers a unique experience with each service. When Chu talks about a hypothetical documentary that "might be a better fit for Hulu," she's presumably referencing the fact that Disney istrying to position Hulu as an all-around, adult-facing streaming service, while keeping Disney+ in a more "family friendly" position.
That might be tricky, given that big hits like the Marvel Studios andStar Warsflicks -- both quite popular among adults -- are expected to hit Disney+. But Disney is on record as saying it will use its major IP on Hulu, too -- in fact, two shows based in the Marvel universeare already planned. This suggests that we might see a more mature take on theStar Warsor Marvel universes on Hulu, even as the kid-friendly blockbusters that anchor those franchises remain on Disney+ (there will also be new originalStar Warsand Marvel content on Disney+).
None of this means things can't go wrong for Disney. While series likeThe Mandalorianon Disney+ create lots of hype for the upcoming service, they also risk blurring the distinction between the supposedly kid-friendly Disney and the more universal Hulu. And then there'sESPN+, the live sports streaming arm of Disney; the better it gets, the fewer sports fans may need Hulu's live TV streaming service (appropriately named Hulu with Live TV).
Still, Disney is at least saying all of the right things. The Disney brass seems to be aware of the existing and potential conflicts between its own streaming platforms, and they're working to keep things as organized as possible. So far, they seem to be succeeding.
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Trump warns hes not prepared to lose reelection
President Trump declared that he is not prepared to lose reelection in 2020, saying he does not believe the official results of the popular vote count from his first election. When asked if he was prepared to lose in an interview with told NBC's Meet the Press that aired Sunday, Trump said, No. Probably not. It would be much better if I said, Yeah. It would be much easier for me to say, Oh yes, Trump offered, but said, No, Im probably not too prepared to lose. I dont like losing. I havent lost very much in my life. You didnt like the fact that you lost the popular vote? asked Meet the Press host Chuck Todd. That bothered you, didnt it. Ill say something that, again, is controversial, Trump said. There were a lot of votes that I dont believe. There was much illegal voting, he added, vaguely referring to California and a settlement by Judicial Watch requiring Los Angeles County to remove as many as 1.5 million inactive registrations as a part of a massive voter roll clean-up. There is no evidence that ballots were cast in the names of any of the inactive voters. This wasnt the first time Trump who in 2016 lost the popular vote to Hillary Clinton by nearly 3 million votes and carried the Electoral College with 304 votes has claimed that he won the popular vote. President Donald Trump speaks with moderator Chuck Todd at the White House for "Meet the Press" in Washington, D.C., Friday, June 21, 2019. (Photo: William B. Plowman/NBC/NBC NewsWire via Getty Images) A few weeks after the 2016 election, Trump tweeted , In addition to winning the Electoral College in a landslide, I won the popular vote if you deduct the millions of people who voted illegally. I like popular vote, said Trump, who is one of five presidents to win a presidential election while losing the popular vote. I think Id do better with the popular vote. But I didnt campaign for the popular vote. You didnt see me campaigning in California or New York. Trump added: If it was up to the popular vote, I would have done, I think, even better. I won 306 to 223, which is a lot in the Electoral College, but its like youre training for the 100-yard dash versus the mile. (In the past, he compared winning the Electoral College to a marathon .) Story continues Trump recently came out in favor of the Electoral College, which he called a disaster for democracy in 2012. In April, he changed his mind , saying its "far better for the U.S.A." Still, he argued in his interview that the Electoral College is tougher for a Republican to win than the popular vote, at least me. Meanwhile, Democrats, including presidential candidates , have called for an end to the Electoral College and choosing the president by popular vote. Trump credited his 2016 victory to campaigning in states where his Democratic opponent Clinton didnt do a good job, such as Michigan, Wisconsin and Pennsylvania. They always say she was a lousy candidate, Trump said. I actually think that Hillary Clinton was a great candidate. She was very smart, she was very tough, she was ruthless and vicious. When asked if he would rather run against Clinton again, Trump said, No. I would actually rather run against Biden. I think that would be my preference. Why? asked Todd, who pointed out that Trump referred to Hillary Clinton more than Trumps would-be 2020 opponents in his campaign announcement speech last Tuesday. Sleepy Joe, Trump responded. Hes sleepy. She was not sleepy. _____ Read more from Yahoo News: Trump wants his next press secretary to be a cable news 'street fighter' For politicians, the D.C. elite and even a presidential candidate, a Navy program has been an attractive fast-track path to military service Trump admits his Cabinet had 'some clinkers' Confronted with multiple errors in his new Trump book, a testy Michael Wolff says, 'You have to trust me' Why are people willing to risk death for a selfie? PHOTOS: Storms bring flooding and power outages across the U.S. |
Want to save more in your 401(k) retirement plan? Ditch these stock market myths
Making investment decisions based on seasonal proverbs could squash your 401(k) retirement savings.
U.S. stocks dropped more than 6% last month – their worst May since 2010 and second-worst since 1962. That sour four-week stretch seemed to prove the old adage, “Sell in May and go away.”
But don’t let coincidence fool you. Markets don’t heed calendars.
Seasonal myths like “Sell in May and go away” have lingered for eons. Bedfellows include “The January effect,” which argues January’s returns (or its first few days) predict the year. Then comes the "Santa Claus rally," which 2018 disproved, and “financial hurricane season” – which supposedly means awful September and/or October returns. All of these proverbs work occasionally. None work often enough to help you.
Sell in May at least started with logic. Its original name – sell in May and go away until St. Leger Day – came from U.K. stockbrokers traditionally taking summers off until a famous September horse race (the St. Leger Stakes). The reduced liquidity supposedly brought sharper swings and weaker returns. Avoiding the summer months dodged this problem.
But decades of stock returns destroyed this logic. Modern sell-in-May thinking argues that avoiding the six months from April 30 to Halloween spells success. Yes, stocks’ average returns over that period – 4.2% since 1925 – trails returns from Halloween through April 30, which are 7.4%. But 4.2% isn’t negative. If you want the stock market's 9.9% annualized return, you need those spring and summer months along with autumn and winter. Otherwise, your return will be lower and reaching your retirement goal harder.
Seasonal adages “work” just often enough to sustain their myths. January predicted full-year returns in 65 of 92 years – a 70.6% success rate. April 30- Oct. 31 was negative 28.3% of the time. September stunk 47.8% of the time, while October sank 39.1% of years. The Santa Claus rally paid off an amazingly high 78.3% of years.
Calendars didn’t drive any of these past returns. Consider January. Stocks are positive on a yearly and monthly basis more often than not, making it logical that good Januarys would happen in "up" years. And the bad? It's normal for a "down" January to occur during a bear market. That's a coincidence, not causality.
And what happens when seasonal myths overlap? While the six-month “sell in May” stretch is lackluster, July is the calendar’s best month. So if you sell in June, you’ve sold too soon! Do you sell in August to avoid “financial hurricane season” in September and October, then buy in November? September’s average – a negative 0.6% return – might seem to support that. But that is dragged down by a handful of awful Septembers in the 1930s and 2008. Is it wise to stake your retirement on a few outliers? Or is it better to remember September and October are both positive more often than not?
Short-term timing your 401(k) generally puts your retirement savings at risk, especially if you invest based on calendar trivia. What happens if you sell after a down May, like in 2019, but the rest of the year is fine? That happened in 2010, when U.S. stocks fell 8% in May, then went on to climb 16.8% from May’s end through Dec. 31.
So ignore seasonality. Always think long term. Your 401(k) needs to provide for your lifetime.
Ken Fisher is founder and executive chairman of Fisher Investments, author of 11 books, four of which were New York Times bestsellers, and is No. 200 on the Forbes 400 list of richest Americans. Follow him on Twitter: @KennethLFisher
The views and opinions expressed in this column are the author’s and do not necessarily reflect those of USA TODAY.
This article originally appeared on USA TODAY:Want to save more in your 401(k) retirement plan? Ditch these stock market myths |
Firm Behind Zcash to Introduce New Version of Protocol With Sharding
The Electric Coin Company (ECC), the firm behind second-biggest anoncoin zcash (ZEC), intends to build a new scalable zcashblockchain,cryptocurrencynews outlet Forklogreportson June 22.
Per the report, chief engineer at ECC Nathan Wilcox said that the firm should “make Zcash usable by 10 billion people by 2050” if it can. Still, Decrypt notes that achieving this would require zcash’s blockchain to be able to manage thousands — or millions — of transactions per second.
Forklog states that ECC is considering implementing sharding, a scalability solution thatEthereumdevs also plan to integrate into that network in the near future.
Still, ECC engineer and product designer Daira Hopwood noted that, to obtain the desired features, ZEC would need a completely new blockchain.
The firm would ensure that coins would be transferred onto the new chain, resulting in a conservation of users’ wealth. The new chain would also process all transactionsprivately, in contrast with the current chain where under 2% of the transactions areanonymous.
Zcash — with a total network value of $744 million — is the 24th largest coin by market capitalization. ZEC has seen its value decrease by over 0.40% over the last 24 hours, trading at $113.09 at press time, according to Coin360data.
As Cointelegraphreportedearlier this month, the nonprofit Zcash Foundation has partnered with blockchain company Parity Technologies to release a new,open sourcesoftware client for zcash.
News brokelast month that biggest privacy coin and zcash competitor, monero (XMR), plans to switch to a new proof-of-work (PoW) algorithm in October.
• Coinbase CEO Praises Privacy While Allegedly Blacklisting Anonymous Transactions
• Zcash Rolls Out New Software Client to Bolster Network Health
• Russian Central Bank Head: CBDC Under Consideration, But Not For Near Future
• Is Bitcoin's Increasing Anonymity a Threat to Privacy Coins? |
Bernie Sanders Says Trump Helped Create Iran Crisis
Sen. Bernie Sanders (I-Vt.) lambasted President Donald Trump for instigating the current crisis with Iran , saying the president’s strategy is akin to “setting fire to a basket full of paper and then putting it out.” In an interview with CBS’s “Face the Nation,” which aired in full Sunday, Sanders was asked whether he believed Trump’s decision last week to call off a military strike against Iran was the “right one.” Laughing, Sanders responded: “See, it’s like somebody setting fire to a basket full of paper and then putting it out. He helped create the crisis, and then he stopped the attacks.” . @BernieSanders says @realDonaldTrump “helped create the crisis” in Iran: “It's like somebody setting fire to a basket full of paper and then putting it out,” the 2020 hopeful told @margbrennan in an interview that will air tomorrow on “Face the Nation.” https://t.co/aAmSVoeLID pic.twitter.com/ExtuH2WG2v — Face The Nation (@FaceTheNation) June 22, 2019 Trump, Sanders said, seems to think “that a war with Iran is something that might be good for this country.” When host Margaret Brennan interjected to say that Trump had called the planned strike against Iran “limited,” Sanders replied sarcastically: “Oh, just a limited strike. Oh, well, I’m sorry. I just didn’t know that it’s OK to simply attack another country with bombs.” “That’s an act of warfare,” Sanders stressed. Sanders is among the two dozen Democratic presidential candidates who hope to topple Trump in 2020. He said he believes a war with Iran would be “even worse” than the Iraq War ― causing “more loss of life” and triggering “massive instability” in the region. Story continues The senator promised that if he’s elected commander in chief he would “do everything I can, number one, to stop a war with Iran.” Trump tweeted on Friday that the U.S. military had been “ cocked & loaded ” to attack Iran after the country shot down an American surveillance drone. But the president said he chose to scrap the offensive with just 10 minutes to spare after he learned that 150 people could be killed in the attack. The potential fatalities did not seem “proportionate to shooting down an unmanned drone,” the president tweeted, explaining his decision. Several Democratic candidates for president have criticized Trump’s handling of the Iran crisis. Sen. Elizabeth Warren (D-Mass.) accused the president last week of fueling “ another unnecessary conflict .” Former Vice President Joe Biden called Trump’s Iran strategy “ a self-inflicted disaster .” Also on HuffPost Love HuffPost? Become a founding member of HuffPost Plus today. This article originally appeared on HuffPost . |
Dog the Bounty Hunter's Wife Beth Chapman Is in Medically-Induced Coma: 'Please Pray,' He Says
Dog the Bounty Hunter ’s Beth Chapman has been hospitalized amid her battle with cancer. PEOPLE confirms Beth, 51, was admitted to Hawaii’s Queen’s Medical Center’s on Saturday. According to Hawaii News Now , she was put into a medically-induced coma. “It’s quite serious,” a rep for the Chapmans tells PEOPLE. In a statement to Hawaii News Now, her husband Duane “Dog” Chapman said both he and his family “humbly ask everyone to please pray for Beth.” Early Sunday morning, he also shared a message on Twitter, asking his followers to “ please say your prayers for Beth right now.” Without mentioning her mother’s hospitalization, on Saturday evening, the couple’s daughter Bonnie posted a sweet photo of her parents cuddling up together, captioning it with two red heart emojis. Please say your prayers for Beth right now thank you love you — Duane Dog Chapman (@DogBountyHunter) June 23, 2019 ❤️❤️ pic.twitter.com/YOkmzfYmYC — Bonnie Chapman (@Bonniejoc) June 23, 2019 Beth was first diagnosed with stage II throat cancer in September 2017 — cancer that, two months later, she and her husband told fans had been completely removed . Unfortunately, the cancer returned last year. Beth was rushed to the hospital in November for emergency surgery to clear a throat blockage that was obstructing her airways, and was hospitalized once again in April . RELATED VIDEO: Dog the Bounty Hunter ‘s Beth Chapman Diagnosed with Throat Cancer: ‘I Will Fight Every Step of the Way’ Addressing churchgoers in Florida on Mother’s Day, Beth admitted her diagnosis has been “the ultimate test of faith .” “I don’t go to God and go, ‘Why did I get cancer?’ ” she said. “He’ll roll his eyes at me again, because I know why — because this is the ultimate test of faith. It is the evidence of things hoped for and it is the substance of things not known.” Story continues Jason Merritt/Getty She also appeared to allude to having stopped chemotherapy treatments during her speech. “Chemotherapy is not my bag, people. Sorry, that’s not for me,” she said. “So for me, this is the ultimate test of faith. This is my ultimate lesson. And it will either be taught to me or to you. And I am fine with taking the hit for everyone else. Because I think I know another guy who did the same thing.” RELATED: Inside Dog the Bounty Hunter Star Beth Chapman’s Brave Cancer Journey Beth started chemotherapy treatments in January, Entertainment Tonight reported at the time. Beth went on to appear to confirm the news on Instagram, posting a selfie with the hashtags #cancersucks, #stayhumblepray and #itsonlyhair. View this post on Instagram #dogwgna history in the making #dogsmostwanted #cancersucks #stayhumblepray #itsonlyhair A post shared by Beth Chapman (@mrsdog4real) on Jan 22, 2019 at 2:35pm PST Beth and Dog starred in the A&E reality series Dog the Bounty Hunter for eight seasons and will be making a return to TV in Dog’s Most Wanted , a new show premiering in October on WGN America. The series will follow the world-famous bounty hunter, his wife and their team of professionals, The Dirty Dozen, as they pursue Dog’s “bucket list” of most-wanted fugitives throughout the country. |
Khloe Kardashian looks flawless at Mohegan Sun
Khloe Kardashian (Photo: Instagram) Khloé Kardashian may be dealing with a lot, but the reality star is doing it while looking good. On Saturday, Kardashian, 34, headed to Mohegan Sun in Uncasville, CT to make an appearance at the opening of the resort’s new nightclub, novelle. Along with her best friends, Malika and Khadijah Haqq, Kardashian made a grand entrance as the trio strutted down the hotel hallway. “Here we come,” Malika wrote in a tweet, along with a short video of the trio strutting down the hotel hallway set to Leikeli47’s song “Wash & Set.” Here we come... pic.twitter.com/8MIIn3FNry — Malika (@ForeverMalika) June 23, 2019 Dressed in a black top baring her rock-hard abs, Kardashian looked flawless, with a golden tan and platinum blonde hair cascading down her shoulders. Malika and Khadijah strutted alongside her, dressed in shiny, form-fitting black ensembles. View this post on Instagram @khloekardashian @malika @foreverkhadijah were FIRE at #novellemohegan last night! #GrandOpening #RedCarpet #mohegansun #kardashians A post shared by novelle (@novellemohegan) on Jun 23, 2019 at 6:56am PDT After working the carpet outside the club, Kardashian was spotted having a great time inside with the Haqq sisters, as well as fellow attendee Ciara. The big event comes the day before an explosive episode of “Keeping Up with the Kardashians,” in which rumors surface that Khloe’s boyfriend Tristan Thompson cheated with Kylie Jenner ’s best friend, Jordyn Woods. “Tristan, we’ve all known what he’s capable of — look what he did when I was nine months pregnant,” says Kardashian of Thompson in a preview for the show. Thompson was allegedly unfaithful just days before Khloé gave birth to their daughter True back in 2018. Read more from Yahoo Lifestyle: O.J. Simpson denies fathering Khloé Kardashian: 'She's not mine' Kourtney Kardashian says Kylie Jenner acts entitled since becoming a billionaire Khloé Kardashian takes to Twitter to explain Tristan Thompson's blurred face Follow us on Instagram , Facebook , and Twitter for nonstop inspiration delivered fresh to your feed, every day. |
George Clooney Has Plumbing Disaster as Obamas Visit Lake Como Villa
Flavio Lo Scalzo/Reuters Things are always a little stressful when visitors come around for the weekend—even for George and Amal Clooney, who are hosting Barack Obama and his family at their lavish Lake Como villa in Italy from Saturday through Monday. Not only has security been an issue with any vehicle or boat coming within a few hundred meters of the property subject to fines of over $500, the neighbors are up in arms that the Clooneys have been monopolizing the local gardeners. One told the newspaper La Repubblica that he hasn’t had his lawn cut for a week because his gardener is on “special assignment” sprucing up the Clooney estate. Then, just before Obama, his wife Michelle and their daughters Malia and Sasha arrived from Milan on Saturday in a armored entourage of seven cars with darkened glass, a white van for luggage, six police cars, and a helicopter overhead, Clooney noticed that the swimming pool was half full and the water was like ice. He asked his bodyguard Giovanni to call Dante Pennè, the local Lake Como plumber to sort him out. Speaking to Corriere Della Sera newspaper, Pennè explained that when he arrived at the Clooney household, things were out of hand. “What a race,” he said. “I arrive and they are all upset. Giovanni says to me: hurry up, hurry up!” Penne, who did not know who the special guests were, said he responded, “Let me work, otherwise I won’t be able to fix it.” After a few minutes, Pennè said he was able to sort out the thermometer and drain. Clooney, wearing a sweaty Casmigos T-shirt, was thrilled. He obliged the plumber and granted a quick selfie. “Thank you, I was worried,” Clooney said, according to the plumber. “You know, my friend is a tanned guy, he doesn't like cold water.” The plumber did not respond to a Daily Beast call for clarification. The Obamas were in Italy to attend a charity dinner Saturday evening for the Clooney Foundation for Justice, which will soon be awarding a double date with George and Amal as part of a new promotion . Story continues There is also widespread speculation that Clooney is considering political office, and what better place to discuss it with a former president than a perfectly heated pool. Read more at The Daily Beast. Get our top stories in your inbox every day. Sign up now! Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more. |
Howey Schmowey – The Real Answer is to Update Securities Regulations
David Weisberger is co-founder and CEO of CoinRoutes and a veteran of building trading desks and financial technology businesses. The opinions expressed in this article are his own, and do not reflect CoinDesk’s position.
The following article originally appeared inInstitutional Cryptoby CoinDesk, a free newsletter for the institutional market, with news and views on crypto infrastructure delivered every Tuesday. Sign uphere.
This month there have been two SEC enforcement actions that made headlines in the crypto community. One was the case against messaging platform Kik and their Kin token sale; the other was the action against holding company Longfin. In the first case, while investors lost money, it is unclear that Kik misled them about the potential for the Kin token to be used or about its fundamental value proposition. In the second case, however, the allegations are that Longfin committed clear fraud by misrepresenting their crypto business.
Related:Stonewalled by FINRA, Up to 40 Crypto Securities Wait in Limbo for Launch
There is no doubt the Longfin case was dealing with asecurity, since the company went public via the arduous and little-used provision of Reg A+. The problem is that the management allegedly made fraudulent claims about their crypto-oriented business. The SEC charged that investors lost money because they were misinformed about Longfin’s business prospects. The fact that they were a security provided almost no protection whatsoever. (Protection will be limited to potential restitution from enforcement or shareholder lawsuits, which will be small and take place well after the fact.)
In the Kik case, they issued a token that, based on the letter of the law, might well be a security, but they did not follow securities laws when selling the token. Purchasers of the Kin token also lost a lot of money, but most of that loss is related to the collapse of the token market at large, rather than issues with the token itself.
Juxtaposing these two cases makes one thing very clear:
Whether or not an asset is deemed a security or not has little to no relationship to the ability of regulators to protect investors against fraud.
Related:Kik vs SEC – The Lawyers Speak
The reality is that raising money based on either outright fabrication or by materially misrepresenting the business can be attacked both by criminal prosecution and civil litigation. Securities laws provide help in that regard in cases where the representations made by the issuer deviate from what is required, and those representations are material to the investment decision. When required disclosures arenotrelevant to the investment decision, those rules provide little help. This leads directly to the second point:
If tokens issued by corporate entities are to be deemed securities, required disclosures should be updated.
Current required financial disclosures are wholly inadequate to provide investors context for the value of tokens being used by emerging companies for financing. In this case, for example, it is unclear that Kik’s disclosures of the prospects of their token were problematic, but it is very clear that the required disclosures for securities, had they been followed, would have shed little to no light on the investment prospects for the token. Securities disclosures pertain exclusively to the issuer and their finances rather than clarifying the likelihood that the token being issued would gain acceptance. Unfortunately, Kik’s company finances would have provided limited information to the central question that Kin token holders needed to know: whether or not Kin would become highly used, either in their own network or on others.
Lastly, it should be pointed out that there is an inherent double standard in the US securities laws: If a company isalreadya security (whether OTC or listed), then non-accredited investors can be duped by inadequate disclosures and use of the same techniques that unscrupulous ICO promoters used. On the other hand, law-abiding founders of new companies are restricted from raising capital via tokens from those same investors.
To illustrate, consider the cases of Long Island Iced Tea (which became Long Island Blockchain) and Riot Blockchain (formerly Bioptix). In both cases, moribund public companies changed their name and announced business “pivots” to blockchain technology. In neither case was the future business direction spelled out in detail, nor were there anything resembling the type of disclosures regulators want to see fromnewcompanies. In both cases, the hype (in the short term) attracted large numbers of the investing public, propelling the stocks higher. In both cases, there was nothing resembling the sort of disclosures made by principled founders of blockchain products, yet the losses to investors were very real. The sole difference between these examples and the average ICO from 2017 is that both of those companies were already publicly traded.
Sadly, I don’t expect securities laws to undergo an overhaul in the U.S. anytime soon, so we are likely to see America fall behind the rest of the world in terms of capital markets innovation. If, however, U.S. regulators were to take action, a good start might be to create a subclass of securities for utility tokens issued to fund “for profit” enterprises. If such a designation (informally or formally) were established, the SEC could work with the industry to create appropriate disclosures and rules for those assets. I am sure that groups such as the Wall Street Blockchain Alliance or ADAM would be happy to help, as would firms such as Messari, which is building a private marketplace of project disclosures.
This approach would have another benefit, which would be to help ease the SEC into regulation of the exchanges and dealers that trade these tokens. Principles such as “Best Execution” which aresorely lackingin these markets could then be promoted, with the likely result of increased trust (and therefore volumes) in the crypto markets overall.
SEC buildingimage via Shutterstock
• Firm That Saw Stock Boost After Crypto ‘Pivot’ Hit With New SEC Charges
• The SEC Case Against Kik’s ICO Appears Strong, Experts Say |
All that new tech in cars may be increasing risk
Automated systems in cars are supposed to make life behind the wheel easier. But new studies suggest they might cause more confusion among drivers.
Two studies from the Insurance Institute for Highway Safety claim drivers don't know enough about how these systems work and can become misguided on their features based on their names, such as Tesla's Autopilot.
"Current levels of automation could potentially improve safety," said IIHS President David Harkeyin a statement. "However, unless drivers have a certain amount of knowledge and comprehension, these new features also have the potential to create new risks."
One study featured a survey of more than 2,000 drivers and asked about five automated systems: Autopilot, Traffic Jam Assist for Audi and Acura, Cadillac's Super Cruise, BMW's Driving Assistant Plus and Nissan's ProPilot Assist. The survey required participants to answer questions about two of the systems.
In the case of Autopilot, 48% of participants said it was safe to take your hands off the wheel while using the system, while "substantially greater portions of people" thought Autopilot was safe to use while viewing scenery or reading a book compared to other systems. However, "Autopilot is intended for use with a fully attentive driver, who has their hands on the wheel and is prepared to take over at any time," Tesla's website says.
A second study reviewed whether drivers understood what was displayed by their automated systems. The study took 80 volunteers and had them watch videos of the 2017 Mercedes-Benz E-Class' Drive Pilot system from the perspective of the driver, then answer questions about features like lane centering.
The results found some drivers couldn't understand why lane centering wasn't active during portions of the drive.
"When lane centering does not work because of a lack of lane lines, you need to steer," said Harkey. "If people aren't understanding when those lapses occur, manufacturers should find a better way of alerting them."
Tesla's Autopilot has emerged in headlines following links to deadly car crashes where the feature was reportedly enabled. In May,federal investigators confirmed a Tesla vehicle had Autopilot engagedwhen it crashed into a semi truck in March, killing the driver.
Follow Brett Molina on Twitter:@brettmolina23.
This article originally appeared on USA TODAY:All that new tech in cars may be increasing risk |
UK Credit Impulse Contracts for Seven Consecutive Quarters
In fact, the UK economy is going through a false stabilisation that won’t last long. Q1 UK growth has returned to the average of the G7 countries, but this is mostly due to stockpiling ahead of March 31, the initial Brexit deadline. This is not the sign of a very dynamic economy in our view. It also primarily reflects lower growth momentum in the G7, not real stronger momentum in the UK. In addition, consumer surveys are rebounding but this is mostly caused by higher wages (+3.4% YoY in Q1 2019 according to the latest OECD update) and postponed Brexit.
We identify a bunch of risks that could derail growth in coming quarters:
• The likelihood of no-deal Brexit at the end of October 2019.
• Deterioration in the trade war front that could impact more negatively the global supply chain.
• The lack of money supply growth in main economies is leading to low growth until at least mid-end of 2020.
• The risk of recession in the US has significantly increased for 2020. Based on leading indicators, the probability is now comparable to the probability measure in advance of the last 3 recessions.
• Rising tensions between the United States and Iran in the oil-strategic routes of the Strait of Hormuz that could lead to disruptions in the global oil market.
More fundamentally, even if none of these events materialises, which is rather unlikely, the UK economy is condemned to a prolonged period of low growth. The number one issue of the British economy is not really Brexit but the lack of new credit growth which is essential in a highly leveraged economy.
Our leading indicator, the credit impulse, is tracking the flow of new credit in the economy and explains economic activity nine to twelve months forward with an “R2” of .60. As of now, UK credit impulse has been in contraction for seven consecutive quarters and is currently running at minus 4.4% of GDP. The length of the contraction is similar to that of the GFC but with a smaller amplitude. The lowest point reached in the post-referendum area was minus 7.4% of GDP versus a drop up to minus 20% of GDP in 2009.
Prolonged contraction in UK credit impulse marks the end of the massive credit boom that started in 2015 and lasted until 2017 and will ultimately constraint in the long run private consumption, which contributes to roughly 60% of GDP.
In the chart below, we have plotted the evolution of the flow of new personal loans and overdrafts since 2002 as a proxy of UK household financial stress. It has been in contraction since April 2018 and is currently back to where it was in 2011, at minus 1.8% of GDP.
Real higher wages are bringing some relief to UK consumers at the moment, pushing a bit up the saving rate from historically low level of 3% reached after the referendum, but it is likely to be short-lived as Brexit – no matter which trade and political agreements will prevail with the EU – will undoubtedly have negative ripple effects on businesses, labor market and growth due to higher uncertainty. In a more constrained economic environment, companies will be more reluctant than now to keep lifting pay by cutting their margins, even in a context of full employment.
On the top of that, the risk of policy error has significantly increased. In 2010, the credit cycle has rebounded very fast and strongly after recession due to the Bank of England lowering interest rates and the massive injections of liquidity in the financial system. In post-Brexit UK, such a stimulus is unlikely. The BoE has lately sent very mixed messages about the next move of monetary policy, pointing out risks to growth at its latest Monetary Policy Committee meeting but also expressing concerns about household inflation expectations that keep increasing above 3% up to 5 years.
Though it is getting more or more likely that the next move will be an interest cut rather than a hike, the UK central bank has less room than the Fed and the European Central Bank to stimulate growth in a context of high inflation expectations. This monetary policy dilemma makes a move in terms of fiscal policy even more urgent than before to mitigate the Brexit impact.
Christopher Dembik, Head of Macro Analysis at Saxo Bank.
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Weekly Tech Stock News: Facebook's Cryptocurrency, Slack's IPO, and More
TheS&P 500climbed sharply last week, rising more than 2%. In fact, the index even set a new record high on June 20, as the Federal Reserve indicated a willingness to lower interest rates if necessary.
As market indices marched higher on news from the Fed, several tech stocks made notable headlines as well.Facebook(NASDAQ: FB)announced a new cryptocurrency. Enterprise messaging serviceSlack(NYSE: WORK)made its debut on the stock market. And one analyst suggested aTesla(NASDAQ: TSLA)acquisition could make sense forApple(NASDAQ: AAPL).
Here's a look at each of these stories.
Facebook's new digital wallet, Calibra, gives users a place to save, spend, and use Libra. Image source: Facebook.
On Tuesday, Facebookannounced a new cryptocurrency, called Libra. Based on a decentralized, blockchain technology, the digital currency differs from others in the way that it is designed for low volatility.
"Mass-market usage of existing blockchains and cryptocurrencies has been hindered by their volatility and lack of scalability," Facebook explained in its white paper on Libra.
Facebook didn't go at it alone with Libra. Founding members include a host of major companies from a wide range of industries, includingVisa,PayPal, andBooking Holdings, to name a few.
The social network is targeting a launch for this new ecosystem sometime during the first half of next year.
Shares of Slack started trading on the New York Stock Exchange under the symbol WORK on Thursday. Highlighting the market's optimism for the stock, shares opened at $38.50, well above a $26 reference price set by the New York Stock Exchange. Shares finished the week at $37.22.
The stock is now trading at an astronomical valuation. With an $18.8 billion market capitalization, the stock trades at 41 times its trailing-12-month revenue. Sure, Slack is growing incredibly fast, with revenue in its most recent quarter up 67% year over year. But this price-to-sales ratio is particularly high, considering that Slack still isn't profitable. Management expects negative free cash flow between $120 million and $105 million in fiscal 2020.
Tech giantApple(NASDAQ: AAPL)made headlines last week when Deutsche Bank analyst Jeriel Ong initiated coverage on the stock with a "hold" rating. The analyst believes the company's growth story is underwhelming, as this year's iPhone cycle lacks a key growth catalyst.
But the most interesting takeaway from the analyst's coverage of Apple stock was his take on a potential Apple-Tesla merger. "Tesla's cars are more electronified than perhaps any other manufacturer on the market," Ong said (viaBarron's). "Tesla would be dilutive to AAPL's gross and operating margins, but at the same time we could be significantly underestimating the synergies that could arise from such a combination."
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Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to its CEO, Mark Zuckerberg, is a member of The Motley Fool's board of directors.Daniel Sparksowns shares of Tesla. The Motley Fool owns shares of and recommends Apple, Booking Holdings, Facebook, PayPal Holdings, Tesla, and Visa. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool has adisclosure policy. |
Nearly Half of All Major Canadian Pot Growers Have Entered the U.S. Hemp Market
It's probably not much of an exaggeration to state that most investors' eyes are "on the green." Marijuana is arguably the hottest investment idea of this generation, with global legal sales potentially growing to between $50 billion and $75 billion by 2029/2030, up from around $12 billion in 2018. Given that most cannabis sales are still tied up in the black market, there's ample opportunity for legalizations in the U.S. and around the world to push a steady stream of these illicit transactions into legal channels.
But within the cannabis industry lies perhaps the most exciting trend of all:the rise of cannabidiol(CBD).
Image source: Getty Images.
CBD is the nonpsychoactive cannabinoid best known for its perceived medical benefits -- and I say "perceived" because the only recognized benefit of CBD, according to the Food and Drug Administration (FDA), is its treatment of two rare forms of childhood-onset epilepsy via approved drug Epidiolex. It can be extracted from the cannabis plant or hemp plant, the latter of which tends to be the most cost-effective means of obtaining large quantities of CBD, since hemp is much easier to grow than cannabis.
Despite having few official conditions that it can treat, according to the FDA, this hasn't stopped CBD sales projections from going through the roof. The Brightfield Group projects that CBD sales in the U.S. could catapult from $591 million in 2018 to$22 billion by 2022, representing a compound annual growth rate of 147%. With CBD possibly comprising half or more of the total cannabinoid market in the U.S. in the years to come, it's become a hot target for cannabis stocks.
But what you might find interesting to learn is that it's not just U.S. companies engaged in this fast-paced CBD industry.Major Canadian growers(i.e., those with at least 100,000 kilos or more of peak production capacity, either individually or via a partnership or royalty interests) have begun piling into the U.S. hemp market.
Why, you ask? Well, for starters, CBD-rich derivative products, such as oils, edibles, sprays, infused beverages, and topicals, offer considerably higher margins than traditional dried cannabis. These derivative products are also the clear consumption choice of a new generation of cannabis users.
More important, entering the U.S. hemp market allows Canadian producers the opportunity to put processing infrastructure in place that could become critical if and when the U.S. federal government legalizes recreational marijuana. Since a legal U.S. pot market would absolutely dwarf Canada's in sales, the entrance into the U.S. is a means for growers to get a leg up on their competition.
Image source: Getty Images.
In recent months, nearly half (6) of Canada's 14 major growers have announced their entrance into the U.S. hemp market. Here's a brief rundown of their respective game plans.
Canopy Growth(NYSE: CGC)was the first high-profile Canadian company to really make its mark on the U.S. hemp market. First, it acquired Colorado-based intellectual property (IP) company ebbu in November. Ebbu has IP pertinent to growing cannabis and hemp that can be used in the development of high-margin derivative products, such as CBD-infused beverages. Canopy alsoearned a hemp processing license in New York Statein January that'll see it spend up to $150 million on constructing a processing facility in the Empire State.
Although a relative small fry in the market cap department,Village Farms International(NASDAQ: VFF)has major hemp-growing-and-processing ambitions. It already hastwo hemp joint venturesunder its belt that'll lead to 920 acres of hemp being planted in 2019. And it looks to benefit greatly from Texas officially signing HB 1325 into law, thereby legalizing hemp production containing less than 0.3% tetrahydrocannabinol (THC), the cannabinoid that gets users high. Village Farms has up to 5.7 million square feet of existing vegetable-growing greenhouse space in West Texas that can be retrofit for growing hemp should it choose to do so.
Rather than growing hemp,Tilray(NASDAQ: TLRY)made a splash earlier this year with thenearly $310 million acquisitionof hemp food manufacturer Manitoba Harvest, a company that sells its products to more than 16,000 stores throughout the U.S. and Canada. Aside from rolling out a host of CBD-infused extracts into the U.S. market, Tilray stands to benefit from Manitoba Harvest's well-established distribution network.
Image source: Getty Images.
Just weeks ago, Quebec-basedHEXO(NYSEMKT: HEXO)announced that it hadestablished a U.S. subsidiarythat would focus on entering the hemp market but offered few details at the time. Following its third-quarter operating results, we now know that HEXO plans to enter eight U.S. states with CBD products sometime in 2020. HEXO has actively been securing hemp supply deals in the U.S. and Canada to bolster its derivatives lineup.
in May,The Green Organic Dutchman(NASDAQOTH: TGODF), also known as TGOD, announced that it had partnered with privately held Califormulations to aid in the development, production, and coordination of TGOD-branded organic hemp-based beverages in the United States. This builds on The Green Organic Dutchman's announcement in 2018 that it would be devoting40,000 kilogram-equivalents of its annual outputin Canada to high-margin edibles and infused beverages.
Finally,CannTrust Holdings(NYSE: CTST)announced just this past week that it would be entering the U.S. hemp market via a 50-50 joint venture with Elk Grove Farming Company in California. The nonbinding letter of intent it signed is expected to provide access to more than 3,000 acres of farmland, with an initial hemp crop of 300 acres in 2020. CannTrust will be responsible for the offtake of the biomass produced by the joint venture and will play a key role in processing CBD and formulating products for sale.
Image source: Getty Images.
Although almost half of the major Canadian cannabis growers have entered the U.S. hemp market, this figure is expected to increase in the months to come.
Back in January,Aurora Cannabis' chief corporate officer, Cam Battley, toldBusiness Insiderin an interview that his company would unveil its CBD strategy to enter the U.S. market "over the next few months." As Canada's largest projected pot producer, it looks to be only a matter of time before Aurora makes the leap into the U.S. market via hemp.
Cronos Group, the third-largest marijuana stock by market cap, also has plans to dive headfirst into the U.S. hemp market. Already focused on derivative products, Cronos announced in early June that it plans to expand into the U.S. CBD market within the next year.
And then there'sOrganiGram Holdings, which also has plans to enter the U.S. CBD industry. OrganiGram's CEO Greg Engel confirmed to online media platformCheddarin May that his company's uplisting to theNasdaqshould help boost brand awareness, which the company will use to make its move into the U.S. markets in due time.
The U.S. CBD market is budding before our eyes, and investors shouldn't be surprised if more Canadian cannabis producers pile into the space in an attempt to bolster their margins and front-run a possible shift in marijuana policy at the federal level in the United States.
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Sean Williamsowns shares of CannTrust Holdings Inc. The Motley Fool recommends CannTrust Holdings Inc, HEXO., Nasdaq, and OrganiGram Holdings. The Motley Fool has adisclosure policy. |
US Justice Department & IRS Are in Hot Pursuit of Bitcoin Tax Evaders
ByCCN Markets: Thebitcoin pricerocketed past $10,000 for the first time since 2018, and crypto fans are celebrating. But they’re not the only ones noticing the budding cryptocurrency bull market.
The U.S. Department of Justice is ramping up criminal prosecutions of bitcoin tax evaders. In this effort, the DOJ is joining amass crackdown by the IRSto launch enforcement actions against crypto tax crimes.
In other words, bitcoin investors are now in the cross hairs of not one — but two — mammoth government agencies that each want a share of crypto-related capital gains.
Bitcoin investors are now on the radars of both the Department of Justice and the IRS. | Source: Pixabay
Read the full story on CCN.com. |
Politicians need to move fast as Facebook & Co move into finance - BIS
By Huw Jones and Tom Wilson LONDON, June 23 (Reuters) - Politicians need to quickly coordinate regulatory responses to new risks from technology companies like Facebook moving into finance, though banks won't be squeezed out anytime soon, the Bank for International Settlements (BIS) said on Sunday. The social media group's announcement last week that it wants to expand into payments and launch its own coin Libra has focused minds of regulators and central bankers, the BIS said. Such a move by Big Tech mixes extensive data on individuals with activities that could potentially undermine financial stability, the BIS said. It touches on competition, data privacy, markets and banking, all areas that have their own regulators that would need coordinating, Hyun Song Shin, economic adviser and head of research at the BIS, told reporters. "To make that coordination possible, I think there would need to be more of a concerted effort on the part of our political leaders to take that forward," Shin said. The Group of Seven economies is looking at Facebook's plans, but no single global authority has taken the lead role so far. Shin suggested it could be up to the Group of 20 economies (G20), a body that last year failed to muster consensus that went beyond gathering more information on cryptoassets. "The role of Big Tech in finance introduces very many new and very unfamiliar elements which pushes us to take a fresh look at some of the activities that international policymakers engage in," Shin said. "This is something that needs attention sooner rather than later." COURTESY MEETING Shin said the BIS, a forum for central banks based in Basel, Switzerland, had a "courtesy meeting" with the initiators of the Libra project ahead of its announcement, but knows no more than what the social media company has made public. He added that questions over what kind of regulation Libra would be subject to did not come up in the meeting, declining to give details of when it took place. Story continues Banks have so far faced external competition in payments from financial technology (fintech) firms, but many are relatively small and without the depth of data that the likes of Google, Alibaba, Amazon, Apple and eBay have to hand. On Sunday the BIS published a chapter on Big Tech in finance from its annual economic report. It looked at the sheer volume of data held by social media, search engines and ecommerce firms, putting them at an immediate advantage over fintech firms and banks. Their entry into finance could spark rapid change in financial services as the broad range of data on consumer behaviour and preferences paints a more detailed picture of a person's creditworthiness, the BIS said. Banks typically rely on credit scores. While Big Tech could mean financial services becoming available to people normally shut out of banking, it also raises potential data privacy and competition issues, Shin said. It was early days regarding the impact of Libra if it goes ahead. "We need to see much more before we can come to a judgment," Shin said. Regulators will need to decide how the activity of Facebook and others in finance fits into existing, regulated categories. The same activity should face the same regulation, the BIS paper said, though Shin added: "We should not rule out a new approach that fits better." But even the biggest forays by Big Tech into finance, such as in money-market funds in China, represent a tiny fraction of total banking deposits, the BIS said. "Banks are not in imminent danger of being squeezed out," Shin said. "It would not be right to be alarmist here as the banks still have a very big advantage." (Reporting by Huw Jones and Tom Wilson Editing by David Holmes) |
Uber Eats Won't Save Uber
Investors love to talk about Uber Eats, the fast-growing food-delivery wing ofUber Technologies(NYSE: UBER).
Indeed, the food-delivery business looks like a bright spot for a company that is coming off adisappointing initial public offering(IPO), faces decelerating revenue growth, and has struggled with brand-image problems in the past.
Uber bulls believe that the food-delivery business will become a substantial profit center, and that its rapid growth since the Uber Eats app launched in 2016 shows the power of optionality, or the company's potential to be much more than just a ridesharing company.
However, there are a number of problems with this argument. First, Uber Eats isn't as strong a business as certain numbers, like last year's 149% revenue growth, might make it appear. Second, the food-delivery segment will always be much smaller than its core ridesharing business. In order for the company to justify its $74.5 billion market cap and deliver growth, it needs to execute on ridesharing.
Image source: Uber.
Uber Eats revenue came in at $1.46 billion last year, and in the first quarter of 2019, the segment's revenue was $536 million, a 89% jump year over year. However, those numbers don't accurately reflect the real impact of the business's growth on Uber.
In terms of adjusted net revenue, a figure that subtracts excess driver incentives, or the additional payments Uber makes to the drivers to support retention and boost their income, growth is much slower. Adjusted net revenue from Uber Eats in the first quarter increased just 31% to $239 million, or less than half of the segment's unadjsuted revenue growth rate.
In the fourth quarter of 2018, Uber Eats' adjusted net revenue increase was even slower, at just 11.5%, even though unadjusted revenue doubled. In other words, the majority of what appears to be Uber Eats' skyrocketing revenue growth is really just money passing from the customer to the restaurant to the driver. It's never really in Uber's hands. Though Uber Eats' bookings are growing rapidly, its ability to keep any of that money is quickly diminishing.
Presumably, Uber is paying those excess incentives because the company believes it's in its best long-term interest to do so, but the need to keep paying them seems unlikely to go away.
Uber has been confronted with intensifying competition in recent quarters, especially from DoorDash, which surpassed Uber Eats in U.S. market share last October, according to data-analysis firmSecond Measure, and now has 29% share compared to 22% for Uber Eats.Grubhub(NYSE: GRUB), with a 32% share, remains the leader.
DoorDash's surge has come with the help ofSoftbank, the same investor that helped fuel Uber's growth. The industry is shaping up to be a battle royale for market share, with companies spending aggressively on advertising and incentives. That's a poor sign for profitability, as food delivery is essentially a commodity business.
Uber Eats made a smart move nailing down exclusive contracts with chains likeMcDonald'sandStarbucks, but now it seems like they won't pay off as much as expected -- McDonald's is renegotiating the deal as franchisees were unhappy with it. The fast-food giant may also end the exclusive arrangement with Uber Eats. Either way, the new terms are expected be more favorable to the fast-food chain as Uber needs it more than it needs Uber. In its prospectus, Uber also acknowledged that it sometimes loses money on delivery for the largest restaurant chains, understood to include McDonald's, because it charges them a lower service fee.
The upshot of the increasing competition and accelerating excess driver incentives is that Uber Eats isn't nearly as strong as a headline number of 149% revenue growth would indicate.
Investors also seem jazzed about the Uber Eats business because it efficiently builds off of the technology in Uber's ridesharing service, and taps into the same driver pool. Uber makes this argument in its prospectus, claiming that Eats helps boost drivers' earnings and complements their business during times like lunch and dinner when ridesharing isn't at peak.
However, demand for food delivery will always be minor compared to the ridesharing business. Uber itself estimates that the service addressable market for ridesharing is $2.5 trillion, triple that of food delivery at $795 billion. Innovations like autonomous vehicles would also dramatically change the economics of ridesharing and could therefore lead to a boom in the industry down the road. It's hard to envision a similar leap in food delivery -- the input costs of the ingredients and labor to prepare the orders will remain the same even if self-driving vehicles go mainstream.
Finally, considering Uber already commands a valuation in the range of $75 billion, it's unlikely that Uber Eats is going to significantly move the needle for the stock. Grubhub, the leader in U.S. food delivery, commands a market cap of just $6.5 billion. DoorDash, the fastest-growing food delivery app, was valued at $12.6 billion in its latest funding round last month.
Even if you attribute a similar valuation to Uber Eats, the vast majority of the company's valuation comes from the ridesharing business. So the success ofthatis ultimately going to determine the Uber's future, rather than side businesses like Eats and Freight, or futuristic ambitions likehelicopters, flying cars, or evenautonomous vehicles-- which could do more to hurt the company than help it by exposing it to greater competition.
Uber, thus far, hasn't demonstrated that it can succeed at multiple projects at once. Its autonomous-vehicle division hit a roadblock after a pedestrian fatality last year, and its reputation under former CEO Travis Kalanick for skirting local laws and fostering a frat-boy culture full of sexual harassment has damaged the brand, allowing rivalLyftto steadily grab market share.
That Uber's ridesharing business grew revenue by just 9% while the company lost more than $1 billion in its most recent quarter should be alarming. There's only one place for a no-growth, money-losing stock to go, and it's not up. The company needs to get its core ridesharing business in order if it's going to have any shot at long-term success.
Talking about Uber Eats may make investors feel better, but food delivery won't change the company's broken fundamentals.
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Billie Eilish wore a tank top in public
NEW YORK, NY - JUNE 18: Billie Eilish performs live on the Rooftop at Pier 17 on June 12, 2019 in New York City. (Photo by Steven Ferdman/Getty Images) It certainly didnt take long, but 17-year-old music star Billie Eilish is already getting objectified on the internet. The singer, whose album "When We All Fall Asleep, Where Do We Go?" headed to number one on the Billboard 200 chart back in April, was recently photographed wearing a white tank top under a baggy zip-up sweatshirt. That kicked off an onslaught of tweets commenting on the teens appearance, including one that said Billie Eilish is THICK. Billie Eilish is THICK pic.twitter.com/aNSGvJJYOA k (@PogbaEscobar) June 22, 2019 Soon after the tweet hit the internet, a backlash ensued in the singers defense. She wears baggy clothes all her career and then the one time she puts on a tank top yall jump on her immediately and over sexualize her lol yall need to back up shes literally 17 YEARS OLD, one user wrote . she wears baggy clothes all her career and then the one moment she puts on a tank top yall jump on her immediately and oversezualize her lol yall need to back up shes literally 17 YEARS OLD https://t.co/tNRyJYl8Th justine (@biticonjustine) June 23, 2019 She is an angel who needs to be protected, one Twitter user wrote . She literally said she chooses to wear baggy clothes so nobody can say shit about her body. the fact she even has to worry about that is sick, another added . billie eilish is not only 1) a minor (17) but also 2) wears baggy clothes so that she doesnt receive creepy comments like this about her body yet the One Day she wears a tank suddenly nothing else matters, another Twitter user responded . ppl are disappointing and gross. Those Twitter users are correct. The criticism of Eilishs appearance comes soon after she said she intentionally wears baggy clothing to avoid comments about the way she looks. Story continues I never want the world to know everything about me, Eilish recently said . I mean, thats why I wear big, baggy clothes. Nobody can have an opinion because they havent seen whats underneath, you know? Nobody can be like, Oh, shes slim-thick, shes not slim-thick, shes got a flat ass, shes got a fat ass. No one can say any of that, because they dont know. The idea of superstardom is uncomfortable for Eilish, who has called fame horrible. Its worth it because it lets me play shows and meet people, but fame itself is fdreadful, she previously told Marie Claire . Eilish built her success through the use of SoundCloud and YouTube. The singer was named one of the breakout music artists of 2018 by Yahoo Entertainment. Read more from Yahoo Lifestyle: 17-year-old sensation Billie Eilish smashes sales, streaming records with debut album Khloe Kardashian looks flawless at Mohegan Sun casino before an explosive episode of 'KUWTK' Bella Thorne says she taught herself to read and count Follow us on Instagram , Facebook , and Twitter for nonstop inspiration delivered fresh to your feed, every day. |
Everything new coming to Netflix this week, and everything leaving (week of June 23)
The single most exciting addition to the Netflix streaming service arrives this Wednesday. It’s not a new season of a popular series or an original movie with a stellar cast. I’m talking about Spider-Man: Into the Spider-Verse , and if you somehow missed it when it was in theaters last year, you should correct that as soon as possible. Spider-Verse is genuinely one of the best comic book movies ever made, animated or otherwise, and its arrival on Netflix is a welcome one. Once you’re done watching that a few times, there are several other standouts as well, including Dope season 3, a couple of seasons of Scare Tactics , and an intriguing animes called 7SEEDS . Related Stories: Netflix is finally testing an awesome new feature we've wanted for so long The final 'Stranger Things 3' trailer has us hyped for the new season This haptic feedback concept for the Netflix app is kind of brilliant Here is the complete list of the Netflix streaming arrivals and departures for the week of June 23rd, 2019: Arrivals Monday, June 24th Forest of Piano: Season 2 — NETFLIX ANIME Tuesday, June 25th Mike Epps: Only One Mike — NETFLIX ORIGINAL Wednesday, June 26th The Golem Spider-Man: Into the Spider-Verse The Zookeeper Thursday, June 27th Answer for Heaven — NETFLIX ORIGINAL Friday, June 28th 20th Century Women 7SEEDS — NETFLIX ANIME Dope: Season 3 — NETFLIX ORIGINAL Exhibit A — NETFLIX ORIGINAL Instant Hotel: Season 2 — NETFLIX ORIGINAL Motown Magic: Season 2 — NETFLIX FAMILY Paquita Salas: Season 3 — NETFLIX ORIGINAL The Chosen One — NETFLIX ORIGINAL Saturday, June 29th Scare Tactics: Seasons 4 & 5 Departures Monday, June 24th Disney’s Mulan 2 We’ll be back next week with another full slate of shows, movies, and specials coming and going from the streaming service. In the meantime, check out everything coming and going from Netflix in June . Story continues BGR Top Deals: 10 deals you don’t want to miss on Sunday: $8 wireless charger, $79 soundbar, AirPods 2 and iPad deals, more Meet the $40 wireless keyboard that never needs new batteries or to be charged Trending Right Now: NASA just set preliminary dates for its commercial crew launches, with SpaceX in the lead The ring around Uranus has a warm glow Netflix is finally testing an awesome new feature we’ve wanted for so long See the original version of this article on BGR.com |
Environmentalist who removed tonnes of plastic from beaches quits, saying we're "losing the battle"
An environmentalist who has dedicated years to cleaning beaches has announced he is quitting as the planet is losing the battle against plastic. - In Pictures An environmentalist who has dedicated years to cleaning beaches has announced he is quitting as the planet is losing the battle against plastic. Alan Cookson, 46, from the Welsh market town of Aberystwyth, claims to have cleaned more than 120 beaches and removed at least five tonnes of plastic from them. However Mr Cookson, who volunteers with the charity, Surfers Against Sewage (SAS), has said that he is giving up his fight because he fears it is too late to save the oceans from plastic pollution. The regional SAS representative for north Ceredigion told the BBC that it breaks his heart to step down after four years with the charity. "The reasons are many: we're losing, or we've lost," the father-of-three said. "When I started it was estimated that 8,000 tonnes of plastic entered the oceans every year and there was 5.5 trillion pieces of plastic polluting them. "Now, as I stop, the numbers are 10,000 tonnes a year and 50 trillion pieces already in there and unrecoverable." Mr Cookson added: "It breaks my heart to stop, but I have three children who have missed too many [weekends] with their dad because he was fighting something he thought we could beat." He criticised governments and big business for failing to tackle the issue and warned that the world's oceans are "dead, or soon will be" and also accused pressure groups of competing with each other, as opposed to collaborating. "In my four years I've seen Surfers Against Sewage, The Marine Conservation Society and Keep Wales Tidy compete for the same pools of money, replicate each other's campaigns and generally carve each other up rather than support each other, he said. "Each individual organisation is trying so hard to justify its own existence that they don't want to cross co-ordinate because it weakens its own existence." Surfers Against Sewage said it does not recognise Mr Cookson's assessment but welcomed his contribution to the "wider conversation". "We collaborate with many, many charities," its chief executive, Hugo Tagolm, said. "But no one in the charity sector thinks one homogenous charity is the way forward." The Marine Conservation Society added that it "prides itself on collaboration with other organisations and campaign groups" and Keep Wales Tidy said that partnership between charities is "essential to everything we do". |
2019 FIFA Women's World Cup: Spain brash in the face of mighty USWNT
REIMS, France — In the run-up to the United States Women’s World Cup knockout stage game Monday against Spain, defender Ali Krieger reiterated just how strong she believes her team (starters and backups) is. “We have the best team in the world, and the second-best team in the world,” Krieger said. When Spanish midfielder Virginia Torrecilla was informed by reporters of Krieger’s comment, she offered some spice of her own. “Who is Ali Krieger?” So at least we have that. The top-ranked United States maintaining its high opinion of itself — and with good reason. And an up-and-coming power such as Spain not caring at all what the Americans have done, in the distant or recent past. For Torrecilla’s benefit, she should know Krieger is a 2015 World Cup champion, part of a defense that recorded five shutouts back then and is working on three consecutive here. Torrecilla did play in that 2015 tournament, after all. Whatever. Neither one is terribly wrong for what they said. Whether Krieger is correct that the current U.S. side is so stacked that it could split into two 11-player squads and defeat the rest of the world is unprovable (also unlikely). It’s close enough, though, that Krieger should rightfully have full confidence in her teammates. “At every single position, we have multiple players who can get the job done,” Krieger said. “I think there is no specific starting 11. I think each and every one of us is capable of getting into the game and being a starter. I don’t know if I could say that from previous teams. I think you can look at each and every player and no one would blink an eye if they started the game and I think that, in itself, is pretty incredible to say.” Coach Jill Ellis (left) and the USWNT are brimming with confidence, just like their round of 16 opponent. (Associated Press) Torrecilla, however, shouldn’t really care. At 24, she represents a young Spanish team full of the first generation of women that the country truly took seriously — and that level of seriousness is increasing. Spain always should have been great at women’s soccer. That they weren’t is indictment on their own commitment to female athletes. Spain is coming, though. The way France and England and Germany have, and Italy is following. Pro leagues are forming. Youth academies are crossing gender lines. Money is pouring in. Just this week, Real Madrid said they were forming a women’s team. “You see it in Spain, you see it in Italy,” said U.S. coach Jill Ellis, herself a native of England. For Torrecilla and her teammates there is no advantage to playing nice with the Americans. If Krieger, 34, and others have led the way in telling the next generation of female athletes that they can be as bold and confident as male athletes, then why shouldn’t Torrecilla, a decade younger, do it? Story continues Krieger has to know this stuff is coming. All of the Americans must. You can’t walk around talking about how this may be the best team ever or how the reserves could beat everyone or scoring 13 goals in a game and not expect some blowback. They don't seem to care. Good for them. Spanish midfielder Virginia Torrecilla and her teammates don't seem to be afraid of the mighty USWNT. (Getty) The depth of talent on the U.S. team is, indeed, astounding. The problem for the Americans is only 11 can be on the field at once, only 14 can play in a game counting substitutes and it only takes one goal to lose (if that, since a nil-nil tie can go to penalty kicks). “I don’t think that is in any way a reflection outwardly,” Ellis said. “That is an internal feeling. So I don’t think it is a message to anyone else. The players feel good about this team and each other and where we are and where our level of play is. “There is confidence, but this team knows, everything is earned,” Ellis added. “I like that confidence because it speaks about the confidence a player has in the players around them, about the team. I don’t think it is a comment other than speaking about ourselves. I think it’s great.” No matter what she hopes, Ellis doesn’t get to tell the Spaniards what the message is. They’ll take it however they choose. Same for the French or English or anyone else who comes up against the uber-deep, uber-skilled and uber-confident Americans. It was always everything or bust for the USA. Anything less than the World Cup will be a disappointment to most, if not all, of the players. And there is no lack of pent-up emotion — Monday represents the first truly meaningful game ( no offense to the SheBelieves Cup ) since the U.S. was knocked out of the 2016 Olympic quarterfinals. So Krieger is building up her teammates. And Torrecilla is casting shade on her opponent and trying to knock them down a peg. Who will be right? Who will be wrong? Who is Ali Krieger? Everyone should find out on Monday. More from Yahoo Sports: Is this the best USWNT of all time? One player says yes Morgan, Ertz expected to play for U.S. against Spain LaVar Ball talks again, makes ’First Take’ drama worse Sources: UConn move to the Big East inevitable View comments |
Booker: Bidens segregationist remarks show a terrible lack of understanding
Photograph: Sean Rayford/Getty Images Joe Bidens comments about his past work with segregationists evoked a terrible power dynamic and showed a terrible lack of understanding, rival presidential contender Cory Booker said on Sunday. Related: Democrats look for that old debate magic but can anyone defeat Trump? At a New York fundraising event on Monday, Biden spoke about his work as a senator from Delaware with two racist Democrats, James Eastland of Mississippi and Herman E Talmadge of Georgia . He disagreed with them, he said, but worked with them and got things done
with some civility. Reportedly assuming an imitation southern drawl, he also said Eastland never called me boy, he always called me son. In a southern context, boy is a racist and demeaning form of address used by white people to black men. Booker, who is African American, led criticism of Bidens remarks and said the former vice-president should apologise. Biden retorted: Cory should apologise. He knows better. Theres not a racist bone in my body. Ive been involved in civil rights my whole career. Period. The former vice-president and the New Jersey senator spoke on Wednesday evening and both attended events hosted by African American Democrats in South Carolina this weekend, during which Biden told MSNBC host and civil rights leader Rev Al Sharpton his remarks had been taken out of context. Theres not a racist bone in my body. Ive been involved in civil rights my whole career. Period Joe Biden I do understand the consequence of the word boy, but it wasnt said in any of that context at all, Biden said. He did not apologise but said to the extent that anybody thought I meant something different, that is not what I intended. On Sunday, Booker told ABCs This Week: Ive said my piece. I have a lot of respect for Joe Biden and a gratitude towards him, and
I have to
be candid with him, to speak truth to power. He is a presidential nominee and to say something and again its not about working across the aisle, if anything Ive made that a hallmark of my time in the Senate to get big things done and legislation passed. Story continues This is about him evoking a terrible power dynamic that he showed a lack of understanding or insensitivity to by invoking this idea that he was called son by white segregationists who, yes, they see him, in him, their son. Booker said he did not understand Bidens claim to have been taken out of context, as he had listened to the full totality of what he was talking about and frankly I heard from many, many African Americans who found the comments hurtful. Look, we make mistakes, we sometimes tread upon issues that maybe we arent knowledgeable of. I dont think the vice-president should need this lesson but this was a time for him to be healing and to be helpful especially the time that he is looking to bring this party together and lead us in what is the most important election of our lifetime. I heard from many, many African Americans who found the comments hurtful Cory Booker And I was disappointed, Ive said my piece, we had a very constructive conversation, again I have a tremendous amount of respect and appreciation for the vice-president. Thats why again I felt it really important especially with our friends not to just sweep things under the rug but to be candid and straightforward with each other. On CBSs Face the Nation on Sunday another contender for the Democratic nomination, the Vermont senator Bernie Sanders, was given his own chance to be candid and straightforward. If your question is [do] I think Joe Biden is a racist? he asked. Absolutely not. No I dont. Not for a second. Joe is a friend of mine. I like Joe and I hope very much that this campaign will be about the real issues facing the American people and not, you know, ugly attacks. But he also said he thought Joe owes the country an apology
and that it is one thing to work with people in the Senate as you have to do, as every senator does, I do, with people who have fundamental disagreements with. Thats one thing. You do that. Thats your job. Cory Booker passes Joe Biden at Jim Clyburns World Famous Fish Fry in Columbia, South Carolina. Photograph: Leah Millis/Reuters But its another thing to kind of extol those relationships. You cannot be extolling people who really were part of a disgusting system that oppressed and terrorised millions of African Americans. Related: Biden stumbles over abortion rights while Warren receives cheers Attacks on Biden over his long record as a legislator including a stand in the 1970s against busing to end school segregation gaffes made in two presidential runs and behaviour towards women have been a feature of the run-up to the Democratic debates. In Miami this week Booker will take the stage in the first debate on Wednesday and Biden will be part of the second, on Thursday. Biden leads most polls of the 23-strong field from its ideological centre. The realclearpolitics.com national polling average puts him 16.9% clear of Sanders in second. The same average places Booker seventh on 2.3%, behind Elizabeth Warren in third, Pete Buttigieg, Kamala Harris and Beto ORourke. Harris also spoke to CBS on Sunday. Asked about Bidens remarks, the California senator said she was troubled by his praising and coddling individuals who made it their lifes work and built their reputation off of segregation of the races. Harris, whose mother was born in India and whose father came to the US from Jamaica, added: I would not be a member of the United States Senate if those men that he praised had their way. We cannot be ignorant of the history of race in this country. And certainly anyone who is a leader should not be. |
Arizona fire highlights challenges for energy storage
PHOENIX (AP) Arizona's largest electric company installed massive batteries near neighborhoods with a large number of solar panels, hoping to capture some of the energy from the afternoon sun to use after dark. Arizona Public Service has been an early adopter of battery storage technology seen as critical for the wider deployment of renewable energy and for a more resilient power grid. But an April fire and explosion at a massive battery west of Phoenix that sent eight firefighters and a police officer to the hospital highlighted the challenges and risks that can arise as utilities prepare for the exponential growth of the technology. With an investigation ongoing and no public word on the fire's cause, the incident is being closely watched by energy storage researchers and advocates. "This is getting attention, and I think everyone realizes that too many safety incidents ... will be detrimental going forward," said George Crabtree, director of the Joint Center for Energy Storage Research, a partnership of national laboratories, universities and companies funded by the U.S. Energy Department. "So I think it's being taken very seriously." APS has assembled a team of engineers, safety experts and first responders to work with the utility, battery-maker Fluence and others to carefully remove and inspect the 378 modules that comprise the McMicken battery system and figure out what happened. APS installed the 2 megawatt battery systems at a substation in Surprise, outside Phoenix, in 2017 and another near the Festival Ranch development in nearby Buckeye. They help the utility manage fluctuations from clouds or the setting sun in areas with a large number of rooftop solar panels. Those batteries are tiny in comparison to the 850 megawatts that APS has pledged to build by 2025. Energy storage, and batteries in particular, are projected to take off as renewable energy prices come down and states mandate a growing share of power must come from renewables like wind and solar, which are subject to the whims of Mother Nature. Story continues On the current electric grid, energy is used as it's generated; the supply and demand must match, or customers will face blackouts or power surges. At times, California produces so much solar energy that its utilities pay APS to take it off the grid. New solar farms are planned in Arizona and elsewhere in the West. Storing energy allows utilities to better manage peaks and valleys. "Absent battery storage, the whole value proposition of intermittent renewable energy makes no sense at all," said Donald Sadoway, a battery researcher at Massachusetts Institute of Technology and co-founder of battery storage company Ambri. "People just don't understand that the battery will do for electricity what refrigeration did to our food supply." Utilities can capture solar energy in the afternoon when power is cheap, and sell it in the evening when demand and prices rise. They also can replace the need for natural gas "peaker plants" that fire up to meet peak energy demand, or delay building expensive new transmission lines. California and Hawaii have set goals of eliminating fossil fuels from their energy grids in the coming decades, and many states are expanding mandates for a portion of energy to come from renewable sources. Nearly all of the utility-scale batteries now on the grid or in development are massive versions the same lithium ion technology that powers cellphones and laptops. If the batteries get too hot, a fire can start and trigger a phenomenon known as thermal runaway, in which the fire feeds on itself and is nearly impossible to stop until it consumes all the available fuel. Problems with lithium ion batteries have periodically triggered fears following outbreaks of spontaneous fires in Samsung phones, hoverboards and Boeing's 787 aircraft. "Anytime you store a lot of energy in a small space you've got to be very cognizant of the controls that you have to put in place so that energy doesn't get out when you don't want it to," said Jay Apt, co-director of Carnegie Mellon University's Electricity Industry Center. Researchers are working to educate firefighters on how to deal with battery fires. It was a topic of discussion at a conference this week of the National Fire Protection Association, which has developed an online training program for first responders, said Christian Dubay, the group's vice president and chief engineer. "When you face a unique hazard, you need to have awareness and training for that," Dubay said. The APS fire was the third involving a utility-scale battery. One was at an APS-owned battery in Flagstaff in 2012, and the other was in Hawaii. APS has shut down its two similar batteries while awaiting the investigation's results, but the utility is not slowing down its plans to deploy new massive batteries, said Alan Bunnell, a company spokesman. "We believe energy storage is vital to a clean energy future here in Arizona," Bunnell said. |
The best eyebrow product: Glossier Boy Brow review
Boy Brow (Photo: Glossier) As somebody with unruly eyebrows that refuse to be tamed — especially in the early-morning hours before work — I’ve put in a lot of effort into finding the perfect brow product. When I was younger, I decided that thin, over-plucked eyebrows were a cute look (I was very wrong), so brow shaping as adult has always been an issue, whether I’m using gel, liner or powder. Luckily, my brows are pretty full, but the ends are practically non-existent — and I could never perfectly produce a natural-yet-noticeably groomed look. With brow pencils, I would lose patience. With powders, I’d have smudges all throughout my face. And, with gel, I never found consistency I liked — who wants sticky eyebrows? Then, a few years ago I heard of a new beauty brand called Glossier. It was posted all over my social media feeds, but I figured that the photos, which showed beautifully crafted, natural brows, were just another company’s ploy to get me to buy a product. I thought there was no way I could recreate the beautiful brow look I saw. After all, I’m the furthest from makeup artist anyone could get. Luckily, my best friend took me to the Glossier showroom in New York City where I got to try out the brow product, which is a pomade, called Boy Brow. Like my routine at any makeup store, I crammed myself at a corner mirror and took to testing. The fluffy pomade was so simple and easy to use I didn’t even have to wait for a customer service rep to come by and help. I just twisted the top off and swiped some on. It wasn’t until that night when I was washing my face that I noticed how well my eyebrows still looked. The individual hairs were highlighted and aligned, but in a way that made my face look fresh and natural. And, there were no smudges at all. For someone who constantly wipes her eyes and face, this was a big deal. So, I gave in. I bought my first Glossier product (which, for first-time shoppers, is 10 percent off an entire online order). And I haven’t gone back. Story continues Whether I’m dressing up for a night out, or meeting friends for coffee, I don’t go anywhere without using Boy Brow. The gel just amplifies my look, and feeling confident in my eyebrows is something I don’t want to lose. Boy Brow comes in four shades: black, brown, blonde and clear. I’m not the only one obsessed. Check out some other customer reviews praising Boy Brow: “I am getting some grey in my brow and they need some taming but I hate the fake pasted look of most brow products I have tried. This is just right. Hides the gray, tames the wildness, looks natural and a bit sassy. So glad I found it.” “I used to not put that much emphasis on my eyebrows during my makeup routine, and then I tried this. It makes my eyebrows look so full and it has truly transformed how my face looked for the better. I now have dope eyebrows that frame my face beautifully thanks to Boy Brow. It's also extremely easy to apply—one swipe and my brows look perfect.” “I am an older lady (40), a product of the Gen X days. I'm post the 80s boomer face and pre the Instagram face. I've been using pencil and brown eyeshadow with an angled brush forever to take care of my brows. Spent much time and it still had an "unnatural" look. Boy Brow blows my mind. It takes about 1-2 minutes to apply and you've got flawless brows. My brows and pretty dark and furry. I had em threaded and use the brown (I was worried about coverage). Easy and matches.” “I have tried countless brow products (pomade, pencils, waxes, gels, etc) and this formula is the best, in my opinion. My brows look fuller and better, stay in place all day, and no one believes me when I say I'm wearing product!” “There's nothing that's not amazing about this. It does everything your eyebrows need at once and keeps them in shape for the whole day. I can't go anywhere without this and I've honestly saved so much money on not buying any other eyebrow products, simply because I don't need to anymore.” I think what makes this product so special is the ingredients and the application process. Boy Brow is made with an alcohol-free combination of beeswax, carnauba wax and other natural moisturizers and oils. So instead of clumping my brows, the product simply holds my hair in place without the sticky feeling of a gel. I’ve also noticed that there’s a natural sheen a layer of Boy Brow can produce. I love this subtle glow because it brightens my face and brings more attention to my fabulous brows. As for applying Boy Brow, it’s as simple as swiping lashes with mascara. I just stroke my brows upward with the small brush until I’m satisfied with the look. Sometimes I add on more layers if I’m doing a heavy-makeup look or going out for the night. Other times, I swipe once or twice and get out the door in under ten seconds. Either way, my brows always look great now. Boy Brow comes in four shades: black, brown, blonde and clear. My brows are dark brown, so I opted for the brown shade, which is a bit lighter than my hair. Some of the best advice on brows I’ve gotten from my sister ( who microblades and is a brow expert in her own right ) is to get product a shade lighter than your brows. This won’t bog down your natural color, but highlight it. At $16, it is a bit more than what I usually spend on makeup, but it’s so worth it. No other product makes my brows look so good, so easily. Glossier Boy Brow (Photo: Glossier) Shop it: Boy Brow, $16, Glossier.com The editors at Yahoo Lifestyle are committed to finding you the best products at the best prices. At times, we may receive a share from purchases made via links on this page. The reviews quoted above reflect the most recent versions at the time of publication. Read More from Yahoo Lifestyle: One of Amazon's most popular anti-aging Vitamin C serums is a 'game changer' Amazon shoppers say this sunscreen is 'a real game-changer' and 'worth every penny' — here's what a dermatologist thinks 10 great things you can get for dirt-cheap at Wayfair's crazy clearance sale—but only for three days Follow us on Instagram , Facebook , Twitter , and Pinterest for nonstop inspiration delivered fresh to your feed, every day. Want daily pop culture news delivered to your inbox? Sign up here for Yahoo’s newsletter. |
Dressbarn announces first round of closings set for June and July. Is yours on the list?
Whileall 650 Dressbarn storesare slated to close, the retailer has announced the first locations that it will shutter.
Twenty-five stores will close in June and three in July, according to the list posted onthe retailer's website.
The list of closures comes a month after Dressbarn and its parent company, Ascena Retail Group, announced the brand's "wind down."
"This decision was difficult, but necessary, as the Dressbarn chain has not been operating at an acceptable level of profitability in today's retail environment," said Steven Taylor, Dressbarn's chief financial officer, in a May 20 statement.
New Jersey-based Ascena's other brands include Ann Taylor, Lane Bryant, Catherines, Cacique and Justice. The company recently sold its Maurices brand.
Store closings 2019:CVS, Payless and Victoria's Secret are just some of the brands closing stores
Fred's store closings:Discount chain closing another 49 stores this summer, see the list
Dressbarn officials did not immediately respond to USA TODAY's request for comment about the closing process.
According tocustomer frequently asked questionson the Dressbarn website, there are no changes to Dressbarn's return, refund or gift-card policies. All Dressbarn stores are open along with the website for the time being.
California
• San Jose: Almaden Plaza, 5353 Almaden Expressway
Connecticut
• Southbury: Southbury Plaza, 100 Main St. North
• Mansfield: East Brook Mall, 95 Storrs Road
Florida
• Port St. Lucie: Landing at Tradition, 10748 SW Village Parkway
Indiana
• Indianapolis: Willow Lake East Shopping Center, 2670 Lake Circle Drive
• South Bend: Erskine Village, 1290 East Ireland Road
Kansas
• Wichita: Eastgate Shopping Center, 8143 E Kellogg Drive
Massachusetts:
• Springfield: Five Town Plaza, 354 A Cooley St.
Mississippi
• Diberville: Promenade Diberville, 3944 Promenade Parkway
Missouri
• Branson: Shoppes at Branson Hills, 1013 Branson Hills Parkway
Montana
• Billings: Rimrock Mall, 300 S 24th St.
New Jersey
• Atlantic City: Tanger Outlet at the Walk, 108 North Michigan Ave.
New York
• Glendale: Union Center, 89-89 Union Turnpike
• Watertown: Salmon Run Mall, 1300 Arsenal St.
North Carolina
• Monroe: Poplin Place Shopping Center, 3019 West Highway 74
• Concord: Afton Ridge Shopping Center, 6330 Bayfield Parkway
Ohio
• Hilliard: Market at Hilliard, 1888 Hilliard Rome Road
Oklahoma:
• Tulsa: Tulsa Hills Shopping Center, 7418 South Olympia Ave West
Oregon
• Seaside: Seaside Factory O/C, 1111 North Roosevelt Drive
Pennsylvania
• Johnstown: Richland Town Centre, 300 Town Centre Drive
South Carolina
• Florence: Florence Mall, 1945 West Palmetto Ave.
Tennessee
• Lebanon: Lebanon Premium Outlets, 270 Outlet Village Drive
Texas
• Texarkana: Central Mall, 3327 Mall Drive
Virginia
• Fairfax: Greenbriar Town Center, 13015 Lee Jackson Memorial Highway
• Williamsburg: Settlers Market at New Town, 5225 Settlers Market Blvd.
Arizona
• Goodyear: Palm Valley Pavilions West, 1400 N. Litchfield Road
Kentucky
• Simpsonville: Outlet Shoppes of Bluegrass, 1155 Buck Creek Road
New York
• Rochester: Panorama Plaza, 1601 Penfield Road
Follow USA TODAY reporter Kelly Tyko on Twitter:@KellyTyko
This article originally appeared on USA TODAY:Dressbarn announces first round of closings set for June and July. Is yours on the list? |
Microsoft bans its employees from using Slack, Google Docs, and more
Keeping your company's data safe can be tricky when your competitors are begging you to put all your conversations, projects, and hard work right into the palms of their hands.
To make sure its competitors aren't able to look behind its tightly drawn curtains, Microsoft has a list of online services that it forbids its workforce to use, according to areport from GeekWire. They're familiar names for most modern professionals: Slack, Google Docs, and Amazon Web Services (among others).
Despite the popularity of some of these services that allow for easy communication between employees and data storing and sharing, Microsoft wants to make sure everybody is keeping all their information in-house with its own programs. Actually, not even all of its own programs are safe, as theMicrosoft-owned GitHubis also off limits.Read more...
More aboutGoogle,Microsoft,Slack,Tech, andConsumer Tech |
CabbageTech Crypto Scheme Operator Pleads Guilty to Wire Fraud
46-year-oldNew Yorkresident Patrick McDonnell admitted to stealing funds obtained from his clients instead of investing them incryptocurrency, Bloombergreportson June 21.
Per the report, McDonnell — who calls himself the “coyote of Wall Street” — pleaded guilty to wirefraudon Friday in federal court in Brooklyn. He allegedly declared:
“I claimed to invest it in virtual currency and spent it on personal expenses.”
McDonnell attracted investors to his firm CabbageTech by claiming on social media to have traded over $50 million worth of bitcoin (BTC) for thousands of clients. Bloomberg reports that, instead of investing in the interest of his clients, McDonnell appropriated the funds for his own use and spent at least $194,000.
U.S. Attorney for the Eastern District of New York Richard P. Donoghueunsealeda nine-count indictment against McDonnell on March 26, the same day as his arrest. Donoghue stated in a press release:
“As alleged, the defendant defrauded investors by making false promises and sending them fraudulent balance statements, hiding the fact that he was stealing their money for his personal use.”
Per the terms of a plea agreement, McDonnell will reportedly serve between two and 2 1/2 years in prison. CabbageTech has been permanentlybarredfor fraud after theUnited StatesCommodities Futures Trading Commission (CFTC) won a court order in August of last year.
Earlier this month, the CTFClaunchedan enforcement action against a reportedly fraudulent $147 millionbitcoininvestment scheme. The commission claims thatUnited Kingdom-based Control-Finance Ltd defrauded more than 1,000 investors to launder at least 22,858 bitcoins.
• US Authorities Seek Extradition of Alleged Crypto Scammer
• Riviera Beach City Council Agrees to Pay $600,000 in BTC to Ransomware Attackers
• US CFTC Brings Action Against $147 Million Bitcoin Investment Scheme
• UK Financial Watchdog Blacklists Clones of Two Major Financial Firms |
Dan Loeb’s Third Point Is Bullish On Sony Corporation (SNE) – “A Strong Sony Letter”
On June 13,Third Pointpublished an investor letter in which it has reported about its recent investment inSony Corporation (NYSE:SNE).In the letter, the fund discussed why it thinks the company is undervalued, how it trades at about half of its real value, and offered some business ideas to help the company grow an reach its true value.
You can download a copy of the letter below, while we share the part of it that covers Third Point's suggestions on how to improve the company's business here:
"A Stronger Sony
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Copyright:wolterk / 123RF Stock Photo[/caption]
Sony Corporation is a world-renowned Japanese manufacturer of consumer electronics products, with a market cap of $64.26 billion. It is headquartered in Kōnan, Minato, Tokyo. Year-to-date, its stock gained 10.92%, and on June 21st it had a closing price of $53.24. Today (June 23rd) Macquarie upgraded its rating on the stock to 'Outperform' from 'Neutral'.
At the end of March 2019, among smart money investors followed by Insider Monkey, billionaire Mario Gabelli'sGAMCO Investorsheld the most valuable position in Sony Corporation worth $162.7 million, on the account of 3.85 million shares. On its heels was Jim Simons' Renaissance Technologies, which held 3.14 million shares outstanding, with a value of $132.59 million. Other bullish investors with positions worth mentioning, besides Dan Loeb's Third Point, included Eric W. Mandelblatt's Soroban Capital Partners, Seth Fischer's Oasis Management, and D. E. Shaw's D E Shaw.
Download a copy of Third Point's "A Stronger Sony Letter" here:
A Stronger Sony LetterYou can also see the list of our 2019 Q1 investor letters and download themon this page. Disclosure:None.This article is originally published atInsider Monkey. |
Trump Claims Administration Doing 'Fantastic Job' Housing Migrant Kids At Border
President Donald Trump claimed his administration is doing a “fantastic job” at the country’s southern border days after a Justice Department lawyer argued against providing detained migrant children with toothbrushes or beds. NBC’s Chuck Todd discussed the horrifying conditions at some of the immigrant detainment facilities in the U.S. during an interview with the president that aired Sunday on “Meet the Press.” “I want to ask what’s going down with the ... children in these migrant camps,” Todd said. “The stories are horrible, Mr. President. You have children without their parents. You have kids taking care of kids.” In response, Trump falsely suggested President Barack Obama enforced a similar family separation policy during his time in office. “This has been happening long before I got there,” the president said. “What we’ve done is we’ve ... ended separation. You know, under President Obama you had separation. I was the one that ended it.” WATCH: Trump says administration doing a "fantastic job' on the border. Chuck Todd: “Why let the political debate hurt these children?” President Trump: “If the Democrats would change the asylum laws ... everything would be solved immediately. But they refuse” pic.twitter.com/fU1EeDbQW0 — Meet the Press (@MeetThePress) June 23, 2019 In reality, the Obama administration rarely separated families at the border. The Trump administration, however, implemented in April 2018 a “zero-tolerance policy” that systematically separated children from parents who illegally crossed into the U.S. from Mexico. A federal judge ruled the process was unconstitutional in June 2018 and ordered the government to reunite the families. Days later, Trump signed an executive order to end the “zero-tolerance policy.” But his administration has continued to separate hundreds of migrant kids from their family members because of questionable claims of danger, the Houston Chronicle reported Saturday. Story continues Todd on Sunday failed to push back on Trump’s false statements about Obama’s policy, instead jumping directly into what migrant kids are enduring in the detention centers today. “You’re not even schooling these kids anymore. You’ve gotten rid of all that stuff,” said Todd, adding that it appeared as though the children were being held “hostage.” The Office of Refugee Resettlement, part of the Department of Health and Human Services, said earlier this month that the Trump administration had abruptly announced a dramatic cut in aid to detention centers that house migrant children. Because of the budget cut, the minor detainees ― many of whom arrived in the U.S. unaccompanied by their parents ― will no longer have access to recess, education or legal services. But Trump suggested his administration is doing the best it can. “We’re doing a fantastic job under the circumstances,” the president told NBC News before accusing Democrats of “holding up the humanitarian aid.” Sarah Fabian, a Justice Department attorney, argued in court last week that the federal government should not be required to provide soap, toothbrushes or beds to detained children apprehended at the U.S.-Mexico border. Attorneys for the detained children contend the government is not following the requirements of a 1997 settlement agreement in the case of Jenny Flores that requires detained migrant minors to be housed in “safe and sanitary conditions.” Fabian suggested forcing children to sleep on cold concrete floors in cells is both “safe and sanitary” during her argument Tuesday before the U.S. Court of Appeals for the 9th Circuit. The three-judge appellate panel that presided over the hearing appeared stunned by Fabian’s statement. “I find it inconceivable that the government would say that that is safe and sanitary,” Judge William Fletcher told her. Asked Sunday whether he believes toothbrushes and blankets should be given to migrants kids, Vice President Mike Pence told CNN’s Jake Tapper “of course” and that he “can’t speak” to what Fabian was saying. “Look, I’ve been down there,” Pence said on “State of the Union” Sunday. “Our customs and border protection personnel are dedicated men and women. They are doing their absolute level best every day.” CNN’s Jake Tapper grills Vice President Pence on conditions at migrant detention centers, asking if children there should have toothbrushes, blankets and medicines. “Of course,” says Pence. pic.twitter.com/VVOmCngiqY — State of the Union (@CNNSotu) June 23, 2019 Related Coverage Dangerous Situation Unfolding For Kids At Texas Border Detention Site, Lawyers Say Justice Department Argues Against Providing Soap, Toothbrushes, Beds To Detained Kids Migrant Children Describe Neglect, Mistreatment At Texas Border Facility Also on HuffPost Love HuffPost? Become a founding member of HuffPost Plus today. This article originally appeared on HuffPost . |
South Florida city agrees to pay hackers 65 bitcoin
A city in Florida has decided to pay-out nearly $600,000 worth of bitcoin to hackers who jeopardized its computer systems at the end of May, according to a report by The New York Times.
Riviera Beach, a 35,000-person city north of West Palm Beach, agreed during a city council meeting Monday to pay the hackers to restore its computer networks, which were crippled by an email virus. It is the latest type of extortion of a municipality, which typically rely on out-dated technology, according to the report.
“The complexity and severity of these ransomware attacks just continues to increase,” Jason Rebholz, a principal for Moxfive, told The New York Times. As per the report, Rebholz says hackers are increasingly targeting municipalities.
“The sophistication of these threat actors is increasing faster than many organizations and cities are able to keep pace with.”
Atlanta, Newark, and Sarasota are among the other cities that have recently been hit by such schemes, according toCBS News. |
Nationals release struggling reliever Trevor Rosenthal
WASHINGTON (AP) — The Washington Nationals finally ran out of patience waiting for Trevor Rosenthal to throw strikes following his return from Tommy John surgery. Rosenthal was released by the Nationals on Sunday, less than 24 hours after the 29-year-old reliever walked all three batters he faced in a 13-9 loss to Atlanta. After undergoing elbow ligament replacement surgery in 2017, Rosenthal sat out last season before signing as a free agent with Washington in November. The Nationals were hopeful he would pitch as he did in 2014 and 2015 with St. Louis, when he totaled 93 saves. Instead, Rosenthal went 0-1 with an unsightly 22.74 ERA. He issued 15 walks and allowed 16 earned runs in 6 1/3 innings. "He's got great stuff," Nationals manager Dave Martinez said. "He just couldn't find the strike zone." Rosenthal retired the only batter he faced Friday night before bottoming out Saturday night. "I was very hopeful he had turned a corner," Martinez said. "We're up four runs (on Saturday), we're down a couple guys, and to me, that was his spot. It just didn't work out." The third-place Nationals are trying to make a run in the NL East, and couldn't afford to wait for Rosenthal to return to form. "Trevor's an unbelievable person," Martinez said. "At this point in time, he put the work in, we put the work in trying to get him right, and it just didn't work out. It was time for us to move on." Rosenthal's release coincided with the recall of right-hander Austin Voth from Double-A Harrisburg. Voth was slated to start Sunday against first-place Atlanta in the finale of a three-game set. Washington also recalled righty Kyle McGowin from Triple-A Fresno and optioned right-hander Joe Ross to the same minor league club. ___ More AP MLB: https://apnews.com/MLB and https://twitter.com/AP_Sports |
Pompeo says to travel to Saudi Arabia, UAE, repeats offer for talks with Iran
WASHINGTON, June 23 (Reuters) - U.S. Secretary of State Mike Pompeo announced on Sunday he will travel to Saudi Arabia and United Arab Emirates for talks, and repeated his offer for negotiations with Iran "with no preconditions" to de-escalate tensions.
"We're prepared to negotiate with no preconditions. They know precisely where to find us," Pompeo told reporters before boarding his plane. "I am confident that at the very moment they are ready to engage with us we will be able to begin these conversations." (Reporting by Lesley Wroughton Editing by Phil Berlowitz) |
Priyanka Chopra Steps Out With the Ultimate Summer Carry-All
For the past few months, Christian Dior’s monogrammed tote bag has been having a major moment. It’s been repeatedly spotted on the arms of celebrities, especially at the airport—its roomy shape makes for the perfect travel companion. Water bottle, book, eye mask—it fits it all. Rihanna and Bella Hadid are among the A-listers who have carted the designer piece around, their bags even customized with their names. Now, Priyanka Chopra is the latest star to take it to the streets. Priyanka Chopra and Nick Jonas return to their hotel after a shopping trip Photo: Backgrid Chopra, who is currently in Paris, France with husband Nick Jonas, was seen out shopping with the status carry-all at her side earlier today. The bag says I’m here and ready to spend . She wore it with a plunging V-neck jumpsuit, accentuated by a tasteful gold necklace, and white patent ankle boots, while large aviators gave her that superstar finish. Though the tote has been summer’s undeniable breakout star, it’s been, until now, largely reserved for travel purposes. Chopra is bringing it to the next level, treating it as an everyday staple. Doesn’t get more glam than that. See the videos. Originally Appeared on Vogue View comments |
England vs Cameroon result: Lionesses into Women's World Cup quarter-finals as VAR takes centre stage again
England reached the quarter-finals of the Women's World Cup with a comfortable, if at times controversial and bizarre, victory against Cameroon. Goals early and late in the first half from captain Steph Houghton and forward Ellen White put England on their way, before Alex Greenwood swept home a neat third, but the result was barely half the story. Cameroon looked like they would refuse to play on when Whites disallowed goal was overturned, with Cameroon players frantically pointing to the replays on the big screen, seemingly suggesting Nikita Parris was offside but the winger wasnt interfering with play. The game descended further into a farce almost as soon as the game restarted when Ajara Nchout had a goal overturned because captain Gabrielle Onguene was ruled to be a fraction offside before crossing the ball. Phil Neville made just three changes from the victory against Japan. Alex Greenwood, Nikita Parris and Fran Kirby returning in place of Demi Stokes, Georgia Stanway and Rachel Daly. Almost 45 minutes before the controversy kicked in, though it like a lifetime, Englands own captain had fired the Lionesses ahead after 15 minutes in what was another controversial decision. Augustine Ejangues mis-controlled touch from a cross was adjudged to be a deliberate back pass when Annette Ngo Ndom picked the ball up, but Houghton picked herself up to smash home an indirect free-kick, opening Englands knockout stages account as she had done four years previous against next opponents Norway. Despite their early lead, England struggled to make their advantage count in hot and humid conditions in Valenciennes, their opponents showing plenty of energy in getting forward but lacked an end product. It took until the four minutes of added time in the first half for England to double their lead. Lucy Bronzes dinked ball through the middle found White and it was a familiar sweeping left-footed finish which has become so customary for the striker during the tournament. Story continues The goal was initially ruled out but as replays showed White was onside, Cameroons players were furious as they believed Parris, who was standing in an offside position, was enough to get the goal disallowed and it appeared as though they were ready to walk off the pitch before the break. When the game restarted, more controversy soon followed. Trying to recover from an offside position, captain Onguene crossed for Nchout to fire home emphatically and for a brief few seconds it appeared the Valenciennes crowd was in for a close second half. Houghton opened the scoring (Getty Images) But after yet another VAR check, Onguene was adjudged to be marginally offside and referee Liang Qin ruled out the goal, sparking chaotic scenes. Several Cameroon players were visibly in tears on the pitch while others looked like they wanted to walk as England resumed play with a free-kick. VAR has been the source of plenty of controversy throughout the World Cup so far, but never more so than on what had become an almost farcical evening near the Belgian border. To their credit, Cameroon kept pushing and looked to react better to the circumstances than Nevilles side. Substitute Alexandra Takounda almost had an instant impact when she pounced on Alex Greenwoods poor back pass, but fired straight at Karen Bardsley. Nchout soon fired over from inside the box as England for a short period looked to be crumbling under the bizarre circumstances, but the game was wrapped up with a simple, yet superb, finish from Manchester United captain Alex Greenwood. The Cameroon players refused to kick-off after White's goal was allowed (PA) Duggans corner was whipped in low and Greenwood fired home with one swift flick of her left foot to confirm Englands place in the quarter-finals, where they will now face Norway in Le Havre. There was another VAR check with just over ten minutes to go when Kirby went down under a challenge, but after Liang Qin reviewed it she decided to stand by her original decision, probably to the relief of most within the ground. Amidst the chaos, Lucy Staniforth and Leah Williamson were given her major tournament debut for the final ten minutes, the former in place of Jill Scott who with her 18th World Cup appearance overtook Peter Shilton as Englands most-capped player in the event. Another substitute, this time Jodie Taylor, came close to a fourth when she played through on goal, but defender Estelle Johnson did enough to get back in time and clear the ball away for a corner. Greenwood added the third to seal the win (REUTERS) As Cameroons players looked despondent on the bench as their tournament came to an end, their fans ironically chanted penalty in the stands, there was one last bit of controversy as captain Steph Houghton went down under a heavy challenge from Takounda, but another VAR check yielded just a yellow card. For England, they return to Le Havre with all eyes on progression to a third consecutive major tournament semi-final, but a tricky Norway side will give Neville plenty to think about after an evening where Cameroon could easily have scored at least one against England's defence. |
H&M's new diversity chief designs a more inclusive future
NEW YORK (AP) — H&M is set to kick off a series of workshops and training this fall for thousands of its employees at its more than 500 North American stores aimed at addressing unconscious bias. The moves are the first of their kind for the fast-fashion chain and come after it faced international backlash early last year when a black child model wearing a "monkey in the jungle" T-shirt was featured on its website in United Kingdom. Since the uproar, H&M has hired Nigerian-born Ezinne Kwubiri, the first to hold the position as H&M head of inclusion and diversity for North America, its largest market. Kwubiri, a former Viacom executive who joined last October, reports directly to H&M's new North American president, Martino Pessina. She works with Annie Wu, who is based at the company headquarters in Stockholm and was named global head of diversity and inclusiveness of H&M early last year. Kwubiri is developing a comprehensive inclusion, diversity and cultural plan that includes training for all 17,000 U.S. workers, including new employees during their orientation. Training has already been completed for the management, regional and district teams. H&M has turned to consulting firms like Accenture to help develop the workshops. The moves come as other companies including Gucci and Prada are pledging to combat racism in the fashion business after a series of missteps. Kwubiri recently spoke with The Associated Press about her new role at H&M and the challenges for the fashion giant, which has more than 4,000 stores globally. The conversation has been edited for clarity and length. Q. What are the biggest challenges with this job? A. We are represented in 71 markets so there is a lot of moving pieces that comes with it. Just thinking about how we are providing benefits to our staff... how we're engaging with them and also how we're being represented in the communities. Q. Are you trying to increase the diversity of the design team? Story continues A. There's no perfect definition of diversity. I think we're still working towards that. Q. H&M never had unconscious bias training until now. How would you define unconscious bias? A. It's an attitude and it's a behavior that you may have based off an experience you've had in your past and how you've grown up. We want to be able to be considerate of the different diverse experiences. Q. How do you measure the effectiveness of unconscious bias training? A. That's something that we are always trying to figure out. We do pulse surveys. It's to evaluate the climate of the workspace. We revised them to include more questions specific to biases, sense of belonging, diversity. It's yearly. We are looking to have it twice a year. It's not going to be perfect. We did host a few focus groups. I plan to do a second portion in the next couple of months. We would have the focus groups every six months. We are not going to get a perfect answer, but it will be interesting to see if it is resonating to the people that we're providing these programs and activities and training for. Q. What are some of the controls you added to avoid another fashion or advertising blunder? A. Things are being done with more intention. So if we had prints, we would be sharing that print design with multiple people across the entire organization, not just one location, so people from India, people from the U.S., people from South Africa, Sweden etc. We're just saying, 'give me your instant feedback on this.' So we are not holding it to a small group to say 'yes' or 'no.' We are really opening it to a diverse group. Q. Are you afraid that companies' efforts are just a fad? A. We're definitely committed and don't think this is a one-off. I think that our situation was heightened because of the sweater incident but it's always been part of the brand. I think now we are just doing it in a more intentional manner. _____ Follow Anne D'Innocenzio: http://twitter.com/ADInnocenzio |
Microsoft and Ethereum Foundation Swell the Hyperledger Ranks Amid Growing Cross-Industry Blockchain Collaboration
United Statestech giant Microsoft and theEthereumFoundation are among the latest companies tojointhe ranks of theHyperledgergreenhouse hosted by theLinux Foundation. Many notable names in the tech and wider business fields today are developing enterprise-grade solutions based on the expanding set of tools built on Hyperledger.
These institutionalblockchainprojects cut across both financial and nonfinancial distributed ledger technology (DLT) utilization. Presently, there are pilot projects geared toward identification systems,supply chainmanagement (SCM) and provenance, to mention a few.
On the whole, members of Hyperledger appear to be at the forefront of a renaissance in open-source project development, facilitating a more decentralized approach to project building. Such a trend evinces a return to a more decentralized internet with blockchain technology living up to the hype of being a disruptor of the global business process.
There are, however, some drawbacks to the emerging open-source project building trend, especially for startups that have yet to earn significant pedigree within the industry. Also, while DLT constitutes a technological breakthrough, kinks such as scaling need to be worked out before DLT-based systems can realistically upstage their mainstream centralized counterparts.
Microsoft,Salesforceand the Ethereum Foundation are among eight new members of Hyperledger, as announced on June 18. These companies already have a history of blockchain adoption, with several DLT-based projects across diverse business processes.
There are now more than 270 members of Hyperledger developing their own enterprise-grade blockchain solutions. Commenting on the collaboration with Hyperledger, Marley Gray, Microsoft’s principal blockchain engineering architect,declared:
“Our journey in the blockchain ecosystem has brought us a long way, and now is the time for us to join the Hyperledger community. We are proud of our contributions to such a diverse blockchain ecosystem, from our Azure service offerings and developer toolkits to our leadership in driving open specifications.”
Microsoft is by no means a new entrant to the blockchain arena, with the company already developing an ecosystem for blockchain as a service (BaaS) on theAzurecloud computing service.
In the BaaS arena, Azure competes with other offerings by the likes of Oracle and AWS. These platforms allow businesses to create bespoke DLT-frameworks to fit their operating purposes without having to navigate the skill, knowledge and cost barriers associated with building decentralized apps (DApps) from scratch.
Related:Decentralized Identity: How Microsoft (and Others) Plan to Empower Users to Own and Control Personal Data
Teams working on the Azure BaaS infrastructure get access to preconfigured modular networks that simplify the process from conception to deployment of their DLT-based solutions. By joining Hyperledger, Microsoft Azure now offers three different enterprise blockchain development environments, with the other two being Corda and Ethereum.
The Ethereum Foundation joins the Ethereum Enterprise Alliance (EEA) as a partner of Hyperledger. For Hyperledger CEO Brian Behlendorf, the decision of the Ethereum Foundation to join the expanding Hyperledger enterprise blockchain greenhouse will be apositive onefor blockchain developers in the industry.
Datafrom StateOfTheDApps — a platform that tracks decentralized apps — shows that Ethereum hosts the highest number of DApps. Of the total 2,667 DApps tracked by the platform, 2,505 run on the Ethereum blockchain.
Apart from the newly announced members, others include notable tech giants likeIBMand Oracle. IBM, Walmart and Alibaba are among the companies with a significantly high number of blockchain-based patents, which is indicative of their activity in research and development (R&D) efforts in DLT-related enterprises.
Hyperledger, for its part, is a collaboration between enterprises and the open-source community facilitated by the Linux Foundation. The Hyperledger greenhouse acts as a bridge that connectsdevelopers, nonprofit organizations, academia and all other stakeholders interested in developing and implementing enterprise-grade blockchain technology solutions.
Cointelegraph spoke with Marta Piekarska, director of the Hyperledger ecosystem at the Linux Foundation, about how the partnership works. According to Piekarska, Hyperledger doesn’t develop code or provide consulting services. Explaining further, Piekarska said:
“We support them in terms of PR and marketing for their projects. Not all of the developers creating solutions using Hyperledger tools are members of Hyperledger. You don’t have to be a Hyperledger member to use our technology, participate in our special interest groups, or to download and use the code. There is no technological barrier to using Hyperledger frameworks and tools.”
There are numerous projects around the world based on specific Hyperledger frameworks, such asHyperledger Fabricand Hyperledger Iroha, to mention a few. Back in May 2019, Cointelegraphreportedon the partnership between Iran’s central bank and Tehran-based blockchain firm Areatak to create a DLT platform for the country’s banking and finance markets using Hyperledger Fabric. According to the report, the Borna blockchain platform, when fully realized, should help revamp Iran’s outdated banking sector.
Matt Milligan of Milligan Partners — a blockchain-based startup focusing on toll interoperability and one of the newest members of Hyperledger — highlighted the benefits of joining a vast collaborative effort like Hyperledger. Milligan, the managing partner at the company,said:
“Joining Hyperledger is tremendously valuable to us as we develop blockchain solutions for Mobility as a Service. By working in this diverse open source community, we can be more creative and more innovative than we could ever be on our own.”
The fact that Hyperledger is open-source, means developers can learn from one another, trading ideas in an environment increasingly being populated by teams working on cutting-edge DLT protocols. This collaboration serves to achieve Hyperledger’s aim of fostering cross-industry blockchain development.
By so doing, stakeholders at Hyperledger are hoping that blockchain technology can move away from the realm of being a marketing buzzword to more tangible utility cases. In an interview during theBrainstorm 2019 conferenceorganized by Fortune, Ripple CEO Brad Garlinghouse drew attention to the existence of too many economically inviable projects with the term “blockchain” slapped on them. According to Garlinghouse, “There is a lot of noise in the blockchain industry.”
Apart from financial products, many of the blockchain protocols being built using Hyperledger tools involve nonfinancial use cases. This trend reinforces the narrative that DLT is a disruptive technology capable of affecting several facets of the global business process.
From a nonfinancial perspective, blockchain technology seems to be getting a great deal of adoption in protocols that requiretrust networks and provenance. Together, these two broad application cases cover much of the mainstream business arena — from SCM to health care and identity management.
Cointelegraph asked Piekarska about the major nonfinancial enterprise blockchain solutions being developed using the different Hyperledger framework tools, to which the director responded:
“There are quite a few markets that we are seeing as very big and potential markets. We are currently seeing a lot of interest in blockchain technology from stakeholders in supply chain management. We have the food trust project for IBM and Maersk. We have Everledger which is a blockchain project based on Hyperledger Fabric to track the provenance of diamonds and now also wine. There are at least 200 live networks based on Hyperledger Fabric alone. Digital identity is another space where we see a lot of interest. This is mostly as a result of Hyperledger Indy which is our framework for building digital identity solutions using zero-knowledge proofs. One of the main contributors here is Sovereign Foundation. They have the largest running network that is based on Hyperledger Indy.”
The combination of immutable data record-keeping and the ability to create trustless networks that do not require expensive third-party authenticators continues to be a pivotal aspect of the blockchain appeal. However, these projects still need toscalefor them to be able to provide robust functionality on enterprise-level protocols.
Blockchain technology also seems to be having a material impact on open-source project development for both notable tech firms and smaller startups. According to Piekarska, there has been a noticeable increase in the number of projects listed on GitHub since the emergence of blockchain technology.
It isn’t inconceivable to imagine that DLT is creating easier avenues for open-source collaboration among development teams across the globe. Piekarska said:
“I think the coming of blockchain has caused a renaissance in open source project development especially for enterprise-grade software. It is changing the way enterprises see open-source project development which is reflected in the influx of notable tech giants like IBM and Microsoft into the Hyperledger environment. All projects in Hyperledger are under Apache license. It also lowers the barriers for small companies that can now take the code and build useful protocols.”
• IBM Announces New Multicloud Update to Blockchain
• Hyperledger Gains Microsoft and Ethereum Foundation Among Raft of New Members
• Future for State-Backed Brazilian Token Issuance Unclear as Bank Sees Leadership Reshuffle
• A Blockchain System for Azerbaijan’s Digital Economy |
Dog the Bounty Hunter’s Wife Beth Chapman in Medically Induced Coma
Reality star Beth Chapman is in a medically induced coma, Duane Chapman has confirmed on Twitter . Duane Chapman, also known as Dog the Bounty Hunter , shared the news Sunday by linking to a Hawaii news article, which shared the details of Beth Chapman’s hospital admittance. According to the article , she was admitted to the ICU at the Queen’s Medical Center in Honolulu. Related stories Dog the Bounty Hunter Gets New Show on WGN America Family: Beth Chapman of bounty hunting fame in medically-induced coma at Queen’s https://t.co/XwKFvm4Gug — Duane Dog Chapman (@DogBountyHunter) June 23, 2019 Duane Chapman also tweeted out to friends and family, asking then to pray for his wife. “Please say your prayers for Beth right now thank you love you,” he wrote. Please say your prayers for Beth right now thank you love you — Duane Dog Chapman (@DogBountyHunter) June 23, 2019 Previously, Chapman underwent a successful surgery for throat cancer in 2017 before doctors announced that her throat cancer had returned last year. She was then forced to undergo an emergency surgery in November after a blockage appeared in her throat. The Chapman family is best known for their hit A&E show “ Dog the Bounty Hunter ,” which followed their Hawaii bounty hunting and bail bonds business and ran from 2004 to 2012. The couple then starred in a spinoff titled “Dog and Beth: On the Hunt,” which aired on CMT from 2013 to 2015. Earlier in the month, the Chapmans had also announced a new show “Dog’s Most Wanted” that would soon be arriving at WGN America. Together, the pair also have 12 children and have spent more than 30 years in the bail bond industry. Sign up for Variety’s Newsletter . For the latest news, follow us on Facebook , Twitter , and Instagram . View comments |
Country Time offers to pay fines for kids operating unlicensed lemonade stands
Unlicensedlemonade standsare legal in only 14 states — who knew?
So if you had plans to help your young entrepreneur set up their first business this summer outside of California, Colorado, Connecticut, Nevada, North Dakota, New York, Nebraska, Missouri, Illinois, Louisiana, Rhode Island or Vermont, you could face legal trouble.
The lemonade mix company Country Time says it's stepping in to help. On Friday, the company launched an initiative to cover any fees you get from not having a permit.
Called Country Time Legal-Ade, the company vows to help kids keep their lemonade stands open for business this summer by giving parents an option to apply for reimbursement. To apply, you have to upload a picture of your kid's permit or fine with a note detailing what your kid's lemonade stand means to them.
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The Country Time Legal-Ade website says its services are available to residents of the United States who are the parent or legal guardian of a child younger than 14 years old operating a stand.
If the fine complies with Country Time's list of terms, you will receive the exact amount to cover the permit or fine up to $300. Country Time's website has been updated with a map to show residents exactly where they're legally allowed to set up shop.
Along with covering fines, the company is also encouraging political activism, by urging parents to contact state representatives to lobby for the laws to be appealed. Country Time is offering downloadable yard signs to rally for the cause.
Follow Dalvin Brown on Twitter:@Dalvin_Brown.
This article originally appeared on USA TODAY:Country Time offers to pay fines for kids operating unlicensed lemonade stands |
Trade Bitcoin? Here's Why You Absolutely Need to Also Buy Gold
ByCCN Markets: Trading bitcoin comes with an extremely high degree of risk because of its volatility.
Other thantechnical analysis, which can assist in finding buy and sell points, crypto traders are beholden to the whims of other traders.
This is particularly true forbitcoinbecause its valueisn’t tied to any asset, which would give it some framework for intrinsic value.
Traders are making decisions based on what they think someone else believes bitcoin to be worth in a specific moment, which is in turn based on that person’s beliefs about other people’s psychology.
Read the full story on CCN.com. |
How will the Philidelphia oil refinery fire affect gas prices?
A fire and explosions at anoil refinery in Philadelphiasent shockwaves through neighboring towns on the first day of summer, a rocky start to the busiest travel season for motorists.
No deaths or injuries were reported at the Philadelphia Energy Solutions Refining Complex, the East Coast's largest refinery, where the blasts originated. However, the fire raised questions about how much drivers in the region will have to pay for gas.
The 150-year-old refinery processes hundreds of thousands of barrels of crude oil daily that turns into gasoline.
While it's still too soon to know the exact impact on future gas availability, experts say communities close the blast site have a greater chance of seeing moderate pump increases as soon as this weekend.
"Since the news is so fresh, the market is going to be a little unsure of what’s happening so you may see gas stations being a little concerned that they may not get gas as quickly," said Jeanette Casselano, a spokeswoman for the American Automobile Association..
"Because of all that, you may see a little price jumping, not gouging, in the coming days."
Philadelphia oil refinery:No injuries reported
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Along with surrounding cities, price increases could be felt soon in New Jersey and Delaware, Casselano said, depending on how long the oil facility is offline.
It's unclear.
Patrick DeHaan, head of petroleum analysis atGasBuddy, which monitors real-time fuel prices, said you should not expect to "wake up tomorrow and see gas prices 20 cents higher, at least not yet."
Still, wholesale gas prices are already up 6 to 8 cents, DeHaan said, "which suggests retail gas prices may start moving higher in the next few days with an uptick just before July 4."
Reacting to the refinery news, gasoline futures shot up 3.6% to $1.85 a gallon on Friday, according to MarketWatch.
The good news, DeHaan says, is that gas can be imported from the U.S. Gulf Coast region — a major refining hub — or from overseas, which could limit any price fallout.
"We have to wait for the smoke to clear to get a full understanding of what's going on," Casselano said. "What’s going to determine how long (a gas shortage lasts) and how much prices will increase is going to be determined by how long the refinery is shut down."
The cause of the fire is still under investigation. Philadelphia Energy Solutions Refining Complex couldn't be immediately reached for comment.
Follow Dalvin Brown on Twitter: @Dalvin_Brown.
This article originally appeared on USA TODAY:How will the Philidelphia oil refinery fire affect gas prices? |
‘Dog The Bounty Hunter’ Star Beth Chapman In Medically-Induced Coma
Beth Chapman , who appeared as a key part of the fugitive tracking team in the long-running Dog The Bounty Hunter TV show, has been placed in a medically-induced coma. Chapman has been battling throat cancer for several years. Related stories 'Dog's Most Wanted' Returns Bounty Hunter In New WGN America Series New Warner Bros. Chief Ann Sarnoff Sizes Up Her "Cross-Pollination" Mission George Clooney To Direct & Star In Film Adaptation Of 'Good Morning, Midnight' Novel For Netflix “Please say your prayers for Beth right now thank you love you,” tweeted husband Duane Dog the Bounty Hunter Chapman early on Sunday. He also linked to a story that revealed his 51-year-old wife was in the ICU at Queen’s Medical Center in Honolulu, Hawaii. Chapman revealed in Sept. 2017 that she had stage II throat cancer. In addition to appearing in 131 episodes of the Dog The Bounty Hunter series, Chapman was an executive producer of Dog and Beth: On The Hunt , where the couple attempted to help other bail bond agencies with their business. Family: Beth Chapman of bounty hunting fame in medically-induced coma at Queen’s https://t.co/XwKFvm4Gug — Duane Dog Chapman (@DogBountyHunter) June 23, 2019 Please say your prayers for Beth right now thank you love you — Duane Dog Chapman (@DogBountyHunter) June 23, 2019 Sign up for Deadline's Newsletter . For the latest news, follow us on Facebook , Twitter , and Instagram . |
Watch: Cam Newton offers stranger $1,500 to swap seats on a flight from Paris, is turned down
Look, if you’ve ever had to sit in coach for a flight longer than 90 minutes you’d find yourself wanting to do anything to get out of it. In that sense, Carolina Panthers quarterback Cam Newton is just like the rest of us. Unlike the rest of us, Newton has the means to pay his way out of that situation — or so he thought. While flying back from Men’s Fashion Week in Paris , Newton discovered his seat was in a particularly awkward spot for a 6-foot-5, 245-pound human being. So he did what any famous person would and attempted to buy a better seat from someone in first class. Unfortunately for Newton, some things — like extra legroom on a transatlantic flight — are priceless. We know this because Newton apparently offered $1,500 to swap seats and was still turned down. So this happened... @CameronNewton offered a man $1500 cash for extra leg room on a 10hr flight and the man said “No??” #GiveFranceTheNFL pic.twitter.com/xQohV9Ngef — Eli Edwards (@ElisaraEdwards) June 22, 2019 That stunned smile from Newton as he heads back to his (cramped) seat is about as relatable as it gets. He’s accepted his fate. He’s stuck. It’s over. However, this video leaves us more questions than answers. For starters, why was Cam sitting coach to begin with? Did he not check in for his flight on time? Did a sponsor screw up? Is a travel agent about to be fired? And if he’s willing to pay more than $1,000 for a seat, why not just get on a different flight? Tickets from Paris to Charlotte usually cost less than $2,000 per a very quick and unscientific Google search. Could Newton not have just asked off the plane and booked himself on the next flight out for that price? Story continues And most importantly, was no one else in first class willing to accept $1,500 to swap seats with an NFL quarterback? Paris is tough, man. Best wishes to Newton, who almost certainly needs a spa day after contorting himself to fit in a coach seat for 10 hours. Training camp may feel like a breeze after that bit of torture. PARIS, FRANCE - JUNE 19: Cam Newton and Rudy Gay attend the Off-White Menswear Spring Summer 2020 show as part of Paris Fashion Week on June 19, 2019 in Paris, France. (Photo by Stephane Cardinale - Corbis/Corbis via Getty Images) – – – – – – Blake Schuster is a writer for Yahoo Sports . Have a tip? Email him at blakeschuster@yahoo.com or follow him on Twitter! More from Yahoo Sports: Is this the best USWNT of all time? One player says yes Morgan, Ertz expected to play for U.S. against Spain LaVar Ball talks again, makes ’First Take’ drama worse Sources: UConn move to the Big East inevitable |
Report: Two Israeli Brothers Arrested for Hack of Bitfinex Crypto Exchange
TwoIsraelibrothers have been arrested in connection with thehackofcryptocurrency exchangeBitfinexand other crypto-relatedphishingattacks, finance news outlet Finance Magnatesreportson June 23.
An Israeli police spokesperson reportedly told Finance Magnates that Eli Gigi and his younger brother Assaf Gigi netted tens of millions of dollars. The two are suspected of being responsible for long-term systematic theft ofcryptocurrenciesby maliciously obtaining access to other users’ accounts.
The two allegedly created credential-stealing clones of major online cryptocurrency exchanges andwalletsand sent links to those phishing sites onTelegramgroups and other cryptocurrency-related communities. The two are also accused of being responsible for the 2016 Bitfinexhack, which saw multiple accounts being compromised.
As Cointelegraphreportedat the beginning of June, the funds stolen in the attack above have been recently moved.
The police noted that the alleged victims were mostly based out of theEuropean Unionand theUnited States, which resulted in the matter being investigated by multiple law enforcement agencies in several countries.
During the raid, the police reportedly found a cryptocurrency wallet containing significantly less funds than the amount that the two are believed to have stolen. Finance Magnates also notes that Eli Gigi is a graduate of an elite technological unit of the Israel Defence Forces that selects youth with outstanding academic capabilities.
As Cointelegraphreportedearlier this week, a recentFirefoxzero-day security flaw was used in attacks against major crypto exchange and wallet serviceCoinbase. The flaw was purportedly merged with another zero-day flaw targeting Coinbase employees, meaning that there were two separate attacks.
While Coinbase was affected, the exchange’ssecurityresearcher Philip Martin stated that Coinbase was not the only crypto-related company targeted in the campaign and that there was no evidence of the campaign targeting exchange customers.
• Round-Up of Crypto Exchange Hacks So Far in 2019 — How Can They Be Stopped?
• Ampleforth Raises $5M in 11 Seconds in Tokinex Exchange Offering
• Bitfinex CTO Hints at Maximum Leverage for Upcoming Derivatives Trading
• Major Crypto Exchange Bitfinex to Briefly Go Offline for Upgrade Next Week |
Daimler slumps as diesel costs wipe out profit growth
By Tom Sims and Edward Taylor
FRANKFURT (Reuters) - Daimler shares fell as much as 5% on Monday after the German automaker cut its profit forecast for the third time in 12 months, saying it was setting aside hundreds of millions of euros to cover a regulatory crackdown on diesel emissions.
The warning - that group operating profit would be flat this year compared with previous expectations for a slight increase - was the first under new chief executive Ola Kaellenius and led some analysts to call for a fresh approach from his team.
"Best execution and accountability remain core areas of improvement that need to be addressed by the new management," Evercore ISI analyst Arndt Ellinghorst said in a research note.
"The endless array of so-called one-time effects raises questions regarding process, management information systems and ultimately accountability of management."
Carmakers have been grappling with a crackdown on diesel emissions since 2015, when German rival Volkswagen admitted to cheating U.S. pollution tests on diesel engines.
The pressure has come at a time when the industry is also having to invest heavily in electric and self-driving vehicles, cope with slowing growth in China, weak markets in Europe and a rise in global trade tensions.
In May, German competitor BMW warned on profits, citing higher than expected investments, while Volkswagen said the return on sales at its passenger cars division would come in at the lower end of its target.
Daimler declined to give details on the diesel problems it is facing, and did not say precisely how much money it was setting aside.
It cited "various ongoing governmental proceedings and measures" related to Mercedes-Benz diesel vehicles, and said provisions were likely to reach "a high three-digit million euro amount."
However, the profit warning - announced late Sunday - followed news that Daimler must recall 60,000 Mercedes diesel cars in Germany after regulators found they were fitted with software aimed at distorting emissions tests.
The transport ministry said it was expanding its investigation to more models.
Stuttgart-based Daimler is being investigated over diesel emissions in Europe and the United States. It issued a similar profit warning on diesel issues in October.
In April, EU antitrust regulators charged BMW, Volkswagen and Daimler with colluding to block the rollout of clean emissions technology.
While Daimler was a whistleblower in that case and said at the time it expected to avoid fines, BMW booked a provision of more than 1 billion euros ($1.1 billion).
Daimler also said on Sunday it was reducing its forecast for the return on sales for Mercedes-Benz vans.
It now sees a return between minus 2% and minus 4%, below its previous forecast of 0% to 2%.
On Monday, car executives are due to meet with government officials and experts in Berlin to talk about the future of the car industry, a major employer and source of export income in Europe's largest economy.
(Additional reporting by Michelle Martin; Editing by Louise Heavens and Mark Potter) |
England 3-0 Cameroon: Lionesses win chaotic World Cup tie to reach the quarter-finals
Alex Greenwood celebrates scoring England's third goal. (Credit: Getty Images) Spitting, strops, sloppiness and elbow strikes. England survived all of these on Sunday to beat Cameroon 3-0 and reach the quarter-finals of the Womens World Cup. In a round of 16 match which was low on quality but high on controversy, the Lionesses scored twice in the first half and once just before the hour mark to set up a last-eight meeting with Norway. An indirect free-kick from captain Steph Houghton and a fourth goal of the tournament for Ellen White, awarded after a review, put England in command at the break. Alex Greenwoods smart strike was enough to see off a Cameroon team who vociferously protested the outcome of two VAR interventions either side of half-time. Cameroon could have been reduced to 10 players inside the opening 10 minutes. Yvonne Leuko caught Englands Nikita Parris with an elbow but the referee only deemed it worthy of a yellow card. Moments later, England took the lead in unusual fashion. Cameroon defender Augustine Ejangue directed a cross back to goalkeeper Annette Ngo Ndom, who picked up the ball. Ellen White scored England's second goal. (Credit: Getty Images) It was adjudged to be a back-pass, meaning England were awarded an indirect free-kick on the edge of the six-yard box. During the break in play, Toni Duggan complained to the referee that Ejangue had spat on her following the award of the free-kick. Replays confirmed Duggan had indeed been spat on, although it was unclear whether it was intentional or just an unpleasant accident. With what seemed like the entire Cameroon team lined up on the goal line, England captain Steph Houghton found the bottom corner from Duggans lay off to open the scoring after 12 minutes. Cameroons players cut frustrated figures and struggled to have any impact on the game, launching occasional attacks when England surrendered possession. Phil Nevilles team, for their part, were too often sloppy on the ball during an uninspiring first half. But England did manage to find a second goal, in the final moments before the interval, thanks to a rare moment of class in a scrappy encounter. Story continues VAR played a significant role in the round of 16 tie. (Credit: Getty Images) Lucy Bronze burst forward, feeding a neat ball through to Ellen White who finished calmly beyond Ngo Ndom. But the assistant referees flag was raised and the goal initially ruled out for offside. Whites fourth goal of tournament was confirmed, however, following a VAR review. It sparked a bizarre series of events. Cameroons players, having seen a replay of the goal on the big screen inside the stadium, felt aggrieved at the decision and initially appeared to refuse to restart the game. Cameroon initially refused to restart following England's second goal. (Credit: Getty Images) The situation descended into chaos moments into the second half. Cameroon thought they had found a way back into the game in the 48th minute, when Ajara Nchout hammered a first-time finish into the roof of the net from Gabrielle Onguenes cross. But another VAR review ruled Onguene was marginally offside before passing to Nchout, cueing mass consternation from the Cameroon players and coaching staff. Cameroon saw a goal ruled out early in the second half. (Credit: Getty Images) The referee was eventually able to restart the game, albeit with some of the Cameroon players - most notably Nchout - visibly distressed. Cameroon should have found the back of the net again immediately. Greenwoods awful back pass put Alexandra Takounda Engolo through on goal but the substitute was unable to beat Bardsley with her first touch since coming onto the pitch. It wasnt long before Greenwood made a positive impact at the other end to seal Englands win. A neat set-piece routine in the 58th minute saw the Manchester United player sweep home Duggans driven corner. It was Englands biggest ever winning margin in a Womens World Cup knockout tie, although Neville knows his team will have to perform far better if they are to entertain any thoughts of going all the way in the competition. |
Thousands of containers of baby formula recalled nationwide due to concerns of metal
Perrigo is recalling thousands of containers of baby formula after discovering one of the lots may contain metal, the FDA announced Friday. The recall affects 23,388 containers of the 35-ounce Parents Choice Advantage Infant Formula Milk-Based Powder with Iron, which is exclusively sold at Walmart stores nationwide. Although there have been no reports of injury or illness because of the recalled product, the company issued the recall after a customer reported the presence of metal. The affected formula has the Lot Code C26EVFV with a use by date of Feb. 26, 2021, which can be found at the bottom of the package. Blood pressure drug recall: Teva pulls losartan tablets tainted with possible carcinogen Perrigo said customers can visit any Walmart store for a refund. Questions can be directed to Perrigo Consumer Affairs at 866-629-6181. This article originally appeared on USA TODAY: Thousands of containers of baby formula recalled nationwide due to concerns of metal |
Selma Blair Celebrates Her 47th Birthday Amid Continuing Multiple Sclerosis Flare
Selma Blair is celebrating her 47th birthday the best way possible — with a binge-watch! The actress posted about the big day on Instagram while sharing her appreciation for the BBC show Killing Eve , and its star Jodie Comer . Alongside screengrabs from one hilarious scene in the cat-and-mouse spy show, Blair wrote that she loves Comer’s snarky killer character. “And I am in love with #Villanelle. It’s my birthday. I’m allowed,” she wrote. “@jodiemcomer you really killed it 💘 thanks for the binge.” Blair also gave a shoutout to Phoebe Waller-Bridge, the star of Fleabag and one of the creators of Killing Eve . “#PhoebeWallerBridge I know what my birthday wishes will be for many years to come,” she wrote. “Congratulations on your brain. And beauty.” View this post on Instagram And I am in love with #villanelle. It’s my birthday. I’m allowed. @jodiemcomer you really killed it 💘 thanks for the binge. #phoebewallerbridge I know what my birthday wishes will be for many years to come. Congratulations on your brain. And beauty. A post shared by Selma Blair (@selmablair) on Jun 23, 2019 at 5:21am PDT Blair’s close friend Michelle Pfeiffer chimed in, telling her “Happy Birthday Selma!” and that she’s “allowed any day” to love Villanelle and Killing Eve . Meanwhile, BFF Sarah Michelle Gellar posted a birthday tribute to Blair on her own Instagram page. Using a photo of their iconic kiss from Cruel Intentions , Gellar sent her birthday wishes from afar. “I may not be able to spend your birthday with you, but that won’t stop me from sending kisses 💋 💋💋 Happy Birthday @selmablair,” Gellar wrote. View this post on Instagram I may not be able to spend your birthday with you, but that won’t stop me from sending kisses 💋 💋💋 Happy Birthday @selmablair A post shared by Sarah Michelle (@sarahmgellar) on Jun 23, 2019 at 7:44am PDT Blair has become an active Instagram user as she continues to manage her multiple sclerosis. She went public with her diagnosis in October, and has since openly discussed the various symptoms she’s been dealing with, from spasmodic dysphonia, a neurological disorder which affected her voice, to trouble walking, limited motor skills and exhaustion. Story continues Axelle/Bauer-Griffin/FilmMagic In May, Blair said that the MS flare she’s been in for several months is still wearing her down. “Here’s a truth. I feel sick as all hell,” she wrote on Instagram . “I am vomiting and all the things which are not polite to speak of. My son ran away. From me. I have to get him to school. The medical treatments take their toll. I am going to get through this. We do. This will pass. And to moms and dads who watch their kids sick on things we want them to take to get better… I hold you. So glad this is me and not my child. I cannot imagine ever feeling ok again. #roughday. But it’s still morning. We get through. #realitycheck” But Blair is doing her best, and caring for her son Arthur, 7 . On June 7, she celebrated his last day of first grade . “To my son on his last day of first grade. I will hold your hand, I will help hold the light for you. I will lift you up if ever you need me,” she wrote. “You are my favorite person and have taught me everything I know about love.” |
G20 leaders meet, Powell speaks — What to know in the week ahead
Stocks were back atrecord highs last week, after the Federal Reserve soothed investors and said thecentral bank would be ready to cut interest ratesif necessary.
However, the market faces a major test this week.
The highly-anticipated meeting between President Donald Trump and President Xi Jinping will take place at the G20 summit in Osaka, Japan. The two leaders will be holding an “extended” meeting to discuss trade. Consensus among analysts remains thatno significant deal will be reached at the meeting, and thus, it is still very likely that the next round of U.S. tariffs on Chinese imports will be imposed.
“Even if both leaders decide to resume the talks, there are too many bridges to be crossed to get a deal quickly,” ING wrote in a note Friday. “We think this will lead to the US imposing another round of tariffs this quarter to ramp up the pressure. China will retaliate. Only after both sides experience the increasing negative effects of the trade war during the remainder of this year will they be prepared to make concessions and finally strike a deal.”
While a deal may not occur immediately, the meeting between Trump and Xi will likely produce further optimism, and the markets will continue their upward trajectory for at least the nearterm, according to Capital Economics.
“While we do think the dispute with China will ultimately escalate further, next week’s meeting may well conclude with an exchange of warm words and an agreement to restart talks, probably sending the stock market even higher,” the research firm said Friday in a note. “Trump and Xi will agree a temporary truce, but we still think it’s more likely than not that tariffs will eventually be imposed on all Chinese imports.”
President Trump has also indicated that he will also be meeting with Russian President Vladimir Putin at the G20 summit.
Meanwhile at 1 p.m. ET on Tuesday, Fed Chairman Jerome Powell will be speaking in NYC. He will be discussing economic outlook and monetary policy.
“We expect little in terms of new information from Powell, but he may expand upon how central external ‘crosscurrents’ were to the Committee's evaluation of the risks to the outlook,” Deutsche Bank previewed Friday in a note to clients.
The earnings calendar this week remains light, but economic bellwether FedEx, footwear giant Nike and chipmaker Micron will release quarterly results.
Monday: Chicago Fed National Activity Index, May (0.10 expected, -0.45 prior); Dallas Fed Manufacturing Activity, June (1.0 expected, -5.3 prior)
Tuesday: FHFA House Price Index month-on-month, April (0.1% prior); Richmond Fed Manufacturing Index, June (7 expected, 5 prior); New Home Sales, May (685,000 expected, 673,000 prior); Conference Board Consumer Confidence, June (132.0 expected, 134.1 prior)
Wednesday: MBA Mortgage Applications, week ended June 21 (-3.4% prior); Wholesale Inventories month-on-month, May (0.8% prior); Durable Goods Orders, May (-0.1% expected, -2.1% prior); Durable Goods excluding Transportation, May (0.3% expected, 0.0% prior)
Thursday: GDP Annualized quarter-on-quarter, Q1 (3.2% expected, 3.1% prior); Personal Consumption, Q1 (1.3% prior); GDP Price Index, Q1 (0.8% expected, 0.8% prior); Core PCE quarter-on-quarter, Q1 (1.0% prior); Initial Jobless Claims, week ended June 22; Continuing Claims, week ended June 15; Bloomberg Consumer Comfort, week ended June 23; Pending Home Sales month-on-month, May (1.0% expected, -1.5% prior)
Friday: Personal Income, May (0.3% expected, 0.5% prior); Personal Spending, May (0.4% expected, 0.3% prior); MNI Chicago PMI, June (54.3 expected, 54.2 prior); University of Michigan Sentiment, June (97.9 prior)
Monday: N/A
Tuesday: Lennar (LEN) before market open; FedEx (FDX), Micron (MU) after market close
Wednesday: General Mills (GIS) before market open; Rite Aid (RAD) after market close
Thursday: ConAgra (CAG), Walgreens Boots Alliance (WBA) before market open; Nike (NKE) after market close
Friday: Constellation Brands (STZ) before market close
—
Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter:@heidi_chung.
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Meet Scamp the Tramp, the messy-haired toothless canine just named the world’s Ugliest Dog
Last year’s runner up in the annual Ugliest Dog Contest held at the Sonoma-Marin Fair in Petaluma, California, was a messy-haired good boy with no teeth named Scamp the Tramp. No one actually knows what kind of breed he is, and it was clear before he got rescued in Compton — where he’d been founding wandering around licking fast food wrappers — that he’d had a hard life up to that point. Over the weekend, though, Scamp went from being a tramp to a champ. More specifically, he was named the winner of this year’s Ugliest Dog contest, netting his owner Yvonne Morones a massive trophy and $1,500. Related Stories: Zsa Zsa, an adorable bulldog with an impossibly large tongue, is now officially the World's Ugliest Dog Best Jump Rope Hackers linked to China stole private data from wireless telcos around the world Morones, who named Scamp in honor of a long-ago admonition from her grandmother, said she adopted Scamp from an animal shelter in Los Angeles. She still remembers riding in the car with him the day she brought him home. The first day she brought the scraggly little guy with clumpy hair and short legs into her life, Bob Marley’s song “One Love” was playing on the radio at one point while they drove. Scamp, bless his heart, was “bobbing his head,” Morones told The New York Times . The contest over the years has certainly drawn its share of critics, who argue that such events glamorize poor breeder practices in addition to just being — well, a mean title. Supporters say none of those things are the case at all — that, in fact, the event is also a lighthearted way to draw more attention to the need for rescues and the importance of shelters. Not that Scamp himself was hurting for more attention. He certainly deserved recognition of some kind and plenty of belly rubs, because he’s a hard-working pup and busy with everything from working as a therapy dog to greeting the throngs of passengers making their way through Sonoma County’s airport. Story continues He’s also a much-loved addition to Morones’ family, which also includes four Chihuahuas. Oh, and as for his name. Morones’ grandmother had once warned her, back when she was a kid, not to talk to strangers and to be wary of the “tramps” out on the streets. Lucky for one particular scruffy tramp, she didn’t always listen. BGR Top Deals: 10 deals you don’t want to miss on Sunday: $8 wireless charger, $79 soundbar, AirPods 2 and iPad deals, more Dash’s awesome compact air fryer is back down to $39.99 today Trending Right Now: Everything new coming to Netflix this week, and everything leaving (week of June 23) New trailers you need to watch from this week: Spider-Man, Point Blank, and more Netflix is finally testing an awesome new feature we’ve wanted for so long See the original version of this article on BGR.com |
Latest 2019-2021 Predictions: Home Sales & Prices, Mortgage Rates & Loan Volume
Last week, our friends at the MBA released their latest predictions on home sales, home prices, mortgage rates, and mortgage volumes.
Rates dropping this year has caused an increase in the total expected loans to close for 2019, driven by an increase in refinance loans vs. home purchase loans. Previously, the MBA was projected that the 2019 to be about $1.6 trillion in loans with 75% of them being purchase loans.
Now they’re calling for a total of $1.7 trillion loans to be made this year, and 72% of them being purchase loans.
Still the bulk of the market is purchase vs. what the market had become accustomed to with refinance loans coming close to 50% for many years up until the last few.
This has profound implications for how the lending and real estate business is changing because finding and keeping home purchase customers is a lot different, and more difficult, for lenders.
I’ll be talking more about this next week. Stay tuned…
Linkage: Check out this new app that lets you rent friends!
Low unemployment alone doesn’t measure job challenges for millions: Barry Ritholtz
Homebuyers got excited and gave the edge back to sellers |
This Oil Stock Could Be a Big Winner in the Coming Year
Oil prices have gone on a wild ride so far in 2019. Crude started the year near $45 a barrel before rebounding up above $66 by the end of April. Oil then tumbled intoanother bear marketin May, falling toward $50 a barrel. It has since recovered a bit and was recently above $55.
All that volatility has had a direct impact on oil stocks. One of the more notable moves has been byMarathon Oil(NYSE: MRO). Its shares were up more than 30% at one point this year, but have since tumbled along with oil prices and are now down about 1% for 2019. That slump in Marathon Oil's stock, however, looks like a good buying opportunity for investors. That's because the company can produce a gusher of cash flow in the next year even if oil remains volatile.
Image source: Getty Images.
Marathon Oil is among the lowest cost U.S. shale drillers. At $45 a barrel, the company can generate the cash to pay its dividend and fund the drilling of enough new wells to grow its oil production by a 10% rate with some money left over. That excess cash flow rises sharply with the price of oil. At $50 a barrel, Marathon could produce more than $750 million in cumulative free cash flow by the end of 2020. Meanwhile, at $60, the company's free cash flow tally would rise to more than $2.2 billion. That's a lot of money for a company that currently has an $11.6 billion market value.
The oil company's cash-generating ability was on full display during thefirst quarter. Marathon produced $80 million in excess cash after paying its dividend by capturing an average of $55.14 per barrel for its U.S. output during the quarter. While oil prices have moved around quite a bit during the second quarter, Marathon has hedges in place to lock in a price above $55 a barrel for a large portion of its production. Because of that, it should have produced another healthy dose of cash during that period.
Since Marathon Oil can fully fund its growth engine on $45 oil, and it has one of the best balance sheets in its peer group, the company does not need its growing stream of excess cash. That's why it has been returning this money to shareholders through its stock repurchase program.
Marathon Oil produced $865 million of free cash flow last year after paying its dividend and used the bulk of those funds to buy back $700 million of its stock. It followed that same blueprint during the first quarter, using $50 million of its $80 million in free cash to buy back shares. Those repurchases have already enabled the company to retire more than 4% of its outstanding shares.
With the company on track to continue generating significant free cash flow, the share count should keep heading lower. As noted, the company could produce more than $2 billion of free cash by the end of next year, which is enough money to retire another 17% of its outstanding shares at the current trading price.
Those future repurchases should help boost Marathon's stock price. That has been the case for fellow low-cost shale producerDevon Energy(NYSE: DVN). The company has used its free cash flow and the proceeds from asset sales to buy back $4 billion of its shares in the last year, which has reduced its outstanding share count by more than 20%. Those repurchases have helped drive Devon Energy's stock up by 25% this year, significantly outperforming shares of Marathon.
Shares of Marathon Oil have underwhelmed this year even though it's generating gobs of free cash flow that it's returning to investors. However, with the oil producer on track to produce even more excess cash, it has the potential to repurchase a significant amount of its underperforming stock in the next year. That meaningful buyback should eventually begin driving up shares of Marathon Oil, which is why it looks like a compelling oil stock to consider buying right now.
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Matthew DiLallohas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. |
Woman calls our brands for ignoring black influencers
Woman working at cafe (Photo: Getty Images) In the constantly evolving landscape of fashion bloggers, it sometimes seems like it's nothing but beautiful, able bodied, slim 20-somethings showing off their style. And, according to one blogger of color, that’s because brands – who often pay influencers to try their products or go on trips – favor a certain look when it comes to working with influencers. Black influencers are rarely ever invited on influencer trips. I’ve started screenshotting every press trip I’ve seen over the last month and the lack of diversity is so upsetting (but not surprising). pic.twitter.com/Zftn8ZBIhD — Alicia (@AliciaTenise) June 20, 2019 Alicia Tenise , a fashion and travel blogger, tweeted that “Black influencers are rarely ever invited on influencer trips,” along with some images of press trips she had screenshot to illustrate her point. The women pictured on the press trips are all uniformly white appearing. Her tweet, which was liked over 12,000 times as of this story, clearly struck a chord. One woman quickly responded that she was fighting this with data, and shared a chart of how much black consumers spent on beauty products, fragrances, food and other branded items that companies work with influencers to grow awareness and sell product. I’ve been combating this with stats! African Americans spending power is $1.2 trillion and we dominate many categories. It’s advantageous for them to include us to gain the market. But hey, I’m just a woman who knows our worth! pic.twitter.com/eAVWqyTlUw — Safiyyah (@soqweenly) June 20, 2019 Her post was also met with positive feedback from some of the influencers pictured. Emily Wilkinson wrote that she was also appalled by the lack of inclusion, and thanked Tenise for speaking up. Story continues I am always appalled at this too (& I say this as someone whose photo is screenshotted) Thank you for speaking up & sharing your thoughts with brands! I feel like our industry as a whole needs to be much better when it comes to diversity and inclusion 💙😘 — Emily Wilkinson (@emilynwilkinson) June 20, 2019 Wilkinson also asked an important question: What can be done to improve the lack of diversity in casting? And I would love to know what I & other bloggers can do to help improve this diversity/inclusion issue when it comes to brands? Especially when it comes to being invited/going on these trips where I’m unaware of the other invitees (and lack of diversity!) — Emily Wilkinson (@emilynwilkinson) June 20, 2019 Another poster suggested calling out brands and ask how many black or other women of color are being included, calling to mind Frances McDormand’s speech at the 2018 Oscars about inclusion riders . Maybe ask the brands how diverse the group trip will be when they approach you. That's a start. Let them know that you care about the issue. — Olympia Friday (@olympiafriday) June 20, 2019 Another woman pointed to the clients as a problem, as she claimed to have tried to cast for diversity in ethnicity, size and more in her proposals, only to have brands stick with non-diverse casting for trips and other opportunities. I worked in the influencer marketing division at a PR firm in NYC. I always made a point to include diversity in ethnicity, size, religious backgrounds, etc in the proposal decks for press trips. Only for the clients to pick the same skinny, blonde girls over and over. :( — Maya Kelley (@TheKelleyDoll) June 20, 2019 That being said, Tenise eventually followed up her original tweet with an update that after calling attention to the issue, two of the brands she called out have reached out to her, and noted that speaking up had made a difference One quick update: I had a lot of people tell me that black people just weren’t wanted in these spaces. I called attention to this issue and I’ve had two of these brands DM me and we’re having a great conversation. Just. Speak. Up. — Alicia (@AliciaTenise) June 21, 2019 Other black fashion bloggers have brought this issue to the forefront, with UK based Stephanie Yeboah writing in the Metro that , “it is disturbing to see a continued pattern of blatant sidelining and absence of women of colour in this relatively new industry.” The reality is, at this time, there aren’t a lot of hard facts or figures surrounding the lack of inclusivity and diversity – whether color, size or able bodied – within the influencer industry. Most of the conversation exists on social media, and will continue to do so until more brands step up and work with a variety influencers. We’ve reached out to Tenise and will update this story when we hear back. Read More from Yahoo Lifestyle: Amazon reviewers are gushing over this 'game changer' hair serum — here's why 15 things from Walmart that will surely make your life easier This blemish lotion gets rid of annoying zits overnight — and it changed my skin Follow us on Instagram , Facebook , Twitter , and Pinterest for nonstop inspiration delivered fresh to your feed, every day. Want daily pop culture news delivered to your inbox? Sign up here for Yahoo’s newsletter. |
3 Potential Catalysts That Could Cause Aurora Cannabis Stock to Skyrocket
Aurora Cannabis'(NYSE: ACB)sizzle seems to have fizzled. The Canadian marijuana stock more than doubled by the middle of March. Since then, though, Aurora has given up roughly half of its big gain.
But don't think for a second that Aurora can't turn up the heat yet again. The company continues to pick up momentum in the Canadian adult-use recreational pot market and in international medical cannabis markets.
It's also possible that Aurora could surpass its peak share price from a few months ago if the right scenarios unfold. Here are three potential catalysts that could cause Aurora Cannabis stock to skyrocket.
Image source: Getty Images.
Several of the top Canadian marijuana producers have landed big partners from outside the cannabis industry.Canopy Growth(NYSE: CGC)teamed up with large alcoholic-beverage makerConstellation Brands(NYSE: STZ).Cronos Group(NASDAQ: CRON)secured a significant investment from tobacco giantAltria(NYSE: MO).Tilray(NASDAQ: TLRY)partnered with big beer makerAnheuser-Busch InBev(NYSE: BUD)and drugmakerNovartis(NYSE: NVS).HEXO(NYSEMKT: HEXO)(TSX: HEXO)joined forces with another top beer company,Molson Coors(NYSE: TAP).
But Aurora has been left out in the cold so far when it comes to big partnerships. That could change in the near future, though. In March, Aurorabrought billionaire investor Nelson Peltz on boardto help line up partners. Peltz has especially strong connections in the consumer packaged goods industry.
There's one catch: Auroraisn't looking to receive a big equity investmentalong the lines of the deals made by Canopy Growth and Cronos. If the company changed its tune and found a large partner willing to make a big investment, there's no doubt that its stock would vault much higher. Even if Aurora doesn't get a lot of cash with a partnership, though, teaming up with one or more high-profile companies from outside the cannabis industry should light a fire beneath the stock.
Aurora also lags behind some of its peers in making a major move into the U.S. hemp cannabidiol (CBD) market. Canopy Growth is building a large-scale hemp production facility in New York state. Tilray acquired top hemp food company Manitoba Harvest, whose products are sold at thousands of U.S. retail locations. HEXO hasn't entered the U.S. hemp market yet, but CEO Sebastien St-Louisrecently stated that the company will do so in 2020.
In January, Aurora Chief Corporate Officer Cam Battleytold Business Insiderthat the company "will be unveiling [its] hemp-derived CBD strategy to enter the U.S. market over the next few months." Five months have passed, but we still don't know what Aurora's U.S. hemp strategy is.
While estimates vary as to just how big the U.S. hemp CBD market will be, pretty much everyone agrees that there will be billions of dollars in annual sales within the next few years. Should Aurora announce that it's entering the U.S. hemp CBD market in a smart and meaningful way, I think the stock would take off.
While hemp is legal in the U.S. at the federal level, marijuana isn't. And as long as that remains the case, Aurora won't be able to jump into the U.S. marijuana market and keep its listings on the New York Stock Exchange and the Toronto Stock Exchange.
But if significant progress is made toward changing U.S. laws about pot, most -- if not all -- marijuana stocks would get a huge boost. As one of the largest Canadian cannabis producers, Aurora would almost certainly be one of the biggest beneficiaries should this happen.
There's already bipartisan support for revising federal marijuana laws. Legislation sponsored by Democrats and Republicans has been introduced in the U.S. Senate and House of Representatives. Although similar bills have been proposed in the past only to die in committee,support among Americans for legalizing pot is higher than ever.
All it would take for Aurora's share price to skyrocket would be for one of these potential catalysts to become a reality. And if all three catalysts happened, the momentum for Aurora would probably be a sight to behold. But what are the odds that Aurora will actually enjoy a boost from any of these possible scenarios?
I think the probability of Aurora landing at least one major partner from outside the cannabis industry is very high -- at least 80%. Aurora wants to find a partner. It's working to find a partner. And based on statements made by some key leaders in the cannabis industry, notably including HEXO's CEO, there are a lot of big companies looking to make deals.
My view is that the likelihood that Aurora will enter the U.S. hemp CBD market in the near future is also very good. I'd put the probability at 75% or so. Aurora realizes that the market could be big. However, the company is being cautious with the FDA in the process of finalizing regulations for hemp CBD. Still, I think we'll know what Aurora's U.S. hemp CBD strategy is before the end of 2019.
What about the prospects for the U.S. changing federal marijuana laws in a way that allows Aurora to jump into the U.S. marijuana market? I suspect that the odds of it happening this year are pretty low -- no more than 10%.
I don't see Senate Majority Leader Mitch McConnell allowing a bill to be voted on the Senate floor thatcould negatively impact the hemp industry in his home state of Kentucky. The more the timeline is extended, though, the higher the probability of federal marijuana laws being changed in a way that's favorable to Aurora, in my opinion.
If my probabilities are anywhere close to being right, Aurora has a really good shot at benefiting from two out of three of these potential catalysts in the relatively near future. And if I'm right, Aurora Cannabis stock could soon skyrocket.
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Keith Speightshas no position in any of the stocks mentioned. The Motley Fool owns shares of Molson Coors Brewing. The Motley Fool recommends Anheuser-Busch InBev NV, Constellation Brands, and HEXO. The Motley Fool has adisclosure policy. |
Banks Stay on Sidelines for Facebook Coin After Apple Pay Struggle
(Bloomberg) -- U.S. banks might be happy to stay away from Facebook Inc.’s push into cryptocurrencies. For now. The Libra Association, the governing body for the coin, is in talks with lenders around the world to join its ranks. Banks are mostly keeping their distance after seeing tepid consumer reaction to digital wallets such as Apple Pay and regulatory scrutiny of digital currencies. “If Facebook is able to create mass adoption on this platform, then banks will want in,” David Donovan, who leads the global financial-services consulting practice at Publicis Sapient, said in a phone interview. “There’s a business decision they have to make. Facebook is saying the market is not being served well.” Banks were absent when Facebook announced Libra last week, saying that more than two dozen other companies, including payment networks Visa Inc. and Mastercard Inc., joined the project. The social-media giant said Libra will be backed by fiat currencies to provide payment services to the 1.7 billion people worldwide without easy access to banking. Facebook and its 2.4 billion active users are hard for the largest U.S. banks to ignore -- and Citigroup Inc.’s Michael Corbat has said his firm would consider joining Libra if asked. But it’s not the first time a technology giant promised sweeping changes to the payments world. Apple Inc. introduced Apple Pay in 2014 to much fanfare. Banks spent millions promoting the service and created card rewards tied to customer use of the product. In a sign of how eager they were, banks even gave Apple a cut of the coveted interchange fees they earn from each swipe of a card. But five years in, Apple Pay has struggled to take off. Large retailers including Walmart Inc. have been hesitant to accept the technology. And while consumers spent roughly $3 trillion using digital wallets in 2018, almost two-thirds of that spending occurred in China where apps like Alipay and WeChat Pay dominate commerce, according to a report from Juniper Research. Story continues “Advanced payment methods haven’t really taken hold unless they’re mandated,” Tim Spenny, a senior vice president at market researcher Magid who has consulted for Facebook and Visa, said in an interview. For him, the question is: “What is the use case or what is the pain point that would cause people to say ‘Hey, I’m going to put money into a cryptocurrency to start paying for things.’” After years spent trying to promote Apple Pay, U.S. banks turned their attention to tap-to-pay cards, which use the same technology while keeping the familiar card product. It’s a recipe that’s worked for JPMorgan Chase & Co. customers. “There’s a big segment that never used mobile wallets, but the moment they got their contactless cards, they’re starting to tap right away,” Abeer Bhatia, president of card marketing, pricing and innovation for the bank, said in an interview last month. “When they have the choice to use either, they’re overwhelmingly using tap-to-pay.” Banks have been conducting their own experiments with cryptocurrencies, such as JPMorgan’s JPM Coin, which is meant to speed up corporate payments. The largest U.S. lenders have also promoted a new real-time payments service spearheaded by The Clearing House. Regulatory Response There have been cases where startups were assessed for compliance lapses. And Libra’s debut drew attention from regulators, as members of the House Financial Services Committee and the Senate Banking Committee promised hearings on the digital coin and its governance. John Smith, who used to lead the Treasury Department’s Office of Foreign Assets Control, said tech companies and the banks they work with “will be held accountable” if they violate the law. “There’s a view within the fintechs that, ‘We couldn’t possibly do the rules that big banks do because we’re trying to be quick,’” Smith, co-head of Morrison & Foerster’s national security law practice, said Friday at a conference. “There’s going to be a rude awakening.” --With assistance from Lananh Nguyen, Michelle F. Davis and Kurt Wagner. To contact the reporter on this story: Jenny Surane in New York at jsurane4@bloomberg.net To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Dan Reichl, Daniel Taub For more articles like this, please visit us at bloomberg.com ©2019 Bloomberg L.P. |
Better Buy: Aphria vs. Canopy Growth
If you're looking to buy a marijuana stock,Aphria(NYSE: APHA)andCanopy Growth(NYSE: CGC)should probably be on your list for consideration. They're two of the largest Canadian cannabis producers in terms of production capacity. Both Aphria and Canopy Growth are well positioned in the Canadian adult-use recreational marijuana market and in international medical cannabis markets.
Canopy Growth has been the bigger winner so far this year, with its shares jumping 50% while Aphria has delivered a year-to-date gain of 18%. But which stock is the better pick now?
Image source: Getty Images.
Let's start by addressing Aphria's baggage. The companycame under attack last yearfor allegedly overpaying for the acquisition of LATAM Holdings in a transaction that lined the pockets of key insiders. Although a special committee of independent directors on Aphria's board eventually found that the price paid for the acquisition wasn't unreasonable, the company identified multiple changes needed to improve its governance. Former CEO Vic Neufeld also stepped down during this period.
The good news for investors looking to buy Aphria now, though, is that the dark cloud hanging over Aphria appears to have disappeared. And the stock's valuation makes Aphria one of the more attractive bargains (at least, relatively speaking) in the Canadian cannabis industry.
Aphria ranksthird among cannabis producers in terms of production capacity. The company expects to produce 255,000 kilograms of cannabis on an annualized basis by the end of this year.
It's one of only four cannabis producers to securesupply agreements with all 10 Canadian provincesto serve their adult-use recreational marijuana markets. Aphria also partnered with the biggest wine and spirits distributor in North America, Southern Glazer's, to distribute its products to these markets.
Over the long run, international medical cannabis markets will be even more important than Canada. Aphria has a good start in these markets. It was one of three companies receiving approval to cultivate cannabis in Germany. Aphria also has a presence in nine other international medical cannabis markets.
With its capacity and global operations, Aphria seems likely to be a top candidate for partnering with major companies outside of the cannabis industry. Interim CEO Irwin Simonstated in the company's Q3 conference callin April that "looking for the right opportunity" to partner with a big U.S. company is a primary focus for the company.
Probably the biggest knock against Canopy Growth is that its market cap is much larger than any other cannabis producer. Some might see that as a reason to avoid the stock. Others, though, would say that Canopy's tremendous market cap is warranted because of the company's position in the industry.
Canopy Growth claims a strong No. 2 spot in terms of production capacity. It's alsoin a close second place in international salesof medical cannabis. But Canopy ranks No. 1 in a couple of categories in addition to market cap.
The companycommands a leading market share in Canada's adult-use recreational market. Like Aphria, Canopy has supply agreements in place with all of the country's provinces. It could extend its leadership soon once the market opens up later this year for cannabis edibles, beverages, and other derivative products.
Canopy Growth also beats all of its peers with its cash stockpile. Last year, big alcoholic beverage makerConstellation Brands(NYSE: STZ)invested $4 billion, upping its stake in Canopy to 38%. The deal left Canopy with a strong cash position that the company is using to expand its global operations.
That brings us to another area where Canopy arguably ranks first: expanding into the U.S. market. In January, the company announced that it was investing more than $100 million to build a high-capacity hemp production facility in New York state. It alsoteamed upwith well-known entrepreneur and lifestyle maven Martha Stewart earlier this year to develop hemp CBD products for the U.S. market.
Canopy can't enter the U.S. marijuana market as long as marijuana remains illegal at the federal level. However, the company'sdeal to potentially acquireU.S.-based cannabis operatorAcreage Holdings(NASDAQOTH: ACRGF)puts Canopy in the catbird seat for jumping into the huge U.S. marijuana market if federal laws are revised.
Which of these two stocks is the better pick? My hunch is that Aphria could be the bigger winner over the short run. I think that Aphria plausibly has themost near-term upside potentialof any of the top Canadian cannabis producers.
Over the long term, however, my view is that Canopy Growth is hard to beat. The company's relationship with Constellation Brands gives it several important advantages, not the least of which is the huge influx of cash. I think that Canopy Growth is likely to be a top player in the cannabis industry for a long time to come. If the global cannabis and hemp CBD markets grow anywhere close to what many expect they will, Canopy Growth stock still has plenty of room to run.
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Keith Speightshas no position in any of the stocks mentioned. The Motley Fool recommends Constellation Brands. The Motley Fool has adisclosure policy. |
George Conway: Republicans Who Believed Juanita Broaddrick Should Believe E. Jean Carroll's Assault Accusations Against Trump
George Conway, husband of White House Counselor Kellyanne Conway and frequent critic of President Donald Trump, has spoken out about writer E. Jean Carroll’s new sexual assault accusations against the President. In an op-ed for the Washington Post posted Saturday, Conway wrote that Carroll’s allegations are possibly “more credible” than those brought forth by Juanita Broaddrick against former President Bill Clinton. Broaddrick has accused former President Clinton of raping her in 1978. Conway, who regularly derides Trump on Twitter , insisted that if Republicans believed Broaddrick’s accusations, then they should believe Carroll’s. “Republicans or conservatives who promoted Broaddrick’s charges would be hypocritical if they fail to champion Carroll and condemn Trump,” Conway wrote. Conway recounted how in 2016, Trump used Broaddrick’s allegations against Hillary Clinton. Following the emergence of the “Access Hollywood” tape in which Trump is heard bragging about grabbing women by the genitals, Trump’s campaign organized a news conference before the second presidential debate, featuring Broaddrick and two other women who claimed that President Clinton had engaged in sexual misconduct towards them. “Trump called Broaddrick ‘courageous,’ and if Broaddrick was courageous, then certainly Carroll is as well,” Conway wrote. “For Carroll’s story is at least as compelling as Broaddrick’s — if not more so.” In an except published Friday from her forthcoming book, E. Jean Carroll wrote in New York magazine that in late 1995 or early 1996 Trump sexually assaulted her in the dressing room of a Bergdorf Goodman department store in New York. Trump denied those allegations, claiming on Friday that he “never met” Carroll. Carroll’s exerpt includes a photo of her, Trump and their then-spouses at an NBC Party in the late 1980s. Story continues “She is trying to sell a new book,” Trump said in the statement. “That should indicate her motivation. It should be sold in the fiction section.” In his op-ed piece, Conway called Trump’s assertion that he never met Carroll an “utterly brazen, easily disprovable Trumpian lie.” “By making the absurd and mendacious assertion that he never even met Carroll, Trump utterly annihilates the credibility of his claim that he didn’t assault her,” Conway wrote. Conway said Carroll’s accusations against Trump are made even more credible by the sheer number of women who have made public allegations against the President. Trump has been accused of sexual misconduct by at least 18 other women . Conway also wrote that Trump’s remarks captured in the “Access Hollywood” tape reinforce Carroll’s accusations, while “there was simply no equivalent in Broaddrick’s case.” |
Investors Swiftly Pan Korn Ferry's Outlook
Global consulting and executive search services providerKorn Ferry(NYSE: KFY)found itself mired in an earnings-precipitated sell-off on June 21. To be more precise, the company's fiscal fourth-quarter 2019 report revealed solid double-digit year-over-year growth, but a rather cautious outlook for the first quarter of fiscal 2020 soured shareholders' reception of the results, as shares plummeted 17.5% on the trading session.
Let's review the important details from the last three months and put next quarter's guidance into context. Note that in the discussion that follows, all comparative numbers are presented against the prior-year quarter.
[{"Metric": "Revenue", "Q4 2019": "$502.5 million", "Q4 2018": "$488.4 million", "Change (YOY)": "2.9%"}, {"Metric": "Net income", "Q4 2019": "$50.3 million", "Q4 2018": "$41.2 million", "Change (YOY)": "22.1%"}, {"Metric": "Diluted earnings per share", "Q4 2019": "$0.89", "Q4 2018": "$0.73", "Change (YOY)": "22%"}]
Data source: Korn Ferry. YOY = year over year.
• Fee revenue increased by 3% to $490.8 million, which management attributed to organic growth of 20% in the Recruitment Process Outsourcing (RPO) and Professional Search segment. RPO and Professional Search notched reported top-line growth of 20.4% to $92.8 million.
• Korn Ferry's two larger segments turned in flattish results. Executive Search and Advisory reported revenue of $195.3 million and $211.4 million, respectively; both figures were essentially unchanged against the prior-year quarter.
• Operating marginslipped 70basis pointsto 12.4%, as compensation and benefits, Korn Ferry's biggest expense, rose as a percentage of sales against the comparable period.
• The company achieved an all-time quarterly high in adjustedEBITDAof $82.2 million.
Image source: Getty Images.
Korn Ferry doesn't provide extremely detailed forward guidance each quarter, typically issuing instead a forecast for revenue and diluted earnings per share. The company expects fee revenue in the coming quarter of $466 million to $486 million and projects diluted earnings per share of between $0.73 and $0.81.
These guidance ranges indicate little potential improvement over prior-year results. In the fiscal first quarter of 2019, Korn Ferry recorded fee revenue of $465.6 million. And after accounting primarily for a $106.6 million charge related to a companywide rebranding, Korn Ferry earned $0.78 in adjusted diluted EPS in the first quarter of fiscal 2019.
In the company'searnings conference call, CFO Robert Rozek provided investors with the following detail on the company's outlook for next quarter, illuminating why growth targets have been sketched out to reflect minimal progress:
As we exited fiscal '19 and we're entering fiscal '20, our monthly new business trends have been choppy as global economic issues and geopolitical concerns have escalated. Globally, for Executive Search, new business awards in April were up nearly 5% year-over-year, but up only approximately 1% year over year in May. If monthly new business trends continue, we expect year-over-year growth in Exec Search new business awards to remain essentially flat in June and July.
In essence, the professional search and RPO business remains vibrant, but it still comprises only 17% of total revenue. Executive search and advisory have hit immediate headwinds following a strong fourth quarter.
During the earnings call, both Rozek and CEO Gary Burnison pointed to the ongoing trade disputes between the U.S. and China, as well as Brexit-inspired uncertainty in Europe, as specific economic and geopolitical concerns among buyers of headhunting and advisory services.
Investors' severe reaction to the first quarter outlook reflects not only disappointment in the projected weak earnings growth, but skittishness around the effect of any global economic slowdown on Korn Ferry's business. Executive search and consulting organizations are particularly vulnerable to the cutting of corporate budgets in low growth environments: Shareholders may need to see Korn Ferry exceed its modest earnings guidance next quarter to feel reassured about its prospects in its new fiscal year.
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Asit Sharmahas no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has adisclosure policy. |
UPDATE 1-Pompeo says hopes Trump letter to North Korean leader can restart talks
(Updates with comments from U.S. secretary of state)
By Jeff Mason and David Lawder
WASHINGTON, June 23 (Reuters) - U.S. Secretary of State Mike Pompeo said on Sunday that he hopes a letter sent by President Donald Trump to North Korean leader Kim Jong Un can pave the way for new talks aimed at ending North Korea's nuclear program.
Pompeo, who confirmed Trump's letter to Kim before departing Washington on a trip to the Middle East, said that the United States was ready to resume talks with North Korea immediately.
"I'm hopeful that this will provide a good foundation for us to begin ... these important discussions with the North Koreans," Pompeo told reporters at Joint Base Andrews.
Earlier North Korea's state-run news agency KCNA said Kim had described the letter as being "of excellent content" but did not disclose any details about Trump's message.
The KCNA report said Kim "would seriously contemplate the interesting content."
U.S.-North Korea talks stalled after a failed summit in February between Trump and the North Korean leader in Hanoi, Vietnam.
A U.S. official said on Wednesday the United States had no pre-conditions for new talks, but that progress would require meaningful and verifiable North Korean steps to abandon its nuclear weapons program.
Pompeo did not discuss the contents of Trump's letter, but said the United States has been working to lay foundations for discussions since the Hanoi summit abruptly ended by Trump. He added: "I think we're in a better place."
Asked if working-level discussions between the countries would begin soon, Pompeo said: "I think the remarks you saw out of North Korea this morning suggest that may well be a very good possibility. We're ready to go, we're literally prepared to go at a moment's notice if the North Koreans indicate that they're prepared for those discussions."
Trump leaves for Asia later this week for the G20 summit in Osaka, Japan, and meetings with South Korean President Moon Jae-in Seoul.
Pompeo also will join Trump at the G20 summit and accompany the president to Seoul, but said he will first travel to Saudi Arabia and the United Arab Emirates to consult with the U.S. allies on growing tensions with Iran. (Reporting by Jeff Mason and David Lawder; Additional reporting by Lesley Wroughton; Editing by Phil Berlowitz and Daniel Wallis) |
Hodler’s Digest, June 17–23: Top Stories, Price Movements, Quotes and FUD of the Week
Coming every Sunday, theHodler’s Digestwill help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more — a week on Cointelegraph in one link.
Bitcoin crossed $11,000 in under 24 hours after breaking the important level of $10,000 on Friday, ETH hit a 10-month high, while crypto markets see solid green by the end of the week. Cointelegraph exploresthe main factors driving the rally this time, and why they are very different than they were in late 2017. Thus, bitcoin futuresshow growing signsof institutional interest, Bitcoin’s hash ratehit a new all-time highat over 65,000,000 TH/s, the planned Bitcoin block rewardhalvingset for May 2020 is still 333 days away, while the overall microeconomic picture sees investors dumping ever-depreciating fiat currencies for hard-capped “digital gold.”
Facebookreleased the white paper this week for its long-awaited, highly secretive cryptocurrency andblockchain-based infrastructure. The global stablecoin, dubbed “libra,” willoperate on the native and scalable Libra blockchainand be backed by a reserve of assets that will give the coin intrinsic value as well as mitigate volatility fluctuations. Facebook’s new crypto will be governed by a Swiss-based not-for-profit consortium called the Libra Association, which already hasMastercard,PayPal,Visa, Stripe, eBay,Coinbase, Andreessen Horowitz andUberamong itsfounding members. The association will have around 100 members in total, each with a $10 million investment securing the entity one vote on the Libra council.
MoneyGram, a major money transmission network, has partnered withblockchain-based payments firmRipplein order to work on cross-borderpaymentsand foreign exchange settlements with digital assets. According to their two-year agreement, MoneyGram willbe able to draw as much as $50 million from Ripple in exchange for equityand will reportedly use Ripple’s xRapid liquidity product. By using Ripple’sXRPtoken, the process of sending money in one currency to be instantly settled in the destination currency will be faster than with fiat or other digital assets. According to MoneyGram’s chairman and CEO, Alex Holmes, the ability to instantly settle funds in this manner could “dramatically streamline our global liquidity management.”
Big Four auditing firmPwCreleased a cryptocurrency auditing software solution this week. The tool, which has been added to the PwC Halo auditing suite, can be used to “provide assurance services for entities engaging in cryptocurrency transactions.” According to PwC, the Halo suite willallow for the provision of independent evidence of private-public key pairing, as well as the gathering of information about transactions and balances from blockchains. The new addition will support a variety of cryptocurrencies, including bitcoin (BTC), bitcoin cash (BCH), ether (ETH) andXRP. PwC noted that the tool is already employed to support the audits of its clients that work with cryptos, but that its ability to audit is influenced by a client’s control environment.
According to a new report fromEY, the deceased owner of now-defunct Canadian crypto exchangeQuadrigaCX, Gerald Cotten, had been transferring users funds off the exchange in order to use them as securities for his own personal margin trading on other platforms. The EY’s fifth report to the Supreme Court of Nova Scotia outlined the principal concerns, including that itsoperations were “significantly flawed from a financial reporting and operational control perspective.”According to the report, there was neither segregation between duties and basic internal controls, nor was there any delineation between Quadriga’s and user funds. As well, EY noted that Cotten had reportedly created fake “identified” accounts on the platform under multiple alias in order to trade within the platform.
The Amazon bookstore has recently seen the appearance of two different books published underSatoshi Nakamoto’s name. According to the listings, both of the books — “Wave and Ripple Design Book” and “The Official Bitcoin Coloring Book” — are scheduled for release on June 28. Theauthor’s profile claims that he is the same Nakamoto who created bitcoin (BTC)— “Satoshi Nakamoto is the renowned inventor of Bitcoin” — and states that “100% of his book royalties to support STEM and environmental education programs serving underprivileged youth.” Public reviews for the coloring book includes those from “Etheorum” creator “Vitallike Buttering,” “Diamond James, CEO, J.P. Morgain,” and “Buffet Warden, billionaire investor and Chairman of the Bored, Blandshire Haffling,” obvious joking misspellings of famous crypto personalities.
The crypto markets have seen a breaking raise on Friday, with bitcoin trading at $10,876 at the end of the week, ether at $311, XRP at $0.49. Total market cap is at$328,344,521,913.
The top three altcoin gainers of the week are electrumdark, Jiyo [OLD] and BBSCoin. The top three altcoin losers of the week are provoco token, eBoost and ivy.
For more info on crypto prices, make sure to read Cointelegraph’smarket analysis.
“It’s fresh, it’s speculative; at Amazon, we don’t really deal with the speculative, in the now.”
"If we are talking about a national currency that works as a whole in the country — that is, not about private assets — of course, this requires the technology to provide reliability and continuity. Technologies must be mature, including distributed ledger technologies.”
“Even if we offer similar services in the future it will still be for the better, since there will be more competition in the finance industry.”
“Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action.”
“We have to make sure that there is no risk for the consumer, it is our role as a state to protect consumers. [...] It will allow Facebook to accumulate millions and millions of data again, which strengthens me in my belief that it is necessary to regulate the digital giants, to make sure that they do not end up in monopolistic situations.”
“There has begun a shift away from general purpose language for uses in smart contracts, where we really want to begin to model and represent the legal definition and the market rules. Many of these early languages put all the data out there and then attempted to express financial services entitlements by either imposing confidentiality on it or obfuscation.”
“The idea of digital money and the idea of digital gold — and something that you trust because it's math and not people — just made a lot of sense to me.”
Tom Lee, the co-founder of Fundstrat Global Advisors, said this week that bitcoin has the potential to easily reach new highs. In comments to CNBC, Lee noted that bitcoin is becoming the reserve currency of the crypto space, adding, “I think bitcoin is easily going to take out its all-time highs.” According to Lee,bitcoin has been worth over $9,000 for only 4% of its history.In tandem with his price predictions, Lee commented that Facebook’s Libra project is a reflection of mainstream interest that destroys the argument of believing in blockchain, but not in bitcoin.
TheUnited StatesCommodity Futures Trading Commission (CFTC) brought an action this week against a reportedly fraudulent $147 million bitcoin scheme. The complaint has been filed with the New York Southern District Court against now-defunctUnited Kingdom-based entity Control-Finance Ltd, stating that the entity defrauded more than 1,000 investor to launder at least 22,858 bitcoins. The CFTC also included the head of the entity, Benjamin Reynolds, in the complaint, stating thatboth he and the company “exploited public enthusiasm for Bitcoin”from May 1, 2017 to Oct. 31, 2017. The alleged scammers operated by soliciting investors to buy their bitcoin with cash, then sending the new clients BTC deposits to other customers, misrepresenting those as actual profits generated from cryptotrading.
Firefox’s recent zero-day security flaw was used in attacks against major crypto exchange andwalletserviceCoinbase. According to Coinbase security researcher Philip Martin, the reportedly critical zero-day vulnerability inMozilla’s Firefox web browser had actually emerged along with another zero-day flaw that targeted Coinbase employees, meaning that there were two separate Firefox zero-day attacks. Martin noticed thatCoinbase was not the only crypto-related firm to be targeted in the campaign, and that it was working to report other businesses that it believes were also targeted by the attack. Martin underlined in the tweet that the company’s security team has seen “no evidence” that the exploit targeted Coinbase customers.
TheUnited StatesDepartment of Justice (DoJ) unsealed afraudcomplaint this week againstSwedishcitizen Roger Nils-Jonas Karlsson and associated firm Eastern Metal Securities (EMS). According to the DoJ’s complaint, Karlsson and EMA are charged with committing securities fraud, wire fraud and money laundering. The EMS website wasreportedly registered to a made-up person and offered shares of a pension plan that would pay out in gold per share, with investors asked to pay in cryptocurrencies. However, Karlsson reportedly didn’t have the capital to back the payouts and invested the money inThailand-based real estate. According to the complaint, Karlsson was arrested in Thailand on June 18, and the U.S. is requesting his extradition.
It’s 2019 and hacks of cryptocurrency exchanges keep on coming. Cointelegraph looks at not only the amount that has been stolen, but also the security measures, insurance and improvements in the works.
With several recent reveals of the technology behind messaging giant Telegram’s upcoming blockchain network launch, Cointelegraph took a deep dive into the technical aspects of the $1.7 billion project.
Cointelegraph had the chance this week to speak to Ben Mezrich, the author behind the book that spawned the film “The Social Network,” about his new bitcoin-focused book on the rise of the Winklevoss twins’ bitcoin fame. Abook reviewof the new crypto success story accompanies the interview, for those whose interest has been piqued.
• CME: Open Interest in Bitcoin Futures Contracts Hit All-Time High
• Fundstrat’s Tom Lee: Bitcoin Is Easily Going to Reach New Highs
• Google Searches for ‘Bitcoin’ Starting to Catch Up With $10K Euphoria
• Ripple CEO: Bitcoin and XRP Aren’t Competitors — I’m Long BTC |
Trump's sanctions on Iran could hit heart of nation's economy: Rep. Turner
Rep. Mike Turner said on Sunday that sanctions imposed by the Trump administration on Iran are weighing significantly on theMiddle Easterncountry’seconomy.
“The economy in Iran is reeling already from the sanctions that have been put in place before as part of the maximum pressure campaign,” Turner, R-Ohio, told “Sunday Morning Futures.”
President Trumpsaid this weekendthat the U.S. would impose further sanctions on Iran and Secretary of State Mike Pompeo announced the same day that he would travel to Saudi Arabia and the United Arab Emirates for talks.
“We're prepared to negotiate with no preconditions. They know precisely where to find us,” Pompeo told reporters. “I am confident that at the very moment they are ready to engage with us we will be able to begin these conversations.”
The U.S. imposed sanctions on Iran last year and withdrew from a deal signed in 2015 with American allies that limited the Middle Eastern country’s stockpile of enriched uranium. Under the agreement, Iran was allowed to resume exporting oil, the major part of the nation’s economy.
However, with the administration reinstating sanctions a year ago, the International Monetary Fund (IMF) forecasts Iran’s economy to contract by 6 percent. In 2016, the IMF expected Iran’s economy to grow by 12.5 percent.
“Now Secretary Pompeo has signaled previously that some additional areas of sanctions that the United States would look at would of course … beoilexports,” Turner said. “That goes right to the heart of really the engine of Iran's economy.”
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Tensions have risen lately after Iran shot down a U.S. surveillance drone last week, claiming that the unmanned aircraft was in Iranian airspace. U.S. officials have denied Tehran’s allegations. Trump said Friday he called off a military strike on Iran with just minutes to spare. However, the U.S. reportedly carried out a cyberattack on the Islamic Republic.
“We were cocked & loaded to retaliate last night on 3 different sights when I asked, how many will die,” Trump tweeted. “150 people, sir, was the answer from a General. 10 minutes before the strike I stopped it, not proportionate to shooting down an unmanned drone.”
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Economist: The market is 'a little bit frothy right now'
Last week’s gains had investors cheering on Wall Street as they brushed off geopolitical uncertainty to focus on dovish sentiment from the Federal Reserve. But despitestocks hitting record highs, RSM Chief Economist Joe Brusuelas said the market is overvalued.
“The euphoria in the market is the doppelganger of what’s happening in the economy as we see things begin to decelerate... We’ve all lived through several different economic cycles. This market is overbought. It’s a little bit frothy right now and there’s a little bit too much risk on the economic side.”
His bearish assessment is backed by new data from IHS Markit’s Purchasing Manufacturers Index (PMI), which many economists use as a gauge on the overall health of the U.S. economy,coming in with its worst reading since 2009.
“The U.S. is probably going into a manufacturing contraction in July or August, which will be in line with the rest of the world. So yeah, I think there’s a lot of risk out there, but you can see the euphoria because the Fed’s going to cut rates. There’s a lot of money sloshing around the system,” Brusuelas said.
All of this comes as American aerospace manufacturer, Boeing (BA), endures what’s been an incredibly rocky year so far. The company has come under fire in recent months after facing international backlash over the safety of its 737 Max aircraft.
“Boeing and the three big car companies have an outsized role in the economy because autos and aerospace impact everything — all sorts of services and all sorts of goods producing jobs,” Brusuelas said, adding that the auto sector, in particular has a huge affect on GDP every quarter.
“We haven’t even begun to see the real problems due to the issues at Boeing around the 737 Max... It’s literally going to be the worst summer of travel on memory in this business cycle,” he said.
Nick Rose is a producer for Yahoo Finance.
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Zendaya Responds to Lindsay Lohan’s Met Gala Criticism
Photo credit: ANGELA WEISS - Getty Images From ELLE Zendaya has never been one to shy away from her critics, and that now includes none other than Lindsay Lohan. While Zendaya appeared on the Met Gala red carpet in a light-up Cinderella gown by Tommy Hilfiger back in May, Lohan made her thoughts known on Instagram, commenting: “Claire Danes did that with Zac Posen already,” referencing the actress’s own illuminated gown from 2016. She then tagged Danes in another comment writing, “You wore this dress so beautifully, I don’t know why someone thinks that they can be more chic. Ever.” During an interview with The Daily Telegraph , Zendaya responded to Lohan’s comments without acknowledging her by name. “I didn't feel hurt by it and it didn't make me sad because I have no idea what that person is going through,” she said. “Maybe in some strange way, that comment made them feel better that day. People are only negative because negativity is eating away at them.” This isn’t the first time Zendaya has publicly responded to comments made about her. During the 2015 Oscars, Zendaya walked the red carpet in a white Vivienne Westwood gown with her hair in dreadlocks, prompting then-host of Fashion Police , Giuliana Rancic to say that the look made her “feel like she smells like patchouli . . . Or weed." The comments sparked controversy on Twitter and Zendaya eventually responded with a letter that she posted on social media. “There is already harsh criticism of African-American hair in society without the help of ignorant people who choose to judge others based on the curl of their hair,” she wrote. “My wearing my hair in locs on an Oscar red carpet was to showcase them in a positive light, to remind people of color that our hair is good enough.” Rancic ended up apologizing for her comments shortly after. So far, Lohan has had no such response. ('You Might Also Like',) 10 Pairs of White Sneakers That Go With Everything 50 Surprising Things You Never Knew About 'Sex and the City' 20 Serums to Solve All Your Skincare Problems |
The Vast Majority of Workers Aren't Making the Most of Their 401(k)
Your 401(k) makes saving for retirement as painless as possible. You can transfer a portion of each paycheck straight to your retirement account, and if your employer offersmatching contributions, you can even earn free money simply by saving.
But 401(k) plans can also be confusing. Withso much jargoninvolved in the investing process, it can be overwhelming to figure out how to invest your money and ensure you're doing everything you can to protect your savings over the long term.
Does that mean you should hire a financial advisor to walk you through your retirement account? Or should you just wing it and hope everything will work itself out? You may actually have a third option -- and very few workers take advantage of it.
Image source: Getty Images
Roughly two-thirds of 401(k) participants have access to online advice through their plan that can help workers choose the best investments for their portfolios, a study from Vanguard found. Despite so many people having this free tool at their fingertips, only 6% of workers have actually accessed it.
Furthermore, 57% of workers are offered managed account advice through their 401(k), which includes professional investment management and customized retirement savings projections. Yet only 8% of workers take advantage of this service, according to Vanguard.
Why don't more people use these services to make the most of their 401(k)? It's likely because most people are unaware they exist. Only around three-quarters of employees who are eligible to contribute to their 401(k) actually do so, the Vanguard report noted, and 36% of accounts have balances of less than $10,000.
So if many workers either aren't participating in their 401(k) ordon't have much saved, they may not think to look for advice about how to manage their money. But if you're struggling to get started saving, that's the best time to arm yourself with as much knowledge as possible.
When it comes to preparing for retirement, you can never learn too much -- because the more you know, the fewer surprises you'll face down the road. But even if you think you know how to skillfully manage your money, there's always more to learn.
Around three-quarters of U.S. adults failed a retirement income literacy quiz, according to a report from the American College of Financial Services. Yet what's more worrisome is that nearly two-thirds of those who took the quiz claim to be highly knowledgeable about financial and retirement topics. So it seems most people don't know quite as much as they think they do.
Sometimes, what you don't know won't hurt you. That's not the case with retirement planning, however, because oneseemingly minor mistakecould cause long-term damage. For example, say you decide to invest most of your money in conservative funds earning average returns of around 2% to 3% per year. By playing it safe, you think, you're more likely to see your money grow in the long run. But if you're only earning 2% returns on your investments, your savings may not even keep up with inflation -- meaning your money could actually be losing value over time. By the time you realize the mistake, you may have missed out on years of valuable time to save.
Big life changes can also be tough to navigate if you're planning retirement on your own. Getting married, bringing home a new baby, or helping your children pay for college can affect your finances, and getting advice from an expert can ensure you're still on track to retire.
Not all 401(k) plans will offer advice this detailed and personalized, but you'll never know unless you do some research to find out exactly what tools and resources are available to you. Roughly two-thirds of Americans say they feel more confident about how much to save for retirement when they work with a finance professional, according to a survey from Northwestern Mutual, so taking advantage of expert advice can help you make wise long-term decisions.
If you have access to online advice and investment help through your 401(k), it's smart to utilize those services as much as possible. You don't know what you don't know, and when it comes to something as important as retirement planning, you can never get too much information.
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Obliteration could still come to Iran, Trump warns
Despite calling off a military strike against Iran, the U.S. is still poised to hit Iran hard after weeks of mounting tensions between the two countries, President Trump said on Sunday, in what appeared to be a coordinated effort by the administration to keep the pressure on Tehran. Trump in an interview with NBCs Meet the Press said he is not looking for war with Iran, but warned of "obliteration like you've never seen before if Iran resumes its efforts to build nuclear weapons. Vice President Mike Pence told Jake Tapper on State of the Union that Iran should not mistake restraint for a lack of resolve. All options remain on the table, he added. National security adviser John Bolton, in Israel for a meeting with Prime Minister Benjamin Netanyahu, pointedly noted that Trump had just stopped the strike from going forward ... at this time and warned that another attack could occur at any time. Trump noted that Bolton was one of the administrations leading hawks. If it was up to him, he'd take on the whole world at one time," the president told Meet the Press host Chuck Todd. On Friday, Trump said the U.S. military was " cocked & loaded " for a retaliatory strike after Iran shot down a U.S. military drone near its coast. The shootdown came after attacks on two tankers in the Persian Gulf, which the administration has also blamed on Iran. The president said he canceled the authorized strikes at the last minute to avoid Iranian casualties. "Nothing is greenlighted until the very end because things change," Trump said when Todd asked if planes were already in the air. But when they were about ready to go, Trump said he asked his generals, "How many people would be killed, in this case Iranians?" Informed there would be approximately 150 casualties, Trump said, I thought about it for a second and I said, you know what, they shot down an unmanned drone, plane, whatever you want to call it, and here we are sitting with a 150 dead people that would have taken place probably within a half an hour after I said go ahead. And I didn't like it ... I didn't think it was proportionate." Story continues Instead of military strikes, Trump announced plans to further impose major sanctions on Iran beginning Monday and told Todd that he believes they want to make a deal, but there would be no preconditions for negotiations with Tehran. President Donald Trump, flanked by Vice President Mike Pence, left, and national security adviser John Bolton, right, speaks to the media as he meets with senior military leadership in the Cabinet Room of the White House on April 9, 2018, in Washington, D.C. (Photo: Ricky Carioti/Washington Post via Getty Images) Last year, Secretary of State Mike Pompeo outlined 12 nonnegotiable conditions for an agreement with Iran, but those are apparently off the table. Instead, Trump said his bottom-line demand was that Iran give up any efforts to build nuclear weapons. "They cannot have a nuclear weapon. Theyd use it. And theyre not going to have a nuclear weapon, Trump said. "And if you want to talk about it, good. Otherwise, you can live in a shattered economy for a long time to come." Tensions between the U.S. and Iran have continued to rise after Trump last year pulled out of the 2015 Iran nuclear deal, which limited Irans nuclear program in Tehran in exchange for relief from sanctions. Since pulling out of the agreement, the U.S. has reimposed sanctions on Iran. Then in April, Trump labeled the Islamic Revolutionary Guard Corps a terrorist group and in the following month announced the deployment of a bomber task force and carrier strike group to the Middle East to send a clear and unmistakable message" to Iran after a number of troubling and escalatory indications and warnings. On Monday, the Trump administration announced the deployment of 1,000 additional troops and extra military resources to the Persian Gulf region. Iran denied responsibility for the attacks, but American administration and intelligence officials arent buying it. As Yahoo News first reported last week, the Pentagon secretly launched a retaliatory digital strike against Iranian cyberspies who were targeting U.S. commercial ships. The attack on the U.S. drone Thursday, announced by the Islamic Revolutionary Guard Corps and confirmed by the Pentagon, heightened tensions further. Iran said the plane had crossed into its territory whereas the Pentagon insisted it was flying over international waters in the Strait of Hormuz and was taken down in an unprovoked attack. Trump warned Iran that it made a very big mistake, but later said he believed it wasnt intentional. Then he authorized a retaliatory strike but called it off. Reuters reported that Trump sent a message to Tehran to warn of the imminent attack, which would have targeted a limited set of Iranian radars and missile batteries, but the president dismissed those reports. I did not send that message, Trump said. I dont know who wouldve said that. Vice President Mike Pence defended Trumps decision to call off the strike Sunday, saying they werent convinced the drone attack was authorized at the highest levels in the Iranian government. "The president also had doubts as to whether or not the downing of our unmanned aircraft was actually authorized at the highest levels," Pence told CNN's Tapper on "State of the Union." "We're not convinced that it was authorized at the highest levels. But Pence made it clear that we're not going to allow Iran to obtain a nuclear weapon, and we're not going to stand by while Iran continues to sow malign influence across the region. He reiterated that the U.S. is prepared to talk to Iran without preconditions. The one precondition is ... they need to give up the nuclear weapons, he added. In light of the tankers and drone attacks, Pence said Iran was lashing out even more than they usually do over sanctions since the U.S. walked away from the Iran nuclear deal in 2018. _____ Read more from Yahoo News: Trump wants his next press secretary to be a cable news 'street fighter' For politicians, the D.C. elite and even a presidential candidate, a Navy program has been an attractive fast-track path to military service Trump admits his Cabinet had 'some clinkers' Confronted with multiple errors in his new Trump book, a testy Michael Wolff says, 'You have to trust me' Why are people willing to risk death for a selfie? PHOTOS: Storms bring flooding and power outages across the U.S. |
SpaceX Falcon Heavy: Why everyone should watch this night launch from Kennedy Space Center
The first night launch for SpaceX's Falcon Heavy rocket from Kennedy Space Center is scheduled for 11:30 p.m. Monday night. |
Trump: naming Sessions U.S. attorney general was 'biggest mistake'
WASHINGTON, June 23 (Reuters) - U.S. President Donald Trump said on Sunday that if he could have one "do-over," it would be "personnel" decisions, including naming former Senator Jeff Sessions as his first U.S. attorney general.
"I would say if I had one do over, it would be, I would not have appointed Jeff Sessions to be attorney general ... That was the biggest mistake," Trump said in an interview aired on Sunday with NBC's 'Meet the Press' program.
After almost three years of investigations, Trump's presidency is still clouded by questions surrounding Russian interference to boost his candidacy in the 2016 U.S. elections and his subsequent efforts to impede inquiries into the matter.
Sessions, formerly a Republican senator from Alabama, was one of the earliest Trump administration casualties of the Russian election meddling scandal, which continues to be investigated by committees of the U.S. Congress.
In February 2016, Sessions became the first serving senator to endorse Trump when the New York reality TV star and real estate developer was still a presidential candidate.
Russian intelligence organizations a month later began a cyber campaign aimed at interfering with the 2016 presidential election, according to U.S. intelligence agencies.
During the campaign, Sessions, a close Trump adviser, met with Russian Ambassador Sergei Kislyak. Several others in Trump's inner circle met with Russians during this period, too.
In late July 2016, the FBI began investigating Russian meddling in the election.
After Trump's stunning election victory, Sessions was rewarded for his loyalty by being nominated as the top U.S. law enforcement official and head of the Justice Department.
In January 2017 in Senate confirmation hearings, Sessions said that during the campaign he had no communication with Russians. A month later, he was confirmed as attorney general.
Only two months afterward Sessions' campaign ties to Kislyak were reported. Democrats accused him of lying to Congress.
In March 2017, Sessions recused himself from the ongoing investigation into Russian interference in the elections, infuriating Trump, who thereafter frequently attacked Sessions.
In May 2017, Special Counsel Robert Mueller was appointed to take over the Russia probe from the FBI.
In November 2018, after months of being publicly ridiculed by Trump, Sessions resigned. He was replaced briefly by Matthew Whitaker until William Barr was confirmed to the job of attorney general. On Barr, Trump said, "He's brought sanity back."
Mueller's 448-page final report, released in mid-April, found insufficient evidence to establish that the Trump campaign engaged in a criminal conspiracy with Moscow, despite numerous contacts between the campaign and Russia.
The report also described attempts by Trump to impede Mueller's investigation, but stopped short of declaring that he committed a crime.
Asked on Sunday if he had read the Mueller report, Trump said, "I read much of it ... I read the conclusion." He again called the allegations that his campaign worked with the Kremlin "a hoax."
Trump told NBC: "I'll be honest with you, nobody even mentions Russia anymore since the Mueller report." (Reporting by Kevin Drawbaugh Editing by Marguerita Choy) |
Trump says 'I don't care about the Europeans' after questions on Iran crisis
Donald Trump has said he doesnt care about the Europeans when it comes to dealing with Iran as the feud between Washington and Tehran escalates. The US president said he had called off an attack against Iran in response to the shooting down of an American drone because he didnt think it was proportionate. Yet Mr Trump also said the US military had identified Iranian targets for air strikes. I have so many targets you wouldnt believe
We have targets all over, he told interviewer Chuck Todd on NBCs Meet the Press. Im not looking for war and if there is, itll be obliteration like youve never seen before. But Im not looking to do that." Mr Trump dismissed European leaders efforts to uphold the Iranian nuclear deal forged between world powers in 2015. I dont care about the Europeans, he said. The Europeans are going out and making a lot of money
In France, theyre selling cars to Iran. Theyre doing other things. He added: And let me tell you, were very good to Europe. We take care of them. NATO, we spend a tremendous amount ... On trade, the European Unions taken, really, they have really taken advantage of us for a long time. Mr Trump said he backed away from the planned strikes about 30 minutes before the planes were ready to leave after learning 150 people would be killed. I didnt like it. I didnt think it was, I didnt think it was proportionate. Asked by Mr Todd whether he felt pushed into military action by any of his team, such as national security adviser John Bolton, the US president said: I have two groups of people. I have doves and I have hawks. Yeah, John Bolton is absolutely a hawk. If it was up to him hed take on the whole world at one time, okay? But that doesn't matter because I want both sides. WATCH: President Trump tells Meet the Press: Saudi Arabia is a big buyer of American product. That means something to me. Its a big producer of jobs.
Take their money. Take their money, Chuck. #MTP #IfItsSunday pic.twitter.com/U3OxAwtZOJ Meet the Press (@MeetThePress) June 23, 2019 View comments |
Craig Wright Failed to Disclose Bitcoin Holdings in Court Case, Says Lawyer
The legal counsel for a plaintiff in a bitcoin (BTC) theft case involving Australian computer scientistCraig Wright, said that Wright — the defendant — failed to disclose his bitcoin holdings per court order. Devin Freedman of law firm Boies Schiller Flexner made his statements in atweeton June 21.
As Cointelegraph previouslyreported, in May aUnited Statescourtordered Wright to produce a list of his public bitcoin addresses as of Dec. 31, 2013. Freedman declared that, since he has not complied, “he remains under an order to show cause why [Judge Florina] Reinhart shouldn’t issue sanctions” and order him to appear before Judge Beth Bloom and “explain why he shouldn’t be held in contempt.”
The order is part of an ongoing case against Wright — who self claims to be bitcoin creatorSatoshi Nakamoto— that was filed by the estate ofDavid Kleiman.
David Kleiman was a cyber-security expert and computer scientist, whom manybelieveto have been one of the first developers behind bitcoin and its underlyingblockchaintechnology.
Kleinman’s estatebroughtthe case to court in February 2018, claiming that Wright stole hundreds of thousands of BTC worth over $5 billion following Kleiman’s death. The estate claims that Kleiman’s friends and family were unaware of the wealth he had accumulated and that Wright “forged a series of contracts that purported to transfer Dave’s assets to Craig and/or companies controlled by him. Craig backdated these contracts and forged Dave’s signature on them.”
Earlier this month, Wright wasorderedto appear personally at mediation to address the accusations against him, after having requested permission to appear by video conference, arguing that physically attending the courtroom would have caused him “unjustifiable hardship.”
In May, Wrightfileda copyright claim with the U.S. Patent and Trademark Office to a part of bitcoin’s code and its white paper, but its legal weight is disputed.
• Craig Wright Ordered to Personally Appear at Bitcoin Theft Mediation
• Riviera Beach City Council Agrees to Pay $600,000 in BTC to Ransomware Attackers
• Report: Two Israeli Brothers Arrested for Hack of Bitfinex Crypto Exchange
• How Tyler Winklevoss Converted His Biographer Into a Bitcoin Believer |
UPDATE 2-Israel will consider U.S. Mideast plan, Palestinians to boycott
(Adds Palestinian official commenting on Jordan Valley) (.)
RAMALLAH/JORDAN VALLEY, West Bank, June 23 (Reuters) - I srael's prime minister said on Sunday he would give U.S. President Donald Trump's Middle East peace plan fair and open consideration, while the Palestinian president rejected the proposal.
The two leaders were commenting, separately, about Trump's plan for the first time since details of its initial, economic, phase were revealed by Reuters on Saturday.
Trump's team is formally unveiling the economic portion of the plan this week at a workshop in Bahrain, which it hopes will stimulate the economy of the Palestinian territories and of the region. The political part of the plan will be rolled out at a later date.
Israeli Prime Minister Benjamin Netanyahu repeated Israel's consistent position that it must retain a presence in the strategic Jordan Valley, the eastern-most part of the Israeli-occupied West Bank that borders Jordan.
"We'll hear the American proposition, hear it fairly and with openness. And I cannot understand how the Palestinians, before they even heard the plan, reject it outright," Netanyahu said while touring the area with visiting U.S. National Security Adviser John Bolton.
"Under any peace agreement our position will be that Israel's presence should continue here, for Israel's security and for the security of all," Netanyahu said.
The Jordan Valley and Dead Sea area covers nearly 30% of the West Bank. Palestinians say that it forms an integral part of the land that they claim for a future state.
Husam Zomlot, head of the Palestinian mission in London, said on Twitter: "The Jordan Valley is Palestine’s strategic reservoir & the most vital area for a prosperous Palestinian economy: Water, fertile lands, minerals, Dead Sea and heritage sites."
Palestinian officials are boycotting the Trump administration and have refused to engage with its Middle East peace plan.
Palestinian President Mahmoud Abbas said that solely economic solutions to the Israeli-Palestinian conflict were a non-starter.
"Money is important. The economy is important. But politics are more important. The political solution is more important," Abbas told reporters in the West Bank city of Ramallah.
"We welcome all those who wish to help us, whether it be in Manama or anywhere else. But for now, we reject the deal of the century," he said.
Appearing dismissive of U.S. plans to arrange massive investments in the region, Abbas said: "What have the Americans proposed that is original? 50 or 60 billion dollars? We are used to this kind of nonsense. Let’s not lie to each other. We’ll see if anyone lives long enough to see that $50 or $60 billion come."
(Reporting by Dedi Hayun in the Jordan Valley, Rami Ayyub in Ramallah, Stephen Farrell and Ari Rabinovitch in Jerusalem Editing by Marguerita Choy) |
Syria says sabotage damaged underwater oil pipelines
DAMASCUS, Syria (AP) Five underwater pipelines have been damaged and put out of order after a sabotage attack off the coastal town of Banias, Syria's oil ministry said Sunday. The damage was discovered after divers checked to see what was behind an oil leakage, the ministry said. The ministry gave no further details about the attack saying that the damage will be fixed within hours, by its experts. It said Oil Minister Ali Ghanem visited the area and met with engineers over the "terrorist attack." Banias is home to one of Syria's two oil refineries. The other is in the central city of Homs. Syria has been mostly relying on oil shipments through tankers to its Mediterranean coast. Syria suffered recently from fuel shortages that were largely the result of Western sanctions on Syria and renewed U.S. sanctions on its ally Iran. Syria produced 350,000 barrels per day before the country's conflict began in 2011 and exported more than half of it. Now it is down to around 24,000 barrels a day, covering only a fraction of domestic needs. View comments |
Goldman Sachs plans to disrupt banking like Amazon did retail, Apple in music
With its startup consumer bank Marcus, Goldman Sachs (GS) wants to disrupt banking the way Amazon (AMZN) disrupted retail and and Apple (APPL) upended music.
Specifically, the 150-year old bank’s goal is to transform "the distribution and consumption experience of financial services," according to Harit Talwar, the head of global consumer business for Goldman Sachs.
"Think about it — a mom wants to buy diapers. The diapers she buys at Walgreens or the diapers she buys at Amazon are the same diapers,” Talwar explained Yahoo Finance last week, on the sidelines of the Fortune Brainstorm Finance event in Montauk, New York.
“But, with Amazon she's convinced of [the] value, it is easy, it is simple, it's transparent, it's personal, it's repeatable, and she does it from her family room,” he said. “There is no reason why you need to walk to a branch to do banking.”
Just three years ago, the storied Wall Street firm debuted Marcus, Goldman’s online consumer lending and savings arm. It was named after the bank's founder, Marcus Goldman, and described as "a startup within a 150-year old firm."
Adam Dell, Marcus’ head of product, explained that they want to help customers understand that they are paying their current bank $150 to $200 in fees each year and they're getting very little in interest on their savings account.
For its savings arm, Marcus offers a 2.25% annual percentage yield (APY) and charges no fees. Customers can open an account for as little as $1. Customers can also get access to fixed-rate, no-fee loans of up to $40,000.
To date, Marcus now has around 4 million customers, and it's given out north of $4.7 billion in consumer loans, and accumulated close to $50 billion in deposits.
More recently,Marcus partnered with Apple for the upcoming Apple Card, a digital and physical credit card that's expected to launch this summer.
"We are growing at a quite rapid rate. I think that's a reflection of the value proposition of our business," said Dell, who raised eyebrows last week when he declared thatbig banks were “screwed.”
For Marcus, it’s only the beginning.
"You will see us move into other categories of finance whether it be investing, retirement, insurance, all of the things that make up a person's financial life are fair game," Dell said.
A noted venture capitalist and entrepreneur, Dell joined Goldman as a partner last year after selling Clarity Money to the bank.
He analogized Marcus to Amazon Web Services (AWS). Basically, Amazon invested heavily in offering its cloud infrastructure to other businesses, and it's become a massive money maker for the e-commerce giant.
"Similarly, Goldman has a great deal of expertise in financial services. We are leveraging that capability and offering that to customers at a very different price point, and a very different cost structure than incumbent banks are able to offer," Dell said.
Of course, the big challenge Marcus faces is getting customers to leave their traditional banks — and making that process simple.
"Our biggest competitor is consumer inertia, and therefore you just have to be at it,” Talwar said.
The bank’s challenge is “to meet them at the places where the shop, the places where they work, the places where they surf, so that you are reaching out to them in the digital world rather than expecting them to move to you.”
—
Julia La Roche is a reporter at Yahoo Finance. Follow her onTwitter.
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'Bitcoin Inventor' Craig Wright Basks in Satoshi Glow as Court Date Looms
ByCCN Markets: Self-proclaimedbitcoininventorCraig Wrighthad his fondest wish come true when the capital city of Colombia formally recognized him asSatoshi Nakamoto.
Officials in Bogota presented Wright with a fancy certificate affirming him as the creator of bitcoin. The events unfolded at the 2019 Expo-Bitcoin International in Bogota, a week-long crypto conference.
Wright, the chief scientist at nChain, and Jimmy Nguyen, nChain's CEO, both attended the conference, where they discussed how Latin Americans could use cryptocurrencies to improve their economies. Notably, Wright discussed "bitcoin and the law."
Self-proclaimed bitcoin inventor Craig Wright spoke at a crypto conference in Bogota, Colombia. | Source: Jimmy Nguyen/Twitter
Nguyen shared Twitter photos of Wright showing off the certificate that proclaimed him bitcoin inventor Satoshi Nakamoto.
Read the full story on CCN.com. |
UPDATE 4-Yemen's Houthis hit Saudi airport, killing one, wounding 21 - Saudi-led coalition
(Updates the number wounded)
RIYADH, June 23 (Reuters) - Yemen's Houthi movement launched an attack on Abha civilian airport in southern Saudi Arabia on Sunday that killed one person and wounded 21 others, the Saudi-led coalition battling the group in Yemen said.
Houthi-run Al-Masirah TV earlier said that the Iran-aligned movement had targeted Abha and Jizan airports in the south of the kingdom with drones attacks.
"A terrorist attack by the Iran-backed Houthi militia targeted Abha airport, killing a Syrian resident and wounding 21 civilians," the coalition said in a statement carried on Saudi state television.
It did not confirm an attack on Jizan airport.
Saudi-owned Al Arabiya TV said a suspected drone hit the parking lot in Abha airport, which is about 200 km (125 miles) north of the Yemen border and serves domestic and regional routes.
Saudi state TV said flights had resumed at the airport, where operations were now running normally.
Earlier this month, a Houthi missile hit Abha airport in a strike that wounded 26 people.
The Western-backed Sunni Muslim coalition led by Saudi Arabia and the United Arab Emirates intervened in Yemen in 2015 to try to restore the internationally recognised government that was ousted from power in Sanaa by the Houthis in late 2014.
The Iran-aligned Houthis have stepped up missile and drone attacks on Saudi cities in the past month amid rising tension between Iran and Gulf Arab states allied to the United States.
Riyadh has accused Iran of supplying the Houthis with the weapon used in the June 13 attack on Abha airport. Tehran and the Houthis deny coalition charges that Iran supplies the Houthis with missiles and drones.
"DESTABILISING ACTIVITY"
The Saudi-led military coalition has targeted Houthi military sites around the capital Sanaa and Hodeidah port city.
Saudi Arabia, the UAE, Britain and the United States, in a joint statement published by the Saudi Embassy in Washington on Sunday, voiced concern about the escalation in Houthi attacks - without any mention of the latest drone launches.
The quartet also voiced concern about "dangers posed by Iranian destabilising activity" to peace and security both in Yemen and the broader region, citing attacks on oil tankers in Gulf waters.
Tehran has denied involvement in the tanker attacks, which no one has claimed responsibility for.
The escalation in violence threatens a U.N.-sponsored deal for a ceasefire and troop withdrawal from Hodeidah, which became the focus of the war last year when the coalition tried to seize the port, the Houthis' main supply line and a lifeline for millions of Yemenis.
The quartet's statement called on all Yemeni parties to engage constructively with U.N. special envoy Martin Griffiths to accelerate implementation of the agreement.
The deal, reached at peace talks in Sweden last December, had stalled for months before the Houthis unilaterally withdrew from three Red Sea ports in Hodeidah. The Saudi-led alliance has yet to verify the redeployment or meet it by pulling back pro-coalition troops massed on the outskirts of Hodeidah. (Reporting by Mohamed El-Sherif and Ali Abdelaty in Cairo and Stephen Kalin in Riyadh; Writing by Ghaida Ghantous in Dubai; Editing by Alison Williams and Marguerita Choy) |
U.S. explores requiring domestic 5G equipment to be made outside China- WSJ
June 23 (Reuters) - U.S. President Donald Trump is looking to require next-generation 5G cellular equipment used in the United States to be designed and manufactured outside China, the Wall Street Journal reported on Sunday, citing people familiar with the matter.
As part of a 150-day review that started after cybersecurity concerns in the United States, officials are asking telecom equipment makers if they can develop U.S.-bound hardware including cellular-tower electronics as well as routers and switches, and software outside of China, the WSJ https://on.wsj.com/2IAjhpk reported.
In May, the Trump administration took aim at China's Huawei Technologies Co Ltd, banning the firm from buying vital U.S. technology without special approval and effectively barring its equipment from U.S. telecom networks on national security grounds.
The talks are still in informal stages, the WSJ said, and any executive order calls for only a list of proposed rules and regulations by the 150-day deadline, in October, so any decision could take years to adopt. (Reporting by Mekhla Raina in Bengaluru Editing by Marguerita Choy) |
Janet Jackson Is in a 'Great Space' in Life Thanks to Son Eissa: 'I've Slowed Down a Great Deal'
Janet Jackson has found a new sense of purpose since welcoming son Eissa . Ahead of her debut performance at the Glastonbury Festival this year, the 53-year-old pop icon opened up about how motherhood has impacted her life — and her career. “I’m in a great space,” she told The Sunday Times . “I have a beautiful son.” The “Rhythm Nation” singer went on to note that since becoming a mother, her friends had given her a powerful new nickname. “My friends call me Superwoman,” she shared. “God knows I’m not. But I think what they are seeing is the energy and that extra drive I’m getting from the inspiration of Eissa.” Want all the latest pregnancy and birth announcements, plus celebrity mom blogs? Click here to get those and more in the PEOPLE Parents newsletter . RELATED: Janet Jackson Thanks Son, 2, at Rock & Roll Hall of Fame for Showing Her the Meaning of ‘Real’ Love Courtesy Janet Jackson Jackson, who kicked off her Las Vegas residency earlier this year, went on to share that while she’s continuing to perform she’s “slowed down a great deal” so she can spend more time with her 2-year-old son. “I’ve slowed down a great deal. I don’t rehearse as many hours as I used to because of being with my baby. My days have been cut in half so I can spend that time with him,” she explained. And even when she is working, Jackson still gets to be around her son, whom she welcomed in 2017 with ex Wissam Al Mana. “He comes to the rehearsals. He sings along. He loves being around the kids,” she added. RELATED VIDEO: Janet Jackson Is ‘Super Excited’ About Expecting Her First Child at 50 Earlier this year, Jackson also gave her son a sweet shout-out when she was inducted into the Rock & Roll Hall of Fame. “I just want to thank my baby, my beautiful son,” Jackson told the crowd in March. “He wakes me up every single morning singing his own melodies,” she added. “I want you to know that you are my heart, you are my life, and you have shown me the meaning of real, unconditional love. Mama loves you, Eissa.” Story continues Janet Jackson | Dimitrios Kambouris/Getty RELATED: Janet Jackson’s Son Eissa: The Meaning Behind His Name During an interview with Billboard last year, Jackson added that until she became a mother, she never knew just how much love she truly had to give. “[He] has shown me that love, no matter how deeply you believe you have experienced that emotion, can always go deeper. Love is limitless ,” she explained. “And for someone like me, raised in show business where self-concern is always a priority, how fortunate I am now to be concerned, first and foremost, with the welfare of someone else,” she added. |
Point72's Granade: No need to fear the robots taking over hedge funds
Hedge fund portfolio managers and analysts, there’s no need to worry — robots aren't taking your jobs anytime soon, according to one finance industry veteran.
Despite widespread fears about artificial intelligence (AI) encroaching on jobs everywhere, humans still play “a really important role in idea generation, and creativity, and seeing things other things that others don't see," said Matthew Granade, the chief market intelligence officer for Point72 Asset Management, the hedge fund led by billionaire Steven A. Cohen.
Yahoo Finance spoke to Granade on the sidelines of the Fortune Brainstorm Finance event on Montauk, New York on Thursday.
According to Granade, artificial intelligence and other technology tools will help make folks on the buy side more productive and creating data sets.
He stressed that “core idea generation is going to be done by humans, or humans are going to have a very important role to play in that for many many years to come."
At Point72, the firm uses machine learning to process credit card data.
Natural language processing is superior at sifting through that information as it relates to various tickers, while it would be virtually impossible for a human to go through billions of credit card transactions. That data helps inform decisions about various tickers.
All said, changes and new technology tend to make people nervous, and hedge funds are no different.
"[I] think when you start really thinking about what the technology is going to do and what it's capable of, you see certain human skills are going to be extremely valuable and then certain things aren't,” Granade said.
“The advice I always give everybody is you have to think about in this world, 'What's your competitive advantage versus machines?'" he asked.
Julia La Roche is a finance reporter at Yahoo Finance. Follow her onTwitter.
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Amazon has a secret coupon section where you can score huge savings
You can save even more money shopping on Amazon by visiting its coupon page and clipping up discounts immediately. (Photo: Getty Images) The thrill of getting a good deal can easily be washed away in a pool of untouched coupons that are likely stacking up in some sort of mail pile you have at home. Though online retail have given these real-life printouts a back seat, they’re a lesser-known element of one of the most popular shopping sites around — Amazon . That’s right. Amazon of all places has a special hard-to-find section filled to the brim with coupons on all things ranging from Tommy Hilfiger fashion to household essentials like Febreze. What it is It’s pretty simple. Like your typical newspaper clipping, Amazon offers up various percentages off things like tools, pet supplies, electronics and fashion. Once you “clip” the coupon of your choice, it’s automatically added to your cart, and the discount is applied once you check out. And just like that, you’ve saved some money without giving away a ton of your time. How it works You can find Amazon’s coupon page by clicking on the Today’s Deals section that’s found right under the homepage search bar. Once you land on the deals page, the coupon section can be found on the top left, right under where your delivery location is typically shown. (Coupon categories can be found on the left sidebar.) Once you find something of your liking, simply press “click coupon.” The discount is automatically saved to your cart, but you won’t see the amount saved until you checkout, so don’t get scared if the full price is still visible in your cart. To make sure the coupon will be applied, view the item and check under the price. The amount to be saved should be right under the total cost. After that, all you have to do is pay, save and wait for your delivery! Tips and tricks Just because you clip a coupon doesn’t mean you have to immediately buy the product. Your coupons will save and be applied whenever you buy the item, so don’t stress out about how much time you’re spending browsing the page, your coupons will save throughout your shopping. Story continues If you’re searching for a particular brand, you can type the name into the search bar to view all of the related savings. The sort option can help you find the biggest deals, expiration dates and the most popular items — all great things to note while browsing. And, above the list of categories on the left side of the page, there’s an option that allows you to view all of the coupons clipped, which can help you compare discounts and rates easily. Things to remember Coupons are only eligible for one item, which means if you buy six packs of toilet paper, only one pack will receive the discount shown on the coupon. New coupon offers are constantly added, so check the page regularly for up-to-date savings. There is an expiration date on Amazon coupons, so if you find something you want, buy it! If you return an item bought with a coupon, the amount you saved might be subtracted from the return credit. There’s an option to share a coupon on social media or via email, so if you find a discount your friend will love, send it their way (it won’t take away from your ability to use the same one). Below, shop using some of the best coupons we found on Amazon . The editors at Yahoo Lifestyle are committed to finding you the best products at the best prices. At times, we may receive a share from purchases made via links on this page. L'Oreal Paris Makeup Lash Paradise Mascara, 15% off coupon available now. (Photo: Amazon) Shop it: Makeup coupons, Amazon Blender Beauty Foundation Blending Sponge Set, 20% off coupon available now. (Photo: Amazon) Shop it: Skincare coupons, Amazon Unitek 10-Port USB Charging Stand Charger Dock with Quick Charge, 25% off coupon available now. (Photo: Amazon) Shop it: Electronics coupons, Amazon Set of eight Stainless Steel Straws Ultra Long, 10 percent off coupon available now. (Photo: Amazon) Shop it: Household coupons, Amazon Joopin Semi Rimless Polarized Sunglasses. (Photo: Amazon) Shop it: Fashion coupons, Amazon Read More from Yahoo Lifestyle: • Everything you need to know about lab-grown diamonds — and why they're the real deal • Get your skin in great shape before summer with these top-rated Walmart beauty products • 'Very flattering' anti-chafing shorts are $20 — and they smooth your tummy, too Follow us on Instagram , Facebook , Twitter , and Pinterest for nonstop inspiration delivered fresh to your feed, every day. Want daily pop culture news delivered to your inbox? Sign up here for Yahoo’s newsletter. |
UPDATE 1-Old wine in new bottles? U.S. economic plans for Palestinians recall past efforts
(Adds comment from Palestinian leader)
* U.S. spells out $50 billion economic vision for peace
* Sees promise of prosperity as foundation for peace
* Palestinians spurn plan, say end to Israeli occupation key (.)
By Rami Ayyub, Maayan Lubell and Nidal al-Mughrabi
JERUSALEM/GAZA, June 23 (Reuters) - Several major projects in U.S. President Donald Trump's $50 billion economic blueprint for Israeli-Palestinian peace mirror previous proposals stalled by conflict, analysts said on Sunday.
The plan, spearheaded by Trump's son-in-law Jared Kushner, calls for the creation of a global investment fund to boost the Palestinian and neighbouring Arab state economies with some 179 infrastructure and business projects.
Shaul Arieli, a former Israeli peace negotiator, said many were not new.
"Most of the plans have already been presented under the Obama administration," said Arieli, now an analyst at the Economic Cooperation Foundation think-tank that advocates for a two-state solution to the Israeli-Palestinian conflict.
In an interview with Reuters, Kushner said the plan's authors had studied why previous peace efforts had failed in formulating a fresh initiative.
"We tried to take the good things they did and then come up with a new approach to try to bring this forward," he said.
The plan, presented in a slick 40-page document, aims to cut the Palestinian poverty rate in half and double the amount of drinkable water in the Palestinian territories but some of the ideas require Israeli agreement and have been knocking around for decades.
"Even by the lowest threshold of anticipation – offering innovative economic prospects – this plan fails to impress," said Tareq Baconi, an analyst with the International Crisis Group.
The Trump administration's decision to release the economic portion of its peace plan without any discussion of political solutions has prompted a mixture of derision and exasperation among Arab politicians and commentators.
However, Mohammad Abu Jayyab, a Palestinian economist in Gaza, said the plan might still work.
"Chances of it getting implemented are there: the Gulf money and the influential American policy and the regional satisfaction to achieve common interests," he said.
Proposed projects include:
GAZA-WEST BANK CORRIDOR, VIA ISRAEL
Under the plan, a proposed $5 billion transportation corridor - a highway and possibly a rail link - would be built between the West Bank and the Gaza Strip, crossing Israel.
Gaza and the West Bank are around 35km apart at their closest point. However, they are divided not just by geography but by long-standing and bitter divisions between President Mahmoud Abbas's Palestinian Authority (PA), whose power base is in the West Bank, and the PA's Islamist rival, Hamas, which controls Gaza
A 47km long "safe passage" through Israel between Gaza and the Hebron in the West Bank was envisaged by interim peace deals in the 1990s. Proposals included railroads, tunnels, elevated roads and a monorail.
But the ideas went nowhere, stymied by political upheaval and bloodshed, three wars between Israel and Hamas and the collapse of Israeli-Palestinian peace talks in 2014.
"There are two areas with Palestinians in them. They have been saying for many years, 'let us pass, we can't pass through roadblocks every day, give us a different logistic infrastructure'," Israeli cabinet minister Tzachi Hanegbi said on Sunday.
"It will be relevant, and I definitely think it should be relevant, when Gaza ceases to be a pro-Iranian realm of terror. That means, it is not relevant now nor in the foreseeable future," he told Israel Radio.
But Palestinian President Mahmoud Abbas put the blame back at the doors of Israel and the United States.
"If Israel had not obstructed the Oslo Accords, the corridor would have been established. America is reinventing the wheel. Those agreements are already there," he said in Ramallah on Sunday.
The plan also entails upgrading facilities at key crossing points along Gaza's border, including with Egypt. Citing security concerns, Egypt has often kept its Rafah crossing closed, cutting off Gaza's main gateway to the world.
POWER PLANTS
The Kushner plan proposes a $590 million upgrade to Gaza's sole power plant. The enclave has suffered for years from unreliable electrical supply, with daily, prolonged blackouts the norm. Within a year of the project's implementation, Palestinians in Gaza would receive at least 16 hours of electricity per day.
Before the proposal's publication, Qatar was already in talks with Israeli officials about building a new power line from Israel to Gaza, which the Gulf nation would help to fund. The new line would provide 100 megawatts to Gaza, which currently gets a total of 120 megawatts from Israel, short of the 500 megawatts to 600 megawatts that Palestinians say the blockaded enclave needs.
The Kushner plan also includes $1.2 billion in loans and private sector financing for gas-fired power plants in Hebron and Jenin in the West Bank.
The Palestine Investment Fund (PIF), which is the PA's sovereign fund, is the lead investor in an ongoing initiative to build a power plant in Jenin. PIF says the power plant requires $600 million in capital, which matches the figure quoted in the Trump team's proposal.
A cornerstone was laid for the project in late 2016 and PIF and its partners have issued bids for the plant's construction. According to documents reviewed by Reuters, project shareholders will finance $180 million, with "$420 million from international development and finance institutions".
Even if the project is fully financed and built, it cannot be operated without a gas supply, which requires Israeli approval, according to a source with knowledge of the matter.
GAZA DESALINATION PLANT
The U.S. plan calls for channelling "significant investments" into infrastructure to increase water supply in Gaza, including desalination facilities aiming to double the amount of potable water available to Palestinians, per capita, within five years.
The Palestinian Water Authority, in partnership with international institutions including the European Commission (EC), the European Investment Bank, the Union for the Mediterranean, the Islamic Development Bank and World Bank, has already prepared a comprehensive and integrated investment program for the Gaza central desalination plant.
In 2018, the EU said it had received €456 million in international financial support for the project.
Work still has not been carried out, but the EC noted in April "substantial progress" in ongoing discussions between the PA and Israel on the entry of building materials to Gaza. Israel maintains tight controls on Gaza imports, saying some material might be used to build weapons.
GAZA MARINE GAS FIELD
The Trump team's proposals include $1 billion in grants, loans and private sector financing for the development of a natural gas field offshore of Gaza. The gas field is currently fully-owned by the Palestine Investment Fund (PIF).
PIF estimates the field's development would cost $1 billion, which matches the figure quoted in the Trump team's proposal.
Plans to develop the field have been put off several times over the past decade due to Palestinian political disputes and conflict with Israel, as well as economic factors, analysts say.
In 2018, Shell relinquished the 55 percent stake in the field that it took over as part of its acquisition of BG Group in 2016, after struggling to find a buyer. PIF then became the field's sole owner. It is searching for an operator and buyer for a 45 percent stake.
Gaza Marine, located about 30 km (20 miles) off the Gaza coast between the giant gas fields Leviathan and Zohr, respectively in Israeli and Egyptian waters, is estimated to hold over 1 trillion cubic feet of natural gas.
Gaza Marine has long been seen as an opportunity for the cash-strapped Palestinian Authority to join the eastern Mediterranean gas bonanza. (Reporting by Maayan Lubell and Jeffrey Heller in Jerusalem, Rami Ayyub in Ramallah and Nidal al-Mughrabi in Gaza. Editing by Carmel Crimmins) |
The Week In Cannabis: House Takes Historic Vote, New York Decriminalizes, Woman-Led Company Lists On Nasdaq, And More
This was one of the most significant weeks for cannabis in recent history, as theU.S. House of Representativesvoted in favor of anamendmentthat wouldstop the federal governmentand its agencies from interfering with legal cannabis programs, individuals and businesses in compliance with state, territorial or tribal cannabis laws.
In addition, the House passed amendments that would take $5 million in DEA funding and allocate it to an opioid recovery treatment program, and would instruct the FDA to regulate CBD products as conventional foods and dietary supplements.
Steven Hawkins, executive director of the Marijuana Policy Project, said it's “the most significant step Congress has ever taken toward ending federal marijuana prohibition.”
Morgan Fox, media relations director for the National Cannabis Industry Association, told Benzinga that lawmakers are beginning to recognize that the legal cannabis sector isn't going away — and has the potential to be a significant supporter of small businesses and entrepreneurs.
“Congress needs to consider ways in which the government can help support these businesses and foster opportunities in the market, particularly for people and communities that have been most impacted by the war on drugs.”
In a smaller, but also significant step, lawmakers in the state ofNew Yorkmoved to decriminalize the possession of small amounts of cannabis, up 2 ounces or 57 grams, after failing to reach a consensus on an adult-use legalization bill.
Evan Eneman, CEO of MGO|ELLO Alliance, a cannabis finance and banking firm, told Benzinga that while the failure of a full legalization bill is a loss to New York taxpayers, decriminalization is a step forward for social justice initiatives.
“Meanwhile, the cannabis industry isn’t waiting for regulators to catch up,” as proven by investmentsexceeding $1.3 billionthrough the first half of the year, Eneman said.
“Investors have a strong appetite for cannabis and they aren’t letting roadblocks like legalization stand in their way."
Finally,Colombia’sConstitutional Court overruled a ban on public cannabis consumption, paving the way forpotential full legalizationlater this year.
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On the markets front, the big news of the week was an initial public offering:Akerna Corp.(NASDAQ:KERN), formerly MJFreeway, listed on the Nasdaq.
“This exchange has been very resistant to cannabis companies and with them opening up to Akerna, it shows that they are finally beginning to accept the industry,” Debra Borchardt, CEO of Green Market Report, told Benzinga.
“In addition to Akerna getting in, it is also the first female-led cannabis company to trade on the NASDAQ. Jessica Billingsley is the CEO and she has definitely broken the ‘grass’ ceiling with Akerna.”
Marijuana Stocks & ETFs
Over the last five trading days:
• TheHorizons Marijuana Life Sciences Index ETF(OTC:HMLSF) (TSE:HMMJ) gained almost 3%.
• TheETFMG Alternative Harvest ETF(NYSE:MJ) surged 2.6%.
• TheAdvisorShares Pure Cannabis ETF(NYSE:YOLO) rose 0.9%.
• TheSPDR S&P 500 ETF Trust(NYSE:SPY) closed the period up 1.64%.
Top marijuana stocks with market caps above $500 million trading on U.S. exchanges performed as follows over the last five trading days:
•Acreage Holdings(OTC:ACRZF): up 1.9%
• Aphria Inc(NYSE:APHA): down 0.9%
• Aurora Cannabis Inc(NYSE:ACB): down 3.4%
• CannTrust Holdings Inc(NYSE:CTST): up 1.8%
• Canopy Growth Corp(NYSE:CGC): down 2.5%
• Cronos Group Inc.(NASDAQ:CRON): up 3.2%
•Curaleaf Holdings Inc(OTC:CURLF): up 6.8%
•Green Growth Brands Inc(OTC:GGBXF): down 7.3%
• Green Organic Dutchman Holdings Ltd(OTC:TGODF): up 3.7%
• Green Thumb Industries Inc(OTC:GTBIF): up 10.3%
• GW Pharmaceuticals PLC- ADR(NASDAQ:GWPH): up 1.6%
•Hexo Corp(NYSE:HEXO): flat
•Harvest Health & Recreation Inc(OTC:HRVSF): up 6.8%
• iAnthus Capital Holdings Inc(OTC:ITHUF): down 0.3%
•Marimed Inc(OTC:MRMD): up 9.4%
• MedMen Enterprises Inc.(OTC:MMNFF): up 17.3%
•OrganiGram Holdings Inc(NASDAQ:OGI): up 1.4%
• Scotts Miracle-Gro Co(NYSE:SMG): up 1.2%
• Tilray Inc(NASDAQ:TLRY): up 29.3%
In Other News
Medicine Man Technologies(OTC:MDCL) announced two additions to its management team. Both executives, in addition to Justin Dye, come from Albertsons Companies, a grocery store chain with more than $60 billion in sales.
It's an exciting time for Medicine Man, which is growing rapidly, co-founder and CEO Andy Williams told Benzinga.
"Bringing new key personnel to the Medicine Man Technologies team with retail experience will strategically benefit our company as we expand nationally and internationally.”
Benzinga learned exclusively that, within the next few weeks, users ofShopify Inc(NYSE:SHOP)'s digital platform will be able to order cannabis through an integration withParcelPal Technology Inc(OTC:PTNYF). Full story here.
CannTrustannounced its entrance to the U.S. market, starting in California. Full story here.
The Russian parliament has passed a law that would allow the cultivation of psychoactive plants, including cannabis and opium poppies, for pharmaceutical purposes. The move aims to cover the country's needs for painkillers in the face of sanctions. Full story here.
Innovative Industrial Properties Inc(NYSE:IIPR) announced that it acquired a property in Michigan and entered into a long-term lease agreement with Emerald Growth Partners. The company also said it will hike its quarterly dividend yield. Full story here.
Planet 13 Holdings(OTC:PLNHF), owners of the world’s largest dispensary next to the Las Vegas Strip, has signed a deal with vape brandPAX Labsto create a “customer experience” display space for PAX products at the Planet 13 Superstore Complex.
“It will be designed to help educate consumers, and promote PAX devices, all while offering new experiences to Planet 13 customers,” said Larry Scheffler, co-CEO of Planet 13.
Planet 13 is averaging over 3,000 visitors a day and 85% are from out-of-state, making it an ideal place to introduce, educate and create a connection between brands and a national customer base.
The vertically integrated cannabis companyCalifornia Cannabis Enterprises (CCE)has hired Daryl Kato as its new chief operating officer. He will report directly to CCE CEO Kyle Kazan. Full story here.
Aurora Cannabisconfirmed it will expand to the higher-margin edibles, vapes and concentrates market. Full story here.
MedMenannounced its expansion into Florida with the opening of a retail location in West Palm Beach at 539 Clematis Street.
MedMen expects retail locations in Key West and Orlando to follow; Florida is the third-most populous state, with a robust medical cannabis program serving over 200,000 qualified patients. Of the 15 new locations MedMen plans to open across the U.S. in 2019, 12 will be in Florida, where the company is licensed for up to 35 retail locations.
“We are slated for 35 total locations in Florida, and MedMen West Palm Beach marks our first one. We couldn’t be more excited to offer greater access to high-quality cannabis in the West Palm Beach community," according to the company.
"As we continue to grow in the state, patients now have options, and when they want an elevated retail experience delivered by some of the most highly trained staff in the industry, they come to MedMen.”
A subsidiary ofNeptune Wellness Solutions Inc.(NASDAQ:NEPT), 9354-7537 Québec Inc., has received approval for cannabis license amendments from Health Canada. Full story here.
Canopy Growthannounced a multiyear advanced manufacturing agreement with Colombia's Procaps S.A.S. Monday as part of a broader update on its operations worldwide. Full story here.
Cannlaunched a low-dose THC beverage, available in select Med Men locations in L.A. and San Diego.
“We believe that the two cannabinoids of CBD and THC work best when their powers are combined," Jake Bullock, co-founder of Cann, told Benzinga.
THC provides a light buzz and CBD lessens anxiety and provides calm, he said: "Together, they create a fun, social experience for consumers.”
CannaCraftannounced the addition of two executives to its team as the company continues its expansion efforts. Tracey Mason was named chief innovation and strategy officer, and Jim Hourigan was named chief operating officer. Full story here.
CannabizTeam,a cannabis-focused executive search and staffing firm, announced the official debut of CannabizTEMP, a company specializing in providing consulting and on-demand access to temporary workers to the cannabis industry.
CannabizTEMP will initially focus on California, with plans to expand geographically across the United States.
“In 2018, the number of job openings in the cannabis industry grew in excess of the available talent pool. This challenge was exacerbated during high demand periods such as the holidays and harvest seasons, resulting in serious challenges for employers," said CEO Liesl Bernard. “CannabizTEMP empowers employers to seamlessly identify qualified, reliable on-demand employees. It also offers an organized, accessible way for employees looking to enter the industry and have control over their work schedule through temporary work opportunities.”
Intrexon Corporation(NASDAQ:XON) announced a $100-million partnership with Surterra Wellness to advance its cannabinoid production. Full story here.
Organic and natural products companyNew Age Beverages Corp(NASDAQ:NBEV) announced it will launch its 'NHANCED CBD line of products in Hong Kong through the umbrella of its wholly owned Health Sciences Division. Full story here.
CBD isolate extraction companyMile High Labsacquired a 400,000-square-foot former pharmaceutical facility in Broomfield, Colorado.
The company plans to expand its production and offer private-label services. The $18.75-million purchase includes land, property and assets, including laboratory and testing equipment.
Mile High Labs produces isolate in a GMP-certified facility in Loveland, Colorado. Executives plan on hiring up to 100 more employees by the end of the year.
Medipharm Labs Corp(OTC:MEDIF) said it applied to upgrade its stock from the TSX Venture Exchange to the Toronto Stock Exchange. Full story here.
Flower Co.closed a $2.8-million seed round. The company plans to use the funding to grow its team and continue to expand its services across California.
Investors behind the company include Rob Stavis; Slome Capital, investors in Eaze; Josh Abramson, founder of College Humor; Adam Draper, founder of Boost VC; Rob Stavis, Prehype; and actress Camille Hyde.
“Our vision for Flower Co. has always been to blend the attributes of Humboldt County and Silicon Valley, and the continued support from investors shows that this vision works,” said co-founder and CEO Ted Lichtenberger.
“We look forward to growing our company and expanding our services beyond the San Francisco and Los Angeles areas, giving even more people safe and affordable access to cannabis.”
Halo Labs Inc(OTC:AGEEF), a Canadian cannabis extraction company, said it will expand globally through the acquisition of Lesotho-based Bophelo Bioscience & Wellness. Full story here.
Cannabis media and marketing brandFlowertownand accounting and consulting firmCohnReznickannounced this week that they will be teaming up to deliver a comprehensive suite of nationwide services to the cannabis industry.
These services will include consumer education; brand-building; product and retail recommendations through storytelling on www.flowertown.com; data analytics; financial and operational strategies; technology implementation; and tax planning and compliance.
The two companies announced plans to accelerate reliable consumer education.
“The future of cannabis is brand-building and moving the general market consumer to the cannabis market, followed by aligning with a smart financial and advisory firm to help navigate the ever-changing cannabis landscape. The value of the CohnReznick/Flowertown relationship accomplishes all of this,” said CEO Dean Waters.
Alkhemist Los Angeleslaunched a collection of Hemp Incorporated denim for women and men. The denim collection is constructed using a blend of hemp for sustainability, cotton for comfort and a bit of lycra for stretch and elasticity.
Alkhemist Los Angeles has been a passion project for all involved, James Chung, the company's CEO and founder, told Benzinga.
“Hemp is so versatile and useful beyond anyone’s guess. By focusing on hemp, we hope we can do our part in raising awareness that there are ready and fashionable solutions to today’s environmental concerns. We have started with our premium hemp blended jeans. This is just the beginning.”
The Second AnnualWorld Cannabis Congress(WCC) kicked off in historic Saint John, New Brunswick, as 650 of the world’s top cannabis executives and over 75 speakers came together for exclusive networking and speaking engagements, including appearances by Bruce Linton,Martha Stewartand one of Canada’s most iconic retail brands, Shoppers Drug Mart.
This is the first time Shoppers Drug Mart has publicly discussed their transformative decision to enter the medical cannabis space, and it's something the country — and the world — is watching closely.
“It’s amazing to see how much we’ve all achieved since the first WCC event,” said Civilized publisher Derek Riedle.
“Last year at this time, recreational cannabis wasn’t even legal in Canada. And today we have a government-run cannabis store right here at the event. It’s really a remarkable achievement, and one of many great leaps forward in crushing stigma.”
Keef Brands,a Colorado-based cannabis-infused beverages company, launched Keef Cola in Northern California. Keef is working with CannaCraft to manufacture and distribute the products in California.
Green Growth Brandsis expanding its CBD mall-based shop presence through a partnership with Brookfield Properties, one of the top mall developers in the U.S.
Through the arrangement with Brookfield, GGB has secured over 70 leases for prime locations, including malls like Glendale Galleria, Oakbrook Center, the Streets at Southpoint and Tucson Mall.
“Brookfield operates some of the most premier shopping centers in the country,” said Green Growth CEO Peter Horvath. “The pace in which we are building one of the most valuable distribution networks of CBD is unprecedented in retail and could not be done without partners like Brookfield.”
Vibrant Healthlaunched Green Vibrance+ CBD. The apoptogenic formula provides all of the power of Green Vibrance with the balance of PlusCBD Oil powder.
“At Vibrant Health we strive to provide the most complete nutritional supplements available. Embracing the healing properties of hemp extract by developing Green Vibrance+ CBD embodies that mission,” said the company’s Ted Parker.
Kadenwood,a new consumer CBD lifestyle company, announced the appointment of two award-winning CPG experts, Traci Mason and Jason Waggoner, to its executive leadership team. Mason will serve as VP and general manager of personal care, and Waggoner will become VP and general manager of food and beverage.
Kadenwood is determined to deliver exceptional products within the food and beverage, athletic performance, personal care and pet care verticals, said Erick Dickens, the company's CEO and co-founder.
"Jason and Traci are committed to ensuring all products are safe and reliable as we build our portfolio of brands expanding into different CPG verticals."
In his new book “Medical Marijuana, Real-Life Success Stories," Dr. Thomas O’Brien said he hopes to educate people by explaining how medical marijuana can be used to help alleviate the symptoms of many medical conditions and help them find the relief they need.
“My book gives the reader a look into the journeys that 12 of my patients have traveled while being treated using medical marijuana. For example, one individual went from being unable to go out on a date due to irritable bowel disease to now being engaged and on the way to the altar."
Another patient was suffering from chronic pain and opioid abuse and is now pain- and narcotic-free, he said.
Brandedannounced its official launch, aiming to compete with the California illicit cannabis market and drive customers back into regulated dispensaries offering low-cost quality cannabis. The exterior packaging includes a fixed price, preventing regulated retailers from marking up the products.
“People are buying untested, unregulated cannabis products from illegal shops— unknowingly,” said Branded CEO Kevin Bulbulyan.
“People go there because it is cheaper, as those shops don’t incur any of the costs associated with regulation. But what if that could change? Branded is offering a ‘black market price,’ but with the guarantee of quality, safety and the consistency that comes with operating strictly within a legal system.”
Cannabis education platformGreen Flower Media, announced the closing of its $20-million Series A financing round. The round was led byTuatara Capital, with additional funding from Poseidon Asset Management and Phyto Partners.
The funds are earmarked toward developing additional industry-leading certificate programs; expanding the subscription service with new original content; forming deeper strategic partnerships with both corporations and associations; and expanding the Green Flower team.
“With this raise, we are moving forward in our sole mission to educate the world about cannabis. If cannabis was just discovered today in our modern society, without its colorful past, we would celebrate this plant as among the most important medical discoveries of the 21st century," said Max Simon, Green Flower’s CEO and founder.
Marijuana Business Conference & Expo (MJBizCon)ranked as the fastest-growing trade show once again, as Trade Show Executive announced the “The Fastest 50” awards.
This week, the City of Las Vegas and Clark County issued a proclamation declaring December 9-13 as “MJBizConWeek.”
MJBizCon has been certified as the fastest-growing among U.S. trade show in attendance and exhibit hall size, said Cassandra Farrington, the CEO and co-founder of MJBizDaily. That's an indicator that MJBizCon continues to be the go-to choice of industry professionals for their business education, networking, vendor sourcing and dealflow, she said.
Pure Ratiosannounced a partnership withDriven Deliveries(OTC:DRVD) in California for the distribution of its product line.
Cannabis analytics firm New Frontier Data has entered an exclusive collaboration with global consulting firm PricewaterhouseCoopers to deliver expanded insight and data to multinational companies entering the Canadian and global cannabis arenas. The partnership was announced during an event at the 2019 World Cannabis Congress in Saint John, New Brunswick, Canada. Full story here.
The Food and Drug Administration said it knows there’s demand for cannabis products, but the agency is taking a “science-based” approach to determine their safety and efficacy as it considers how to handle their legality. Full story here.
Canopy Growthtraded lower after the company posted its financial results for the fiscal fourth quarter ended March 31, including annual net revenue growth of 191%. Full story here.
The company also announced a partnership with the drug delivery and development companyCURE Pharmaceutical Holding Corp(OTC: CURR).
Vireo Health International(OTC:VREOF) acquired seven medical cannabis licenses in the burgeoning Puerto Rican cannabis market.
The deal secures preapproved licenses to cultivate, process and sell cannabis products and operate up to six dispensaries across the island. This transaction marks the 11th market in which Vireo operates.
Vireo Health of Puerto Rico will be led by Christian Gonzalez, a native of the island with a degree in mechanical engineering from the University of Puerto Rico Mayagüez.
Gonzalez currently serves as the general manager of Vireo Health of Pennsylvania. Gonzalez’s mother is a patient in Puerto Rico’s medical cannabis program.
“I am honored and excited to bring Vireo Health to my home island of Puerto Rico,” he said. “Since Hurricane Maria, our people have faced many hardships and our economy has struggled to recover. I believe that the medical cannabis industry will help create quality jobs and drive economic recovery.”
Nearly 100% ofCanopyinvestors voted to approve the company’s conditional acquisition of U.S. cannabis dispenserAcreage Holdingsfor $3.4 billion. The deal will only be executed if the U.S. legalizes marijuana on a federal level. Full story here.
Arcview Market Research and BDS Analytics have published the seventh edition of their "State of Legal Cannabis Markets" report. In regulated markets, U.S. cannabis sales surged by 20% in 2018 and are on track to jump by another 36% this year, the report said, anticipating $40 billion in sales by 2024. Full story here.
Learn more about this and other news with out friends at Marijuana Money.
Science, Data And Activism
CV Sciences(OTC:CVSI) announced the results of the first ever placebo-controlled, double-blind study of a hemp CBD product in healthy people.
The study findings suggest that six weeks of PlusCBD Oil had a benefit on measures of sleep, appetite and subjective measures of well-being, while demonstrating no adverse effects on standard biomarkers of human safety.
CV Sciences’ next research project will focus on how hemp CBD can create positive changes in stress resilience, nervous system function, body composition, inflammation and targeted gene expression.
“The hemp CBD market has experienced explosive growth, and CV Sciences welcomes the FDA’s recent move to prioritize the regulation of CBD supplements. FDA regulation will benefit responsible providers focused on science and quality, while also improving transparency and trust in the marketplace," the company said.
CV Sciences previously conducted and published the first toxicology studies to establish the safety of its PlusCBD Oil, as well as clinical case reports on patients with anxiety, depression, and PTSD, the company said.
"Now, through this first-of-its-kind study, we are expanding our science portfolio to support the benefits of PlusCBD Oil."
According to new data from marketing data and trends providerSEMrush,U.S. users are curious about purchasing cannabis online.
Search volume data revealed that “Is it legal to buy edibles online?” was the most-searched legal question in the U.S. over the last year, from May 2018 to April 2019. Americans were approximately 1,000% more curious about the potential offense than Canadians, and 1,600% more curious than U.K. residents.
“The data shows that the cannabis industry has sparked international attention, particularly in the U.S.,” said Jana Garanko, head of corporate PR at SEMrush. “While search volume cannot determine causation, the significant increase in searches points to a growing consumer trend that will be hard to ignore.”
The Global Alliance for Cannabis Commercereleased the industry’s first-ever model legislation for federal U.S. cannabis legalization.
The draft legislation goes further than any bill under consideration from the House or Senate to legalize the industry and open up interstate and international cannabis trade.
Additionally, the model bill considers the future needs of a post-prohibition world and provides regulatory clarity to make the transition from the grey market to the white market intuitive for existing cannabis businesses.
Canada’s regulatory regime is chaotic and confusing; GACC’s bill works to avoid overly burdensome regulation in the United States while assuring that patients have access to affordable, quality cannabis.
“The Global Alliance for Cannabis Commerce decided to put out a model bill in order to help move the conversation on ending federal cannabis prohibition forward in a responsible and sensible way,” said GACC Executive Director Randal John Meyer.
More From Benzinga Cannabis
The following are some of the most interesting cannabis-related stories from this week:
• Opinion: Illinois' Bill To Legalize Cannabis Will Create A Failing Market
• The Rebel's Handbook: All About High Times' New CEO And His Plans To Turn The Company Around
• Meet The Newest Accelerator For Minority-Owned Cannabis Businesses
• Analyst: Canopy Growth Still A Top Cannabis Stock Despite Mixed Quarter
• High Risk? Cannabis Sector's Legal Conflict Puts Investors In Haze
• 10 Cannabis Products To Try This Summer: Hi-Fi Hops, Sun Lotion And More
• This Exec Drove Red Bull Sales Of 0M In Canada; Now He's Infusing Hemp Into Foods And Beverages
• Leveraging Instagram To Build Cannabis Businesses
• Baking Consumer Basket Trends To Improve Cannabis Sales
• Why Marijuana Is About To Mint Millionaires
• Marijuana Vs. Hemp: What's The Difference?
• How Cannabis Can Help Older Generations Work Longer And Boost Their Well-Being Harvest Health CEO Discusses The Company's 'Head Start' In CBD
• Valens Exec: Cannabis Oil Market Is Being 'Substantially' Underestimated
• With Psychedelics Access Expanding, Is A Cannabis-Like Market On The Horizon?
• RegTalk: Maine's Adult Use Regulations Limit Industry's Access To Capital
• RegTalk: Colorado's 7 New Cannabis Laws Will Propel Industry Forward
• So You Want To Be A Canntraprenuer...
• Bank Of America's Energy Drink Case Study: Early Distribution Deals Could Decide Winners In Cannabis Market
Check out these andmanyother cannabis stories onBenzinga.com/cannabis
Events Calendar
June 24-26: TheAustralia Mercosur Leadership Forumwill take place at ORT University, Montevideo, Uruguay. Kevin Nafte and Andrea Kruchik, co-founders of YVY and founding members of CECAM, the chamber of medical cannabis companies in Uruguay, will speak at the event about their experience in Uruguay in the medical cannabis space — and the opportunities that exist between Uruguay, Australia and Mercosur.
June 25:MjMicro,an investor forum that seeks to connect “highly qualified investors with best-in-class and emerging publicly traded cannabis companies” will debut in New York at the Westin Grand Central. The event will be held four times a year, with future events scheduled for Beverly Hills, West Palm Beach and Seattle.
June 27: entOURage Network will host an "Investing in Women" workshopas part of European Cannabis Week in London. An all-female list of speakers will bring industry experts to the U.K. cannabis community and highlight the importance of women in the space.
The event will cover three tracks: female investors, female entrepreneurs and companies focused on the female demographic.
CBD canapés will be served alongside terpene-infused champagne during the networking reception. entOURage Network is a U.K.- and E.U.-based organization cultivating a space for women to come together, explore and engage the legal cannabis market. They believe in women supporting women because "we are stronger together." You can find the event on EventBrite.
July 27:Microscopes & Machineswill bring leaders in cannabis medical research and manufacturing technology for a daylong exploration of cannabis and hemp’s life-changing potential. The event features Jeff Chen of UCLA’s UCLA Cannabis Research Initiative, Ace Shelander of Beaker & Wrench and many more.
October 22-23: TheBenzinga Cannabis Capital Conferenceis coming to Chicago, Illinois! You know you can’t miss it. Go to https://www.benzingacannabisconference.com/ for more information.
October 23-24: Marijuana Venture Magazine’sRetail and Dispensary (RAD) Expo, a national trade show focused on the retail cannabis industry, will return to the Oregon Convention Center in Portland. The RAD Expo will feature presentations from industry veterans to speak about successful entrepreneurship and topics including merchandising, partnership management, interior store design and retail operations.
The 2019 show will focus heavily on CBD products and CBD brands with a presence in health grocery stores, luxury retailers, pet stores and other retail categories that carry hemp-derived products.
November 19-21: TheMedcann World Forum 2019will be held in the Mediterranean Conference Centre in Valletta, Malta. The facility dates back to the 16th Century. when it was built as a hospital by the order of St. John. The three days will focus on six pillars: medical, business, research, legislation, regulation and fintech. The event will host Malta’s top policymakers, international regulatory experts and global business leaders.
Picture byJavier Hasse.
See more from Benzinga
• The Rebel's Handbook: All About High Times' New CEO And His Plans To Turn The Company Around
• Meet The Newest Accelerator For Minority-Owned Cannabis Businesses
• The Week In Cannabis: Colorado Hits B In Sales, Harborside In Canada, Kroger Embraces CBD, And More
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. |
Your Most Substantial Source of Retirement Income Shouldn’t Be This
Retiring means losing the paycheck you once collected and having to replace it with other sources of income. Ideally, that other income will come, at least partly, in the form of an IRA, 401(k), pension, or combination thereof. You may even decide to work part time in retirement. But as you sit down to determine how you'll pay the bills, here's one income source youshouldn'trely too heavily on:Social Security.
Many people make the mistake of neglecting their savings during their working years, thinking they'll just manage tolive on Social Securityonce retirement kicks in. Trying to do so, however, could result in a world of financial stress.
Image source: Getty Images.
Contrary to what you may have been led to believe, Social Security is designed to replace only about 40% of the typical worker's pre-retirement income. Most seniors, however, need roughly double that to live comfortably and pay for luxuries beyond basics like food, healthcare, and housing. If you're willing to cut back on living expenses once you stop working, you might get away with spending less than 80% of your former paycheck on a monthly basis. But can you really get by on only 40%? Probably not.
That's just one reason Social Security shouldn't be your primary income source in retirement. Another is that the program is facing a funding shortfall that, if left unaddressed, could result in an across-the-boardreduction in future benefits. As of now, that reduction is estimated at 20%, but it could change over time, for better or worse. The point is that we don't know exactly where Social Security is headed, and so relying on those benefits too much could hurt you down the line.
If you're expecting a generous pension, then the need to save aggressively for your later years may not apply to you. But in the absence of that, it's imperative that you work on building a nest egg so that you're not overly reliant on Social Security.
Fortunately, if you still have a number of working years ahead, you have a solid opportunity to build some wealth, especially if you invest your savings wisely. That generally means loading up onstocks, provided you're 10 years away from retirement or more.
In fact, let's imagine you're in your early 40s and want to retire 25 years later. Here's what your savings balance might look like, depending on how much money you're able to sock away on a monthly basis between now and then:
[{"Monthly Savings Contribution": "$400", "Ending Balance After 25 Years (Assumes a 7% Average Annual Return)": "$304,000"}, {"Monthly Savings Contribution": "$500", "Ending Balance After 25 Years (Assumes a 7% Average Annual Return)": "$379,000"}, {"Monthly Savings Contribution": "$600", "Ending Balance After 25 Years (Assumes a 7% Average Annual Return)": "$455,000"}, {"Monthly Savings Contribution": "$700", "Ending Balance After 25 Years (Assumes a 7% Average Annual Return)": "$531,000"}, {"Monthly Savings Contribution": "$800", "Ending Balance After 25 Years (Assumes a 7% Average Annual Return)": "$607,000"}]
The 7% return used above is actually a couple of percentage points below the stock market's average, so it's a reasonable assumption for a 25-year investment window.
Now if you're nearing retirement and don't have much money in an IRA or 401(k), you still have options that don't involve relying too much on Social Security. You could extend your career a few more years to boost your savings, sell off some assets (like your home) to generate retirement income, or commit to working part time once your main career ends.
Just don't sit back, collect your Social Security benefits, and try to get by. If you use those benefits as your primary source of retirement income, you're likely to wind up cash-strapped and miserable at a time in your life when you deserve better.
More From The Motley Fool
• 10 Best Stocks to Buy Today
• The $16,728 Social Security Bonus You Cannot Afford to Miss
• 20 of the Top Stocks to Buy (Including the Two Every Investor Should Own)
• What Is an ETF?
• 5 Recession-Proof Stocks
• How to Beat the Market
The Motley Fool has adisclosure policy. |
A 'pretty simple' reason why there's no female big bank CEO: Krawcheck
The lack of gender diversity in the upper echelons of Wall Street is not a pipeline issue, banking veteran Sallie Krawcheck, the CEO of Ellevest, said recently.
So why hasn’t a big bank seen a female CEO take the helm yet? According to Krawcheck, the answer is rather straightforward.
"They're not getting promoted. It's pretty simple," Krawcheck told Yahoo Finance during an interview at the Fortune Brainstorm Finance event in Montauk, New York.
Krawcheck spent nearly 30 years on Wall Street, holding high-level positions across the finance industry’s top institutions. She was CEO of sell-side research firm Sanford Bernstein, CEO of Smith Barney, CFO of Citigroup (C), and president of global wealth and investment management at Bank of America Merrill Lynch (BAC).
She left the industry after beingousted fromMerrill Lynch in 2011. She went on to buildEllevest, a women-led digital investment platform for women that aims to close the gender gap in investing.
Even in 2019, there has yet to be a female CEO of one of the bulge bracket banks.
"I would have thought we would have by now because 'That's only fair, and there should be change, and the industry should reflect the world as it is today,’” Krawcheck said.
Julia La Roche is a finance reporter at Yahoo Finance. Follow her onTwitter.
Read the latest financial and business news from Yahoo Finance
Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,SmartNews,LinkedIn,YouTube, andreddit. |
Hollywood comedy in decline as Netflix takes over
Danny (Adam Sandler, center) introduces his assistant Katherine (Jennifer Aniston, left) as his soon to be ex-wife Devlin to Palmer (Brooklyn Decker) in their latest Netflix hit - ©2010 Columbia Pictures Industries, Inc. All Rights Reserved. **ALL IMAGES ARE PROPERTY OF SONY PICTURES ENTERTAINMENT INC. FOR PROMOTIONAL USE Comedy is dying a death in Hollywood as stars flee to streaming services like Netflix and studios pour their resources into superhero movies. US cinema box office figures show only eight per cent of revenue last year came from comedy movies, down from 25 per cent a decade ago. Major comedic successes at the box office are now few and far between, with studio chiefs struggling to attract big names to film projects. In 2009 comedies earned $2.5 billion at the US box office, and six individual films each made more than $100 million. Last year that was down to $1 billion and only one film, Crazy Rich Asians, exceeded the $100 million milestone. Adam Sandler, who had churned out numerous hit comedies for Hollywood, is now signed to a multi-film deal with Netflix. Jennifer Aniston, another staple of Hollywood romantic comedies, signed up for Sandler's latest Netflix movie, Murder Mystery. The film broke records to have Netflix's biggest opening weekend when it was released earlier this month, despite critics largely panning it as formulaic and humourless. And Eddie Murphy's comeback comedy "Dolemite Is My Name" will also be on Netflix, rather than the big screen. As major Hollywood studios, including Disney, have increasingly focused on mega-budget superhero projects it has also become more difficult, even for established stars, to get comedies made. Will Ferrell told the Armchair Expert podcast: "I've recently come across things where I thought 'Boy, what a great idea'. I went around town and everyone just went 'Nope.'" Ferrell is now writing a comedy film about the Eurovision Song Contest - for Netflix. Since the start of the summer no comedy movie has brought in more than $35 million at the cinema, and there have been a series of flops. Those included "Long Shot," starring Charlize Theron as the US secretary of state, and "Poms," about cheerleaders in a retirement community. Paul Dergarabedian, senior analyst at Comscore, said: "If you're not delivering the goods audience have many other options these days. "Names like Sandler and Aniston, they're just going where the resources are. There's no stigma now in movie stars going to the small screen. Sandler is one of the biggest comedy stars of all time, and here is on Netflix." Mr Dergarabedian added: "I think people still do want to go to the movie theatre and laugh with other people, there's that communal electricity that comedy creates. "But the code has to be cracked again on what comedy can be in the movie theatre. We have seen a steady decline in recent years, but I wouldn't completely close the door on comedy coming back." |
Giants fans come for OBJ on Twitter after he says he felt 'stuck' in New York
As bad breakups go, the one between New York Giants fans and Odell Beckham Jr. seems to keep dragging on. And it’s mostly Giants fans who aren’t ready to move on. New York supporters jumped into Beckham’s mentions on social media after the wideout gave an interview to Complex.com that briefly touched on his exit from the Big Apple . “I just felt with the Giants I was just stuck at a place that wasn’t working for me anymore,” Beckham said. “I felt like I wasn’t going to be able to reach my full potential there; mentally, physically, spiritually, everything I felt capable of doing, I just couldn’t see it happening there. So I think allowing me to be in an environment where I can be myself and give it a different approach, I feel like my football will benefit. I’m just excited about being able to play football again and not have to deal with all the other stuff and politics that came with my previous role. “... I’m trying to achieve growth. I want to release myself from my past and have a fresh start. I’ve been waiting to explode in games, and I’ve been working extremely hard to get take my game to the next level. That’s exactly what I think I can do at the Browns.” That’s a pretty straightforward approach to moving on from a bad situation and trying to start over, right? Well not if you’re a Giants fan who thinks Beckham is somehow to blame both for the team’s misfortunes and the breakup that sent him to Cleveland. Specifically, the part about being “stuck at a place that wasn’t working for me anymore” seems to have struck a nerve. So much so that Beckham has been responding to critics on Twitter by both defending his comments — as if there’s anything in there that warrants a defense — and telling fans to move on. No point in arguing. I’ve moved on. — Odell Beckham Jr (@obj) June 22, 2019 Key word.... “anymore” 😭 nuff said. Everyone have a blessed day! I’m gettin better let’s all do that in every which way we can! LUV — Odell Beckham Jr (@obj) June 22, 2019 Man that shxt gets tiring. Nothin is personal... remember !!? This is all business , right? — Odell Beckham Jr (@obj) June 22, 2019 I’m thankful GOD gave me and opportunity to play my first years where he did. I’m thankful for every memory and experience I had there. The good and the bad. I’m thankful for every hater and supporter, for every fan. I will always have luv 4 that place. But we ALL have moved on. — Odell Beckham Jr (@obj) June 22, 2019 GOD MADE ME. GOD CREATED ME. GOD MADE MY LIFE WHAT IT IS TODAY. U don’t like it? Take it up wit him , y’all bother him wit ur tweets and concerns😭🙏🏾 it’s alll LUVVV — Odell Beckham Jr (@obj) June 22, 2019 Players change teams all the time. Even great ones. The way things ended in New York were unfortunate but it’s hard to blame Beckham for feeling stuck. Quarterback Eli Manning wasn’t getting any younger or better and had he stayed he’d be working as the primary target on offense for either Manning or rookie Daniel Jones. Maybe that’s better for fans, but it’s hard to see how it helps Beckham’s career the way lining up with the likes of Jarvis Landry, Baker Mayfield and Nick Chubb does. Story continues To say Beckham was taking shots at the Giants is wildly overstating things and after all the good times he had in New York it’s easy to see why fans suggesting otherwise would be frustrating to him. BEREA, OH - JUNE 5, 2019: Wide receiver Odell Beckham Jr.#13 of the Cleveland Browns speaks during a press conference after a mandatory mini camp practice on June 5, 2019 at the Cleveland Browns training facility in Berea, Ohio. (Photo by: 2019 Nick Cammett/Diamond Images/Getty Images) – – – – – – Blake Schuster is a writer for Yahoo Sports . Have a tip? Email him at blakeschuster@yahoo.com or follow him on Twitter! More from Yahoo Sports: Is this the best USWNT of all time? One player says yes Morgan, Ertz expected to play for U.S. against Spain LaVar Ball talks again, makes ’First Take’ drama worse Sources: UConn move to the Big East inevitable |
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