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d9ff10e437bb8440b694103cfaf8d052 | https://www.cnbc.com/2015/06/30/live-blog-greece-on-verge-of-default-markets-cautious.html?__source=yahoo%7Cfinance%7Cinline%7Cstory%7Cstory&par=yahoo&doc=102798600 | Greece Crisis: Existing bailout formally expires | Greece Crisis: Existing bailout formally expires
Greece is heading towards a default on a debt payment due Tuesday, with investors fretting over the possibility the country could exit the euro zone.
Meanwhile, a Greek media report has claimed that negotiations might restart between the government and the country's creditors.
We'll have all the new developments for you as well as the major market movements.
(App users please click ).
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64f051b119aae9bba88fbab3f77cebf6 | https://www.cnbc.com/2015/06/30/one-american-hat-makers-quest-to-support-middle-class-jobs.html | A US hat maker's quest to support middle-class jobs | A US hat maker's quest to support middle-class jobs
VIDEO2:0502:05Inside America's oldest hat makerManufacturing
Tucked in Lancaster County, Pennsylvania, among Amish families and dairy farms, 200 American workers are keeping a unique tradition alive—hat making.
The Bollman Hat Co. has been manufacturing hats for nearly 150 years, and is America's oldest hat maker. Launched before the invention of electricity and the automobile, company founders used water wheels to generate power. Workers loaded hats onto horse and buggies for transport to the train station.
Since Bollman's founding in 1868, U.S. hat and apparel making have largely moved overseas. But a diverse product mix and tough choices have helped Bollman anchor production in America, as other U.S. manufacturing work has disappeared. The company even sources most its wool in southwest Texas. It's the entire supply chain—wool shaved off a sheep's back to finished goods—which is extremely rare.
Bollman brings the cleaned wool to Adamstown, Pennsylvania, where the fluffy stuff is combed into a gauzy-thin fiber. The material is tamped down into the distinctive, tight texture found in wool felt hats.
We've got to rebuild domestic manufacturing to recreate the middle class.RongioneBollman CEO
Bollman Hat Co. President and CEO Don Rongione shows cone molds used to make hats’ distinctive shapes.Heesun Wee | CNBC
Helming the business is Don Rongione—a Philadelphia native and fan of handcrafted American products—something nurtured by his father. Nick Rongione, who left high school to fight in World War II, returned and became an overcoat maker. Nick often pointed out American-made goods. "He was very proud of what we made here," Don Rongione said.
Years later in the 1980s, the Bollman company was looking for a controller. Don Rongione came on board and climbed the ranks. In the 2000s, he would help the factory endure U.S.-China trade policy shifts that flooded American store shelves with foreign-made hats.
Rongione would also become friends with factory staff—some 30-, 40- and even 50-year employee veterans. He'd become familiar with the 500,000-square-foot factory, how giant tubs of wool have to be stored in a high-humidity space, so the $5 a pound stuff doesn't fly "all over creation."
He looked around and saw a chance to keep good-paying jobs for men and women who have that knack for agile, precise handwork. Rongione seized the moment, thinking, "We've got to rebuild domestic manufacturing to recreate the middle class."
[Buying] 5 percent more made in the United States, we can create a million jobs.Rongione
A flag on the shop floor of the Bollman Hat Co. in Adamstown, Pa.David A. Grogan | CNBC
It's easy to romanticize recent gains in U.S. manufacturing jobs. Labor costs are rising in China, and U.S. energy costs to produce goods are declining. Marketers, meanwhile, are only beginning to grasp the power of iconic "Made in USA" labeling, as more consumers connect the dots between baskets full of foreign-made cheap stuff and laid-off family and friends.
Read MoreWhy 'Made in USA' labeling is so complicated
But the U.S. manufacturing industry, emerging from the Great Recession, still hasn't recovered to 2007 output or employment levels. In a January 2015 report on American manufacturing, researchers at the Information Technology and Innovation Foundation, a nonpartisan organization, described the renaissance as more myth.
Any which way you slice manufacturing, American makers like Rongione and his global staff of 280 workers have been swimming upstream for years. When a decades-old machine breaks, they fix it. There's no parts company to call. "You really can't buy these machines anywhere."
Hat making steps can include using carding machines to transform rugby ball-sized spools of wool into cone shapes. Hats in progress are further compressed, stretched, dyed, cut and trimmed. All total, it can take some 90 steps to make a men's wool felt hat from start to finish.
Rongione and his workers want to keep making hats and raise production. Then in the 2000s, things really got bad.
The U.S. had granted China most-favored nation status. The relationship was sealed for China to make lots of cheap goods, which would benefit U.S. consumers, even if it meant less low-end manufacturing work.
Low-cost hats, primarily from China, poured into America. Chinese exports broadly accounted for between 750,000 and 3.5 million lost manufacturing jobs in the 2000s, according to a Federal Reserve study.
Bollman orders shrank. "We lost $3 million in profits from the factory in one year."
Job cuts came in 2007 and 2008. "We had to lay off 100 employees on one day," Rongione recalled. "I cried."
All told in the last decade, U.S. manufacturing lost about 5.8 million jobs or about one-third of the workforce, according to labor data. American manufacturing output collapsed to its knees.
Read More'Made in China' becoming increasingly 'Made in USA'
In recent years, some manufacturing jobs from overseas have returned or reshored to the U.S. But some economists argue the recent recovery is being driven by cyclical forces after years of pent-up demand. The Information Technology and Innovation Foundation says recent manufacturing growth is less about renewed international competitiveness.
Still Bollman keeps pushing. The company wanted to raise production and avoid more layoffs. So it did something about it.
Kay Crockett hardens the wool felt for Bollman hats.Source: CNBC
The end of the week dress code at Bollman is "American Made Fridays." You're encouraged to wear "Made in USA" clothing, but Rongione probably has you beat. He usually sports American-made gear from head to toe—boxers included, though you'll have to trust him.
That's the idea behind American Made Matters, launched on July Fourth six years ago. About 350 member U.S. companies—makers of luggage, bathtubs, machinery components and more—educate consumers about buying American-made goods. Shopping online is easiest as you can search for "Made in USA" items.
Of course it's unrealistic to think consumers can buy and live on 100 percent "Made in USA" goods. And it's tough to resist cheap when you're on a budget. But for items you hope to use for years, factor in quality, long wear and where it was made.
"If we all just bought 5 percent more made in the United States, we can create a million jobs," Rongione said.
Don't see anything U.S.-made? "Ask retailers," he said, "because by speaking out and asking, it'll encourage retailers."
Collapsible molds used to size top hats. This decades-old, labor-intensive blocking technique is still used today.Heesun Wee | CNBC
Bollman has survived trade shifts, partly through a diversified portfolio. It makes pricey and midtier hats for men, women and children, from all kinds of fibers and textiles, sourced globally.
It owns and licenses a dozen hat brands including Bailey, Helen Kaminski, Karen Kane and Kangol—including its iconic golf caps worn by stars including Samuel L. Jackson. Bollman also makes hats for retailer Rag & Bone, worn by Jennifer Lawrence. The company has manufactured hats for the U.S. Olympic team for eight games.
Bollman also offers workers an incentive program. While many other apparel and accessory makers moved to Asia—where labor can be anywhere from six to 10 times cheaper than U.S. wages—Bollman in 1985 adopted an employee stock ownership plan. Also known as an ESOP, it provides workers with retirement income. All U.S.-based workers become part company owners. Bollman's average factory wage is around $15 an hour, and the company has no union.
One of Rongione's happiest days was in 2004, when he doled out profit-sharing checks. He wants to hand out more. And growing interest in hats and American-made goods is helping. Bollman production in 2014 was up 26 percent compared to 2013, with 2015 production on track to be higher.
Decades ago, most men and women regularly wore hats. Then in the 1950s, more people bought cars to drive to work, forgoing buses and trains. Then a strange thing happened to newer car models—specifically car roofs, which began to drop.
"The cars got lower," said David Trumbull, a consultant and expert in textiles and U.S. manufacturing, "And it wasn't as comfortable to wear a hat."
Support the American workerWagnerBollman worker
Bollman employee Orville WagnerSource: CNBC
These days, wearing hats has become fashionable again. Men and women sport fedoras, Panama hats and narrow-rimmed trilbys.
But while younger shoppers may be buying hats, Rongione noticed many of his employees were in their 50s. "How are we going to continue this craft?" During the past few months, he has hired about 30 new workers.
Orville Wagner, who has been with Bollman for 24 years, helps with training. It takes dexterity and months of practice to get the rhythm of the machines and shop floors. Watch an experienced pro. Every hand gesture and step are efficient, exacting.
Wagner wants to support the tradition of making something with your hands. And he acknowledges buying American-made products can be tricky.
"But just take that extra little effort to see which one is American made," Wagner said. "Support the American worker."
Read MoreHow one entrepreneur is reviving 'Made in USA' wool
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0b7a8053a9e8079e4aeff2f94ff4f113 | https://www.cnbc.com/2015/06/30/retailers-trying-to-predict-holiday-demand.html | Let the games begin: Retail places holiday wagers | Let the games begin: Retail places holiday wagers
With incomes on the rise, more jobs being filled and shopper confidence trending higher, it seems like a pretty safe bet that retailers will benefit from a stronger consumer during the winter holidays.
But as evidenced by the turmoil in Greece this week, there are still plenty of unknowns that could cause consumers to snap shut their wallets, leaving retailers with excess inventory, and resulting in another year of price slashing.
Decorations inside The Shops at Columbus Circle at the Time Warner Center in New York.Ben Hider | Getty Images
Though the Greek debt woes feel a world away to many U.S. consumers, the ongoing crisis caused stocks to log their worst day of the year on Monday, and broke a nine-quarter streak of S&P 500 quarterly gains. It also has prompted speculation that the Federal Reserve could change the timing of an expected interest rate hike.
Such ripple effects could result in more uncertainty for U.S. shoppers as time goes on. A deeper, more prolonged drop in the stock market, for example, could cause high-end consumers to reign in their spending.
Read MoreTeen retailers sweating over this next big test
Experts said that retailers' performance over the back-to-school shopping period—the second-largest selling season—should give retailers a better sense of what's to come later this year.
"A lot of them are looking to back-to-school as the final test of what they can do to lay out their holiday strategies," said Steve Barr, U.S. retail and consumer sector leader at PwC. "It's going to be a really important indicator."
Although retailers have adopted a wait-and-see attitude, many expect to see a bounce back in the second half, said Rod Sides, U.S. consulting leader for retail and distribution at Deloitte. As such, he predicted that "a lot of them are going to be fairly aggressive" with their orders, most of which have already been placed.
Sides added there will also be a greater emphasis this holiday on the allocation of inventory, as retailers look to boost their margins by storing their merchandise in the most profitable locations. This has become increasingly important as bricks-and-mortar stores are filling more of their orders from their local shops, including the option to ship from or pick up online orders in store.
Read MoreShipping costs may put retail on the naughty list
More retailers are also tapping into the read and react capabilities used by fast-fashion retailers such as H&M and Forever 21, made possible by a more streamlined the supply chain. This allows companies to place smaller bets on their initial orders, and then replenish their stores with the best-selling products.
Though names including Victoria's Secret have made strides in shortening the amount of time it takes to get product onto the selling floor, Barr said there has yet to be a wide scale transformation in retailers' supply chains.
"Even for the best of retailers it's still taking a significant amount of time to get product from Asia or Southeast Asia to the U.S.," he said.
And while PwC doesn't anticipate retailers will experience a repeat of the port strikes that delayed retailers' shipments earlier this year, "What we learned," Barr said, is that "it's very expensive to get product from especially Southeast Asia to the U.S."
"If you push that and you close that window, you're going to increase your shipping costs because you're going to have to expedite the delivery," he said. That increases retailers' production costs and squeezes their margins. It's also not as plausible for retailers that sell electronics, given the lead time required for manufacturing, he said.
VIDEO2:3302:33'Athleisure' trend still strong: Gap CEOSquawk Alley
Though Barr said he doesn't expect to see a big spike in inventories over the holidays—cutting down on the potential need to cut prices to move product—consumers may refuse to make purchases unless the items are severely discounted.
"The pre-recession shopping behaviors still have not returned," he said. "We are very curious about the shopper and, have we conditioned the shopper to pattern their holiday shopping around discounts?"
The need for discounts should be less burdensome on retailers with in-demand product, such as the luxury or athleisure names. Sides added that as brands try to move away from deep promotions—Coach and Bebe are two examples—retailers will instead try to incentivize their best customers with personalized deals.
Read MoreTake a shower, cook a meal in this store
But Britt Beemer, chairman of America's Research Group, isn't convinced that retailers will be able to avoid the dramatic discounts that have dented their revenues over the past few seasons. His biggest concern, he said, is that retail sales for the season could be flat or up a point and a half, in part because he expects to see more deflation.
Also pressuring December sales are early deals, which shift shoppers' spending to earlier in the quarter, along with rising gift card sales, Beemer said. Gift cards are not counted in a retailer's sales until they are redeemed.
As shoppers grow more comfortable browsing and making purchases online—and in particular, on their mobile devices—retailers with an exhaustive digital strategy will be the big winners, PwC's Barr said.
According to a new report by IBM's Digital Analytics Benchmark, mobile sales accounted for 22.6 percent of online revenues and 45 percent of online traffic in the November and December period, and their adoption continues to rise. As of March, mobile traffic to U.S. retail sites hit 47.4 percent, with mobile sales reaching 24.4 percent.
The rapid increase in mobile penetration caused a number of retailers to stumble last holiday, most notably Best Buy. While there will still be some laggards, Sides said he expects companies will be better prepared for the shift. He added that a properly functioning website can be critical for retailers, as online shoppers have a much shorter attention span than those who took the time to drive out to a physical store.
Read MoreBack-to-school spending seen rising, but...
At the time of Best Buy's failure last year, ChannelAdvisor estimated a retailer could lose about 8 percent of the day's online sales each hour that it's down.
"If you have a failure either via mobile app or website, folks move to the next option," Sides said.
Sides also expects to see a continuation of the bifurcation that retailers experienced last season—where high-end and discount retailers perform well but those positioned toward middle-income shoppers continue to get squeezed.
Along those lines, a report released by Moody's on Tuesday said that the off-price segment will continue to outperform the broader home and apparel categories for "at least the next five years."
For Beemer, the winners will be those retailers who don't give away the store with 60 percent discounts.
"I don't know how many more promotions we can run," he said. "When you start selling items [for] that much less … it's pretty hard to make up for it."
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7645e39f4b1c462a36bd277addccf793 | https://www.cnbc.com/2015/06/30/stock-picks-for-the-second-half.html?__source=yahoo%7Cfinance%7Cinline%7Cstory%7Cstory&par=yahoo&doc=102798600 | Stock picks for the second half | Stock picks for the second half
Traders on the floor of the New York Stock Exchange.Getty Images
Monday's violent selloff could be the prelude to a more volatile second half, but strategists still expect the S&P 500 to rise 7 percent or more this year.
In the worst trading day of the year so far, several analysts were on the lookout for opportunities in their second-half sector picks—financials, health care and technology.
"We don't anticipate the news over the weekend or the market reaction to that to impact the second half of the year," said Mike Arone, chief investment strategist at State Street Global Advisors. "We think cyclical parts of the economy—consumer discretionary, health care, tech and financials (will do well)."
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dd393c28a72d34ab9b122c3dff8d5dd4 | https://www.cnbc.com/2015/06/30/what-will-you-blow-up-this-july-4th.html | Why laws don't matter with fireworks injuries | Why laws don't matter with fireworks injuries
A New York City police officer at the 4th of July fireworks.Doug Kanter | AFP | Getty Images
What are you doing to celebrate the birth of our nation?
If you're like many Americans, you'll enjoy time outside with family, a barbecue and some fireworks. And depending on where you live, you may well be breaking the law with your particular choice in pyrotechnics.
Fireworks laws in the U.S. are a patchwork of regulations that vary by state and even by county and local township. Many states with relatively liberal fireworks regulations only allow their sale around Independence Day and New Year's, the most popular holidays for fireworks.
Three states—Delaware, Massachusetts and New Jersey—have outright bans on consumer fireworks. They'll still have public displays by professional pyrotechnicians, but nothing for your backyard enjoyment. Four others—Illinois, Iowa, Ohio and Vermont—allow sparklers, but no other devices. The other states have varying laws that often change based on the time of year.
Still, fireworks are a big business that's grown nearly 70 percent since the late 1990s, even after adjusting for inflation. Total revenue in the industry reached $1.02 billion in 2014, according to figures from the American Pyrotechnics Association, an industry group.
VIDEO2:5102:51How NOT to celebrate the Fourth of July
Legality seems to have little to do with Americans hurting themselves with fireworks. There were 11 non-occupational deaths caused by fireworks in 2014, according to data from the U.S. Consumer Product Safety Commission. Two of those deaths occurred in Ohio, one of the seven states that have restricted access to consumer fireworks.
Of course, you're far more likely to blow your hand off with an explosive than actually kill yourself. There were around 10,500 emergency-room visits in 2014 due to fireworks-related injuries and there's been no statistically significant shift since 1999, the data show.
About 67 percent of fireworks-related ER visits occur between June 20 and July 20 each year.
Surprisingly, nearly 20 percent of fireworks-related ER visits in that time are injuries from sparklers, which—partly because of legality in almost all states—are some of the most common fireworks. But they're also just a wire with flammable material on the end. Rockets on the other hand, which literally fire explosives over a distance, account for only 4 percent of injuries.
Injuries from firecrackers seem to be evenly split between small and illegal fireworks, the data show. About a quarter of the 1,400 injuries in 2014 were from each small and illegal fireworks. The other half are "unspecified" because the person injured didn't know where the explosives came from.
Of course, there were an estimated 16,342 injuries in 2013 from inflatable moonbounces in 2013. Don't know what moonbounces are? They're also known as bouncy castles and bouncy houses. And more than 2.6 million kids end up in the emergency room every year from sports and recreation-related injuries, according to the CDC.
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450bd14eefd8e16559b307bac4cadffb | https://www.cnbc.com/2015/06/30/who-is-watching-the-financial-advisory-industry.html?__source=yahoo%7Cfinance%7Cinline%7Cstory%7Cstory&par=yahoo&doc=102798600 | Who is watching the financial advisory industry? | Who is watching the financial advisory industry?
The fiduciary debate is dominating the political agenda in the financial advisory world, but it isn't the only unsettled business in the industry.
An equally important issue is making sure that fiduciary investment advisors—who are required to always act in the best interests of their clients—are actually doing that.
It's almost universally acknowledged that the current regime for examining the approximately 11,500 registered investment advisors in the country is inadequate. The Securities and Exchange Commission—the primary regulator of the industry—examines about 10 percent of those RIA firms annually, and state securities regulators are now responsible for overseeing firms with less than $100 million in assets.
There is still, however, a major gap in oversight. The average firm is examined once every 10 years, and about 40 percent of firms nationwide have never been examined, according to various industry data.
Mike Kemp | Getty Images
"The SEC exams tend to be thorough and effective; they're just not done often enough," said Blaine Aikin, CEO of fiduciary consultant fi360.
In a speech earlier this year, SEC Chairman Mary Jo White linked the two issues of RIA examinations and a uniform fiduciary standard, suggesting that a solution for the former should accompany any new rule-making on the latter.
Read MoreAre you paying commissions to your advisor?
The lack of oversight of investment advisors is a major problem for the industry and the investors it serves, suggested Barbara Roper, director of investor protection at the Consumer Federation of America.
"If you create a regulatory environment without enough ongoing oversight, you invite bad actors into the space," said Roper, who supports a uniform fiduciary standard for all financial advisors as well as increased funding for SEC examinations of investment advisors. "It's not hard to become an RIA."
Indeed, Bernie Madoff, who executed what's thought to be the biggest Ponzi scheme in U.S. history, became an RIA near the end of his career.
The CNBC editorial team presents our second annual list of the Top 100 Fee-Only Wealth Management Firms.
The two simplest options for financing more and better examinations of investment advisors, however, now appear off the table. The first—increasing the SEC budget to hire more examiners and devote more resources to the job—won't happen with a Republican majority in Congress, industry observers said.
"This Congress has clearly expressed a lack of faith in the SEC regarding its overall budget and as it pertains to the issue of RIA examinations," said Knut Rostad, president of the Institute for the Fiduciary Standard.
The logical alternative of instituting user fees, where RIA firms themselves would cover the cost of SEC examinations, has also been shelved despite the support of RIA industry groups like the Financial Planning Association and the Investment Advisor Association.
Read MoreWhat is a hybrid advisor?
It didn't help that the cause was championed by ranking Democratic member of the House Financial Services Committee Rep. Maxine Waters, but Congress also does not want to lose any control over the primary regulator of one of the most politically active industries in the country.
"A lot of lobbying money comes from the financial services industry," fi360's Aikin said. "Congress doesn't want to lose any power of the purse over the SEC."
The two other options are to have state securities regulators shoulder more of the burden or to have third parties do the examinations.
Explore each of CNBC's Top 100 Fee-Only Wealth Management Firms for 2015 in more detail here.
The idea of the states taking on the work may be more palatable to Republicans, but there is wide discrepancy in the abilities of state regulators to handle it.
The Dodd-Frank Act already increased the responsibility of state securities regulators for RIA examinations when it raised the threshold for state oversight of firms to $100 million in assets under management. Some have suggested the threshold could be raised to $500 million in assets, leaving the SEC to handle examinations of bigger, more complicated firms.
While states such as Massachusetts and Illinois get high marks from industry analysts for their examination programs, others do not.
"Some states hardly have oversight programs," said Brian Hamburger, founder of compliance consulting firm MarketCounsel. "New Jersey collects papers from firms every year and puts them in a filing cabinet. That's an exam in New Jersey."
Read MoreHow advisors make the Top 100 list
If the states were to take on more of the examination work, it would be a major political effort getting them to agree on a uniform process for handling it. "There's a lot of diversity among the states with this," said Aikin. "It would be hard to herd those cats."
The last option is to have other external organizations conduct the reviews. In May, SEC commissioner Daniel Gallagher said that RIA firms should be required to hire third parties to give their firms a seal of approval.
VIDEO2:5102:51#1 Fee-only wealth firmPower Lunch
Aikin suggested that outside consultants could conduct limited engagements and determine if firms represent a high risk for fraud or compliance problems. If examiners find red flags—such as an advisor not using an outside custodian for client assets—they could alert the SEC to take a closer look.
There are challenges to that approach, too. The SEC would have to determine the scope of the examination, ensure that the exams are consistent across the industry and deal with conflicts of interest between firms, examiners and the investing public.
It also might open the door for the Financial Industry Regulatory Authority to assume the role. Finra, the self-regulatory organization that oversees broker-dealers, has a large staff and plenty of resources and looks like a logical candidate to perform RIA examinations.
Its regulatory model, however, is rules-based and is focused on managing conflicts of interest between brokers and clients. According to virtually every RIA in the country, it isn't suitable for the principles-based model of fiduciary regulation.
"The single most unifying issue for RIAs is that they don't want to be regulated by Finra," Rostad said.
With Washington still essentially in gridlock, there's a good chance that RIAs won't be facing more vigorous oversight from anyone anytime soon. "Unfortunately, we'll probably need another crisis for something to change," said Rostad.
—By Andrew Osterland, special to CNBC.com
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424fa3f25cd827fe26ae0735469ad6e2 | https://www.cnbc.com/2015/06/30/yellen-may-have-just-gotten-her-excuse-ex-fed-gov-lindsey.html?__source=yahoo%7Cfinance%7Cinline%7Cstory%7Cstory&par=yahoo&doc=102798600 | Yellen may have just gotten her excuse: Ex-Fed Gov. Lindsey | Yellen may have just gotten her excuse: Ex-Fed Gov. Lindsey
VIDEO2:1802:18Greece could put off US rate hike: Ex-Fed govSquawk Box
VIDEO1:4201:42Inside the mind of the FedThe Fed
VIDEO2:0202:02When will the Fed raise rates?
The spiraling Greek debt crisis might just be the cover the U.S. central bank, led by Janet Yellen, has been looking for to put off increasing interest rates, former Fed Gov. Larry Lindsey said Tuesday.
"They are going to use this as another reason to delay," argued Lindsey, also director of the National Economic Council for President George W. Bush. "The problem is all the [rate hike] delays haven't solved anything."
Read More The latest on the Greece debt crisis
The CEO of economic advisor The Lindsey Group warned on CNBC's "Squawk Box" that U.S. debt and capital market distortions keep building. "Eventually, the Fed will find itself way behind the curve. And that is going to be a very disturbing event for the markets and the economy."
Southern Co.'s chairman and CEO, Tom Fanning, also chair of the Atlanta Fed's board of directors, told CNBC he agrees with Lindsey that Greek uncertainty could delay the central bank's first rate hike since 2006.
"Everybody is fixated on when's liftoff. Is it going to be September, December or even 2016? But I think the bigger question is the forward trajectory," he said, "and how regular, predictable and sustainable will Fed actions be."
Read More Others say Greece is just a sideshow for the Fed
The debate on Wall Street has centered on whether the initial move would come at the Fed's September or December meeting or even later, because both gatherings have a Yellen news conference scheduled.
A handful of Fed policymakers in their forecasts after the June meeting revealed they expected two rate increases this year.
Using overnight index swaps, RBS calculates a 30 percent chance of a 25-basis-point increase in September.
There was some movement away from September to later in the year when Greece started boiling over. Odds had been at more than 60 percent in early June for a September move.
—CNBC's Patti Domm contributed to this story.
Clarification: This story has been updated to use RBS' calculations of a possible Fed move.
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096e74581b363262c00239cb97655a80 | https://www.cnbc.com/2015/07/01/a-start-up-sticking-it-to-the-selfie-stick.html | A start-up sticking it to the selfie stick | A start-up sticking it to the selfie stick
VIDEO5:2005:20A start-up sticking it to the selfie stickPower Pitch
One start-up is calling the end of the selfie stick. Mega Tiny Corp. has created a new way to snap selfies—and it's hands-free.
"We're excited to introduce our anti-gravity case—the first and only phone case that uses nanotechnology to stick to smooth, flat surfaces without being sticky," said Carl Winans, co-founder of the company.
Winans and his team of three describe themselves as "tinkerers at heart." So they decided to tinker with how selfies were taken. They eliminated the selfie stick and came up with a phone case that adheres to smooth surfaces like mirrors, kitchen cabinets, computer monitors, white boards and metal.
The start-up is focused on selling direct to consumers through its website and Amazon.com. It retails for $49.99 and is compatible with the iPhone 6, 6 Plus, 5/5S and Galaxy S6 Edge.
One of the many surfaces Mega Tiny Corp.’s phone case can stick to.Mega Tiny Corp.
Alicia Syrett is a board member of New York Angels. She questioned how Mega Tiny could prevent heavyweights, like Apple, from designing its own sticky phone case.
Mega Tiny's vice president of product, Jeff Wilcox, explained that the start-up has a patent pending for the nano-suction material it uses. And co-founder Winans added that, as a smaller business, flexibility is on Mega Tiny's side. "In less than five months we can come up with an idea and go to market quickly and get feedback from customers and take small risks and take small bets that can pay off big time," he told CNBC.
David Wu, a general partner at venture firm Maveron, noted that larger brands tend to market themselves utilizing distinctive designs. He wondered if at this stage Mega Tiny's simple design was intentional. Winans said the current focus is on function. "The actual sticking the case on the wall and doing a hands-free selfie actually draws more people to the product."
Mega Tiny Corp.
Since its launch in December 2014, the company has raised more than $260,000 from crowdfunding as well as investments from the team directly.
And according to the start-up, after its Kickstarter campaign in early May, an estimated 5,000 orders came in, and to date Mega Tiny has surpassed $200,000 in revenue.
Wilcox told CNBC that the company is profitable and reinvesting profits into inventory and new product development.
—Comments, questions, suggestions? We'd love to hear from you. Follow us @CNBCPowerPitch and join the #PowerPitchconversation
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720878d52a8cdb203cd5555004cff49b | https://www.cnbc.com/2015/07/01/african-americans-changing-hair-care-needs.html | This hair trend is shaking up the beauty biz | This hair trend is shaking up the beauty biz
Forget the relaxers.
More and more, African-American women are leaving behind chemicals used to straighten hair and accepting their natural curls.
The shift to Afro, locks and other natural hairstyles comes amid health concerns about relaxers, which have been linked to fibroids, as well as worries about hair breakage and loss. Celebrities such as Lupita Nyong'o and Viola Davis have fueled the movement, as well, by sporting natural styles.
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"In general, in the beauty category, black consumers are beginning to embrace their natural self," said Tonya Roberts, a multicultural analyst for the intelligence firm Mintel.
Two-thirds of African-American women wore a natural hairstyle in 2013, according to Mintel's Black Consumers and Haircare executive summary, published last year.
Karen Grant, the global beauty industry analyst for the NPD Group research firm, said adopting natural hairstyles is a lifestyle choice, similar to how certain people favor organic and natural food. Importantly, it's a lifestyle that is crossing generations.
Read More Gray hair dye sales spike on 'silver fox' trend
Amid the shift, the market for relaxers has fallen for several years now. Sales of hair care products for African Americans reached $774 million in 2014, representing a 12 percent increase since 2009, according to Mintel. Meanwhile, sales of relaxers, which represent about 18 percent of the market value, were worth $131.8 million in 2014, a drop of 34 percent since 2009.
These numbers do not capture sales at independent beauty suppliers, where 87 percent of African-Americans shop, Roberts said. They also don't account for mainstream brands, online sales, wigs and weaves.
"We can see that sales [of relaxers] start to decline as far back as the 1990s. We forecast that the decline [from 2014] will reach 45 percent by 2019," Roberts said.
With the increase in demand for natural products, which help consumers care for and maintain their hair's natural features, larger chains and beauty product companies are trying to grab market share. Walgreens, Target and Wal-Mart now offer a greater range of options to African-American women with natural brands such as Shea Moisture, Curls and Miss Jessie's on their shelves.
L'Oréal's SoftSheen-Carson operates the Dark and Lovely hair-care brand, which is known for its hair relaxers. That brand has also keyed into the natural hair movement with its Au Naturale line, which includes natural hair products such as a mango-scented Knot-Out conditioner and a curl defining crème glaze.
In addition to Au Naturale, L'Oréal last year acquired Carol's Daughter, a well-known natural hair brand created more than 20 years ago. And Revlon, which is behind the Creme of Nature relaxers, has also launched a series of argan-scented products for curly textured hair.
Read More Lauder: This is the secret to cosmetics success
Yet, Roberts said, larger household products and cosmetics companies still have a long way to go.
One problem they have is that consumers tend to associate larger, mainstream companies with relaxers and other non-natural components. Even L'Oréal's acquisition of Carol's Daughter, an established natural hair products brand, wasn't an easy solution.
"Now that they purchased the brand, they can't rely on the brand's equity," Roberts said. "There may be a perception that L'Oréal will change the formula."
When the purchase of Carol's Daughter was announced, some took to Twitter to express their disappointment.
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The founder of Carol's Daughter, Lisa Price, made a video to answer those concerns, which stemmed some consumer worry.
"The last thing L'Oréal wants to do is change Carol's Daughter," she said.
L'Oreal Dark and Lovely products.Source: L'Oreal
The makeup of advertising targeted to African-Americans also shows that companies are realizing the opportunities the fast-growing business represents.
The hair-care products industry in 2014 saw the second-largest year-to-year increase in advertising investment with black media, rising 98 percent, according to Nielsen's African-American Consumer Report.
Still, Roberts said many African-Americans have expressed that these ads present little relevancy to them.
"Overall, African-American consumers want ads that are culturally relevant and diverse," she said in an email. "The vast majority of blacks want to see a greater variety of blacks represented in ads."
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Roberts said that the market for African-American hair is big and some opportunities, such as products for children and men, remain untapped. And the movement toward natural hair, she added, is far from being a trend.
"It's here to stay," she said.
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0aca74c699aed7dab3c748e2677a7c56 | https://www.cnbc.com/2015/07/01/sharing-economy-makes-it-pay-to-work-on-your-own.html | Sharing economy makes it pay to work on your own | Sharing economy makes it pay to work on your own
VIDEO1:3001:30A day in the life of a tasker Careers
After six months of looking for a full-time job, 49-year-old Emily Cherin found plenty of part-time work through TaskRabbit, an odd-jobs job site.
"Oh my God, it saved me," said the energetic New Jersey native. "My world just sort of exploded."
Cherin is one of an increasing number of Americans who is freelancing. A 2010 survey by Intuit forecast that by 2020, 40 percent of the workforce, or 60 million Americans, will be doing some kind freelance work, up from the current estimate of 33 percent.
A few things are driving the trend toward freelancing. First, established companies in older industries continue to outsource what were formally full-time jobs. Second, the sharing economy is allowing many people to supplement their current incomes, or make a full-time job out of part-time work.
Read MoreBig data is creating big career opportunities
"What we're seeing is that these platforms, these share economy platforms are really changing the structure of business itself," said Sara Horowitz, executive director of the Brooklyn, New York-based Freelancers Union. "What is so clear is that it's now in every sector from finance, to health, to security. Really, you name any kind of business, and this is how the new workforce is being structured."
Source: CNBC
While Horowitz welcomes the work for the union's 300,000 members, she is concerned about how the growing reliance on freelancers will impact the overall economy. Because freelance work can be uncertain, Horowitz maintains these people are less likely to spend what they earn, saving their money for when work dries up.
"If we don't address the No. 1 issue of episodic income and risk, we are not going to see a recovery about consumption," Horowitz said, suggesting this has long-term implications for economic growth as consumer spending accounts for roughly two-thirds of GDP.
Horowitz said as freelancers become an increasingly important part of the workforce, the government may have to step in with programs that would help them maintain a more stable income. She speculates we might see the government set up some kind of a tax-free account where freelancers could stash funds to be accessed when they are not working.
Having a safety net like that, Hororwitz believes, could go a long way in making freelance work a more attractive option for people who are still focused on working full time for a company.
People like Cherin. Make no mistake, the former chef, radio broadcaster and artist loves what she does with TaskRabbit.
"I've been hired to write a love letter and deliver a Frappuccino," she said. "I was running out to Brooklyn buying real hair for people and sending it to Miami for a hot date for somebody. I mean really incredible stuff."
By doing two or three tasks a day, Cherin is now grossing $3,500 a month. TaskRabbit takes a 30 percent cut of her first task and 15 percent of the rest. It is not a bad income, but Cherin wants a more stable gig.
Read MoreWhy these summer jobs will matter for high schoolers
"Because I'm older, it's really important for me to know exactly what I'm making," she said. "It gets a little scarier as you get older."
Still, some are finding the sharing economy not only provides them with enough part-time work to earn a full-time wage, they may earn more than what they earned working for a corporation or small business.
"I've got clear evidence that the wage rates on TaskRabbit across every profession, are significantly higher than the Bureau of Labor Statistics average for the same profession," said Arun Sundararajan, a professor at New York University's Stern School of Business.
TaskRabbit Emily Cherin on a taskKarina Frayter | CNBC
Sundararajan said because customers will rate a "taskers" performance on the website, taskers who engage in things like plumbing, electrical work, editing or moving, can charge higher rates if they get good reviews. Those assessments then provide another benefit for a tasker, more jobs.
"The emergence of the trust infrastructure has big advantages for high-quality providers," he said. "Often people stay out of marketplaces because they don't know how good the product they're getting is. When you get clear quality signals through platforms like TaskRabbit, it increases the number of people who are willing to hire the service providers."
Leah Busque, who founded TaskRabbit in 2008, said there seems to be an unquenchable demand for the services the company offers.
"We're live in 20 cities across the U.S.," she said. "London is our first international market. We get emails from people every day all over the world asking when TaskRabbit is going to launch in their area."
If there are future launches, Busque said they would be in highly populated, urban areas. But as important as expanding the company is, Busque said so too is taking care of its taskers. The company's aim is to ensure they have the tools and resources they need to do their jobs well. That means taskers can buy health insurance through TaskRabbit, while the company itself will insure the tasker for jobs they do. The San Francisco-based firm also offers taskers discounts on transportation, phones and messaging.
Leah Busque, TaskRabbit CEOSource: CNBC
"We really want to be known as a place that is, you know, really thinking through how we can make our taskers successful," Busque said. "Not just from a TaskRabbit.com standpoint, but successful in life and to have a sustainable model they are happy in."
Read MoreRobots giving back to humans...with jobs!
Busque said only about 10 percent of the firm's taskers work enough, and earn enough to make it their full-time job. Typically these "full time" contractors will earn about $6,000 to $7,000 a month, she said, the other 90 percent are part-time taskers, looking to add some extra income to the household.
"There's a great story of a tasker who is a stay-at-home mom and the money she earns on TaskRabbit she utilizes to take her family on vacation every year," said Busque.
The opportunity to pick up some extra work, even when she lands a full-time job is one reason Cherin expects to be a tasker over the long term.
"I think I'll always keep my hand in TaskRabbit," she said, noting the ability to add some extra income to a steady base would be "nice."
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5a8a3ae0d9d0dda030d7ad64f4618a1f | https://www.cnbc.com/2015/07/01/sugar-daddies-could-be-funding-your-future-nurse.html | Sugar daddies could be funding your future nurse | Sugar daddies could be funding your future nurse
VIDEO6:5406:54Is the cost of college worth the price?Squawk Box
VIDEO1:2201:22How to get the best college ROICollege Planning
VIDEO1:3101:31Pay ahead to stay ahead: College loans$ave Me
Nearly a quarter of parents surveyed across the country said they cannot afford to help pay for their child's college education, according to Discover Student Loans.
But with U.S. student debt topping $1 trillion, according to the Consumer Financial Protection Bureau, sometimes when daddy and momma can't help with the college bills any longer students are inclined to turn to a different sort of parental figure.
New data from dating website SeekingArrangement.com, which pairs successful sugar daddies and mommas with more than 1 million cash-strapped student sugar babies, reveal students are increasingly looking to sugar daddies for help. The number of student sugar babies has increased more than twelvefold since 2009.
Read More Men more likely to bring debt into new relationship
As it turns out, nursing students lead their collegiate counterparts in hooking up with a sugar daddy or momma to seek a relationship, mentorship and an average of $3,000 in allowances. Business majors, who might look at relationships as transactions, took second place, followed closely by psychology majors. (Tweet This)
Sugar babies were decidedly unimpressed with the discipline of philosophy, which was the least represented major.
Of the nearly 4 million active sugar babies the site has, nearly half are college students. And much like nurses, not all student sugar babies are female. About 15 percent of the college student sugar babies are male.
Read More Your partner might be hiding debt from you
Yet both male and female students appear to be reaping the benefits of their "upfront" relationships. SeekingArrangment said that 67 percent of sugar babies that graduated in 2013 claimed they would be doing so debt-free with the help of their sugar daddies and mommas.
The National Student Nurses Association did not immediately respond to a request for comment.
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7289b2e863fba9a5e4ac81d00b2f448c | https://www.cnbc.com/2015/07/02/fda-approves-vertexs-cystic-fibrosis-drug.html | FDA approves Vertex's cystic fibrosis drug | FDA approves Vertex's cystic fibrosis drug
Vertex Pharmaceutical pill to treat Cystic Fibrosis.Yoon S. Byun | The Boston Globe | Getty Images
The U.S. Food and Drug Administration said Thursday it had approved the use of Vertex Pharmaceuticals' Orkambi, a drug aimed to treat patients with cystic fibrosis, on patients who are at least 12 years old.
The company's shares were temporarily halted, up 3.73 percent at $130.90, during late-morning trading for pending news ahead of the announcement at 11:47 a.m. ET. Trading started again around 3 p.m. ET, and Vertex closed the day slightly higher than its halt price.
"...The approval of ORKAMBI represents a fundamental change in the treatment of the most common form of CF, marking significant progress for us and for the entire CF community," Dr. Jeffrey Leiden, Vertex's chairman, president and CEO, said in a statement.
With the approval, Orkambi will be available to about 8,500 patients in the United States, according to Reuters.
Cystic fibrosis is caused by a defective gene that disrupts the function of the lungs and digestive system, producing a build-up of thick, sticky mucus leading to inflammation and recurrent bacterial infections..
Click here for the latest on the markets.
—Reuters contributed to this report.
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fd311e490bddf89cee41542bb4bf6677 | https://www.cnbc.com/2015/07/02/kevin-oleary.html?__source=OTS%7Cfinance%7Cinline%7Cstory%7C&par=OTS&doc=106863359 | Kevin O'Leary | Kevin O'Leary
Source: CNBC
Kevin O'Leary is chairman of O'Leary Funds, a mutual fund company with $1 billion under management, and of O'Leary Mortgages, a real estate financial services company. He is also founder and chief sommelier of O'Leary Fine Wines, an award-winning wine label, and a member of Boston's 107-year-old Hamilton Trust.
In addition to "Shark Tank," O'Leary co-hosts the "Lang and O'Leary Exchange," a daily business news television show, and is the bestselling author of "Cold Hard Truth" and "Men, Women and Money." O'Leary holds a B.A. in environmental studies and psychology from the University of Waterloo and an MBA from the Richard Ivey School of Business, where he serves as a board member.
Find and follow Kevin O'Leary online at kevinoleary.com, on Twitter at @kevinolearytv and on Facebook at facebook.com/kevinolearytv.
He will be speaking at iCONIC:DC on November 11, 2015. Register today.
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effc765836066eef696447621e85d329 | https://www.cnbc.com/2015/07/02/why-investors-think-japan-has-some-pretty-hot-property.html | Why investors think Japan has some pretty hot property | Why investors think Japan has some pretty hot property
Mori Tower in Roppongi Hills in TokyoJohn S Lander | LightRocket | Getty Images
Japan's economy is barely growing, its population is falling and wages have long been stagnant, but investors both inside and outside the country see surprisingly big opportunities in its property market.
"It has become difficult for general households to keep up with rising housing prices while employment and income are stagnating," Deutsche Bank said in a June note, citing data showing Tokyo condos cost more than nine times annual household income.
"In demographic terms, we expect the nationwide housing demand to remain weak," it said, citing the steady decline of people in the 25-44 year-old age bracket.
But that hasn't stopped property prices from marching higher. Japan's residential property price index for March rose 1.5 percent from a year earlier, while the Tokyo index was up 4.7 percent. Tokyo condominium prices were up 8.9 percent over the same period.
Read More Is the bubble in this property market set to pop?
The Tokyo condo prices may be getting at least some of their boost from an aging Japanese population, particularly as inheritance taxes have been increasing.
"There are many high-net-worth individuals who invested in expensive city center condos (particularly tower condos) as a tax-saving measure," Deutsche Bank said. "Investment in rental apartments has been also increasing. We view this to be the result of inheritance tax countermeasures."
That's because properties get taxed at the government's assessed valuation, which is generally lower than the purchase price, while cash would be taxed at the full value, noted Ku Swee Yong, an international property advisor at Century 21 Singapore.
"They will buy at full price," Ku said, noting he's had clients lose out on transactions because they were competing with buyers who weren't seeking discounts.
Despite the competition for deals and a 10-20 percent rise in prices over the past two years, he still sees the market as a good one for foreign investors, noting the increases have come after more than 20 years of declines.
Read More Have Singapore's luxury homes hit rock bottom?
For one thing, the yen's circa-18 percent drop against the dollar since the beginning of 2014 makes properties in Japan better value for foreign investors. Ku also noted that Japan's rental yields remain competitive, and rental cash flow is likely to remain positive even as interest rates normalize because of the country's long history of low rates.
Ku is also positive on the government's moves to relax rules on employment passes, allowing in more foreign workers, as well as offering long-term visas for potential retirees over the age of 60.
"My colleagues in Hong Kong are pushing Japan properties," Ku noted. "Rich Chinese buyers … are coming in to shop for properties too."
Japan's Ministry of Land, Infrastructure, Transport and Tourism
Investors in Taiwan, formerly a Japanese colony, are also interested in Japan property. Taiwan's own property market has cooled recently and rental yields there have fallen, Cliff So, executive director at REPro Knight Frank, a property agency in Taiwan, told CNBC in May.
In addition to cultural ties -- with many Taiwanese speaking Japanese -- investors there are also interested in Japan property because of the exchange rate. The Taiwan dollar hasn't lost a lot of ground against the U.S. dollar - it's down around 2.7 percent so far this year - but some analysts expect it to fall further in the year ahead. That compares with some analysts' expectations for the yen to remain relatively rangebound.
"In addition to rental yield and capital appreciation, [Taiwanese investors] look at whether they can get profit from a strong currency when disposing of a [property]," So said. He also noted Taiwan investors tend to prefer mature property markets when venturing overseas.
That lines up with one of the attractions of investing in Japan property that Ku highlighted: the costs in Japan tend to be transparent and well documented.
To be sure, not everyone sees an investment case for residential property in Japan.
"Top locations for residential investment are probably reasonably safe for rental returns," said Alexander Karolik Shlaen, an economist and CEO of Panache Management, a luxury brands and real estate investment adviser.
"But everything else is probably to forget about it, because there's no real demand coming from the local market. There's no population growth. There's population reduction," he said. "If you are looking for the yield, it could be interesting. If you invest for capital growth, then I would say don't expect much."
But Shlaen, who said he lived in Japan for more than 10 years, added that he's looking at investments related to tourism and hospitality to take advantage of the uptick in tourism.
But has the interest in Japan property inflated a bubble? Not yet, according to Century 21's Ku.
"We don't have a lot of credit going into the property market," he said. "The banking system is still very closed off to foreigners," with just two banks in Tokyo willing to lend and then usually only around half the purchase price, Ku noted.
—By CNBC.Com's Leslie Shaffer; Follow her on Twitter @LeslieShaffer1
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4191004850cc3063f4fec2469449be51 | https://www.cnbc.com/2015/07/03/as-rig-counts-rise-is-70-oil-still-on-the-cards.html | As rig counts rise, is $70 oil still on the cards? | As rig counts rise, is $70 oil still on the cards?
Oil rig counts in the U.S. rose for the first time since December 2014 last week, weighing on the commodity's price and serving as a reminder of oversupply fears, which could impact year end price targets.
U.S. crude futures and Brent crude for August delivery both fell roughly 2.5 percent on Friday to trade around $55.60 and $60.40 respectively on Friday—despite a number of more bullish price forecasts in recent months.
This was after data from Baker Hughes showed the U.S. oil rig count rose by 12 to 640 in the last week, putting a stop to 29 consecutive weeks of decline. Since peaking at 1,609 rigs in October last year, the count has slumped around 60 percent.
Getty Images
Chief oil analyst at Energy Aspects, Amrita Sen, said that last week's number were "distorted" due to flooding and the closure of the Houston ship channel, one of the busiest waterways in the world, and pointed to the consistent falls seen this year.
However, oversupply fears also hit oil prices on Wednesday, after the U.S. Energy Information Administration reported that U.S. crude-oil stockpiles rose last week for the first time in nine weeks. And this followed data that showed a sharp ramp up in U.S. production in April to levels not seen in decades.
Last week, UBS became the latest firm to upgrade its outlook for the price for Brent crude oil to $61.59 per barrel from $56.25 on signs that non-Organization of the Petroleum Exporting Countries (OPEC) investment was slowing.
This is a smidgen above the consensus among market watchers for Brent at $60 per barrel the end of the year.
VIDEO2:5302:53Why gasoline demand is strong: AnalystWorldwide Exchange
But a number of bullish forecasts from the likes of investment boutique Oppenheimer & Co. and billionaire oil tycoon Boone Pickens in recent months have boosted some expectations to $70 by the end of 2015.
However, Sen said: "I think to see a break to the upside; you need inventories to start falling and not just in the U.S., globally. That means production needs to start falling, or the Chinese need to start to buying, which is happening but needs to pick up speed."
She added that "Downside risks are plenty."
"In the macro space there is Greece, there is the Chinese stock market, ultimately inventories are still very high, unless that cleans up I think prices are going to be capped. I don't think prices should break significantly to the downside, but you know getting anywhere close to $70 is quite some time away."
In the short-term, worries surrounding the Greek referendum this Sunday could hit the price of oil, Sen said, as the U.S. dollar could strengthen, which is traditionally negative for oil prices.
"European demand is up about 400,000 barrels per day this year. Greece or no Greece, I think that continues, but on the oil price, through the dollar you can get some negative impact—but I hope that a lot of this is priced in already," she added.
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18de4425a8c76f2244ba7ca465bc3ed7 | https://www.cnbc.com/2015/07/03/the-bufferoo-portfolio-what-buffett-would-buy-in-australia.html | The Bufferoo portfolio: What Buffett would buy in Australia | The Bufferoo portfolio: What Buffett would buy in Australia
A board charting the stock market is shown in Sydney, Australia.Dominic Lorrimer | Getty Images
Australia's market has a small club of shares Warren Buffett might buy, analysts at Credit Suisse said in the wake of the storied investor's maiden acquisition Down Under.
"Berkshire's fantastic track-record of investing in the U.S. reveals a focus on large, quality companies at a reasonable price," Credit Suisse said in a note last week, creating a "Bufferoo" portfolio of Australian stock picks suited to his style.
Read More This market could heat up as Buffett enters
According to Credit Suisse, Bufferoos are stocks included in the ASX 100 that trade on less than 20 times price-to-earnings and four times price-to-book, have stable returns-on-equity average at least 12 percent and earnings per share growth of at least 4 percent a year.
The analysts said they had to relax the valuation hurdle of Buffett's usual U.S. picks because that tends to be higher in Australia. The theoretical Bufferoo portfolio also only has one "trade" a year, on June 30, with the number of stocks included each year varying from just two in 2005, 2006 and 2013 up to the highest level of nine in 2011.
Read More Meet the Chinese firm that paid $2.35M for Buffett lunch
"It is a concentrated portfolio of quality companies at reasonable valuations," Credit Suisse said. For the current financial year, there are just four Bufferoos: Ansell, Challenger, Caltex and Lend Lease. "The recent market sell-off allows investors to buy these companies that now trade on 14 times price-to-earnings, down from 16 times just three months ago."
Interestingly, there's one stock that doesn't make the Bufferoo cut: Insurance Australia Group (IAG), which became Berkshire Hathaway's maiden acquisition in Australia earlier this year with the purchase of a 3.7 percent stake.
But has the Bufferoo lived up to the Buffett legend?
Read More Challenger sells 25% stake in Kapstream for $34m
Credit Suisse thinks it's done pretty well: "The portfolio has kept up with the Aussie market over the last 14 years and even outperformed more recently. Not bad for working one day a year," it said.
That compares, however, to an estimated 20 percent per annum for Berkshire's U.S. holdings, according to Credit Suisse.
"It seems Buffett has suffered from Dull Returns Outside The U.S. (DROTUS)," Credit Suisse noted, citing his median return on non-U.S. investments was an "uninspiring" around 8 percent a year, in line with market benchmarks outside the U.S.
—By CNBC.Com's Leslie Shaffer; Follow her on Twitter @LeslieShaffer1
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1b78dce8b596e101d3149f41f22343c2 | https://www.cnbc.com/2015/07/06/christopher-j-ailman.html | Christopher J. Ailman | Christopher J. Ailman
Source: CalSTRS
Christopher J. Ailman is the chief investment officer of the $192 billion California State Teachers' Retirement System, the largest teachers fund and the second largest pension fund in the U.S.A. As CIO, Ailman leads an investment staff of 120 across eight teams and asset classes. He has over 29 years of institutional investment management experience. Annually, he is listed as one of the top CIO's in the U.S.A and globally by aiCIO and Institutional Investor magazine, and he is an early member of the global "300" CIO Club.
He has served on several boards and advisory boards in the U.S. and U.K. He represents institutional investors on the MSCI Index Editorial Advisory Board; Emory University Private Equity Research Council; EDHEC Risk Institute and the Toigo Foundation. He is the co-chair of the Milken Global Capital Markets Committee and is a past Governor ICGN and Association Board member of the UN PRI.
He has received numerous awards and recognitions over his career, the IFE's CIO of the Year; the Richard Stoddard Award; NAA's Advancement of Latino's; Institutional Investor's Large Public Fund Manager of the Year. In 2013 he was named the number #3 CIO in the world and Investment Innovator of the Year by CIO magazine. Ailman is a regular guest on CNBC, Bloomberg Radio and TV. He is frequently quoted in multiple investment publications.
Ailman has a B.A. in Business Economics from the University of California Santa Barbara. He received his CFP from the USC and completed the Claritas Certificate of the CFA Institute. He is married with three adult daughters and is a committed Promise Keeper.
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257c533976547c75df4c2a0e3b87f202 | https://www.cnbc.com/2015/07/06/greece-may-send-global-interest-rates-higher-sink-stocks-analyst.html | Tom Lee: Investors should tune out Greece noise | Tom Lee: Investors should tune out Greece noise
VIDEO2:5002:50Organic recovery in US: Tom Lee
Developments in Greece and China bear watching but will have limited or no effect on the U.S. economy or markets, perennial bull Tom Lee said Monday.
Global markets were broadly lower Monday, a day after Greeks voted against a bailout package put forward by Greece's creditors and as Chinese officials took measures to prevent a full-blown stock market crash.
"I think what we're overlooking is that turmoil in Europe has natural buffers in the U.S.," Lee told CNBC's "Squawk on the Street." "I really think that investors who are focused on the U.S. have to tune out some of the short-term noise and realize it's not going to really change things at year end."
Read More Greece latest: New proposals awaited; Varoufakis quits
Investors seeking relative safety will pile in the United States, strengthening the dollar and bolstering asset flows, said Lee, founder of Fundstrat Global Advisors. The Federal Reserve may also hold off raising its benchmark interest rates due to adverse developments overseas, which would also protect asset prices, he added.
Lee also sees reasons to be optimistic in the U.S. housing market and recent procurement and supply chain data from the Institute for Supply Management. At the same time, easy money policies in Europe and China are creating "positive developments" for pent-up demand and labor markets in the United States, he added. "I think there's an organic recovery now taking place in the U.S."
Jay Bryson, global economist at Wells Fargo Securities, said it was impossible to say with 100 percent confidence the situation in Greece and China would not impact U.S. markets.
"If Greece leaves the euro zone and the euro zone starts to wobble a little bit, that's going to continue to have financial market repercussions around world," he told "Squawk on the Street."
Weakness in China and Europe could potentially slow down U.S. exports and damp down the dollar, he added. "We're in uncharted territory here. There are lots of unknowns out there, lots of moving pieces, and I think investors really need to keep an eye on what's going on here."
Read More Robert Shiller's shocking call: Buy Greek stocks!
VIDEO3:3803:38How will markets openSquawk Box
Earlier Monday, analyst Peter Boockvar said Greece may be a "sideshow" in the international economy, but developments there could exacerbate the biggest risk to global assets.
Investors have recently seen a global rise in interest rates, which could put pressure on U.S. stocks, which were "very expensive," said Boockvar, chief market analyst at the Lindsey Group.
"To me, Greece is sideshow to the global rise in interest rates that we've seen," he told CNBC's "Squawk Box." "Let's just say that Greece is temporarily solved, interest rates are going to start heading higher again, and to me that's the risk to global asset prices."
Read More Mohamed El-Erian: Grexit 'high probability'
Higher interest rates present an alternative to stocks for investors. When rates run up significantly, it can lead to a flight from equity markets.
Greece's "no" vote on new austerity was largely symbolic because the proposal was no longer on the table, but it moved Greece closer to default on an European Central Bank loan and signaled a potential first step toward its exit from the 19-nation euro zone.
While the U.S. 10-year Treasurys fell to 2.3 percent Monday, Boockvar noted that the yield went from about 1.85 percent to 2.5 percent between the end of January and the end of June.
Further uncertainty over the outcome in Greece and the broader euro zone would presumably lead investors to demand higher yields on the continent's debt to offset the risk of holding those assets.
Greek banks remained closed and capital controls in place ahead of a European Central Bank meeting Monday on emergency lending to the country and a summit of European Union leaders set for Tuesday. The ECB froze increases to emergency lending last week after Greek Prime Minister Alexis Tsipras called the national referendum.
Read More'Toxic' Varoufakis is out: Time for a deal?
Greece has a 3.5 billion euro payment due July 20 on a bond held by the ECB. It entered arrears last week after failing to pay 1.6 billion euros on a bond held by the International Monetary Fund.
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f6491577f34860fe8d60b051da1f3b4c | https://www.cnbc.com/2015/07/06/mohamed-el-erian-grexit-high-probability.html | Mohamed El-Erian: Grexit 'high probability' | Mohamed El-Erian: Grexit 'high probability'
VIDEO3:0703:07The kind of contagion I worry about: El-ErianSquawk Box
VIDEO1:4001:40A Greek 'leave of absence'Squawk Box
VIDEO4:4104:41ECB's Nowotny: All have an interest in keeping Greece in euroSquawk Box
VIDEO2:5702:57Greek deal in 72 hours not realistic: WieserSquawk Box
VIDEO2:5402:54What are creditors asking from Greece?Squawk Box
There's a "high probability" of a Greece exit from the euro zone, Mohamed El-Erian said Monday, a day after Greek voters rejected the bailout terms of creditors in a national referendum.
The economy there is grinding to a halt, said El-Erian, chief economic adviser at Germany's financial services giant Allianz. "What's happening on the ground means the situation is slipping out of the control of the politicians. I don't think that's being factored in enough."
In a surprise move, Yanis Varoufakis, the fiery Greek finance minister, resigned on Monday, in what's seen as a concession to lenders despite his anti-austerity victory.
Varoufakis said he wanted to give Prime Minister Alexis Tsipras a "fresh start" in reforms talks, which could decide whether Greece stays in the single euro currency.
"The euro zone controls its own destiny. The euro zone has instruments to limit contagion. They haven't been deployed yet," said El-Erian, former co-CEO of Pimco.
What's happening on the ground means the situation is slipping out of the control of the politicians.Mohamed El-ErianAllianz chief economic adviser
Should there be a Grexit, he said, "I'm not worried about the economic contagion. I'm not worried about the financial contagion. What I am worried about is ... the shock to risk appetite."
The notion of a Greek "sabbatical" from the euro—a temporary reversion to a local currency until the economy stabilizes—is a tougher sell now than it was a few years ago, said El-Erian.
Harvard professor Marty Feldstein, former chairman of the Council of Economic Advisers under President Ronald Reagan, told CNBC he supports a Greek "leave of absence" from the euro.
Under this scenario, "they're not being thrown out of the euro zone; certainly they are not being denied the privileges [and] the rights of being a member of the European Union, the trading rights and the labor market rights," he added.
Earlier, Ewald Nowotny, a member of the European Central Bank's governing council, told CNBC the euro nations all have an interest in keeping Greece in the single currency.
Ewald NowotnyMartin Schalk | Bloomberg | Getty Images
"But of course, we know this means that a number of actions have to be taken," he said. "Tomorrow will be an EU summit," where Greece's application for a new bailout will be discussed.
When asked about whether he's optimistic that Greece can remain in the euro, the Austrian central bank governor told CNBC's "Squawk Box" that it's not a matter of being optimistic, but a matter of being "realistic."
Nowotny said Varoufakis' resignation won't help or hurt the negotiations because the issues are not about personalities but about economic conditions, which haven't changed since Sunday's vote.
The ECB was set to decide on further emergency funding for Greek banks, which have been closed now for a week under capital controls designed to prevent a banking system collapse.
"What we have to look at what is our room to maneuver according to the legal situation we are in," said Nowotny. "I think this has to be clearly distinguished from the political aspect that has to be dealt with by the heads of state and the finance ministers."
Protesters wave Greek and EU flags during a pro-euro rally in front of the Parliament building, in Athens, on June 30, 2015.Yannis Behrakis | Reuters
Thomas Wieser, president of the Euro Working Group, which prepares decisions at meetings of the euro zone's finance ministers, said the situation in Greece is deteriorating. A quick solution that Tsipras promised voters is "not very realistic," he said.
"This is clear, the clock is ticking," Wieser told CNBC Monday. "Ten days ago, Greece was a country with banks open and a certain degree of confidence that they would get a further bailout commitment."
"[But] as we are speaking today, the tourism season looks bad, the financial sector is closed down ... with capital controls. We need to move, and I think the Greece side needs to move as fast as possible," Wieser continued. "There will be very, very difficult discussions."
If the governments of Europe choose to break up the euro zone on their own, that will be on their responsibility.James GalbraithUniversity of Texas at Austin professor
James Galbraith—professor at the University of Texas at Austin and friend of Varoufakis—told CNBC: "The elements of a reasonable deal are spelled out. They were there on Wednesday in a letter from the prime minister to the European partners."
"If the governments of Europe choose to break up the euro zone on their own, that will be on their responsibility," he said. "But it is not something which either the Greek government or the Greek people want."
The leftist Greek government is committed to long-term structural reforms, including improving the tax system, he said. "But what the creditors have been asking for are flat cuts in pensions."
Greece has already endured more austerity than any other country in the euro zone, Galbraith said, which resulted in a 25 percent decline in economic growth, "These supposedly pro-growth reforms ... have produced the exact opposite, a gigantic depression."
James Galbraith's father was the famous economist, John Kenneth Galbraith.
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6e9d5fa0aac7c29a4e0a3323ac277dcd | https://www.cnbc.com/2015/07/06/world-reacts-to-us-win-over-japan-in-world-cup-final.html | World reacts to US win over Japan in World Cup final | World reacts to US win over Japan in World Cup final
Political and sporting leaders took to social media to express their thoughts on Sunday's women's World Cup final between the United States and Japan in Vancouver.
The Americans won the match 5-2 to clinch the title for the first time, with Carli Lloyd scoring three of her team's goals.
"What a win for Team USA! Great game @CarliLloyd! Your country is so proud of all of you. Come visit the White House with the World Cup soon."
"Japan's Nadeshiko were runner's up for Women's World Cup. They went to the final two consecutive times and they united to play hard till the end. They gave courage to the Japanese people." - Japan Prime Minister Shinzo Abe.
"A #FIFAWWC hat-trick for the #USA. Congratulations on becoming the 1st team to win 3 Women's World Cups."
"Here's to fearless women chasing their goals. Congratulations, Team #USA!"
"Fitting end to 4th of July weekend. Congrats @CarliLloyd and #USWNT on their 3rd World Cup title!"
"Love watching history being made. There is nothing like it. Go USA!"
"Way to go @ussoccer_wnt !!! World Cup champs!! #USA."
"My Goodness!! #Magisterial @CarliLloyd."
"Amazing performance #USWNT !! Congrats Jill and the entire team!! WORLD CHAMPIONS!!!"
"Well done #JPN! We are proud of what you achieved at the #FIFAWWC."
"Am so proud of you, Nadeshiko. Entire nation is, again, encouraged by your earnest effort. Thank you, #FIFAWWC15Final."
"They always provide a dream. The fact that they got to the final shows how strong they are. We (the men) must learn from them." - Japanese striker Shinji Okazaki.
"Congrats ladies! Proud of you aboard @Space_Station."
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9d7d5d2371a1707c6ffb27cea7090549 | https://www.cnbc.com/2015/07/07/asian-stocks-open-lower-as-greek-drama-drags-on.html?__source=yahoo%7Cfinance%7Cinline%7Cstory%7Cstory&par=yahoo&doc=102817194 | Asian stocks sink as China, Greece fears rattle investors | Asian stocks sink as China, Greece fears rattle investors
VIDEO4:5604:56Panic heightens as China's market rout worsensStreet Signs Asia
Worries over China's relentless sell-off and Greece's debt crisis sent Asian equity markets into a tailspin on Wednesday.
The Shanghai Composite has fallen more than 30 percent from its mid-June peak amid frequent bouts of extreme volatility and analysts say the turbulence is starting to unnerve regional investors.
"China is a closed market so the impact is not so much on the global market, but we do see some impact spreading out, especially to Japan today, so that becomes a concern," Alex Wong, director of Asset Management at Ample Capital, told CNBC.
Meanwhile, the Greek government has until Friday morning to present detailed reform proposals to allow a bailout deal by a Sunday summit, according to a Reuters report citing two EU officials following the emergency euro zone summit in Brussels. Failure to reach a deal would make a "Grexit" - Greece's exit from the euro zone - more likely.
Overnight, U.S. stocks ended higher after a choppy session, as a rebound in U.S. oil prices helped offset concerns about China and Greece. The Dow Jones Industrial Average and S&P 500 closed up 0.5 and 0.6 percent, respectively, while the tech-heavy Nasdaq added 0.1 percent.
Mainland markets in free fall
It was another painful trading session in the world's second-largest economy, with the benchmark index closing down 6 percent following an 8 percent slide in early trade, after China's securities regulator warned of "panic sentiment."
Investors were also spooked by news that more companies have issued requests to suspend trading, including Hong Kong-listed China Jiuhao Health Industry and China Zenith Chemical.
Elsewhere in the mainland, the CSI 300 index and the Shenzhen Composite ended 6.7 and 2.5 percent lower after touching multi-month lows.
Hong Kong's Hang Seng index was not spared from the carnage; the index ended nearly 6 percent lower after tanking as much as 8 percent.
"For the Hang Seng, there is a contagion impact as many of the Chinese investors who went into A-shares also bought into the H-share market and by association, Hong Kong will rise and fall according to the fortunes of China," Wong Sui Jau, general manager at Fundsupermart.com, told CNBC's "Street Signs Asia." "However, while it is affected by the volatility, the downside should be a lot lesser than China because the valuations of H-shares remain much lower than A-shares."
Among losers, brokerages struggled to find a footing, with Citic Securities and Everbright sinking by the daily limit of 10 percent each in the mainland.
Most blue chips also fell, even amid fresh government support and news that government-backed investors are buying into financial heavyweights and oil giants. Bank of Communications receded 10 percent, while Sinopec and PetroChina lost 10 and 8.5 percent, respectively.
VIDEO5:0105:01Beijing's support measures are conflicting: InsanaSquawk Box Asia
Nikkei loses 3.1%
Japan's Nikkei 225 crashed to a seven-week low as investors eyed the sell-off in China.
Companies with high exposure to the mainland were among the hardest-hit; Komatsu slumped 5.8 percent, while Hitachi Construction Machinery retreated 4 percent.
Other casualties included Itochu Corp, which sank 9.2 percent, after the Nikkei business daily reported that its plans to buy a stake in Bosideng International Holdings was rejected by the Chinese apparel company's shareholders.
Nissan Motor closed down 6.6 percent to its lowest level since February 20 following the company's announcement of an abnormal deployment of an airbag made by Takata.
On the domestic data front, Japan logged its eleventh straight monthly current account surplus in May, with the surplus widening to 1.88 trillion yen ($15.36 billion), topping a Reuters forecast for a 1.54 trillion yen surplus.
ASX tumbles 2%
Australia's S&P ASX 200 index gave up all of Tuesday's gains, with banks and miners leading the downward spiral.
Among the four major lenders, National Australia Bank, Australia and New Zealand Banking and Commonwealth Bank of Australia pulled back more than 2 percent each.
As commodity prices tanked on the back of worries over a deteriorating outlook in China, the resources sector succumbed to selling pressure, with Fortescue Metals losing 6.2 percent to hit its lowest level since January 2009. BHP Billiton and Rio Tinto also shaved off 3 percent each.
Meanwhile, Santos and Woodside Petroleum sagged 3.3 and 2.9 percent, respectively, in tandem with weaker crude oil prices.
In reaction to the mayhem in Chinese markets, the Australian dollar hit a fresh six-year low of $0.7397 against the greenback.
Kospi eases 1.2%
South Korea's Kospi index tracked regional weakness to finish at its lowest level since June 16, chalking up a four-session losing streak.
Pharmaceuticals were among the biggest laggards, with Daewoong Pharmaceutical and Hyundai Pharmaceutical easing 3.7 and 4.2 percent, respectively.
Mirae Asset Life Insurance declined 2.2 percent to 7,240 won per share in its market debut on Wednesday. The initial public offering (IPO) had priced below an indicative range of 8,200-10,000 won per share.
Read MoreAirAsia hits major turbulence in Indonesia
Southeast Asian stocks eyed
Shares of Malaysian budget carrier AirAsia tanked more than 12 percent after Indonesia's transport ministry threatened to suspend the operating licence of its Indonesian affiliate unless the company raised new equity by end-July.
Meanwhile, Singapore Post closed 0.79 percent up to trade at 1.90 Singapore dollars, buoyed by news that Chinese e-commerce giant Alibaba Group plans to increase its equity stake in the Singapore-listed company. Following the news, OCBC held on to its 'buy' recommendation for the stock, with 2.19 Singapore dollars as a fair value estimate.
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15883557091465d2c13ad8a45b02bcbf | https://www.cnbc.com/2015/07/07/china-regulators-warn-of-panic-as-shanghai-index-falls-8.html?__source=yahoo%7Cfinance%7Cinline%7Cstory%7Cstory&par=yahoo&doc=102817194 | China regulators warn of 'panic sentiment' | China regulators warn of 'panic sentiment'
Investors look at computer screens showing stock information at a brokerage house in Qingdao, Shandong province, China.China Daily | Reuters
China's securities regulator warned there was "panic sentiment" in mainland stocks on Wednesday, saying there had been a surge in "irrational selling" as markets plunged further into bear market territory.
The statement from the China Securities Regulatory Commission (CSRC) did little to soothe investor worries about tumbling equities, with the Shanghai Composite sinking as much as 8 percent in early trade on Wednesday before paring losses to around 5 percent.
Shortly after the regulator's statement, the People's Bank of China (PBoC) said it would closely watch the stock market's direction and guard against systematic regional financial risks, according to a statement on the central bank's website.
China's state asset administrator also urged central government-owned firms to buy their own stock to stabilize share prices, pleading them not to sell during this period of "unusual market volatility."
"This hodge podge of measures that have been undertaken by the government are so conflicted that I think it's causing more confusion in the markets than it is delivering therapy," said Ron Isana, CNBC's senior analyst and commentator.
Read MoreWild ride in markets hits Beijing's credibility
"In the U.S., we're very concerned, we don't like excessive government intervention. The market is still trying to deflate a bubble so why are they trying to prop up a bubble? Nothing looks or smells good there," remarked David Dietze, president and chief investment strategist at Point View Wealth Management.
Meanwhile, more than 500 China-listed companies announced trading halts in Shanghai and Shenzhen on Wednesday, Reuters said, citing an analysis of corporate statements. "More than 51 percent of the 2,776 A-shares has suspended trading today, according to the National Business Daily," echoed Bernard AW, IG's market strategist.
The suspension of trading is a particularly "stupid move," said Alex Wong, director of asset management at Hong Kong-based Ample Capital. People are selling heavily today because they're afraid the stocks they own may also get suspended, he explained.
Officials also said on Wednesday that the China Financial Futures Exchange (CFFEX) would raise the deposit ratio for short positions on CSI500 index futures from 10 to 30 percent, effective Thursday, just a day after the exchange said it would be limiting daily trading on index futures.
In Shanghai, brokerages were among the biggest losers on Wednesday, with Citic Securities and Everbright Securities dropping 10 percent each, despite news that China Securities Finance Corporation (CSFC), a provider of margin financing loan services, would provide adequate liquidity for brokerages.
VIDEO4:3004:30Could China's stock rout affect regional markets?Squawk Box Asia
Other new calming measures were unveiled on Wednesday, in the latest attempt to shore up confidence in a stock market that has slumped 30 percent over the past month.
The country's insurance regulator said that qualified insurers may increase their ratio of equity assets to 40 percent, from 30 percent previously, by buying blue-chip stocks. Meanwhile, the CFFEX is also reportedly stepping up purchases of medium and small cap shares, according to state-owned news media outlet Xinhua.
Read MoreBlame China stock slide for oil's plunge: Analyst
Heavy-handed intervention from Beijing and the PBoC to calm frenzied stock markets in recent weeks, including Tuesday's trading halt for more than 200 companies and a suspension of new share offerings, have been widely interpreted as signs of desperation.
Tumbling stocks could lead to wide-spread contagion in the financial system and even the real economy, as well as hurting Beijing's chances of completing structural reforms like debt deleveraging and revamping state-owned enterprises, experts say.
"This does not bode well for China's hopes to be included in the MSCI indices and it highlights that the Asian giant may not be ready to be an international finance behemoth. There is clearly a lot of work to be done and the latest developments only seek to dent investor confidence," said Bernard Aw, market strategist at IG, in a note.
He calls recent trading halts "stop-gap measures," warning that authorities must announce stronger initiatives to restore stability.
Li-Gang Liu and Raymond Yeung of ANZ Research said in a note that the stock market rout was not yet a systemic crisis, but that it left plenty of room for the PBoC to ease monetary policy further. The analysts forecast a further 25-basis point rate cut and a cut to the reserve requirement ratio of 100 basis points before the end of the year.
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240dcaf1ca78a4567c88fd15b3e1a40a | https://www.cnbc.com/2015/07/07/saudi-arabia-to-invest-10b-in-russia.html | Saudi Arabia to invest $10B in Russia | Saudi Arabia to invest $10B in Russia
Saudi Arabia's sovereign wealth fund is to invest up to $10 billion in Russia over the next five years, in a move signalling a thawing in relations between the two countries.
Saudi Arabia's Public Investment Fund (PIF), the country's sovereign wealth investment vehicle, agreed on Monday to invest $10 billion over the next five years approximately in the Russia Direct Investment Fund (RDIF), a government-run investment fund.
Speaking to CNBC on Tuesday, RDIF's Chief Executive Kirill Dmitriev said that he thought the investment would be "very important" for Russia.
"The first seven projects have received preliminary approval, and RDIF expects to close 10 deals before the end of the year," Dmitriev said when announcing the deal which is the largest foreign direct investment in the country in the last four years.
"This deal is about building an important partnership. Russia needs to be an integrated global player. We are also going to invest in Saudi Arabia, which is a very attractive market for us so the deal is very interesting," he told CNBC.
RDIF also announced it had also signed a partnership agreement with another Saudi Arabian sovereign wealth fund, the Saudi Arabian General Investment Authority (SAGIA).
"The parties will identify attractive joint investment opportunities in the SA and the Middle East," RDIF said.
Asked whether Russia was looking more towards the Middle East and Asia, with whom RDIF also has investment partnerships, Dmitriev reiterated that RDIF had joint investment funds with France and Italy already.
RDIF said the funds from Saudi Arabia would be invested in areas including infrastructure and agriculture, as well as healthcare, retail and real estate.
Russian President Vladimir Putin reaffirmed his support for Assad in June, making Saudi's investment one that could be politically motivated to rebuild relations and get Russia on side over how to end a four-year civil war in Syria. Dmitriev refused to comment on Russia's political background, however.
Read MoreRussia sanctions helping businesses to thrive
President of Russia Vladimir Putin and Crown Prince Salman bin Abdulaziz Al Saud of Saudi Arabia talk during a plenary session at the G20 leaders summit in Brisbane November 15, 2014.Reuters
Russia could certainly do with friends at the moment. Its economy is expected to enter recession this year after a combination of lower oil prices – half the price they were last June – and western economic sanctions for the country's role in Ukraine and annexation of Crimea last year.
RDIF said the agreement was "greatly contributed" to by the visit of Saudi Defense Minister Mohammad bin Salman Al Saud (also the country's Deputy Crown Prince) during the St. Petersburg international Economic Forum (SPIEF) in June. Saud met with President Putin during the international business conference too, RDIF said.
RDIF has attracted over $25 billion of foreign capital into the Russian economy through long-term strategic partnerships with leading sovereign and investment funds of the world, it said, entering into investment partnerships with China, India, Kuwait and Japan, among others.
Read MoreWill Putin's key project reflect Russia's turnaround?
- By CNBC's Holly Ellyatt, follow her on Twitter @HollyEllyatt. Follow us on Twitter: @CNBCWorld
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0ba49b7f47093b50e6237047d253f0c2 | https://www.cnbc.com/2015/07/07/traders-will-watch-this-but-fed-cant-rewrite-history.html?__source=yahoo%7Cfinance%7Cinline%7Cstory%7Cstory&par=yahoo&doc=102817194 | Traders will watch this, but Fed can't rewrite history | Traders will watch this, but Fed can't rewrite history
VIDEO3:0603:06Stocks stage huge reversal Fast Money
When the Fed last met, it did not know about the failed Greek referendum or even the Chinese stock market meltdown, but traders nonetheless will be combing the minutes of that June meeting for any inkling of how it might react to those international developments.
Greece-related developments should continue to dominate market focus, but the minutes of that FOMC meeting Wednesday should get the market's attention when released at 2 p.m. ET. According to Bespoke, since 2013, the S&P 500 has traded lower eight of 10 times after the release of the minutes, but it also mostly rebounded the next day, reversing those losses.
"They can talk a little bit about keeping an eye on the international situation, but they can't rewrite history. They can't talk about the Greece referendum because it didn't happen yet," said John Briggs, head of strategy at RBS. "I look ahead to (Fed Chair Janet) Yellen's speech on Friday. You wonder how hawkish she could be. You don't want to kick the market when its down."
Traders work on the floor of the New York Stock Exchange.Getty Images
Read More Why oil could revisit its lows and then some
Markets, however, will hear from another Fed speaker Wednesday. San Francisco Fed President John Williams speaks at 2 p.m. on the outlook.
The markets were preoccupied last month by the potential timing of the Fed's first rate hike, but now have switched gears to worrying about China and Greece. As those events have became perceived as potentially more negative, traders added to bets in the futures market that the Fed would not hike rates until early next year. At this point, Briggs said RBS calculates the market is expecting the first full rate hike in January, and sees just a 22 percent chance of a rate increase in September.
The Fed minutes shouldn't change the perception of the market, but Yellen's talk on the economy at midday Friday might. Briggs said the Fed statement after that June meeting was neutral, and the minutes should be as well. "I think it's going to sound like a watch and wait Fed," he said.
Read More This list of 'junk' companies keeps getting longer
Stock futures were lower Wednesday, after another nearly 6 percent rout in Chinese stocks overnight. European equities reversed earlier losses after Greece submitted new proposals seeking a debt deal.
Wall Street staged a big reversal Tuesday with equities closing higher, after a choppy day of trading on news related to Greece. The fact the euro group will meet Sunday and look at Greek debt sustainability gave the markets encouragement. "It was wild and woolly and some of it was technical," said Art Cashin, director of floor operations at the New York Stock Exchange for UBS.
Cashin said the reversal of a sharp intraday drop in oil also helped stocks, but developments on Greece became the bigger driver, including an unsubstantiated rumor that it was being given a 30-day reprieve. German Chancellor Angela Merkel said Greek Prime Minister Alexis Tsipras is expected to submit a loan request and reform proposals Wednesday, and the proposals will be reviewed to see if Greece can receive some short term funding.
Read More Grexit would be 'beginning of the end' of euro: Piketty
Liz Ann Sonders, chief investment strategist at Charles Schwab, said stocks are caught in a volatile pattern while investors await the outcome for Greece and China.
"We may be within a 24-hour window of having a little more information on Greece. That would at least partly answer one of those questions and uncertainties," she said.
China could be the more difficult situation to read. The Shanghai stock market sold off again Tuesday, even after the government took steps to stop it. That spooked the oil market and commodities in general, as traders feared a bigger economic slowdown spreading out from the equities meltdown.
"Some of what they're doing is a little bit scary," said Sonders.
Read More Oil rout dashes hopes of reprieve for some drillers
"They say they want to go to a more market based set of principles, especially around the stock market," she said.
"You get a 30 percent drop in the stock market and they step in, in command and control mode. They ban shorting and actually are exacerbating the problem…It just shows as reform minded as they like to be, when faced with a near term crisis, their default is to step in and micro manage."
Sonders said the situation in China could turn into a bullish story if it signals the leadership that they have to move more quickly on reforms. "This could be the pause that refreshes," she said. But it could also spread. "A continued plunge in Chinese stocks is a negative for the U.S. market," she said.
Sonders said Schwab is neutral on the market this year, expecting it to make much smaller gains than prior years. But she recommends investors keep a position in equities, both domestic and international.
The upcoming earnings season will be important, but the fact that the dollar has been driven higher by European events and oil has been slammed by China and Greece are negatives.
Read More This chart shows U.S. stocks dependent on China
Alcoa reports earnings after the close Wednesday, one of the first major reports of the season. Pepsico follows on Thursday, and then a flood of reports are scheduled for next week.
"We're back in some of the same factors that caused a rumble in Q1 earnings," Sonders said. While it will not impact the earnings reports for the second quarter, company comments for the third quarter or beyond could be negative because of the oil plunge or strong dollar.
"So then the earnings recession story gets legs again," she said.
Stocks should trade in a volatile way but she does not see a panic from any of the catalysts. "Barring a more significant catalyst, other than this torture of news that we're getting out of both Greece and watching China scramble…I think it's more of the same in the market," she said.
As for oil, West Texas International crude futures closed down just 20 cents Tuesday at $52.33 per barrel, after falling to a key psychological level just above $50. "I think it could be a short covering rally," said John Kilduff of Again Capital. Oil fell nearly 8 percent Monday as traders watched for developments on China and Greece. Iran was also a catalyst, as negotiations on its nuclear program continue, even as it appeared the latest deadline of July 9 would not be met. An agreement would mean an end of sanctions that could eventually put up to one million barrels of Iranian oil onto an already oversupplied market.
Besides the Fed minutes, there is a 10-year auction at 1 p.m. and consumer credit for May is released at 3 p.m. Weekly mortgage applications are expected at 7 a.m.
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4bd772c69bd696ecb1a93636dadfa217 | https://www.cnbc.com/2015/07/07/what-to-expect-from-housing-in-the-2nd-half.html | What to expect from housing in the 2nd half | What to expect from housing in the 2nd half
VIDEO0:5800:582nd half playbook: Home pricesPower Lunch
The housing outlook for the second half of the year is all about affordability—for buying and renting. How bad will it get, and how much will it hurt the recovery in home sales?
Home prices are still rising, but at a slower pace than this time last year. That cannot be said of mortgage rates, which are now on a straight trajectory up. The short supply of homes for sale shows little sign of improving, though, which is keeping prices high. At some point, however, higher mortgage rates will hit affordability and could trump that short supply in taking the heat out of home prices.
Aerial view of an Austin, Texas suburb.David Sucsy | Getty Images
Homebuilders have not ramped up production that much this year, and they are unlikely to surge ahead in the next six months. They want to hold on to their pricing power, and they are hampered themselves by tight credit and an acute shortage of skilled labor. Builders are also still not back into the speculative game; they are building only for contract buyers. There will be gains in new construction, but not enough to make a serious dent in the supply problem.
Read More Big investors buy fewer homes but see bigger gains
Renters are unlikely to see much relief. There has been more multifamily construction of late, and more deliveries of new units, but demand is growing faster. Occupancy is at a record high, and that gives landlords strong pricing power. Renters do not appear to be turning into buyers, at least not in sizable numbers, and the second half of this year will see no change in that. High rents make it harder to save for a down payment, and even as more new households form, the vast majority of these residents are renters.
Read MoreShort supply pushes Tampa home prices higher
The biggest change in the second half will likely be a sharper focus on mortgage credit availability. Lenders are facing new regulations that will make them ever more careful; rising rates, however, will make them hungrier for business. Independent lenders will likely take on an even bigger share of the pie, as they tend to be more flexible and creative with credit.
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3a9fe55c4dcf85e0a1964ffaa765e429 | https://www.cnbc.com/2015/07/07/why-do-so-many-parents-lack-life-insurance-and-wills.html | Why do so many parents lack life insurance and wills? | Why do so many parents lack life insurance and wills?
Chris Ryan | Getty Images
Parents juggling work-life balance may be dropping the ball in an important area—financial planning.
More than a third of parents with kids younger than 18 (37 percent, to be exact) don't have life insurance, according to a new survey from Bankrate.com of 1,000 adults.
Of those who are insured, half have less than $100,000 in coverage—which isn't enough for common life insurance aims of replacing the deceased parent's income, paying off the mortgage or funding the kids' college education, said Doug Whiteman, an insurance analyst at Bankrate. "We found it rather unsettling," he said.
"This should be a wake up," said Whiteman. "You really do need to sit down and think, what if something were to happen to me?"
Read More Which financial planning documents do you need?
Apparently that's a question most of us don't want to think about—or not very often, anyway.
Earlier this year, a survey from Caring.com found that only a little more than half of parents have a will and, of those, 60 percent haven't updated it within the last five years.
"Oftentimes young parents are transitioning into this role of greater responsibility," said Frank Paré, a certified financial planner and president of PF Wealth Management Group in Oakland, California. It's a shift to plan financially for dependents, from previously worrying about just your own financial future. "Managing that, things can get lost," he said.
Read MoreStop your grown kids from ruining your retirement
Life insurance is one of the first things parents should put in place. The rule of thumb is to have an amount equivalent to seven to 10 times your income, said Whiteman, but the details of how much and what kind of insurance will depend on your family's needs and future goals.
Next up: Draft, or revisit your will. That's important not just to make sure assets pass to your kids, but also to name a guardian to care for them if both you and your spouse were to pass away, said Karin Maloney Stifler, a certified financial planner in Solon, Ohio. "Without a will, the parents are basically giving their state the power to decide who raises their kids," she said. "I don't know a parent who would feel good about that."
Read MoreMoney skills your teen needs for college
While you're at it, update beneficiaries on assets that transfer automatically when you die, like life insurance policies, many retirement plans and annuity contracts. Beneficiaries listed there trump even your will, so an out-of-date designation (say, an ex-spouse, or your sibling) would mean your kids aren't in line to get that cash, if that's what you'd prefer.
It's not all worst-case scenario planning. Parents should also revisit their budget. "Cash flow is king," said Paré. "Once the child comes, you have all these new expenses." Consider where you can shift funds to maintain retirement goals, and incorporate new aims such as child-rearing expenses and college savings. "You need to have those goals set to make sure you're on track," he said.
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4a1961ee8670d01d603a958d6154fd3f | https://www.cnbc.com/2015/07/08/billionaire-soros-charity-may-get-banned-in-russia-crackdown.html | Russia may ban Soros charity in NGO crackdown | Russia may ban Soros charity in NGO crackdown
VIDEO0:3900:39Putin's charity ban
Hedge fund billionaire George Soros's charitable foundation may be kicked out of Russia, as Moscow considers banning foreign non-governmental organizations (NGO) that promote democracy.
TASS, Russia's state-owned media service, reported on Wednesday that the Federation Council would consider a "stop list" of NGOs accused of carrying out "soft aggression" in the country.
Twelve organizations are on the "patriotic 'stop list,'" including Soros' grant-making foundation. It aims to promote "vibrant and tolerant democracies whose governments are accountable to their citizens," according to the Open Society Foundations website, which was founded by Soros.
CNBC believes this is the "Soros Foundation" to which TASS refers. However, Open Society Foundations was not immediately available to comment.
Russian Army T-14 Armata tanks in the annual Victory Parade at Red square, Moscow last May.Getty Images
Other U.S.-led organizations on the list include the National Endowment for Democracy, the MacArthur Foundation and the Freedom House, plus the East European Democratic Center. In total, the list features seven U.S. organizations, three Ukrainian ones and two from Poland.
TASS cited a draft decree that said Russia was up against an "attack on its national interests," with power exerted with the help of NGOS, including those funded by foreign states.
This attack was aimed at "undermining the patriotic unity" of Russia.
Russia under Putin has appeared to take an increasingly authoritarian line on media and charitable organizations viewed as critical of Moscow. In May, for instance, Russia's media authority told Google, Twitter and Facebook that they risked being blocked if they did not reveal the identity of all bloggers with more than 3,000 daily readers.
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6a347e79bc6f0c127b24ac1078ebf455 | https://www.cnbc.com/2015/07/08/cautious-fed-worries-over-greece-sets-framework-for-future-hikes-fomc-minutes.html | 'Cautious' Fed worries over Greece, sets framework for future hikes: FOMC minutes | 'Cautious' Fed worries over Greece, sets framework for future hikes: FOMC minutes
VIDEO1:4701:47Fed June meeting minutesPower Lunch
Federal Reserve officials struck a notably dovish tone in their most recent discussions about monetary policy, while at the same time setting the groundwork for future rate hikes.
Minutes released Wednesday from the June Fed Open Market Committee meeting reveal the thinking behind yet another delay in normalizing policy. Members agreed the economy was getting better yet felt unready to exit a policy of zero interest rates that began in late 2008.
Future hikes, though, would be detailed in an "implementation note" that would explain the moves. The Fed hasn't hiked rates in nine years.
"Most participants judged that the conditions for policy firming had not yet been achieved; a number of them cautioned against a premature decision," the minutes said.
"Many participants emphasized that, in order to determine that the criteria for beginning policy normalization had been met, they would need additional information indicating that economic growth was strengthening, that labor market conditions were continuing to improve, and that inflation was moving back toward the Committee's objective."
Though government bond yields edged lower, market reaction was muted to the Fed minutes, which reflected sentiments from a meeting prior to Greece rejecting an austerity referendum and before a sharp selloff in Chinese stocks. Major indexes had been in a selloff throughout the day's trading, and the dovish Fed did little to lighten the mood.
Had the Fed been privy to what was to come globally, it may have sounded an even more cautious tone.
"You can't ignore that potential impact, not just market-wise but economically of what's going on in Europe and what's going on in China," said Kathy Jones, fixed income strategist at Charles Schwab. "They're prepared to deal with market events globally. They'll say that's not really their concern. But when it drags on to this extent and as significant as it's been, it has to give them pause."
Economic signals have been mixed this year. Job creation has continued apace but inflation has remained muted. Gross domestic product contracted 0.2 percent in the first quarter, a condition most Fed officials were willing to write off as "transitory," while manufacturing lagged and housing indicators were mixed.
"While participants generally saw the risks to their projections of economic activity and the labor market as balanced, they gave a number of reasons to be cautious in assessing the outlook," the minutes said.
In addition to domestic conditions, members expressed worries about Greece, which is teetering toward a full debt default and exit from the euro zone.
That caution led the FOMC to keep its target rate near zero, even after ending the quantitative easing stimulus program in October 2014.
However, the minutes showed some members itchy to get things moving on the road to rate normalization.
"Some participants viewed the economic conditions for increasing the target range for the federal funds rate as having been met or were confident that they would be met shortly," the minutes said.
Holding off on raising rates could cause the Fed to have to move too rapidly once tightening began, due to increasing inflation, these members said. They also worried the Fed could lose face in the markets if it didn't follow through on oft-stated intentions to get off the zero rates.
Conversely, those in favor said a rate hike actually could convey a positive sign about the central bank's faith in the economy.
"This is not about going on a tightening cycle. Raising rates is a strong signal of confidence in the U.S. economy," said Mike Materasso, senior vice president and co-chair of Franklin Templeton's Fixed Income Policy Committee. "There's a case to be made for raising rates in September. If we were in the midst of a major stock market correction accompanied by a lot of volatility and things like that, (the Fed could hold off). That's not the case. It would be a positive sign for them to raise rates."
Though members passed on a rate hike in June, the committee did huddle on how it would handle communicating its actions once tightening began.
The strategy agreed on was to craft a separate statement from its usual post-meeting communique. The statement, which the minutes referred to as an "implementation note," which "would communicate separately from the Committee's postmeeting policy statement the specific measures to be employed to implement the FOMC's decision about the stance of policy."
In addition, the note "would convey operational details regarding the settings of the policy tools and the changes in administered rates being employed to achieve the Committee's desired stance of policy, and it would include the FOMC's domestic policy directive to the Desk."
When that note will be issued, however, remains the key mystery for financial markets. The minutes note that market expectations at the time were for the first hike to come in September. However, a tracking tool the Chicago Mercantile Exchange uses now pegs that move to January 2016.
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710fd4b1081c3948b54c3923003c2c60 | https://www.cnbc.com/2015/07/08/early-movers-hog-tsla-wwe-msft-pot-bcs-jpm-more.html?__source=yahoo%7Cfinance%7Cinline%7Cstory%7Cstory&par=yahoo&doc=102817194 | Early movers: HOG, TSLA, WWE, MSFT, POT, BCS, JPM & more | Early movers: HOG, TSLA, WWE, MSFT, POT, BCS, JPM & more
Traders work on the floor of the New York Stock Exchange.Getty Images
Check out which companies are making headlines before the bell:
Harley-Davidson–RBC downgraded the motorcycle maker's stock to "market perform" from "outperform," due to what it sees as flat demand.
Tesla–Pacific Crest cut its rating on Tesla to "sector weight" from "overweight," saying it still considers the automaker's technology "disruptive" but that valuation is getting full.
World Wrestling Entertainment–Wells Fargo initiated coverage on WWE with an "outperform" rating, saying investors are underrating the potential upside for the company's WWE Network streaming service.
CarMax–The auto retailer's shares were upgraded to "buy" from "hold" at Goldman Sachs, saying the 11 percent drop since an April high has created an attractive entry point.
Microsoft-The New York Times reports the software giant will announce a new round of layoffs as early as today.
Potash–Potash is reportedly open to raising its $8.7 billion takeover bid for German fertilizer producer K+S, according to the Toronto Globe and Mail. K+S rejected its Canadian rival's offer last week.
Barclays–Barclays ousted Chief Executive Officer Antony Jenkins, in an effort to boost shareholder returns and quicken the pace of change the bank. Jenkins had been in the job three years after replacing Bob Diamond.
The Container Store–The company lost 11 cents per share for its latest quarter, a loss that was two cents smaller than analysts had anticipated. The retailer's revenue was below forecasts, as it revamped stores and was impacted by a stronger dollar. Container Store also experienced higher costs tied to the revamp as well as West Coast port delays.
JPMorgan Chase–JPMorgan will pay at least $125 million to settle federal and state probes into the bank's credit card debt practices, according to Reuters. The company also said it will create 1,000 jobs and retain more than 2,600 workers in New Jersey, and invest more than $76 million in the state.
Symantec–The security software maker is in talks to sell its Veritas data storage business to Carlyle Group, according to a Reuters report. Bloomberg News reports that the price would be between $7 billion and $8 billion.
EMC–The maker of data storage products has agreed to sell its Syncplicity business to investment firm Skyview Capital for an undisclosed price. Syncplicity is a competitor to data storage services like Box and Dropbox.
Time Inc.–Time bought digital sports businesses SportsSignup, LeagueAthletics.com, and iScore Sports, and will combine them into a new unit called Sports Illustrated Play.
CVS Health–CVS quit U.S. Chamber of Commerce, saying its view on smoking conflicts with that of the Chamber. The pharmacy chain operator stopped selling cigarettes and other tobacco products last year.
Procter & Gamble–The consumer products giant will change the packaging of some of its Olay skin care products, after settling a California lawsuit over the size of the packaging compared to the amount of product inside those packages.
Novartis–The drug maker got FDA approval for its Entresto heart failure drug, after a study showed that it significantly reduced the risk of death.
Questions? Comments? Email us at marketinsider@cnbc.com
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52068b1545b0b911bf0f99add0a350ad | https://www.cnbc.com/2015/07/08/euro-drachma-bitcoin-greeces-currency-options.html | Euro, drachma, bitcoin? Greece’s currency options | Euro, drachma, bitcoin? Greece’s currency options
VIDEO1:5201:52Greece steps back from edge for now
VIDEO2:3102:31No way Greece pays debt back: ExpertSquawk Box
VIDEO2:0902:09Greece seeks a dealSquawk Box
VIDEO2:2202:22Greece submits last-minute proposalSquawk Box
VIDEO2:1602:16Greece asks for emergency fundingSquawk Box
European leaders have given Greece until the weekend to reach an aid-for-reforms deal with its creditors or risk bankruptcy and banking collapse. Here, we outline the currency options available to Greece if it leaves the single currency.
Greece could unilaterally "adopt" the euro, even if it left the euro zone. This option would see it join countries like Monaco, Andorra, San Marino and Vatican City which all use the euro as their national currency, despite not being euro zone member states.
The European Commission, the European Union's executive arm, allows these countries to issue limited amounts of euro coins, but they're not allowed to print their own banknotes. Only the European Central Bank (ECB) can authorise the issuing of issue euro banknotes.
Greece would likely be required to pay its debt to the ECB in order to qualify, and the central bank would need to be in a "mood" to carry on providing assistance to the country's banks, Jane Foley, a senior currency strategist at Rabobank, told CNBC.
If the ECB stops providing Greek banks with emergency funding, the central bank could begin printing another currency without giving up the euro to meet its commitments, such as welfare payments. The value of the new currency could likely fall rapidly against the euro, which could seriously impact Greeks' spending power.
This inflation would give Greeks an incentive to carry on using the euro, Foley explained, entrenching a dual currency. It could effectively create a two-speed economy, with the euro dominating in sectors like tourism.
Read MoreWhy the drachmacan't save Greece: Goldman
Roger Bootle, executive chairman of Capital Economics, told CNBC that a parallel currency—rather than replacing the euro altogether—would be a way for Greece to show Europe that it hadn't left the currency union. This could potentially make it easier to continue to receive financial aid.
"It's a fudge," Bootle said. "It's an awkward half-way house."
Another option is for the country to revert to its pre-2001 currency, the drachma, leaving the euro behind altogether.
"The key thing is that it has to redenominate deposits and debts into a new currency ... which is the easy thing to do," Bootle said. "The trickier thing to do is in terms of supplying notes—initially there won't be any notes available."
To deal with what's bound to be a "messy situation," the government might issue IOUs in the interim. Stamps, for example, could be quickly printed in large volumes and used in place of bills, Bootle explained.
Pro-Euro protesters hold Greek flags during a rally in front of parliament in Athens, June 30, 2015.Yannis Behrakis | Reuters
Adoption of any new currency—whether or not it's called the drachma—would result in further defaults, Foley said. Greece has already effectively defaulted on a 1.5-billion euro ($1.6 billion) payment to one of its biggest creditors, the International Monetary Fund.
A new currency would inevitably be weaker than the euro, increasing the weight of the country's euro-denominated debt.
"Greece needs to be able to issue their own currency and need[s] the devaluation that comes with running your own currency," Bootle said. It's unlikely to be an easy transition, but he insisted that this was the country's best option.
Many countries regulate their currencies by linking them to the euro. Adopting a pegged currency, however, requires either a stable economy able to ward off speculative attack, or significant currency reserves.
Bulgaria had enough reserves to introduce what's known as a currency board. This means it is committed to converting its currency—the lev—for euros on demand. However, Greece is unlikely to drum up enough currency stockpiles to use this option.
Denmark's currency, on the other hand, is pegged to the euro but its economy is considered strong enough to maintain the peg without needing to build up such currency stores.
Some have suggested that Greece could adopt a digital currency like bitcoin, avoiding the messy practicalities of a new currency or paper IOUs.
Garrick Hileman, an economic historian at the London School of Economics, said that while it's "very unlikely" that the Greek government would formally adopt bitcoin as an official currency, its use may increase significantly in the event of a Grexit.
"Greeks may understandably lack confidence in a new drachma and seek an alternative," he said.
But both Bootle and Foley were skeptical that an economy that relies so heavily on cash could function without physical bills.
Read MoreGrexit to drachmawould be dangerous: Larry Summers
"It's more likely Greece would completely revert to cash, which is already happening, than digital currency," Foley said.
She said that although digital transactions still appeared to be working in Greece, "if you're a small producer, you're probably going to prefer to see the cash given the uncertainties."
Indeed, rather than look to digital currencies, Bootle said that people get creative in finding ways of dealing with a limited amount of bills. Old-school trade dynamics could come into play, for example, with consumer goods like cigarettes used in place of currency.
"There's all sorts of ways that people will find a way around it," he added.
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60f10921f760e6c528569dd9f8fdd232 | https://www.cnbc.com/2015/07/08/europe-seen-higher-on-new-greek-deadline.html?__source=yahoo%7Cfinance%7Cinline%7Cstory%7Cstory&par=yahoo&doc=102817194 | Europe closes higher with Greece in focus | Europe closes higher with Greece in focus
VIDEO0:2500:25Europe closes higher with Greece in focus
European stocks pared losses to close largely higher on Wednesday, after Greek Prime Minister Alexis Tsipras said he had submitted reform proposals to creditors, with "concrete" plans hopefully due in the coming days.
The pan-European Stoxx 600 closed around the flat line, despite trading both in the green and red during Wednesday's session.
Britain's FTSE 100 finished the day on a high around 0.9 percent higher, while France's CAC and Germany's DAX both closed up around 0.7 percent.
Meanwhile, stocks in Italy—whose economy is viewed as more vulnerable to contagion from Greece—outperformed other bourses, with the benchmark FTSE MIB ending up around 2.6 percent.
Across the Atlantic however, U.S. stocks fell about 1 percent on Wednesday, as continued concerns about Greece and the extended selloff in the Chinese market hit investor sentiment. Trading was then suspended on the New York Stock Exchange, possibly because of technical malfunctions
Tsipras told lawmakers in the European Parliament that Greece would submit "concrete" reform proposals in the coming days. The prime minister's speech was viewed positively by the markets, as he vowed to tackle unsustainable public debt and vested interests in the country.
In individual stocks news, Barclays ended the day on a high note after the British bank announced its chief executive Anthony Jenkins wouldl step down later this month. Shares were up over 3 percent, before paring gains to close 2 percent higher.
Overall, industry sectors in Europe closed mixed, with oil and gas, utilities, and chemicals managing to hold onto session gains.
The auto sector traded down nearly 2 percent, with BMW, Renault and Peugeot Citroen all closing sharply lower. Renault was the worst performer of the three, ending 4.5 percent lower. BMW closed down 1.9 percent and Peugeot was down 2.9 percent.
Britain's housebuilders were hammered after the country's finance minister announced that the government would tighten the rules on non-domiciled tax statuses of individual.
These measures, along with a tightening of buy-to-let regulations, hit housebuilders. Barratt Development plunged to close 5.7 percent lower, Taylor Wimpey ended 5.0 percent lower, while Persimmon finished down 4.7 percent.
Estate agent Foxtons tanked, closing down 4.4 percent. Berkeley Group and Bellway both dropped near to the bottom of the Stoxx 600, closing down 7.0 and 6.7 percent respectively.
In addition, the finance minister said that pensions could be "treated like ISAs" and that he would publish a consultation on changing the rules. The move gave a boost to the shares of pension providers, with Aviva closing up 3.5 percent, Old Mutual up 2.8 percent and Standard Life ending the day 1.3 percent higher.
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05b93dfa0ab8a036fdad4241b9406581 | https://www.cnbc.com/2015/07/08/market-glitches-are-nothing-new.html | Market 'glitches' are nothing new | Market 'glitches' are nothing new
Trader on the floor of the New York Stock Exchange waiting for trading to resume, July 8, 2015.Lucas Jackson | Reuters
Trading at the New York Stock Exchange was halted for several hours on Wednesday amid what officials have dubbed an "internal technical issue."
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"We've had some technical malfunctions. Some may be related to connectivity with other exchanges. I believe we're going to have a temporary pause certainly in a variety of stocks perhaps floor wide," said Art Cashin, director of floor operations at the NYSE for UBS, said shortly after the halt, which took place at around 11:30 a.m.
Read MoreCashin: Here's whatto do after halt ends
Nevertheless, this is not the first time financial markets have been brought to a screeching halt because of a technical snafu.
Below is a timeline of several "glitches" that have rocked financial markets over the past six years.
Read MoreWhy it's taking solong for the NYSE to reopen
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bceaf089910ecde8c340c0d0a11de3cb | https://www.cnbc.com/2015/07/08/one-swimsuit-10-designs-and-no-slip-ups.html | One swimsuit, 10 designs and no slip-ups | One swimsuit, 10 designs and no slip-ups
VIDEO5:2205:22One swimsuit, ten designs and no slip upsPower Pitch
A new start-up is changing the swimwear industry—and consumers' bottom lines—with one suit.
"Our suits can be worn up to 10 different ways, providing support for an active and versatile lifestyle," The B. Side founder and designer Tiffany Tibbot told CNBC.
The 25-year-old Tibbot started her career on Juicy Couture's development team, focusing on the company's sports line.
As an athlete herself, Tibbot was eventually inspired to create her own swimwear brand. She wanted to offer millennials, not just style, but functionality too. So she launched The B. Side, offering what she calls, transitional swimwear.
"I wanted a piece that would transition with my lifestyle; leisure to sport, strapless and tanning to fully supported and surfing," said Tibbot.
The key to the company's B. Suit: Its reversible bikini straps are made out of a coated nylon/spandex blend material. "It offers this grip functionality that is great for moving the swimsuit around in different ways," said Tibbot.
B. Suits are sold directly to consumers through the company's website. Swimsuit tops run for $68 and bottoms are $48.
The B. SuitSource: The B. Side
"Women care a lot about what they look like in their bathing suit," Deborah Jackson, founder and CEO of Plum Alley, points out. She said her concern is the start-up's ability to get women to buy their swimwear online.
Tibbot said B. Side has targeted this issue by developing a "find your fit" feature. Users plug in their measurements, preferred fit and intended use. Based on that information, the website suggests a style and "also which way to wear it," she told CNBC. And according to the founder, every woman who has bought a B. Side suit, has kept it. There have been no returns to date.
Alicia Syrett, board member of New York Angels, wondered how the start-up would protect its design from others in the fashion space.
Tibbot said The B. Side holds noncompete and nondisclosure agreements with its manufacturers and suppliers. "We are in the process of filing for a provisional patent protecting our strap's utility, design and method," she added.
The Monroe B. SuitSource: The B. Side
Since its launch in February 2014, the New York City-based start-up has raised $100,000 in funding from friends and family, and is currently pursuing its seed round.
The B. Side sold 100 B. Suits during its initial two-week preorder window last summer. According to Tibbot, the company has used that momentum to further develop its brand.
"We will continue to expand and grow to adhere to many different types of styles and trends in the market," said Tibbot. B. Side plans to unveil its adjustable monokini and one-piece suits in the coming months.
Clarification: B. Side is not yet offering customers the "find your fit" feature, but is instead developing it.
—Comments, questions, suggestions? We'd love to hear from you. Follow us @CNBCPowerPitch and join the #PowerPitch conversation.
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d05af9d64ea041f4ac16400eb4c53ee3 | https://www.cnbc.com/2015/07/09/advisors-ease-emotional-hurdles-of-retirement.html | Advisors ease emotional hurdles of retirement | Advisors ease emotional hurdles of retirement
Retirement is the big financial finish line, but clients often don't know what they want to do when they get there. Advisors are delving into psychological aspects of retirement planning to help them figure it out.
The need for this became clear to Amy Jo Lauber, certified financial planner and owner of Lauber Financial Planning, 15 years ago when 10 of her clients were offered early retirement packages—and eight were dead within a year of accepting them.
Portra Images | Digital Vision | Getty Images
"They had enough money, but they didn't have enough interests [or] activities to make a new life," she said.
"Now when someone comes to me for retirement planning, I ask them what they plan to do—volunteer, help with the grandkids, spend more time with a hobby, sport or interest," Lauber added. "If they don't have some clear answers, I explain that no amount of money will create a life of meaning and suggest collaborating with a life coach and [reading] some books to help them discover what their retirement can look like."
Lauber compares her clients' stated values and priorities against their cash flow.
"For example, are they buying a lot of cable service when they say they want to spend time with family hiking?" she said. "If this is in conflict, it's a big source of stress."
Read MoreAct your age when investing
For his part, Alan Goldfarb, CFP and managing director at Financial Strategies Group, said that most of his clients "don't know their goals."
"The advisor needs to get into the client's head and point out the best options," he said. The key part of the process is to ask the appropriate questions—the kind "that shake them," said Goldfarb, such as "What do you want your legacy to be?"
"Every question leads to more questions," he added. "Keep asking why—why is that important? Eventually, you zero in on what's most important."
Goldfarb probes into clients' physical, mental and spiritual health and well-being, as well as their social and spouse/partner relationships. [See info box below.] "After being an advisor for more than 40 years, you do become more into psychology," he said.
Retirement visualization exercise questions Advisor Alan Goldfarb of Financial Strategies Group steers his clients toward a visualization exercise that helps them to reflect on the following: What does retirement mean to you?What attracts, scares or excites you?What makes you happy?How much money do you need?How are you spending your time?Who is in your retirement picture?How are your relationships with family and friends?How do you want to be remembered?
Some advisors take a structured approach to facilitate discussions with clients.
Kevin Reardon, CFP and president of Shakespeare Wealth Management, said he uses the book "The New Retirementality," by Mitch Anthony, and the related "New Retirementality Profile" to guide clients through a deliberate thinking process.
Read MoreSolving the Social Security puzzle
"We were seeing a lot of challenges," Reardon said, referring to retirement conversations. "One spouse would say to the next: 'What are you going to do?'
"And we found that clients were not retiring from something to something," he added. "We saw clients languish."
VIDEO4:4404:44401(k) a failure? Closing Bell
"The profiler was a tool I needed," Reardon said. "I was fumbling around with these discussions, and it creates a structured conversation."
The profiler he uses analyzes clients' individual goals and wishes, how they currently spend their week compared to how they would like to spend it, their attitudes toward their work and their outlook and motivations related to aging.
Reardon uses the printout generated to facilitate a discussion between spouses, comparing the results with their existing plan.
"The client response has been off the charts," he said. "They're saying: 'It gives me peace of mind'; 'I never did a time sheet before'; and 'I feel a sense of relief.'"
As a planner, I like to know what's down the road, to know the markers. I'd like my clients to know that I have their interests at heart.San Asatopresident of McNellis & Asato
San Asato, CFP and president of McNellis & Asato, relies on the book "Aging Well" by Dr. George Valiant.
Based on numerous reputable studies, the book is a trusted resource for Asato, who uses it to help his clients ponder such retirement topics as money, health, companionship, time and relevance (including mentoring).
Read MoreNo place like home for retirees
Asato also gives clients the Ameriprise New Retirement Mindscape IISM study, which highlights six emotional phases of retirement: Imagination (six to 15 years before retirement), Hesitation (up to three to five years before retirement), Anticipation (up to two years before retirement), Realization (retirement day and the year following), Reorientation (two to 15 years after retirement) and Reconciliation (16 or more years after retirement).
"As people go through these emotional [and] psychological phases of retirement, we find they are surprised by them," he said. "Having the book and the study gave me the framework to tell them, 'These are the things you need to be aware of.'"
"As a planner, I like to know what's down the road, to know the markers," Asato said, adding that these resources allow him "to manage their own expectations about aging."
"I'd like my clients to know that I have their interests at heart," he said.
—By Deborah Nason, special to CNBC.com
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74e758d4d3d21c1f9d1d3a298f5f13dd | https://www.cnbc.com/2015/07/09/greek-proposals-anticipated-as-bankruptcy-looms.html | Greece asks for $59B in aid, IMF says it needs more | Greece asks for $59B in aid, IMF says it needs more
Stay tuned for analysis on Greece after details emerged from the reform proposal the debt-stricken country sent to European officials on Thursday, including a reported request for 53.5 billion euros ($59.2 billion) in aid.
Meanwhile, International Monetary Fund (IMF) Chief Economist Olivier Blanchard warned that Greece may require even more debt relief and funding than the 60 billion euros ($66 billion) the fund forecast only a few days ago.
Greece has been given until Sunday by its creditors to come to a reform-and-aid deal or risk exiting the euro zone.
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bf730bf88106084a34476d124338703c | https://www.cnbc.com/2015/07/09/power-play-adding-europe-to-your-portfolio.html | Chris Hondros I Getty Images
European stocks rallying on hopes of a Greece deal, with the DAX and CAC up more than two percent.
Two market veterans tell CNBC's "Power Lunch" on Thursday, Greece is not a contagion risk and see a buying opportunity in Europe.
Read More Europe closes sharply higher on Greek proposal hope
Erik Ristuben, chief investment strategist at Russell Investments is overweight Europe. "I'm looking to add to that overweight, waiting for timing of resolution to the Greece issue," Ristuben said.
Andrew Slimmon, senior portfolio manager at Morgan Stanley Wealth Management, believes Europe is due for a relief rally.
"The rally will come in more of the European cyclicals. AerCap and UBS are two European stocks that could benefit," Slimmon said.
AerCap is up more than one percent during trading, while UBS is higher by three percent.
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a803ae385af376e15e1b2a76ee7417b0 | https://www.cnbc.com/2015/07/09/what-candidate-omalley-has-in-store-for-wall-street.html | What candidate O'Malley has in store for Wall Street | What candidate O'Malley has in store for Wall Street
Martin O'MalleyAndrew Harrer | Bloomberg | Getty Images
Wall Street is rapidly turning into the leading foil for Democratic presidential candidates.
Sen. Bernie Sanders of Vermont has surged in the polls with unvarnished attacks on "greed" in the financial sector and promises of steep tax increases for top earners. Now, former Gov. Martin O'Malley of Maryland has released a "white paper" that proposes a series of steps to boost taxes for and to dismantle Wall Street institutions and increase the risk of criminal prosecution for members of the financial sector.
O'Malley's bid for fresh attention among Democratic primary voters includes a new "economic crimes" division of the Justice Department and doubled funding for the Commodity Futures Trading Commission and the Securities and Exchange Commission. He would reinstate the Glass-Steagall divide between commercial and investment banking, and "right-size" the largest financial institutions to go beyond the mandates of the Dodd-Frank Act toward the goal of ending "too big to fail."
To increase political accountability, O'Malley would make the president of the New York Fed and the general counsel of the Federal Reserve presidential appointees. He would lengthen the "revolving door" ban on ex-regulators representing Wall Street before their ex-agencies to three years. And he would propose a financial transaction tax to limit high-frequency trading—"well-designed not to soak financial traders, but to fix incentives for speculation that comes at the cost of real job-creating investment."
Read More Pelosi: No consensus with Warren's view on Wall St. regulation
O'Malley's lagging position in the Democratic race limits, at least for now, the significance of his proposals. But should he gain momentum, the combined pull of his and Sanders' challenges could increase pressure on the overwhelming front-runner, former Secretary of State Hillary Rodham Clinton.
Clinton has signaled her intent to lay out economic proposals over the next few weeks. For now, she remains coy on how aggressive they will be; in a CNN interview this week, for example, she declined to indicate whether she will propose tax increases.
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3a5f80a79fa2a00cd5473186ccfd45be | https://www.cnbc.com/2015/07/10/bmws-electric-truck-goes-into-service-in-munich.html | BMW’s electric truck goes into service in Munich | BMW’s electric truck goes into service in Munich
A wholly electric, 40-ton heavy goods vehicle hit the roads of Germany this week, although one analyst warned they were unlikely to be a common sight any time soon.
The truck, produced by BMW and logistics company SCHERM, takes 3-4 hours to charge, and has a range of 100 kilometres. It will be used to transport car components from SCHERM's logistics centre to BMW's plant in Munich.
Because it is powered solely by renewable energy, the German carmaker said it will save 11.8 tons of CO2 each year compared to a diesel powered truck.
The 40-ton electric truck owned by BMW has a range of 100kmsBMW | SCHERM
"With our electric truck, we are sending another strong signal for sustainable urban mobility," said Hermann Bohrer, head of the BMW Group Plant in Munich, in a press release.
"We are…proud to be the first automotive manufacturer in Europe to use an electric truck of this size to transport materials on public roads."
Read More Musk in Motown: The need for electric cars is urgent
The electric truck will also serve as a test of the feasibility of using electric vehicles for transporting goods and equipment.
"With this project we will gain valuable information on what will be possible with electric trucks in the future for city logistics," Jürgen Maidl, head of logistics at BMW Group, added.
However, one analyst questioned the feasibility of switching to electric-powered heavy goods vehicles.
"It's not really a practical idea at the moment because of battery range," Tim Urquhart, an automotive analyst from IHS, told CNBC via phone.
"If we get the kind of leaps in battery technology in the next decade then it's possible that you might see a proper, full EV heavy truck but at the moment, with a range of 60 miles (100 kilometres), that's not a practical consideration."
Follow us on Twitter: @CNBCWorld
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83bb5d6aeb15bb2e65f13cb595adb5d0 | https://www.cnbc.com/2015/07/10/dbs-asian-insights-told-entrepreneurship-not-the-best-route-for-singapore.html | How Singapore can stay relevant after 50th | How Singapore can stay relevant after 50th
VIDEO3:2203:22DBS weighs in on Beijing's market-saving measuresSquawk Box Asia
Over the past fifty years, Singapore's economic miracle has taken it from a fishing village to a regional financial power center, building a stable of large government-linked companies (GLCs).
For the next 50, the country is trying to shift its model to encouraging entrepreneurship. But it isn't clear how well that will serve the city-state.
"There clearly is a role for entrepreneurship in Singapore," Ho Kwon Ping, the executive chairman of luxury resort chain Banyan Tree, said at the DBS Asian Insights Conference on Friday. "If we over-romanticize entrepreneurship and think that by breeding a whole bunch of Steve Jobs and Bill Gates we can actually fire up the economy and forget about GLCs and forget about multinational companies, I think that would be foolishly romantic."
Munshi Ahmed | Bloomberg | Getty Images
Those large companies certainly have heft in the city-state's economy. Currently, foreign countries and the GLCs combined account for 70 percent of SGX's market capitalization, according to Morgan Stanley data.
But Singapore's leaders have been working to shift its model away from centralized control toward encouraging new businesses, including providing venture capital to start-ups.
Meanwhile, some of the centralized picks have stumbled, hurt in part by increased globalization of industries, competition and technological disruption. In the city-state's stock market, shipping, ship-builder and commodity plays once made up a large portion of the market capitalization, but now many of those stocks have slipped; some of them have been cut from the benchmark Straits Times Index.
That's been, in part, behind Singapore's push to increase productivity.
Read MoreSingapore's giant wealth fund still bullish on China
"We are in a knowledge -based economy in a globalized world," said Ngiam Tong Dow, an adjunct professor at the Lee Kuan Yew School of Public Policy and a former chairman of the Economic Development Board.
"Every Singaporean whether an engineer, an accountant, a surveyor, what have you, you, you have to be the equal of, if not better than,your counterpart in India, China, the Philippines, Korea and even [the Middle East] ... The only way for us to survive is to raise our productivity."
But Banyan Tree's Ho doesn't think Singapore needs to entirely give up central guidance to boost its competitiveness.
"We can continue to stay ahead of game, but it requires clearly a very targeted approach, which is not central planning by any means, but neither is it letting the market place take its course. It's a mix between the two," Ho said.
That may be why Ho doesn't think Singapore's entrepreneur value chain will necessarily lie with seeking homegrown big-name individuals.
"If we expect that we will have entrepreneurs of a global scale - and I certainly hope we will - we have to recognize that we do not have an immediate access to a global market," he said. "If you put a Steve Jobs in Singapore, it will be harder for him than if he were in Silicon Valley."
Ho sees more value in entrepreneurs who have worked for multinationals for many years and then leave that company to become a supplier to their former employers.
"There is a form of entrepreneurship that feeds into the food chain of the Singapore economy very well," Ho said.
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143c371807ee65320fc15fffff198cc7 | https://www.cnbc.com/2015/07/12/asias-most-impressive-renewable-energy-projects.html | Asia Tomorrow | Asia Tomorrow
Flood water is released from spillways of the Three Gorges DamChinaFotoPress | Getty Images
Across Asia, countries are working to meet growing demand for electricity, with many targeting renewables amid growing concerns about pollution and over-reliance on fossil fuels. The region needs around $700 billion in energy investment through 2035, according to International Energy Agency estimates -- a demand that's made Asia the world leader in adding renewable energy capacity.
These are the most impressive renewable energy projects in Asia.
By CNBC's Leslie ShafferPosted 13 July 2015
An offshore wind turbine 100 meters in height and bladespan of 40 meters, stands positioned in the sea off the coast of the town of Naraha in Fukushima prefecture in Japan.Yoshikazu Tsuno | AFP | Getty Images
Japan turns to offshore wind
Japan's Fukushima province was hard hit by the earthquake, tsunami and resulting nuclear disaster in 2011. The region now is home to an offshore wind farm demonstration project that aims to install three floating wind turbines, with an estimated around 18.8 billion yen investment, funded by the country's Ministry of Economy, Trade and Industry (METI).
When the project is completed, it's likely to become the world's largest floating offshore wind farm.
An Indonesian worker of PT. Pertamina Geothermal Energy checks one of its production wells in Kamojang in Indonesia.Adek Berry | AFP | Getty Images
Indonesia pursues geothermal
Faced with chronic power shortages, Indonesia is pursuing geothermal projects. Those projects often struggle to find financing as they require a lot of upfront capital spending and investors consider them risky. But the country has the largest geothermal resources in the world.
Indonesia is beginning work on the Sarulla geothermal project on Sumatra island, likely the largest of its kind, after managing to secure around $1.2 billion in financing from multiple sources, with construction starting around 25 years after planning began. The project is expected to have around 330 megawatts (MW) of capacity.
Solar panels at the Geogeum Solar Park Co. solar plant in this aerial photograph taken above Geogeum Island in Goheung, South Korea.SeongJoon Cho | Bloomberg | Getty Images
South Korea "recycles" a solar site
After spending 30 years as a quarry, Geogeum Island in South Korea has been repurposed as a 25MW solar energy park spread over 660,000 square meters. The area is South Korea's sunniest.
The country has a history of seeking innovative places for its solar panels, including using them to as "shade" over bike paths.
Workers walk past rows of solar panels at the 2.3-megawatt floating solar power station operated by Kyocera TCL Solar LLC on Sakasamaike Pond in Kasai, Hyogo Prefecture, Japan.Buddhika Weerasinghe | Bloomberg | Getty Images
Solar goes swimming?
The world's largest floating solar farm is at Sakasamaike Pond in Japan's Kasai, Hyogo Prefecture. The 2.3MW plant has around 9,000 panels spread over floats and can produce enough electricity for around 820 households.
One of the advantages of floating solar plants is that the water helps to keep the panels from heating up, improving the efficiency. Japan has shown particular interest in the format due to its large number of reservoirs to supply water for growing rice; the panels can also help to prevent outbreaks of blue-green algae by blocking the light from reaching the water surface.
Solar panels stand at the Welspun Energy solar power plant in Neemuch, Madhya Pradesh, India.Vivek Prakash | Bloomberg | Getty Images
India harnesses the sun
The Welspun Energy solar farm in India's Madhya Pradesh state is one of the world's largest, generating 151MW. That's expected to supply around 720,000 households with electricity, the company said.
India, the third-largest emitter of greenhouse gasses, has been targeting an increase in renewable energy production, with a goal of boosting its solar energy capacity to 100GW by 2022.
Two workers clean up trash along the bank of the Yangtze River near the Three Gorges Dam in Yichang, in central China's Hubei province.STR | AFP | Getty Images
Not all renewable projects go as planned
China's Three Gorges Dam hydropower project has been controversial pretty much from the get-go.
At least 1.4 million people were relocated, both in the construction phase and later, after rising water levels caused unforeseen landslides. Critics say the massive structure and the weight of the water in its 600-kilometer-long reservoir have caused thousands of "slight" earthquakes. It's also wrought havoc on the ecosystem along the Yangtze River and resulted in the flooding of many archeological sites. The reservoir also has collected tons of garbage and contamination after flooding toxic sites.
Estimates of the cost vary widely, but in 2009, the official Xinhua news agency reported the price tag at around $37 billion, including the cost of relocating displaced people. But the project has met its goal of producing renewable energy, producing more than 200 billion KWH in 2014, estimated at more than twice the electricity demand of Beijing.
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4e94930e6c0a9c906dc93c2d1145a2db | https://www.cnbc.com/2015/07/14/prince-william-to-donate-salary-from-new-job-to-charity.html | Prince William to donate salary from new job to charity | Prince William to donate salary from new job to charity
Prince William, The Duke of Cambridge as he begins his new job with the East Anglian Air Ambulance at Cambridge Airport on July 13, 2015 in Cambridge, England.Stefan Rousseau | Pool | Getty Images
Prince William has a new job, and he's clearly not in it for the money.
The prince started his new job Monday as an air ambulance pilot for East Anglian Air Ambulance, but he will donate his $62,000 a year salary to charity, according to an AFP report.
William spent three years as a military search-and-rescue helicopter pilot and has since gone through months of exams and training to covert to his newly appointed civilian role. In the new position, he will work a nine and a half hour shift as a part of a rotation where he will work four days on and four days off.
But even with this schedule, William will need to do a bit of juggling to balance his work, royal obligations, and family—but it's a challenge he's seems to embrace.
"Doing a job like this really helps me to be grounded and that's the core of what I'm trying to become," he said in the report.
To read the full article, click here.
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5391e699ee584df4fb648dff1302c9dc | https://www.cnbc.com/2015/07/15/ackman-at-delivering-alpha-buy-fannie-and-freddie.html | Ackman at Delivering Alpha: Buy Fannie and Freddie | Ackman at Delivering Alpha: Buy Fannie and Freddie
VIDEO0:3300:33Ackman: Freddie & FannieSquawk Box
VIDEO8:4608:46Activist principles at play: AckmanSquawk Box
VIDEO4:0604:06Nelson's biggest mistake with DuPont... waited too long: Ackman
VIDEO4:2004:20Peltz: I don't want another proxy fightSquawk Box
VIDEO3:5603:56McDonald's culture needs changing: Peltz
Bill Ackman reiterated his support for nationalized mortgage lenders Fannie Mae and Freddie Mac, during an appearance Wednesday at the Delivering Alpha conference.
Ackman has talked up the two lenders before, but said "no one's really noticed." Fannie is up about 11 percent in 2015 and Freddie is up nearly 4 percent.
"It offers the most upside, probably the most downside of anything we own," the head of Pershing Square said. He believes the downside scenario is unlikely.
The federal government bailed out the two government-sponsored enterprises during the financial crisis.
"This cannot become a precedent where the U.S. government can come in and unilaterally take 100 percent of the profits of a private corporation forever," he said.
Read MoreDelivering Alpha: Activists' hit list
Fellow activist investor and head of Trian Fund Management Nelson Peltz took the stage with Ackman but was more circumspect about his best investing idea.
Bill Ackman at Delivering Alpha 2015 in New York on July 15, 2015.David A. Grogan | CNBC
He said only that he has two new ideas, one of which is an industrial company and the other which "we have not categorized yet." Earlier this year, Peltz disclosed a stake in Pentair, a pump and valve maker.
However, he did take a minute to defend the nature of activist investors, who have been at the center of an animated public debate. Critics say activists are short-term raiders looking to maximize profit without regarding to fundamental growth of their targets, a charge Peltz rejected.
"They talk about the fact that we're short-term, they talk about how we like to lever up, they talk about all this stuff," he said. "What really troubles me is all the mudslinging that goes on with activists."
He pointed to Wendy's and Heinz as examples of companies in which he took a stake and has shown long-term commitment.
Peltz, who lost a high-profile battle at DuPont earlier this year, also said McDonald's needs a major cultural change though he said he would contemplate taking a stake if he didn't own Wendy's.
Peltz also was critical of Alexander "Sandy" Cutler, the chairman and CEO at Eaton. He said Cutler should not hold both roles. There has been speculation that Peltz is targeting the company for an activist move.
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4ee6d62a2f1b48382e66288dfae12980 | https://www.cnbc.com/2015/07/15/top-10-richest-millennials-in-asia.html | Asia Tomorrow | Asia Tomorrow
Lane Oatey | Blue Jean Images | Getty Images
While it's no secret that Asia is the world's millionaire factory, what may not be as well known is just how young the region's ultra-moneyed are.
Asia's millennials rich list, compiled by wealth research firm Wealth-X, reveals the 10 wealthiest individuals in the region aged between 18 and 34. The term millennials refers to "80s and 90s babies", or to be exact, those born between 1981 to 1997, as defined by think tank Pew Research Center.
Unsurprisingly, Chinese dominate the ranking, accounting for nine out of the top 10. Those who feature on the ranking, however, have made their wealth in very different ways, from jewelry to real estate to technology.
Some are self-made and others the lucky inheritors of family fortunes, but one thing's for certain: there's some serious dosh floating around the region. Click ahead to find out who these young and incredibly cashed up individuals are.
By CNBC's Ansuya HarjaniPublished on July 15, 2015
GCL-Poly Energy Holdings
Net worth: $660 million Country of origin: Hong KongSource of wealth: Inheritance
Kicking off our top 10 list of Asia's richest millennials is 34-year-old Zhu Yufeng, a co-owner of the Asia-Pacific Energy Fund - a major shareholder of Hong Kong-listed GCL-Poly Energy Holdings, which his father founded in 1996.
GCL-Poly Energy is the world's biggest maker of polysilicon and wafers used in solar panels. It also owns several large-scale solar farms globally.
Suning Universal
Net worth: $710 million Country of origin: China Source of wealth: Inheritance
Zhang Kangli, 34, is the son of Zhang Guiping, the chairman of China's Suning Universal, a publicly-traded real estate firm specializing in residential and commercial property development.
Zhang, currently the general manager of Suning, is a graduate of the University of Toronto, where he attained a degree in economics and human resource management.
Joyalukkas
Net worth: $820 million Country of origin: IndiaSource of wealth: Inheritance
The youngest on the list at 29 years old, John Paul Joy Alukkas is the son of Joy Alukkas - the chairman and managing director of Indian jewelry retailer Joyalukkas Group, which operates 95 outlets across 10 countries. Apart from being the youngest, he is also the only person on the ranking that is not from Greater China.
The eldest of three siblings, John Alukkas has roots in the southern Indian state of Kerala, but grew up in the United Arab Emirates.
Alukkas' father is reportedly planning to retire this year and appears to have transferred 70 percent of the business to his eldest son, according to Wealth-X. John is slated to take over the management of the company after his father steps down.
Hakim Information Technology
Net worth: $860 million Country of origin: China Source of wealth: Inheritance
Yan Wu, 34, is the first of three women on the rich list. She serves as the chairman of Hangzhou-based Hakim Information Technology, which involved in the development of smart cities technology.
Wu temporarily attained billionaire status earlier this year after a bumper rise in Hakim's share price, which increased the value of Wu's stake in the company to $1.1 billion. However, Hakim's 20:10 stock split earlier this month triggered a sharp fall in its share price, costing Wu over $200 million, according to Wealth-X.
Reuters
Net worth: $1.1 billion Country of origin: China Source of wealth: Self-made
Leo Chen is the co-founder and CEO of Jumei International, one of China's largest cosmetics e-commerce retailers. The company listed on the New York Stock Exchange last May after raising $245 million through a share sale. Jumei shares have put up a solid performance this year, up 43 percent since January.
Chen, who has been called 'China's Mark Zuckerberg', began developing software in his college dormitory while attending Nanyang Technological University in Singapore, where he founded Garena - a platform for online and mobile entertainment. He exited the company in 2008 while attending Stanford's Graduate School of Business, where he earned his MBA.
Global Mobile Game Confederation
Net worth: $2.2 billionCountry of origin: ChinaSource of wealth: Self-made
Chinese tech entrepreneur Lin Qi is the founder of Youzu Interactive, a fast-growing web and mobile game developer based in Shanghai.
The company, which produces games both for its home and overseas markets including Taiwan and North America, was acquired by Susino Umbrella in an all-stock deal in 2014. Lin, 34, currently owns approximately 100.9 million shares in Youzu, which were last valued at $2.2 billion, according to Wealth-X.
Lightspeed China Partners
Net worth: $2.7 billion Country of origin: China Source of wealth: Self-made
Chinese software entrepreneur He Zhitao is the chairman of Hangzhou Liaison Interactive Information Technology.
He owes the bulk of his wealth generation to a run-up in shares of the Shenzhen-listed firm, which have surged over 210 percent year-to-date.
Bloomberg | Getty Images
Net worth: $3 billion Source of wealth: Inheritance Country of origin: China
Kelly Zong, 33, is the only daughter of mainland billionaire, Qinghou Zong, the founder of the country's largest beverage producer Hangzhou Wahaha Group.
Zong, a graduate of Pepperdine University and naturalized U.S. citizen, currently serves as the president of Wahaha and is slated to take the reins of the company when her father retires.
Bloomberg | Getty Images
Net worth: $4.4 billion Source of wealth: Inheritance Country of origin: Hong Kong
Adrian Cheng is the son of Hong Kong business tycoon Henry Cheng, the chairman of New World Development, a conglomerate with operations in property, infrastructure, transport, retail and telecommunications operations.
The 34-year-old Harvard graduate and former Goldman Sachs banker was named the executive vice-chairman of New World Development in March, signalling a gradual transfer of control of the business to the next generation.
Reuters
Net worth: $6.1 billion Source of wealth: Inheritance Country of origin: China
Topping the ranking, 34-year-old Yang Huiyan is the vice chairman of Country Garden Holdings, China's seventh largest property developer with a market capitalization of 69 billion Hong Kong dollars ($8.9 billion).
Yang was given her father's stake in the company in 2007, according to Forbes, making her one of the richest women and youngest billionaires in China today.
This photo of Yang, who prefers to keep a low profile, was reportedly taken eight years ago during her wedding ceremony.
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5d1639b362f3cdb27c4d80cad605df70 | https://www.cnbc.com/2015/07/15/ukraine-pm-yatsenyuk-were-nothing-like-greece.html | Ukraine PM Yatsenyuk: We're nothing like Greece | Ukraine PM Yatsenyuk: We're nothing like Greece
Ukrainian Prime Minister Arseniy Yatsenyuk is grappling with an effort to restructure his country's upcoming debt payments and keeping one eye on the other country caught in a similar—but far more clamorous—process elsewhere on the fringes of Europe: Greece.
VIDEO3:5803:58Ukraine PM: Delivered everything we promised to the IMF
And Yatsenyuk, who was in Washington to meet with President Barack Obama and American corporate leaders Monday, is not impressed by what he sees of the Greek process. The Greeks, he said in an interview with CNBC, should never have put their debt negotiations up for a national referendum.
"Look, it's unacceptable to play this kind of brinkmanship game, and for example to put the responsibility, not on the politicians and on the political elite, but to derail it from politicians to the people like (the) Greeks did in the referendum," Yatsenyuk said in an interview conducted in a conference room of Washington's Willard Hotel. "If you are a strong leader, if you are a statehood person, you need to undertake bold and strong and decisive actions."
Read MoreGreece latest: Tensions high ahead of crucial vote
Yatsenyuk, who was appointed to office by Ukraine's president in the wake of the 2014 Ukrainian revolution, is a national leader caught between titanic forces at either end of his country. To the east, Ukraine is struggling to contain Russian leader Vladimir Putin and Russian separatists fighting inside Ukraine, and to the west, it faces financial creditors demanding that Ukraine pay what it owes on the country's national debts.
Ukrainian officials were scheduled to meet with creditors in Washington this week, and Yatsenyuk's mission was to rally American businesses to step up their investments in his country.
His message: The fighting in the east—while having killed thousands—does not affect business prospects in the large, Eastern European nation. The government controls 93 percent of Ukraine, he said. "We managed to contain (the) Russian military and preserve peace and stability in the rest of the country. Just go to Kiev … the life is stable, so we are doing everything possible to secure the situation."
Ukrainian Prime Minister Arseniy Yatsenyuk speaks at the first U.S.-Ukraine Business Forum, co-hosted by the U.S. Chamber of Commerce and the Department of Commerce, July 13, 2015, in Washington.Mandel Ngan | AFP | Getty Images
Yatsenyuk said he met with executives from Cargill, Westinghouse and a number of energy companies during his visit to Washington. But he added that many companies don't know what to expect from his country.
"For some Americans investors, it's like a terra incognita—what they see, what kind of footage they see in the international media due to the conflict with the Russians," Yatsenyuk said. "This is not the best, I would say, signal for private investors to invest into Ukraine."
Read MoreWhat China's stock tumble means for Western firms
Still, he cited "progress" in talks with Ukrainian bond holders, and he drew a distinction between what is going on in Ukraine with what he saw of the negotiations in Greece.
"It's entirely different cases," Yatsenyuk said. "Because we are making our job. And we do not blackmail anyone. We do understand that the world is to support Ukraine only ... if we support ourselves, if we show the real progress on the reform agenda. So it's up to us."
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decd7cfa025e8cb24e1fcec4ca8c49ad | https://www.cnbc.com/2015/07/16/delta-causes-more-headaches-with-skymiles-changes.html | Delta causes more headaches with Skymiles changes | Delta causes more headaches with Skymiles changes
VIDEO1:5701:57Airlines fees = profitsClosing Bell
VIDEO4:2704:27Delta Air Lines: 2015 outlook looking rosySquawk Box Asia
VIDEO0:2800:28Delta beats Q2 profit estimatesAirlines
Well, it's been a few months, so Delta decided it was about time to make even more changes to its recently revised SkyMiles program. The rules seem more secretive than an Illuminati meeting and there's more corporate spin than all of Hilton's and Sheraton's washing machines combined. Luckily, we have deciphered Delta's corporatespeak in eight simple words:
"We are going to do whatever we want!"
Basically, the changes are simply a progression of the new dynamic-pricing system Delta has already begun putting in place. The airline is simply making its miles more dynamic (in reality, elastic). First, a quick refresher on recent changes:
Delta announced some big changes to its award chart at the start of 2015. Just a month later, the airline completely removed its award chart from its website so it could take more control over pricing. In March, Delta announced domestic flights would start at 10,000 miles for one-ways instead of 12,500. Finally, in May, Delta started testing out 5,000-mile one-way trips within California (which is not as good of a deal as it seems).
Throughout the last six months, Delta has slowly transitioned from a traditional award chart — which means each region of the world costs a certain number of miles — to a dynamic pricing system, which basically means it can charge you whatever it wants according to destination, demand and whatever else Delta math geeks come up with. The upcoming changes will be rolled out between June 1 and July 21.
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The bonus here is that you are no longer necessarily forced to pay 12,500 for a short-haul, one-way trip; those will go for as little as 7,500. The downside is obvious: you have no idea what your miles are worth.
Want to fly Chicago to Raleigh-Durham on any ol' Thursday? That might run you just 7,500 miles and $5.60 in fees one-way (as it did for me last week). But want to on a popular weekend? It could run you 12,500 miles. Maybe 25,000. Or it might not; nobody knows! You'll have no idea until you enter in your dates and Delta's dynamic-pricing hamsters start running their price-algorithm wheels.
Read MoreWhy United Airlines awards hackers millions of miles
Just be sure you get your ticket more than 21 days in advance, as Delta has joined large carriers like United and American in charging $75 fees for 'last-minute' bookings.
A few changes coming July 21 are only relevant for the elite, high-spending travelers to whom Delta wants to cater. On the Delta Skymiles news and updates page:
"A better seat now equals more for your SkyMiles account. Effective for travel starting July 21, 2015 whenever you purchase Preferred Seats, Delta Comfort+, and paid upgrades to the premium cabin, you now will earn miles and Medallion® Qualification Dollars (MQDs)."
That is one good piece of news for those trying to get elite status. Also coming July 21, 2015, the highest elites wanting to fly from JFK to SFO or LAX can use regional awards to upgrade on this routing — an upgrade that used to be free. Delta would like you to know that on or after June 1, 2016, it'll be significantly easier to upgrade your seats using miles. However, Delta wouldn't like you to figure out that it will now cost more miles to upgrade a paid ticket than to book a free one. Luckily we have Gary Leff at View from the Wing to point that out for us.
Well, thanks Delta. With this new dynamic-pricing structure, we no longer need to move to Argentina to understand what it's like to live in a place where the value of our currency can change drastically on any given day; now Skymiles will impart us with that knowledge — giving a whole new meaning to the term "Skypesos."
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5602385c40077df75cd4a6d2e65baa44 | https://www.cnbc.com/2015/07/17/iran-may-soon-be-open-for-business-but-not-to-us-firms.html | Iran may soon be open for business, but not to US firms | Iran may soon be open for business, but not to US firms
A landmark agreement on Iran's nuclear program this week could lift sanctions that have crippled the country's economy, opening a nation with a young and educated population, the world's fourth-largest proven oil reserves, and factories badly in need of new equipment.
It all adds up to a bonanza for international businesses—with the notable exception, for now at least, of American firms.
Two veiled women look at smart phone brands in Paytakht computer mall in Tehran, Iran.Kaveh Kazemi | Getty Images
While the deal would give much of the world access to Iranian markets, America's own sanctions that have prohibited U.S. citizens from investing in Iran for decades will remain in place. The language of the deal suggests that only foreign subsidiaries of U.S.-headquartered businesses would be granted licenses to transact with Iran, experts told CNBC.
In turn, that sets up a dilemma not only for President Barack Obama, but for all the 2016 White House contenders.
Read MoreThese Iranian industries could get a boost from deal
After years of painstaking negotiations and at great political cost, the Obama administration has created a means for foreign businesses to re-enter Iran—but U.S. law still sidelines all but the biggest American multinationals.
Even in the case of big U.S. corporations with foreign subsidiaries, any U.S. citizen employed by an overseas unit would likely be prohibited from participating in transactions with Iran unless granted permission by the Treasury Department's Office of Foreign Asset Controls, experts said.
VIDEO2:2202:22Obama: Iran nuclear deal was historic Power Lunch
VIDEO2:5102:51Obama: Real consequences if Iran violates commitment Power Lunch
VIDEO2:3702:37Obama: Ongoing criticism on this dealPower Lunch
Farhad Alavi, managing partner at Akrivis Law Group, said it's possible the administration will begin loosening restrictions around "lower-hanging fruit," though much depends on how U.S.-Iran relations take shape and how smoothly the agreement is implemented. But he was optimistic.
"I'm very comfortable saying the landscape of U.S. unilateral sanctions might change dramatically in the coming six to eight months," he said.
Read MoreInvestors rush to buy foreign stocks amid crisis
He noted, for instance, that the final deal would allow U.S. aircraft manufacturers to sell to Iranian airlines: "If they allow that, the case for allowing electric sockets and lounge chairs is not going to be as difficult to make."
However, Richard Nephew, a former lead sanctions expert for the State Department, said the provision on aircraft sales was ultimately included because Iran pushed for it specifically and should not be taken as a sign the administration will ease sanctions on other sectors.
That's because U.S. unilateral sanctions are enshrined in Clinton-era executive orders—as well as the 1996 Iran-Libya Sanctions Act—both of which are rooted in Iran's alleged support for terrorism and its human rights violations, not its nuclear program.
I think that the American companies will be welcomed in Iran. This is not a game for junior companies, and I call juniors anything below a billion-dollar market cap. This is a big-money game.Marin Katusaportfolio manager, on the oilfield services sector
Rolling back those measures in the near term would be political suicide, Nephew said, adding that "it is not something I see happening until Iran renounces terrorism and no longer violates its population's human rights."
The question of whether easing those other sanctions could become more politically palatable depends on the outcome of a congressional vote on the terms of the nuclear deal, said David Wolber, an associate in the international trade group at law firm Gibson, Dunn & Crutcher.
Read MoreFear not—VIX signals all-clear for stocks: Strategist
Congress has 60 days to review the Joint Comprehensive Plan of Action, after which it will vote up or down on the deal. Obama has said he will veto any "no" vote.
"If they just eke by, they may be a little more reticent to go gangbusters on other relief," he said. "If it's an easier fight—and no one is anticipating it will be—they may see that as a mandate to go forward."
Obama may also find allies in the private sector, and the issue will likely come up on the 2016 campaign trail, Wolber added. "As more people get wind of the nature of relief, I think you'll see some pressure from industry," he said.
Probably Iran's most sought-after prize is its vast oil reserves.
Marin Katusa, a portfolio manager and author of the book "The Colder War," expects Russian, Chinese and Indian national oil companies to be major players, while Sunni Gulf states will be frozen out of Shiite Iran. The end of sanctions also presents an opportunity for international oilfield services firms such as Schlumberger.
But U.S.-based, internationally focused oil field services firms that operate overseas subsidiaries, such as Halliburton, are also poised to be early movers, he said.
"I think that the American companies will be welcomed in Iran," he said, adding, "This is not a game for junior companies, and I call juniors anything below a billion-dollar market cap. This is a big-money game."
Even if further U.S. sanctions relief finds support on Capitol Hill, risk-averse banks, particularly U.S. institutions, may not be on board, Wolber said. So-called snap-back provisions—which allow world powers to restore sanctions if Iran violates the terms of the deal—will also make banks hesitant to participate in transactions, he added.
"There may be a lag time in terms of what's allowed commercially and what's feasible via the financial system," Wolber said.
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e42969557268c52d6a17e4dc7f46865d | https://www.cnbc.com/2015/07/17/trump-wont-win-but-yes-he-matters.html | Trump won't win, but yes, he matters | Trump won't win, but yes, he matters
VIDEO2:5402:54Donald Trump climbing in pollsSquawk Box
Donald Trump is not going to be the next president of the United States.
This reporter is already on record pledging to eat a bag of rusty nails if the real estate tycoon with the high hair manages to snag the GOP nomination, much less takes down likely Democratic nominee Hillary Clinton next fall.
But Trump matters, in a major way.
Republican presidential candidate Donald Trump speaks during a campaign event in Phoenix, Arizona July 11, 2015.Nancy Wiechec | Reuters
The Donald's rise to the top of many recent GOP polls tells us a couple of things. First , Republicans are not thrilled with the current field. And second, GOP primary voters love a shoot-from-the-hip novelty act, in this case one who breathes fire on immigration policy, the hottest of hot buttons for Republicans activists.
Trump talking about building giant walls to keep out Mexican "rapists" and "murders" while charging Mexico for every immigrant that makes it to the U.S. is the kind of stuff that the hard-core Republican base wants to hear.
They are much less attracted to former Florida Gov. Jeb Bush's compassionate approach that seeks a path to legal status for 11 million undocumented immigrants in the U.S.. Florida Sen. Marco Rubio has similar immigration problems with the primary electorate.
Read MoreTed Cruz: I 'salute' Donald Trump for discussing immigration
Novelty candidates such as Trump—think Herman Cain in 2012—have flared up in GOP primaries before only to fade quickly. Trump is likely to do so as well once the debates start and his relatively thin base of knowledge of global affairs is put to the test against more seasoned debaters.
But Trump is likely to play a much more important role than Cain or any of the other front-runner-for-a-day candidates in 2012. If the real estate billionaire uses the debate to savage Bush over his immigration and education policies, he could do a huge favor to the rest of the field, particularly Rubio and Wisconsin Gov. Scott Walker, who are the most likely GOP nominees after Bush.
Bush wants to spend his time on the debate stage proving that he is a mature, seasoned leader with a realistic plan to boost American wages and get growth revved up to 4 percent per year. That will be hard to do if Trump is constantly in his face.
And if Bush gets knocked down a few pegs, when the Trump boomlet inevitably fades, other members of the GOP field could be poised to snag the front-runner slot.
Read MoreWall Street doesn't fear Hillary...yet
Bush's secret weapon, of course, will be the over $100 million raised by his California-based Right to Rise Super PAC.
Once that PAC starts blanketing early state airwaves with television ads, Bush will be able to effectively respond to any debate attacks from Trump and keep his support from eroding too precipitously.
For those who think Trump has a real shot at winning the nomination, a little history lesson is in order. Republican primary voters often flirt with charismatic, fringe candidates but in the end almost always come home to the next-in-line, establishment figure. Think George W. Bush, John McCain and Mitt Romney.
Of course this could be the time that it's different—and widespread Republican anger at the Obama administration and a strong desire for someone to rip the president on a daily basis—could upend the usual dynamic.
But Republicans also desperately want to win the White House and they are not going to do it by nominating Donald Trump. It's more likely that Trump's numbers will dwindle following the debates and what are almost certain to be more incendiary comments. But before he fades, Trump may take a serious bite out of Bush and give a solid leg up to the rest of the field.
—Ben White is Politico's chief economic correspondent and a CNBC contributor. He also authors the daily tip sheet Politico Morning Money [politico.com/morningmoney]. Follow him on Twitter @morningmoneyben.
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4c808e6dae481b63e7d8f4dc838f403d | https://www.cnbc.com/2015/07/19/will-asia-disrupt-renewable-energy-financing.html | Will Asia disrupt energy financing? | Will Asia disrupt energy financing?
A man boats in the Jiaxing, Zhejiang province of China, which built its first solar power station above a 160,000-square-meter fishpond.ChinaFotoPress | ChinaFotoPress | Getty Images
Faced with a yawning energy deficit in years ahead and the need to protect against climate change, Asia is looking for fresh ways to finance its shift toward renewables.
"We flipped it over to make it an investment proposition. Rather than focusing on the obvious and important question of climate change here, [we asked] is this a new economic driver? And it turns out that it is," said Dr. Paul Heithersay, deputy chief executive at the South Australian government's Department of State Development. "It's a very high-tech industry."
His state has a target of 10 billion Australian dollars in renewable investment in the next three years, he noted at the DBS Asian Insights Conference last week.
Read More Asia's most impressive renewable energy projects
Asia needs a huge amount of investment to meet the region's growing energy demand. The International Energy Agency estimates Asia will need around $700 billion in energy investment through 2035. Globally, institutional investors likely can provide at most around 25 percent of renewable project equity investment and around half of the debt over the same period, according to a 2013 report from nonprofit researcher Climate Policy Initiative.
But convincing governments to go with renewable projects, instead of sometimes cheaper conventional fossil fuels, requires bringing economic risk and reward to the forefront, Ronald Kapavik, senior director at IHS Energy said at the conference.
Of the 1,500 gigawatts (GW) of renewable energy infrastructure set to be added globally over the next 15 years, around 600GW will likely be in China, he said.
"If this game-changing model is to take place, if there is to be disruption in energy and actually benefit climate change policy, all the players across the value chain - including government, industry and the private sector - will need to be led by the market," Kapavik said.
Some countries are seeking innovative ways to finance those projects, including using disruptive technologies, such as crowdfunding.
"Crowd-funding and community-funding are attractive for smaller scale distributed solar projects in China," advisory firm EY said in a report last year. "Investors can invest small amounts of capital for specific projects. Since financing is provided to individual projects, it provides developers a strong incentive to design and implement quality projects which in turn ensures an efficient use of capital."
Read More Asia renewable bond market set for takeoff: ADB
Last year in China, United Photovoltaics successfully used crowdfunding to raise 10 billion yuan (around $1.6 million) from a pool of 100 investors to build a 1 MW off-grid solar farm, a tactic the Hong Kong-based company has said it plans to use again.
It's a method that taps into smaller investors' interest.
"The force of public opinion can't be ignored and the financial markets are dictating it," Australia's Heithersay said.
"In South Australia we have a deep, deep, geothermal resource and a lot of effort has gone into it in recent years," Heithersay said. "When we used to go along to shareholder meetings of the companies that were doing this, it was all the mums and dads that were there. Clearly, [there's]a very strong movement among the general populace that we want to invest in clean energy and they're all there out in force backing these companies that were probably a little bit before their time," he said.
It's not just small investors that are looking at investing in Asia's renewable projects; Institutional investors are also interested.
"I can not count the number of employees we lost in Shell China to private equity firms or JV (joint venture) firms looking to start up renewables business in China," Goh Swee Chin, chairperson at Shell Singapore, told the DBS conference.
—By CNBC.Com's Leslie Shaffer; Follow her on Twitter @LeslieShaffer1
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7fb26e85e60ddadc5cf4979a074efecb | https://www.cnbc.com/2015/07/20/commodity-currencies-in-decline.html | Commodity currencies: Who's the ugliest of them all? | Commodity currencies: Who's the ugliest of them all?
John Phillips | Digital Editor | CNBC
The dollars of New Zealand, Australia and Canada are among the worst-performing major currencies this year and all face further losses, but the land of Hobbits may offer the best short.
Known as the Kiwi, Aussie, and Loonie, respectively, all three have tumbled to six-year lows in recent sessions, with year-to-date losses of 10-15 percent.
"Despite the fact that they have already fallen a long way, we expect them to weaken further," said Capital Economists in a recent note.
The three nations are large producers of commodities: energy is Canada's top export, iron ore for Australia and dairy for New Zealand. Prices for all three commodities have declined significantly over the past year, worsening each country's terms of trade and causing major currency adjustments.
Worsening the outlook, the greenback is climbing again on the prospect of higher U.S. interest rates later this year. Federal Reserve Chair Janet Yellen confirmed last week that the central bank will tighten its purse strings if the economy continues to strengthen, helping the dollar index hit a three-month high on Monday, which in turn, hit dollar-denominated commodities.
Out of the three, New Zealand's central bank has the most room to ease policy further, a key catalyst for further currency depreciation.
The Reserve Bank of New Zealand (RBNZ) could slash rates by 50 basis points on Thursday— its second consecutive rate cut— as souring milk prices and low inflation hit growth in a country dubbed 2014's "rock star economy."
Read MoreSmall country, big problems—New Zealand dollar tanks
"From a monetary policy view, we expect three further rate cuts from the RBNZ this year, including one this week. The recent fall in milk prices has been much larger and severe compared to the commodity exports of Australia or Canada," said Khoon Goh, ANZ senior FX strategist.
But analysts warn of a possible short-term spike in the Kiwi: "The IMM futures market is in a record net short position for the New Zealand dollar. In comparison, positioning in the Australian dollar and the Canadian dollar do not appear nearly as stretched," remarked Greg Gibbs, head of Asia Pacific markets strategy at the Royal Bank of Scotland.
VIDEO1:2101:21Brace for the kiwi dollar at 60 US cents?
That raises the risk that if the RBNZ only cuts rates by 25 basis points or its statement isn't as dovish as hoped, the Kiwi could bounce, said Todd Elmer, currency strategist at Citi.
The market already got a taste of this on Monday, when the Kiwi rallied 1 percent against the greenback after Prime Minister John Key said the currency had fallen faster than expected. But some didn't put much faith in the comments.
"Market participants interpreted this to mean that the central bank would only lower rates another 25 basis points this year instead of the 50 that is priced into the market. We would feel the same if these were RBNZ Governor [Graeme] Wheeler's comments, but they are not," said Kathy Lien, managing director of FX Strategy for BK Asset Management in a Monday note.
By comparison, the Aussie dollar isn't staring down quite as much policy pressure.
Minutes from the Reserve Bank of Australia's (RBA) July meeting on Tuesday revealed the central bank was satisfied with interest rates at their current 2 percent low, possibly indicating a moderation of its easing bias.
ANZ's Goh believes the RBA is done with its rate cut cycle as iron ore prices have stabilized after recent sharp declines.
It's a sentiment echoed by RBS' Gibbs: "The market is less convinced that the RBA will cut rates again," he said. "Recent economic indicators have been more stable this year, showing some pick-up in recent months, suggesting economic activity outside of the mining sector is responding to easier monetary conditions."
"We've got a gentler glide path lower for the Aussie with iron ore prices above $50 and the assumption that the RBA doesn't cut rates again later this year," added Sean Callow, Westpac's senior currency strategist.
While the Canadian dollar also remains vulnerable, especially as oil prices continue to fall, its downside scenario isn't as extreme as the others.
The Bank of Canada cut its benchmark rate by 25 basis points last week—its second cut this year—warning the economy could only return to full capacity in 2017, but banks believe the central bank will remain neutral going forward.
Read MoreAlberta spill heaps pain on Canada's oil sector
"Canada's recovery is expected through the latter half of the year, as the front-loaded impact of the oil price shock gives way," Scotiabank said in a note last week.
Moreover, Canada has a key advantage.
"One thing that's benefiting Canada is that their largest trading partner, the U.S., is starting to pick up. China is Australia and New Zealand's largest trade partner and we all know the Chinese economy is slowing," said Goh.
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f95bbd2ac12d194bc75e9b4691cfff08 | https://www.cnbc.com/2015/07/20/whos-winning-on-greece-krugman-or-germany.html | Krugman slams Greece, Germany slams Krugman | Krugman slams Greece, Germany slams Krugman
Renowned economist, and a fervent critic of austerity, Paul Krugman has slammed the Greek government for accepting harsh tax and reform measures. On the very same weekend, German Finance Minister, Wolfgang Schaeuble, openly questioned the Nobel Prize-winner's knowledge of Europe's monetary union.
Krugman had been calling for Greece's government to reject the proposals that creditors have demanded in exchange for unlocking much-needed cash. He had dubbed the demands as "madness" and a "complete destruction of national sovereignty."
With the reforms having been given the green light, Krugman told CNN Sunday that he may have "overestimated the competence of the Greek government."
"(The Greek government) thought they could simply demand better terms without having any backup plan," he told the news channel in an interview. "So, certainly this is a shock."
The radical-left Syriza Party was elected this year with a mandate to reject tough austerity measures from creditors but last week agreed to a deal despite Prime Minister Alexis Tsipras stating that he did not believe in it. Tsipras has since tried to weather a storm within his own party and experts suggest that another election could come later this year.
Krugman - a noted Keynesian - has been a very vocal critic of the austerity that has been placed on Greece from euro zone lawmakers, which include those in Berlin. Schaeuble used an opportunity to respond to Krugman when asked about the economist in an interview with German newspaper Der Spiegel.
"Krugman is a prominent economist who won a Nobel Prize for his trade theory," he said in an interview on Saturday.
"But he has no idea about the architecture and foundation of the European currency union. In contrast to the United States, there is no central government in Europe and all 19 members of the euro zone must come to an agreement. It appears Mr. Krugman is unaware of that."
The U.S. economist has been using this regular New York Times column on Monday morning to resurrect his idea that pro-austerity European lawmakers are behaving self-indulgently.
Meanwhile, others in the finance industry - like Silicon Valley venture capitalist Marc Andreessen – have been using the social media site Twitter to poke fun at Krugman after his admission that he had been wrongfooted by the Greece's left-wing leadership.
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NICHOLAS KAMM | AFP | Getty Images
Krugman said Monday that the idea of the single currency sounded too good to the European politicians who were tasked with creating the euro. He also predicted that a euro exit for Greece would still prove necessary.
"It sounded forward-looking, European-minded, exactly the kind of thing that appeals to the kind of people who give speeches at Davos. Such people didn't want nerdy economists telling them that their glamorous vision was a bad idea," he said in the NYT on Monday.
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c12b076ced3496f32fb43eec68cbc860 | https://www.cnbc.com/2015/07/21/alexis-tsipras-transforms-himself-as-he-sells-greek-bailout-terms.html | Alexis Tsipras transforms himself as he sells Greek bailout terms | Alexis Tsipras transforms himself as he sells Greek bailout terms
Alexis Tsipras, Greece's prime minister, right, and Euclid Tsakalotos, Greece's finance minister, center, depart following all-night bailout talks in Brussels, Belgium, on Monday, July 13, 2015. Jasper Juinen | Bloomberg | Getty Images
On the eve of his election in January, Prime Minister Alexis Tsipras of Greece talked with pride about how his leftist Syriza party rejected "the mentality of establishment parties" and provided space for the diverse views of its members.
But last week, Mr. Tsipras ousted members of his cabinet who had defied him by voting against the package of austerity measures that Greece's European creditors had demanded as the price of new bailout negotiations. To Syriza members of Parliament who voted against that package and are threatening to oppose a second bill scheduled for a vote on Wednesday, Mr. Tsipras has made clear that he might call a new election and replace them with a slate of lawmakers loyal to him.
If Mr. Tsipras was an idealistic young radical six months ago, dedicated to the overthrow of the Greek establishment and austerity policies, he is emerging from the showdown with the creditors as something else entirely: a popular, canny and pragmatic politician with a stake in the success of the very measures he came to power vowing to eradicate.
VIDEO2:5202:52Greek deal: Markets are 'cautiously optimistic'Worldwide Exchange
Behind the efforts to resolve the country's debt problems and keep it in the eurozone.
Mr. Tsipras, 40, may still be refusing to wear a tie, but otherwise he has moved a long way toward the mainstream.
In the process, he has defied what appeared to be European efforts to oust him, even as he has bowed to much of the agenda the creditors imposed on him. And now the question is whether he can create a new center of gravity in Greek politics, one focused not on ending austerity, but on carrying it out in a progressive way and restoring some sense of fairness and hope to a country that has been short on both.
More from the New York Times:
Greek banks start long and uncertain journey to recovery Greeks worry about bailout's push for an economic overhaul Tsipras is seen as retaining Greeks' approval while selling tough bailout deal
If he pulls it off, it will be a remarkable political transformation for himself and for Greece.
Some Syriza supporters are shocked by the new Mr. Tsipras, who is conversant in the most minor details of the bailout he is negotiating and who argues on occasion that the deal might include some reforms that Greece badly needs.
On television recently, Mr. Tsipras said that some pension changes would have been necessary with or without the demands of the country's creditors.
"I do not think that it is progressive political policy to send someone into retirement at 45 or 50," he said.
Aris Chatzistefanou, a left-wing journalist and documentarian who watched the hourlong televised interview with Mr. Tsipras, concluded that the prime minister, his face puffy from lack of sleep, had forgotten his youth. "That we can say for sure," Mr. Chatzistefanou said. "The guy with the Che Guevara T-shirt, we lost him."
But others saw Mr. Tsipras becoming exactly what the country needs, a politician who will be able to build an even broader constituency now, pulling in more centrist voters, who are desperate to stay in the eurozone but sick of the country's old political parties, which failed to prevent the burden of past austerity policies from falling on the poor and the salaried.
"Tsipras is showing an incredible advantage as a politician," said George Pleios, a media expert at the National and Kapodistrian University of Athens. "He is showing that he is able to speak the language of reform and the language of social justice. This is a formula that can turn him into a very important leader in Greece."
"The winner in all of this will be Tsipras," he said.
For now, Mr. Tsipras is fighting hard to prevent a wholesale fracturing of his party — a group that includes everything from those flirting with Trotskyism to some former representatives of the center-left — telling Syriza members that he needs them to stand with him. Political analysts say that the party has always tolerated dissent and that the moment is hard on Mr. Tsipras, who considers some of his more ardent critics to be good friends.
Read MoreS&P upgrades Greece to CCC+, outlook stable
But the risk of a Syriza breakup remains real, just as Mr. Tsipras prepares to embark on negotiations with Greece's creditors on the details of the bailout — his nation's third in five years — and on his demands for some relief from the Greek government's debt load. Dissenters on the party's left, including Yanis Varoufakis, his former financial minister, are showing no hint of backing down in their opposition to the creditor-imposed measures, which the nation rejected in a referendum just days before Mr. Tsipras accepted them.
A critical indicator of his problems within his party could come with the vote on Wednesday on the second legislative package, which would speed regulatory changes in banking and overhaul the country's civil justice system.
As frustration on the left has grown, Mr. Tsipras may face more resistance to this package than he did with the first one last week. He could struggle to win backing from at least 120 of the 162 parliamentary representatives from his minority coalition government — a level of support generally considered necessary for such a government to survive. In the vote on the first package on July 15, encompassing tax increases and pension cuts, 123 members voted yes, including all 13 from the Independent Greeks party, Syriza's coalition partner.
The economy has been in disarray. People have been out of work for years. The banks have been running out of money. It sounds a lot like the Great Depression in the United States. But it is Greece – and in some ways, the situation is worse.
Mr. Tsipras decided to delay votes on two other contentious issues — new taxes for farmers and further changes to the pension system — to avoid the battle within Syriza from getting out of hand, an official close to Mr. Tsipras said. But those measures, too, will eventually have to be passed, if Mr. Tsipras is to lock down a bailout package worth as much as 86 billion euros, or about $95 billion.
In another country, the size of the rebellion Mr. Tsipras is facing in his own party would spell the end of the legislation and of his government.
But neither is true in Greece. The opposition guaranteed the passage of his proposals last week and is set to do the same on Wednesday. And though opposition leaders are likely to excoriate Mr. Tsipras before the vote, they say there is no move afoot to call a confidence vote in an effort to bring down the government.
Read MoreIf Greece were a state, it would be...
The opposition does not particularly want new elections, for fear that it might end up losing more ground. Mr. Tsipras, it seems, is the last person standing in Greece's political landscape, without a rival in sight.
Polls suggest that even today, after coming home from negotiations in Brussels with a deal that violates just about every campaign promise he made, Mr. Tsipras remains a hero to many Greeks, for having put up such a fight and now for taking on the responsibility of doing whatever it takes to keep the country from crashing out of the eurozone.
He has struck a populist tone since the bailout proposal was negotiated this month, suggesting that he would protect the interests of regular people against the wealthy and powerful. He has also been able to point to the prospect for debt relief and a package of short-term economic aid from Europe to help create jobs, which could take some of the sting out of the new austerity measures.
Many Greeks talk as if they know Mr. Tsipras, worrying about what he eats and the toll all this has taken on his health.
A visual guide to why a deal with Greece is so critical to Europe.
He has many choices for staying in power. He could continue with a minority government. He could create a unity government with elements of the opposition, though analysts say that is probably his least favorite option.
He wants nothing to do with partnerships that would involve parties he sees as in the pockets of the country's oligarchs, the analysts say.
Mr. Tsipras is most likely to simply hold elections after the negotiations with the country's creditors are done, campaigning on the promise of mitigating the harshness of the measures and of fighting hard to make the rich pay their fair share instead of evading taxes.
Mr. Tsipras, experts say, will be speaking to a population that is deeply fed up with the politics of the last 40 years and hopes he offers a change. The two parties that traded power during that time, the center-right New Democracy and the center-left Pasok, are in disarray.
Read MoreWhat Greek crisis? In Mykonos, the party doesn't stop
Mr. Tsipras benefits from having never had anything to do with those parties. "The vast majority of Greeks want a break from the parties of the past," said Nick Malkoutzis, a political analyst with MacroPolis, a website that specializes in news analysis.
Mr. Malkoutzis said new elections were likely to be held fairly quickly, perhaps in September, and would favor Mr. Tsipras because the effects of the creditors' demands would not have been felt yet and the promise of substantial debt relief would still be alive.
For the time being, many in Mr. Tsipras's party who are voting against the creditors' demands want him to continue as prime minister without calling elections.
They say that even if they fight the austerity measures accepted by Mr. Tsipras, he still has their support.
But officials close to Mr. Tsipras have called that strategy unworkable.
"Constantly voting down measures is incompatible with a common course," Nikos Pappas, Mr. Tsipras's chief of staff, said this week. "I think this is obvious to everyone."
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984d7ec7ec82bbc4b7a21fc3df0c8f69 | https://www.cnbc.com/2015/07/21/clinton-rakes-in-wall-street-cash-amid-tough-talk.html | Clinton rakes in Wall Street cash amid tough talk | Clinton rakes in Wall Street cash amid tough talk
During her nascent presidential campaign, Hillary Clinton has called for expanded regulation of the financial system, slammed wealth disparity and pushed for tougher punishment on individual rule breakers.
Hillary Clinton speaks to guests at the Iowa Democratic Party's Hall of Fame dinner on July 17, 2015, in Cedar Rapids.Getty Images
All of that rhetoric has mattered little to Wall Street. Already among the biggest donors to Clinton's political career, employees of some megabanks have funneled big money into her bid for the 2016 nomination.
Employees of five financial firms—Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Bank of America Merrill Lynch—gave about $290,000 to Clinton's campaign committee through June 30, according to a MapLight analysis of Federal Election Commission data. While it makes up less than 1 percent of the roughly $47 million raised by Clinton's committee this cycle, it follows a precedent set in her 2008 presidential campaign, when the firms' employees were among her biggest donors.
The cash flow may not make Clinton's policies any easier on banks. But it illustrates the strong support the Democratic front runner maintains with the financial industry even as it has shied away from the party in recent years.
"With the direction of Obama economic policy and anti-Wall Street rhetoric seen on the Democratic side, one wouldn't be surprised to see less support from Wall Street," said Anthony Corrado, a professor of government at Colby College who studies campaign finance. "Even so, she continues to have strong support within the financial community."
Read MoreWall Street doesn't fear Hillary...yet
The pace of Clinton's Wall Street funding, which does not yet include expenditures from political action committees linked to the firms, will likely increase as her campaign continues, Corrado said. Clinton declared her candidacy in April, and the recently released campaign finance data go through the end of June.
When Clinton and President Barack Obama competed for the Democratic nomination in 2008, both received major Wall Street backing. Those five firms all ranked among the top 20 contributors to Clinton's 2008 campaign based on individual employee and PAC donations, amassing more than $1.8 million among them, according to data compiled by the Center for Responsive Politics. JPMorgan, Goldman and Citi were among her top five donors.
After the Democratic-led passage of the Dodd-Frank Act five years ago and the party ramping up its anti-Wall Street rhetoric, the financial industry's funding to Democrats fell off, Corrado said. Take Obama, who garnered more than $16 million from the securities and investment industry in 2008 but less than $7 million in 2012, according to the Center for Responsive Politics.
Despite the shift, Clinton still attracts Wall Street money. Because she was a New York senator, she maintains an "institutional connection" to the financial industry, said Lisa Gilbert, director of the Congress Watch division at Public Citizen.
Clinton acknowledged that relationship in a speech last week, giving a nod to the what she deemed the financial industry's positive role in the economy.
"As a former senator from New York, I know firsthand the role that Wall Street can and should play in our economy," Clinton said, "helping Main Street grow and prosper and boosting new companies that make America more competitive globally. But, as we all know, in the years before the crash, financial firms piled risk upon risk. And regulators in Washington either couldn't or wouldn't keep up."
Donors also, logically, like to bet on candidates with the best chance of reaching the White House, Corrado and Gilbert said. Though the gap has closed in recent weeks, Clinton holds a cushion over Vermont Sen. Bernie Sanders, her closest competitor in the Democratic primary and one of the most unapologetic Wall Street critics in Washington.
Read MoreWhat does Bernie Sanders need to do to beat Hillary?
Sanders' total contributions from employees of Wall Street firms came in at about $6,000, according to MapLight.
The disparity in donations from the financial industry opens Clinton to criticism from Sanders and the staunch left wing of her party, Gilbert said. Still, Gilbert noted that Clinton should not have to be "beholden to those that helped financially" if she took the White House and pushed policy that could anger Wall Street.
Clinton's campaign played down possible backlash from large Wall Street contributions. It set a maximum campaign committee donation of $2,700 and collected its roughly $47 million haul from more than 250,000 individual donors.
"Hillary Clinton is committed to making sure we have an economy that works for all Americans and not just those at the top. That's why she believes that the measure of our success must be defined by how much incomes rise for hard-working families, not just CEO's and money managers. Regardless of the size of their donation, the people who support Hillary's campaign know that's what she's fighting for," said Josh Schwerin, a spokesman for the Clinton campaign.
He added that most of Clinton's contributions came from small donors, as 94 percent of donations amounted to less than $250.
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08d95a8e0c894eeea4805abed53e673e | https://www.cnbc.com/2015/07/21/our-prices-are-cheaper-than-amazon-jetcom-ceo.html | Our prices are cheaper than Amazon: Jet.com CEO | Our prices are cheaper than Amazon: Jet.com CEO
VIDEO3:5703:57How Jet.com plans to make money: CEOSquawk Box
Promising cheaper prices than Amazon.com, online shopping club Jet.com opened for business Tuesday, aiming to deliver increasingly bigger savings to members who buy multiple items in a single order.
Jet uses a proprietary technology engine to link items that when purchased together cost less to deliver.
After a free three-month trial, Jet memberships run $49.99 a year, half of the annual cost of Amazon Prime, which features free two-day shipping and other benefits, including streaming video and streaming music.
"There are 90 million households in America that don't have Prime," Jet co-founder and CEO Marc Lore told CNBC's "Squawk Box." "This is going to be the fastest and cheapest shipping option for those households."
"You can save 10 percent to 15 percent versus the lowest pricesonline," he said. "All the everyday essentials, you get in one to two days. And then everything, two to five days."
Amazon was not immediately available to respond to CNBC's request for comment on Lore's low price claims.
VIDEO0:4000:40Jet.com takes on Amazon
Piper Jaffray Internet analyst Gene Munster told "Squawk Box" last week that Lore is an online retailing "rock star," and Jet has a good chance of succeeding. If that happens, Amazon is more likely to buy it than to copy it, Munster said.
Lore is no stranger to e-commerce and Amazon. He was the co-founder of Quidsi, the company behind Diapers.com and Soap.com, which Amazon bought for $550 million in 2010. He said he has not recently spoken to Amazon founder and CEO Jeff Bezos.
New Jersey-based Jet—which raised $225 million in four rounds of funding, according to CrunchBase—hopes to reach $20 billion in revenue and 15 million users by 2020, a level Lore considers "economically viable."
"We only profit from the $50 membership fee," he told CNBC Tuesday. "So all the profit we make selling products we put back into price. All commission we get from third-party merchants goes back into price."
According to its website, Jet offers free shipping on orders over $35, and free returns within 30 days. Users can waive free returns on most items to get more savings. Jet.com only ships to the 48 contiguous U.S. states and the District of Columbia. For orders less than $35, there's a $5.99 shipping charge.
On the technology side, Jet's algorithms dynamically reprice items based on what a consumer already has in his or her cart.
"Certain items will be considered 'smart items' and they'll get better pricing," Lore said—because they will cost less to deliver when purchased together with other "smart items."
"As a consumer you are empowered to pull costs out of the system," he said. "We make all the supply chain costs transparent in the form of low prices."
Jet sells everything from beauty products to appliances to electronics to home decor. The fashion category is expected to launch in two weeks.
"There's a small percentage of products we are getting from third-party merchants that aren't direct merchants on the platform," Lore said.
To fulfill those orders, Jet is buying some of those products directly or sending users off-site, he said. "We know that we will have the products on the platform soon, and we don't want to disrupt the consumer value proposition today."
But in a world where Amazon and others are trying to deliver products in matter of hours, Lore said he's not necessarily going to try to compete on speed.
"When you are getting the product faster, an hour [or] two hours, that's expensive. You're adding costs to the system," he said. "We're trying to educate and train people to pull cost out of the system—so building bigger baskets, smarter baskets to save money."
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f86354e9e76019df7e5e85e2fe72daa2 | https://www.cnbc.com/2015/07/22/blue-collar-millionaires-the-30m-empire-built-on-trash.html | Blue Collar Millionaires: The $30M empire built on trash | Blue Collar Millionaires: The $30M empire built on trash
VIDEO0:5700:57Blue Collar Millionaires: a $30m queen of trashEntrepreneurs
Maria Rios was born into what can be described as relative affluence for the small town of Mogotillo, El Salvador.
Her parents, Juan Angel and Reyna Romero, were in farming and ranching—better off than most in the community. "I remember my mother sewing school uniforms for the employees' children and my father buying books for the local kids," Rios recalled.
The life of affluence that Maria knew as a child, however, would soon vanish, as a civil war between rebels and a repressive military regime forced the family to flee El Salvador.
"When I was around 12, I started seeing and hearing things in the news about war and killing and kidnappings," Rios said. "Many people were leaving to escape the violence, and my parents—without telling me or my two older sisters—decided it was time to go."
In the summer of 1980, the family left their war-torn home on a "vacation" to visit friends in the U.S. Not able to sell their farm or equipment amid the intensifying conflict, they took what money they had and set up a simple life in a small two-bedroom house on the north side of Houston. With no work history and a limited use of English, Maria's mother and father didn't have many work options, so they got jobs cleaning offices.
"We lived on a very strict budget," Rios said. "My mom took us to thrift stores. I remember wanting a dress, but my mother said we couldn't buy it because we needed money to buy groceries."
During the summers, Maria would join her mother on the job. "They were high-rise buildings, and I'd sit down in the fanciest offices and pretend that one day I'll be sitting down like this in my own office with my own business."
The family's reduced circumstances—and Rios' marriage at age 18—didn't stop her from accomplishing the most important goal on the way to success. "My parents raised me to get an education first and foremost. That was something that was ingrained in my sisters and I."
In fact, a job she found to help fund her education would ultimately become her $30 million trash empire.
"I had a friend who was working for Western Waste Industries, and she said there were many opportunities in that field, so I decided to give it a try. As it turned out, since the majority of the drivers were Spanish-speaking and I spoke both English and Spanish, I became incredibly handy," Rios said.
The best place to be a super-rich woman?
Within three years, Rios rose through the ranks—from phone to dispatch to the accounting department and eventually to the environmental department, where she managed higher-cost and higher-risk materials. And throughout college and the births of her three children, she never stopped working.
"I was young and ambitious. I wanted to climb the ladder as fast as I could," Rios said, reflecting on a relentless work ethic she attributes to her father.
"This was the absolute challenge—to balance work ambition with raising a family and going to school, all at the same time," she said.
Maria Rios, president and CEO of Nation WasteSource: Nation Waste
In 1997, Maria graduated from the University of Houston with a BA in business and was determined to put her degree to work and venture out on her own. "Maybe I could have obtained some higher position with a larger salary, but I wanted a business with endless potential, which is what I saw in this trash business."
She noticed that small companies and minorities were not priorities of the existing players in the waste-management space, offering both a business opportunity and an opportunity to service her community.
Rios said her father taught her that you can't accomplish anything by yourself. "Faith, family and community" is what Rios remembers her father saying most often. "It all goes back to the lessons I learned on our farm about running a smart business and paying it forward. If you practice what you preach and give back to your community, you will be enriched and rewarded."
Read MoreBlue Collar Millionaires: The $20 million king of concrete
Her husband, who worked in maintenance, didn't embrace the idea of becoming a business owner at first. "It was a big risk, and he just wanted the security of bringing home a paycheck," Rios said.
Rios wanted more. She set her sights on two trucks and took her business plan to a bank, hoping for a credit line of $250,000, which she received, and used it to purchase her first two trucks and launch her company Nation Waste, now valued at $30 million.
Rios began by soliciting small businesses and minority customers and slowly started to build her business. "In the beginning, I made enough to pay my bills and a small profit, but I kept reinvesting it into the company," she said.
In August 2005, when Hurricane Katrina hit Texas, Rios saw it as an opportunity to again profitably link business to community. She provided services at reduced rates to families and businesses who might not otherwise have been able to afford it. As word spread of her generosity, the Nation Waste brand grew: Business more than doubled between 2005 and 2010. Those initial two trucks became 21 trucks, and Nation Waste expanded to four business units, from compactors and balers to include recycling and portable toilet divisions. Currently, Nation Waste is up to 26 trucks (two more on order) and 41 employees.
"Whoever would have thought that a little girl coming to America from El Salvador could achieve a dream that is purely American," Rios said. "Perseverance will pay off; I am living proof."
Tune in Wednesday night, July 22, at 10 p.m. for "Blue Collar Millionaires" on CNBC.
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a5a4b54d7611bbe6c104369cbac2bbb6 | https://www.cnbc.com/2015/07/27/8-young-entrepreneurs-making-serious.html?slide=1 | Iconic Tour | Iconic Tour
Brandon and Sebastian Martinez of Are You Kidding?Source: Are You Kidding?
What do billionaires Jeff Bezos, Mark Cuban and Richard Branson have in common?
They each started their first business before graduating high school.
Stories of 20-somethings launching start-ups from their dorm rooms seem to pop up everywhere, but it seems entrepreneurs are getting even younger.
While they aren't billionaires yet, these eight entrepreneurs under 18 years old are making a name for themselves—and some serious cash.
—By CNBC's Sarah WhittenPosted 27 July 2015
Sebastian Martinez, CEO, Are You Kidding?Source: Are You Kidding?
He's only 7, but he's already CEO of his own company and a philanthropist.
Sebastian Martinez's passion for collecting bright and zany socks turned into a business when his mother suggested he design his own. The result was a company called Are You Kidding which Sebastian started at age 5.
In 2014, Sebastian made $15,000 selling his specialty socks with the help of his director of sales and big brother Brandon Martinez.
Since January revenue has continued to grow. "We have been able to already reach the $15,000 that we made last year and are on track to double and hopefully triple our sales this year," Rachel Martinez, the president of the company and Sebastian's mother, told CNBC.
Are You Kidding teamed up with organizations like the American Cancer Society and the Live Like Bella Foundation last year to raise more than $3,000 for cancer awareness. In April, the company partnered with The Hue Studio and donated 25 percent of all proceeds from its "Eye See You" sock sales to Discovery Arts, a charitable organization that brings art programs to children with serious illnesses.
Source: YouTube
What is it like to be a millionaire before you even hit puberty? Just ask 9-year-old Evan from EvanTubeHD.
The face of the highly successful YouTube channel, Evan has been reviewing toys and building Lego sets online since he was 5, and it's a staggeringly big business.
This pint-sized entrepreneur has three channels on the video platform and more than 2.8 million subscribers. He has amassed more than 1.9 billion views on the platform and is estimated to make $1.3 million a year.
"We've already maxed out certain accounts, so I think the college education is pretty much taken care of thank goodness," Jared, Evan's father, told NBC News in December. The father has not disclosed their family name.
Alina Morse, CEO, ZollipopsMichael Bezjian | WireImage | Getty Images
Nine-year-old entrepreneur Alina Morse had a pretty sweet idea in 2014: create a sugar-free lollipop that tastes good and is good for you.
With a little help from her father and a lot of research, Zollipops was born.
These clean teeth pops are made with sweeteners xylitol, erythritol, stevia and other natural ingredients and help to neutralize acidity in the mouth, so the bacteria that causes tooth decay cannot grow.
Last year, Alina racked up $70,000 in sales and was featured on the kids' edition of "Shark Tank." She's now working to get Zollipops into dentist offices and schools across America.
Moziah BridgesCNBC
At 13, Moziah Bridges is well on his way to becoming a fashion mogul.
This dapper CEO launched his bow-tie business, Mo's Bows at age 9 and catapulted into the spotlight after becoming the youngest entrepreneur to appear on "Shark Tank."
His company made $350,000 in sales since 2011 and is expected to earn $250,000 in revenue for 2015, mother-manager Tramica Bridges told CNBC via email.
Bridge's collection is sold in shops and boutiques in six states and in his online store.
Source: Zach's Web Designs
Web designer and entrepreneur Zachary Weisenthal may only be 14, but he's already the driving force behind two companies.
The young CEO was inspired to launch Zach's Web Designs in 2014 after attending the entrepreneurial Maverick Family Freedom Event with his father.
Zachary has built customizable websites for a variety of businesses, including Keep Punching, a nonprofit brain cancer organization, Ry's Ruffery, an all-natural dog biscuit company, and Emilee Tominovich Racing, the official website of an up-and-coming female race-car driver.
The company has generated $15,000 in revenue since its inception.
His newest venture, Serpent Skating, is a sports merchandise business specializing in laser-engraved skateboards. The enterprise is set to launch on Kickstarter this year.
Source: Gladiator Lacrosse
Gladiator Lacrosse was established in 2013 by then 13-year-old Rachel Zietz, an entrepreneur and lacrosse player, who found sports equipment too expensive and not particularly durable.
After attending the Young Entrepreneurs Academy in Boca Raton, Florida, she pitched her concept to investors and was awarded $2,700 toward development. She has since created a line of quality and affordable rebounders and practice goals for lacrosse players.
In the company's first year, Rachel's company had $200,000 in sales. Two years later, Gladiator Lacrosse has generated more than $1 million in revenue.
Most recently, the young executive was honored as one of the finalists for the Greater Miami Chamber of Commerce's 2015 Entrepreneur Award.
Noa MintzSource: Nannies by Noa
Noa Mintz is a freshman in high school and she already makes more money than you do.
At 12 she launched Nannies by Noa, a full-service childcare agency. Three years later, her business services 190 clients in New York City with a network of 150 sitters and nannies.
"I knew what kids wanted in a nanny. I had the unique perspective." Noa said in an interview in February. "So I set out to start with a couple family friends. Then people thought it was a really good idea to have a kid helping them. And trust for the brand grew."
Noa does not disclose her company's financial information, but she said Nannies by Noa charges a standard 15 percent of a nanny's initial annual salary. For baby-sitting services, clients are charged a flat-rate of $5 per hour.
Asya Gonzalez started her online fashion business, Stinky Feet Gurlz, at age 13. Now 17, her business averages $1,000 to $2,000 a month in sales.Source: Kristin McLaughlin
Stinky Feet Gurlz, a 1940s-inspired apparel and accessory company, was founded by Asya Gonzalez at age 14. Three years later, the recent high school graduate is in the process of developing a new clothing line, which delves into winter sports wear, and prepping for her freshman year at the University of Denver.
Gonzalez, 18, told CNBC she estimates that her company's sales will reach $7,000 to $10,000 a month with the addition of the new line of apparel.
In addition to her business, Gonzalez runs her own charity, She Is Worth It, which is dedicated to fighting sex trafficking of children. A portion of all sales from Stinky Feet Gurlz goes directly to this organization.
Most recently, Gonzalez was honored by the National Federation of Independent Business with the Dan Danner Leadership Award. For her entrepreneurial efforts, Gonzalez also received a $15,000 scholarship from the organization.
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7db6fcffc92642c7f71f8f42b02f4bc2 | https://www.cnbc.com/2015/07/27/gold-stuck-near-5-12-year-low-as-fed-hike-looms.html | Gold edges higher as investors await Fed meeting | Gold edges higher as investors await Fed meeting
Getty Images
Gold firmed on Tuesday but remained near 5-1/2-year lows as markets braced for this week's Federal Reserve meeting, at which policymakers are expected to give further clues on the timing of a U.S. rate increase.
The Fed suggested earlier this year that a near-term rate rise was on the cards if economic data supported such a move, but slowing growth in China and a drop in commodity prices have led some to question whether it will be pushed back.
was up 0.04 percent at $1,094.51 an ounce, not far from Friday's low of $1,077, its weakest since early 2010.
U.S. gold futures for August delivery settled down 20 cents an ounce at $1,096.40.
VIDEO2:3702:37Time to buy gold miners?Closing Bell
"Until the Fed provides some clarity on Wednesday, it's difficult to say that we've hit a floor," ING analyst Hamza Khan said. "The volumes we're seeing suggest that this could just be short covering in case the Fed announces some firmer vocabulary."
Rising interest rates pressure gold by lifting the opportunity cost of holding bullion, while boosting the dollar.
Expectations a near-term hike may be possible are making investors hesitant to bid up gold despite a price slide, with its failure to benefit from jitters over Greece this year undermining its appeal as a haven from risk.
The dollar rose 0.5 percent against the euro as investors focused on the Fed meeting.
"Gold is treading water despite a slight improvement in the dollar and U.S. Treasury yields," Mitsubishi analyst Jonathan Butler said. "That would seem to indicate some pricing in of the Fed pushing out interest rate rises further into the future."
Read MoreGold loses traction, closes in on 5½-year low
GFMS researchers at Thomson Reuters said in a report that global gold demand hit its lowest since 2009 in the second quarter.
Also weighing on sentiment, China's net gold imports from main conduit Hong Kong fell to a 10-month low in June.
Spot platinum was up 0.1 percent at $980.25 an ounce, near last week's 6-1/2-year low.
"With the situation between labor unions and miners getting tenser, we believe that there is an increasing risk of strike action at South Africa's platinum mines," said Capital Economics in a note, pegging prices to rise to $1,060 at the end of the year.
Silver was up 0.9 percent at $14.67 an ounce and palladium was up 0.9 percent at $617.50 an ounce.
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bf1b3fca585521e69c7f5a0fedf49e8a | https://www.cnbc.com/2015/07/28/3-key-things-to-watch-in-twitter-earnings-analyst.html | VIDEO0:3400:343 key things to watch from Twitter earningsFast Money
VIDEO2:0802:08Looking ahead to Twitter's earnings reportInternet
VIDEO1:5801:58Iconic Internet stocks: 4 trades to makeFast Money
Social media stocks take center stage this week as earnings season rolls on, with big-name reports from Facebook, Yelp and LinkedIn all on deck. Twitter, which is currently trading near 52-week lows, is scheduled to report earnings Tuesday evening for the first time since interim CEO Jack Dorsey returned to the helm.
According to Pacific Crest Senior Analyst Evan Wilson, there are three main things to watch in Twitter's earnings announcement.
Twitter has largely missed out on the tech rally, dropping 3 percent this year versus a 6 percent gain for the . Much of the lag can be attributed to trading after Twitter's April earnings report, when the stock plunged 25 percent in the subsequent two sessions after earnings were leaked ahead of schedule.
Wilson, who has an "overweight" rating and $52 price target on the stock, told CNBC's "Fast Money" he's "not expecting a great report" this time either.
One of the key metrics Wilson said he'd be watching is Twitter's all-important monthly active user (MAU) growth for the quarter. "We're expecting 5 million users. That's a slowdown in terms of MAU adds," he said. The slowdown has been well telegraphed in the market, he added, and "expectations are relatively low."
Next, Wilson said third quarter guidance will be a key metric. "The Street's currently expecting about 15.5 percent sequential revenue growth in Q3," he said. "There is some probability that they could give guidance that is at best in line with the Street, and potentially slightly below."
Finally, Wilson addressed the elephant in the room for Twitter, saying any update from the company regarding its CEO search is unexpected, but would be incremental.
Wilson said he expected a CEO announcement to come at some point in the fourth quarter. The key, he said, is for Twitter to get a new CEO that can help turn around the user story. If that happens, he said, Twitter will resume being a "good stock" to own.
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f985767c1a94c1df7ceb5592b811615f | https://www.cnbc.com/2015/07/28/durham-nc-sparks-a-tobacco-road-business-revival.html | Durham, NC sparks a Tobacco Road business revival | Durham, NC sparks a Tobacco Road business revival
VIDEO2:2202:22New businesses rising in DurhamStart-ups
Launching a beverage start-up in a saturated market, dominated by the Red Bulls and Monster Energy drinks of the world, isn't for the faint of heart.
But Tatiana Birgisson never set out to take on the beverage giants. She did so quite by accident, when the now 25-year-old developed her brand—Mati Energy, a healthy caffeinated energy drink—as a student at Duke University, brewing teas in her room to combat fatigue while taking several antidepressants in 2012.
"When friends came over they would drink it, and then they started asking to buy it," said Birgisson. (It was during a time when she had also made the switch from engineering to an economics major.)
Tatiana Birgisson, founder of Mati Energy.Kate Rogers | CNBC
Birgisson pitched the idea for Mati Energy as part of a live-in entrepreneurship club at Duke and won a $5,000 grant from the university to spend her summer turning the idea into a real business. She graduated in 2012, and the next year won an additional grant of $11,500 for having the best undergrad start-up at Duke.
Within two years she won an NC IDEA grant for $50,000, awarded to early-stage start-ups in the state to validate potential markets and expand. She was also selected to pitch at Google Demo Day in 2015, an event that brings a select group of start-ups to Google's headquarters in Mountain View, California.
"It was with all tech companies, and I felt lucky enough to even be selected to pitch," she said. Despite being in a sea of tech start-ups, Birgisson wowed AOL co-founder Steve Case, who led a $100,000 round of funding in the company. She also won the day's top prize, the second Durham, North Carolina start-up to win in the past two years. The previous winner was Windsor Circle.
Perhaps what's most surprising about Birgisson's rapid-fire success is the fact that she hasn't run off to some swanky new headquarters in Silicon Valley or New York City. She's staying where it all happened—in Durham, North Carolina.
VIDEO1:4101:41Finding a 'landing spot' for laid off workersSquawk Alley
Like many new North Carolina-based startups, Birgisson works out of American Underground, a campus that houses start-ups and accelerators, with 220 small businesses in Durham and another 20 on a nearby Raleigh campus. Just a few years ago, American Underground was an abandoned tobacco warehouse, but thanks to an undisclosed investment by regional media conglomerate Capital Broadcasting Company, it's now a thriving startup scene, laying the foundation for entrepreneurs like Birgisson to call Durham home.
"It's made a significant contribution to the region in terms of being a one-stop-shop for entrepreneurs," said Adam Klein, chief strategist at American Underground. "We have an investor community here, mentor organizations, everything you need in one spot."
Read More8 young moguls making serious money
In 2014, Klein says American Underground start-ups raised $20 million in funding from the likes of Comcast Ventures and IDEA Fund partners.
Public-private partnerships have resulted in over $14 million in public investments and/or commitments and over $210 million in private investments and/or commitments since 2010 for major real estate development projects (those in excess of $10 million in project value), according to Kevin Dick, director of the Office of Economic and Workforce Development for Durham. Durham has also committed or invested over $1.5 million in grants to small businesses and entrepreneurs that have been matched by over $9.4 million in private sector investments and commitments. These additional funds have gone for building improvement projects, signage grants and other real estate property improvements.
It's affordable from a business and personal standpoint. I wouldn't want to be anywhere else.Tatiana BirgissonMati Energy founder
Part of staving off "brain drain"—the emigration of talented individuals from three top-tier universities (University of North Carolina at Chapel Hill, Duke and North Carolina State) and from the famous Research Triangle Park—is having a booming downtown.
"We are committed to making this a place where people want to work and live. The large investments for larger projects and companies have created a more viable climate for small businesses and entrepreneurs," Dick said.
Durham also hosted several classes of the Bull City Startup Stampede in 2011 and 2012, a concept that led to more interest in American Underground. This was spurred by the Durham Chamber of Commerce and Downtown Durham, working in partnership with developers and property owners to offer two months of free rent to entrepreneurs both in and out of state, and free parking, as part of a Durham "tryout" to see if they could make their businesses work there.
Over the past three years, "The buzz has self-sustained and grown," Dick said.
The tax environment has also become more favorable in North Carolina for both businesses and individuals, according to the Tax Foundation. On the Foundation's State Business Tax Climate Index, North Carolina made the biggest rankings jump in the history of the index, from number 44 to number 16 in 2015, due in large part to an individual tax reform that created a single-bracket system with a rate of 5.8 percent and a standard deduction of $7.500. Corporate tax rates fell from 6.9 percent to 6 percent as well.
Dick said that Durham incentivizes a percentage of capital investments that businesses in the city make, which is often used to offset future tax burdens. The application-based process is dependent on the sizes of both the business and investments made.
Expect Durham's growth to continue, as it's on the short list to receive Google Fiber, the web giant's high speed Internet product in the near future. Look no further than the Kansas City market to see the type of entrepreneurial growth that occurs when given access to blazing-fast speeds. An entire startup village has been built there around the Google Internet service.
American Underground is also a Google for Entrepreneurs Tech Hub, meaning the company provides financing and access to entrepreneurial events and mentoring. Google declined to say how much it has invested in the area.
For entrepreneurs like Birgisson, Durham looks to be a long-term home. Mati Energy has surpassed $100,000 in sales and is in Whole Foods locations across the Southeast, as well as gyms, offices and local health stores. The drinks will be sold in Kroger and Costco stores in the region later this year.
"It's affordable from a business and personal standpoint. I wouldn't want to be anywhere else," Birgisson said.
(Disclosure: Comcast Ventures is an investment affiliate of Comcast, the owner of NBCUniversal, the parent company of CNBC and CNBC.com.)
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dc68e51dd59888e2fa0d6dd9c37bb7f5 | https://www.cnbc.com/2015/07/29/blue-collar-millionaires:-climbing-a-ladder-to-$60m.html | Blue-collar Buffetts: $60M and still climbing | Blue-collar Buffetts: $60M and still climbing
VIDEO1:2701:27Blue Collar Millionaires: Climbing to wealth one rung at a time
Even from a young age, Glenn Fedale Jr. knew how to make profits go through the roof.
"When I was like 9 or 10, I started buying sodas at the local market," Fedale recalled. "I'd get a pack of 12 for $3.00, and I'd sell them for 50 cents each in front of my house. I'd make a $3.00 profit, and that was big money for me."
Growing up in Wilmington, Delaware, the oldest of 10 siblings, there was a constant need to hustle. Fedale's father worked as a print salesman, and his mom stayed home to raise the large family. His parents lived paycheck to paycheck. And while the family never wanted for food on the table, they also never had a lot.
"Clothes were always hand-me-downs from older cousins. Sneakers were always worn till they had holes in them," he said.
Yet it was this lack that drove Fedale to want more.
"I always wanted to develop a freedom from financial worry. ... I was always coming up with something new to make money," said Fedale, whose personal net worth is currently estimated at $60 million.
Well before Fedale's profits went through the roof, though, he went onto the roof—literally.
I just wanted to get ahead. There's nothing more uncomfortable than just getting by. And so to get ahead, you got to try harder than anyone around you.Glenn Fedaleowner and president of G. Fedale Roofing & Siding
Glenn Fedale, owner and president of G. Fedale Roofing & Siding
When he was about 12, Fedale started cleaning gutters. "I was making $25 dollars a house, and I could do three houses a day. Sometimes I'd have to lug that giant ladder half a mile or more to get to the house, but as long as I'd make $75 that day, I didn't care," he said.
At 14, Fendale said he went to work for his uncle John, who had a small roofing company. He said the job was brutal, working all day during the summer in over 100-degree heat, tearing off roofs and putting them back on. However, there was one thing that did appeal to Fedale: his uncle's lifestyle.
"He had a decent house, a motorcycle, a truck, and he was doing maybe one job a week and sometimes not at all during the winter months. I thought if I could get more people under me, then maybe I can have even more money. Maybe ... have a lifestyle that was even better than his."
When Fedale was 18, he started night school at Delaware Technical Community College, where he studied accounting and business management. He worked during the days roofing, while supplementing his income on weekends cleaning hospital floors. "I just wanted to get ahead. There's nothing more uncomfortable than just getting by. And so to get ahead, you got to try harder than anyone around you," he said.
After working for D. Shinn, a commercial roofing company, for four years, Fedale decided it was time to start his own business.
"I had worked my way up through the ranks, so I knew all aspects of the operations," he explained. "I was scouting jobs, doing the blueprint takeoffs, ordering material, finding the labor, setting the cranes up. … All this stuff, and I got the real know-how on how to bid on jobs and make a profit."
With D. Shinn he was doing mostly commercial work, but for his own business, he decided to start out by turning instead to the residential market. His first client: his girlfriend's mom, now his mother-in-law.
"I can remember the endless hours he worked from sunup to late in the night sometimes, and the off night he was compiling estimates, typing them up and mailing them out as well as billing for the business," said his wife, Laura, adding, "He was always working on something to further his business."
Read MoreMeet more of America's Blue Collar Millionaires
The first year was challenging, working long hours to drum up business and struggling to get paid. But it was worth it—Fedale's sweat equity generated roughly $350,000 in gross earnings for the first year.
After the first year, the company consistently grew 20 percent or better annually. By its fifth year, the company was earning roughly $4 million. Today the earnings figure has reached $16 million and is still growing, Fedale said.
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That success has allowed Fedale to expand his investing beyond the roofing business and grow his net worth to $60 million.
"As you develop more, you see more opportunities arise," he said. "There's an excitement to watching a new business grow, whatever the business. It's a new challenge, and you never know what doors will open next."
Starting in the early 2000s, Fedale began investing in real estate—he had 20 rental properties by 2008 and now has more than 150 rental and commercial properties. He said roughly half of his $60 million net worth is from real estate, 30 percent is from the roofing business, and the rest is spread across a number of additional investments he has made.
A family man with three kids, Fedale counsels his own children on the art of the hustle that has served him since he was a kid selling soda cans and cleaning gutters and hospital floors.
"I tell my kids to work harder and smarter than anyone around you. Whatever it is you're interested in, just don't set limits. Always strive to do better and you will," Fedale said.
Tune in Wednesday nights at 10 p.m. for "Blue Collar Millionaires" on CNBC.
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c31e375504a993c8fa408fafb7f04af5 | https://www.cnbc.com/2015/07/29/the-anti-amazon-thats-making-money-zazzle.html | The anti-Amazon that's making money: Zazzle | The anti-Amazon that's making money: Zazzle
Zazzle hatsSource: Zazzle
Amazon.com became the world's most valuable retailer by selling everything imaginable at virtually no profit. Jet.com raised hundreds of millions of dollars before launch, with the promise of undercutting Amazon's prices.
E-retailer Zazzle has spent the past decade—and made money—refusing to play that game.
Zazzle's trick: CEO Robert Beaver and his sons, Jeff and Bobby, focus on products that can't be found elsewhere, and thus face little to no pricing pressure.
Read More Amazon stock soars
Design your own flask? Check. Customizable ping pong paddles? Got those too.
The Beaver family has been quietly building the company, raising limited amounts of venture funding, shying away from the press and doing something crazy by Silicon Valley standards: generating profit.
Now as the Redwood City, California-based e-retailer celebrates its 10th anniversary, it's ready to talk financials for the first time.
Zazzle told CNBC.com that it expects revenue this fiscal year of more than $250 million, representing 25 percent annual growth, a pace that could accelerate to 35 percent over the next few years.
The company's gross margin, or the profit left after subtracting the cost of goods sold, is a hefty 45 percent. Amazon just reported a quarterly gross margin of 35 percent, and much of that is due to the rapidly growing and very profitable cloud-computing business.
VIDEO0:4000:40Jet.com takes on Amazon
"People perceive there to be more value when they can't get your product anywhere else," said Robert Beaver, who started four prior businesses before creating Zazzle with two of his four kids. "We can only retain those kinds of margins if we continue to offer those kinds of products."
For Zazzle, that increasingly means items created by so-called makers, modern-day do-it-yourselfers with marketable crafts to promote. Messenger bag makers, woodworkers and artisan chocolate vendors are taking advantage of Zazzle's expansive customer base to get their niche products to the masses.
Zazzle isn't a marketplace like eBay or Etsy, where people just sell their products. The company has spent years designing its own robotic cameras, printing presses and supply chain technology to let consumers virtually personalize products.
Read MoreWhat's left for eBay after split?
Items only get manufactured after they're ordered. Other than raw materials, Zazzle holds virtually no inventory and is still able to ship most packages in 24 hours.
"Every product on the Zazzle platform will be made to order," said Bobby Beaver, the older of the two brothers by one year. "The traditional commerce model is grossly, grossly inefficient."
Zazzle's alternative model is working for Ron Gallagher and his table tennis accessories business. Gallagher's company, Hampton Technologies, has been producing customized goods for 36 years from a small operation on New York's Long Island.
They have much deeper pockets.Ron Gallagher, president of Hampton Technologies
Zazzle headquarters in Redwood City, Calif.Source: Zazzle
Ping pong balls and paddles represent a newer business for them, but one that's growing in popularity. With Zazzle, the possibilities are endless. More than 200,000 patterns are available, and customers can take an existing design like an American flag or a soccer ball and embed a photo or a name.
Buy the paddle for around $30, and the order gets routed back to Gallagher's facility where the product is printed and shipped to the customer. Since launching on the site in June 2014, Zazzle has sold more than $154,000 worth of Hampton's paddles.
In addition to all the back-end technology, Gallagher can take advantage of Zazzle's marketing budget, brand and simple user interface.
"They have much deeper pockets," Gallagher said. "They have the expertise. This is what they do."
Read MoreEtsy and eBay need to merge: Pro
Even at $250 million in revenue, a big number for an e-commerce start-up, Zazzle's business would qualify as a rounding error for Amazon. The Jeff Bezos-led Goliath generated close to $90 billion in sales last year, and Wedbush Securities predicts Amazon reeled in $1.2 billion on Prime Day alone.
Amazon has spent the past two decades sacrificing profit to grow, grow, grow. Its dominance in e-commerce is built on a consumer's ability to get everything from books, music and electronics to toiletries and increasingly groceries, all in a day or two. Fulfillment centers are popping up across the country to enable storage and fast delivery.
The Seattle-based company's operating costs are so hefty that when it reported second-quarter net income of $92 million, representing less than half a percent of revenue, investors bid up the stock 10 percent in a single day.
A Zazzle robot photographs a sneaker.Source: Zazzle
Zazzle is a unique story in Silicon Valley. It hasn't been the raging, high-growth success that's turned droves of engineers into millionaires, but it's been profitable enough to survive and thrive over the course of a decade without relying on much outside capital, about $50 million in total.
(The company has actually been around for closer to 15 years, but the Zazzle website was launched publicly in 2005.)
An eventual IPO is likely. Robert Beaver said Zazzle won't "stay private forever," though he expressed no urgency to sell shares. Another private financing round is still a possibility, he said.
"It's a company not built to flip, but built for the long haul," said Bing Gordon, a partner at venture firm Kleiner Perkins Caufield & Byers, and a Zazzle director. Kleiner's initial investment 10 years ago was led by John Doerr, who made a fortune backing Amazon and Google.
Read MoreGoogle is even more influential than you think
Gordon, one of the first employees at video game developer , also knows a little something about e-commerce—he's an Amazon board member.
While Amazon and Zazzle are both vying for dollars as more shopping shifts to the Web and mobile, the type of customer is very different. Zazzle's real competition is with other companies focused on personalization like CafePress, Teespring and Vistaprint. Zazzle, though, is going way beyond apparel and business cards.
"Zazzle's opportunity is mass uniqueness," said Gordon. "In a world of T-shirts only it seemed kind of simple. But when they started getting to sneakers and skateboards and iPhone cases and custom stitched embroidery, it got more and more complicated."
VIDEO0:3600:36Amazon tests drive-up serviceFood Distributors
Most of Zazzle's own stuff gets manufactured at its factory in San Jose, California. The company has a T-shirt brand as well as a deal with American Apparel, and it has relationships with paper suppliers and other raw materials companies so it knows the whole supply chain behind a coffee mug or package of stationery.
The big growth opportunity is outside of Zazzle's own facility, with its vast network of makers. There are currently 150 makers utilizing the platform, and Zazzle has paid out a total of $50 million to those businesses, which include bag maker Rickshaw Bagworks and iPad case creator DODOcase.
This year, Zazzle is rolling out a platform so that any maker can sign up and tell their story to consumers.
Read MoreHow e-commerce is helping this warehouse firm
"What those makers have lacked is a significant distribution for small-scale products," said Jeff Beaver, the company's chief product officer. "The breadth of what's possible on Zazzle is getting exponentially larger."
One problematic issue for Zazzle is negative employee reviews.
According to Glassdoor, Zazzle has a rating of 2.3 out of 5 stars, based on 48 reviews from current and former employees. That's below the Glassdoor average of 3.2 for the more than 400,000 companies the website tracks, and worse than the ratings given to e-commerce counterparts Amazon, eBay, Etsy, CafePress and Zulily.
Glassdoor ratings: E-commerce companies
Company Rating (0-5) # of reviews Amazon.com3.45,600CafePress2.781eBay3.51,400Etsy3.726Zazzle2.348Zulily2.6275
Much of the criticism surrounds the challenges of working for a family run business and the difficulty outsiders say they have in being heard.
Still, Kleiner's Gordon says the company rarely loses top talent.
"Employee recruiting, development, promotion and retention is very much aligned with the best companies in the Kleiner portfolio," he said. (A spokeswoman for the company said: "We're always open to feedback and looking at ways to improve the culture. We do read the reviews, we are taking the feedback, we are aware. It's a conversation we're having internally.")
For Zazzle partners, it's all about selling more specialized products. Chocomize, for example, makes chocolate bars with bacon, Himalayan sea salt and gold flakes, and allows customers to create their own candy bar with 600 million possible combinations.
Read More Glassdoor's wackiest interview questions for 2014
Based in Queens, New York, Chocomize is a robust business, with more than $1 million in annual revenue, and Zazzle is still a very small part of it, bringing in only $7,000 last year.
Fabian Kaempfer, who co-founded Chocomize in 2009, would like to see sales on Zazzle increase as a portion of overall revenue. But he can't control what the site decides to promote, so he has to continue looking for other ways to drive growth.
Zazzle's customized ping pong paddles.Source: Zazzle
"I definitely like to be in charge of my own destiny," said Kaempfer. "If you have that many vendors, you can't expect that you're going to be their top priority."
It's true that chocolate bars aren't the first thing the casual shopper sees at Zazzle.com. The home page caters more to the consumer looking for luggage tags, tote bags and wedding invitations.
For Gallagher, however, ping pong paddles have been such a big hit on Zazzle that he's thinking about what else he can put on the site. He expects to soon start listing tailgate tables and rubber stamps.
"Zazzle is a very important partner," said Gallagher. "It's not like 50 percent of our business or even close to it, but hopefully it will be some day."
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8baf8eb2d7279a817c8462187a373786 | https://www.cnbc.com/2015/07/29/windows-10-review-microsoft-takes-a-step-back-to-move-forward.html | Windows 10 Review: Microsoft Takes a Step Back to Move Forward | Windows 10 Review: Microsoft Takes a Step Back to Move Forward
VIDEO6:3806:38Microsoft rolls out Windows 10Squawk Box
VIDEO0:2900:29MSFT hopes for fresh air with new WindowsSoftware
VIDEO1:2501:25'Betting the house' on Windows 10Closing Bell
VIDEO1:2401:24Windows: The timelineTech
VIDEO2:1602:16Will Windows 10 help Microsoft get its mojo back?Street Signs Asia
VIDEO3:4003:40Will Microsoft's Windows 10 be a gamechanger?
Starting today, Microsoft will try to reinvigorate its flagging Windows franchise, reignite falling PC sales, and maybe even save its almost invisible phone business with the release of just one product — Windows 10.
At its heart, Windows 10, which will begin rolling out gradually as a free update, is a rescue mission. It's an attempt to almost fully backpedal from its 2012 predecessor, Windows 8 (they are skipping 9), which was a radical effort to redefine the way Windows looked and worked. That experiment failed to win the hearts and wallets of consumers, and is estimated to have only about a 16 percent share of global PC users.
Instead, Windows 10 more closely resembles an even older version, the 2009-era Windows 7, with a dash of the Windows 8 look and feel retained. Unlike Windows 8 at its launch, the latest version of Windows will boot into the familiar desktop metaphor, and boast a full, working Start menu.
There are few wholly new big features, and some of them are catchups with those on Apple's Macintosh OS X.
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Also, the near-final build I've been testing proved surprisingly buggy. In particular, I had trouble with Windows 10's sexiest new feature, the voice-controlled Cortana intelligent assistant — Microsoft's answer to Apple's Siri — which has migrated from Windows Phones to the PC.
Still, some of the new features are promising, the balance between old and new styles seems right this time, and — if the bugs get erased — Windows 10 would be a good choice for Windows devotees.
Microsoft's Windows 10 operating system.Tobias Schwarz | AFP | Getty Images
However, it's just okay, not disruptive. It's perhaps what Windows 8 might have looked like if it had been evolutionary, not revolutionary. I doubt it will convert many Mac owners, spur a shopping spree in new PCs, bring in droves of new developers, or save the Windows Phone.
And I advise would-be upgraders who aren't enthusiasts to wait to upgrade at least for a few months, until the product is more stable and reliable.
Microsoft says that Windows will now be treated as a "service," with frequent small updates to quash bugs and add features. So this may be the last release of Windows with a formal new name.
Easing the Confusion
Windows 8 confusingly jammed two different interfaces, with two different types of apps and two different optimal input methods (touch and mouse) into the same OS. It eliminated the Start menu and booted instead into a Start Screen with tablet-style apps represented by tiles. The standard desktop, and its standard apps, were demoted.
Read MoreNokia is back....with a virtual reality camera
In Windows 10, PCs boot into desktop mode. The tiled tablet look has been demoted to a section of the restored Start Menu. Or you can decide to switch to Tablet Mode, where it will dominate. But it's your call.
What's more, the tablet-style apps run inside windows in the desktop mode, just like traditional Windows programs. A new type of "universal" app will supposedly be able to run, in the appropriate mode, on all forms of computers — traditional desktops and laptops, hybrid laptop-tablets, pure tablets and even, later this year, Windows phones.
Cost and Strategy
Microsoft is giving away Windows 10 as a free upgrade to users of the latest revisions of Windows 7 and Windows 8. The free offer lasts up to a year from today, but it won't be immediately available to all. It will begin with beta testers (so-called "Windows Insiders") and then spread to people who have reserved copies; then, on to others. A prompt will pop up on PCs that are eligible to upgrade.
The hardware specs for running Windows 10 are identical to those for Windows 7, but it still may not work well on older machines with slower processors and other limitations. The installation app will check for compatibility.
Read MoreApple Music hits 10 million subscribers: Report
Still, Microsoft hopes that hundreds of millions of people will upgrade. That's a reversal of its longtime strategy, in which it paid little attention to upgrades, and saw new versions of Windows as mainly a way to sell new PCs.
The reason? The company hopes that if it can get enough PCs on Windows 10, developers will be incentivized to write the new universal apps. And, since these will also run on Windows Phone, it will help revive that failed mobile platform, which has struggled to attract popular apps.
If you don't, or can't, do a free upgrade, you can buy a new PC, or Microsoft will sell Windows 10 starting at $119.
What's Old Is New
In some ways, the biggest new feature is an old one — the return of the Start menu. As in the past, it's on the lower left of the screen and lets you launch apps and settings easily, and shut down the PC. But now it includes a mini version of the Windows 8 tiled Start Screen, which you can expand.
This menu lists your most-used apps, those you've chosen to pin to the menu (as tiles) and even all apps, if you care to see them. Settings have been simplified and enhanced but — confusingly — for some things, you still have to use the ancient Control Panel, which is still there. Microsoft says it's working to eventually get rid of the Control Panel, but not soon.
Listen to Me (Some of the Time)
The most notable brand-new feature is Cortana, the combo search box and intelligent assistant. By typing in a box labeled "Ask Me Anything" at the lower left of the screen or speaking a question using a microphone icon, you can look for files, launch programs, play songs, get information from the Web and more.
For instance, in my tests, it could tell me the weather, or how my calendar looked, or how many people live in Kansas. It could find various documents by searching for words within them, and set reminders. You can even opt to have it listen for a trigger phrase ("Hey, Cortana") and just speak questions or commands to it without tapping or clicking on the microphone icon.
The problem was that "Hey, Cortana" failed on me about half the time, and the microphone icon also failed from time to time. I got messages saying "I didn't get that" or "something went wrong" or "the Internet and I aren't talking right now." At one point, I even got a pop-up warning on my PC saying the microphone wasn't designed for Cortana. And this was on a new Dell XPS 13, lent to me by Microsoft for testing, which costs more than $1,500.
Read More
Cortana needs work on the PC in Windows 10.
Navigation and Notification
I very much liked two new navigation and notification features. One, called Task View, appears when you swipe right on a touchscreen from the left edge, or tap or click on a button at the left end of the task bar. It shows all your open windows and lets you select among them. But it's a catch-up feature: Apple has had something similar, now called Mission Control, for years.
The other, called Action Center, appears when you swipe to the left from the right edge of the screen, or tap or click an icon near the right edge of the task bar. This shows notifications, like new emails, Facebook posts and similar things. It also has quick settings, including the ability to switch to tablet mode. Alas, again, the Mac has had something like this for awhile now, which also appears at right side of the screen.
Other New Stuff
Another of the big new features is a new Web browser called Edge. Its main feature that isn't a catch-up is the ability to draw or scribble on Web pages and then send these annotations to others. This is not something I believe most people would use frequently. A full review of Edge by my colleague, Lauren Goode, is here.
Gamers will love a new Xbox app, which can stream games to a properly configured PC from an Xbox One, and includes a screen-capture feature that takes images and videos of the action. I couldn't test that.
There's also a new function called Windows Hello that lets you replace a login PC password with facial, iris or fingerprint recognition. But my Dell test unit lacked the hardware needed to test that.
The built-in apps — Mail, Calendar, Photos, Maps, Music and more — are much improved from their counterparts in Windows 8. But they still need work, especially Mail. It lacks a unified inbox and unified unread view for all your accounts. And, just like Apple's built-in Mail app, it had periodic trouble with Gmail.
Continuum
Though I couldn't test this, Microsoft now has a feature called Continuum, which allows you to switch to tablet mode — but doesn't force you to do so. For instance, if you have a hybrid PC, and separate the screen and keyboard to use it as a pure tablet, tablet mode can be turned on, and you can continue your work where you left off.
Downsides
If you love watching DVDs on your PC, or still use floppy drives, you'll now need third-party software for that.
VIDEO1:0901:09Windows 10 critical for NadellaStreet Signs
Also — and this may not be the fault of Windows 10 — I still found the touchpad on my expensive test Dell laptop to be slow and jerky compared with the one on my Mac. This wasn't supposed to be the case, since the machine has a new so-called "precision" touchpad promoted by Microsoft. But the touchscreen worked very smoothly.
Bottom Line
Windows 10 will finally give the great majority of PC users, who still use Windows 7, a familiar but improved upgrade. However, by making that upgrade free, Microsoft may be dampening, not boosting, the market for new PCs, at least in the short run.
I regard Windows 10 as a solid, evolutionary operating system that's likely to be a good bet for people who like Windows. But don't upgrade until more of the bugs have been worked out.
—By Walt Mossberg, Re/code.net.
CNBC's parent NBC Universal is an investor in Re/code's parent Revere Digital, and the companies have a content-sharing arrangement.
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9667e491ec04a5a6c9cde331f1781cd1 | https://www.cnbc.com/2015/07/30/cramer-hot-moneys-bad-bite-on-apple-china.html | VIDEO5:5705:57Hot money out of Apple and China?Mad Money with Jim Cramer
Jim Cramer decided it was time to take a closer look at the slowdown in China, because there are so many moving parts related to it that it completely boggles his mind. Its tentacles pretty much reach everywhere, especially when it comes to Apple.
"Nowhere is the Chinese-Related confusion greater than in cellphones, where everyone admits there is a slowdown but no one wants to say who things are slowing for, or why," the "Mad Money" host said.
Cramer's attention was piqued on the topic of cellphones, because China is both the marginal maker and marginal buyer of them. It is currently in an infrastructure transition to improve speed by switching from 3G to 4G, yet, no one knows where the build-out stands.
And of course, China is where most of Apple's big growth comes from. Yet, Apple has indicated that despite the slowdown in the Chinese economy, despite the fact that the entire Chinese stock market crashed, and despite the fact that all of the economic indicators are tanking—things are excellent.
Adam Jeffery | CNBC
The "Mad Money" host has no reason to doubt Apple or its CEO, Tim Cook. Perhaps sales have slowed since the quarter it just reported last week, but Cramer hasn't gotten that read.
He could also suggest that the cellphone business has become a zero-sum industry, and Apple has totally crushed its competitor Samsung to take share faster than he's ever seen.
But there is one thing that Cramer knows for sure—the companies that have most benefitted from the strength in Apple's phones are hurting right now.
Both Qorvo and NXP Semiconductors represent the hottest portion of the semiconductor business, and have chips that go into everything from autos, to the Internet of things and cellphones. And while NXP was loved on Thursday, rising 6 percent, Qorvo took a total nosedive, dropping 14 percent.
Cramer could sense the total confusion emanating from Qorvo's conference call on Wednesday, which was widely viewed as a disaster. It portrayed the shortfall as a function of the big infrastructure transition in China, not Apple.
Yet, with all of the evidence, Cramer could argue that it wasn't just the infrastructure transition. It's an actual slowdown, which was aggravated by the crash in the Chinese stock market. No one can escape the slowdown, including Apple.
So, what is the truth here?
"My view is that the hot money made a bet that cellphone sales in China would be going strong. Now the hot money wants out of that bet, including Apple," Cramer said.
---------------------------------------------------------- Read more from Mad Money with Jim Cramer Cramer Remix: This is hurting Whole Foods Cramer: Twitter & Yelp blew it! It's their fault Cramer: What's really behind explosive earnings ----------------------------------------------------------
Instead, money is rotating out of cellphones and Apple and into health care, soft goods, oils and possibly industrial stocks.
Cramer summed it up in just three letters: ABC—anything but cellphones.
By the time investors find out what really when wrong, Cramer suspects the market will have already bottomed and started to go up again. That is exactly why he reiterated to own, not trade Apple, for a bumpy ride ahead.
Questions for Cramer? Call Cramer: 1-800-743-CNBC
Want to take a deep dive into Cramer's world? Hit him up! Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram - Vine
Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com
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f2258170e34a63816387d6d24d25c9f4 | https://www.cnbc.com/2015/07/30/many-us-retailers-not-ready-for-fraud-proof-cards.html | Many US retailers not ready for fraud-proof cards | Many US retailers not ready for fraud-proof cards
Credit cards with EMV chips.PhotonStock | Getty Images
By the fall, millions of Americans will have gotten new high-tech credit and debit cards, part of a broad effort across the financial industry to reduce fraud.
But many U.S. small businesses are unprepared for the changeover, which could leave them on the hook for any fraudulent transactions that occur after the shift happens.
The new credit cards are called EMV (Europay, Mastercard and Visa), and include a microchip intended to lower fraud.
While the new credit cards will still contain the current standard magnetic strip to allow for backward compatibility, they are designed to be read through their more secure microprocessor chip that creates unique data with every transaction.
Read MoreIt doesn't always pay to avoid credit cards with fees
This dynamic element makes EMV cards almost impossible to counterfeit; The United Kingdom saw a 32.5 percent reduction from 2004 to 2011 after the introduction of chip-based cards.
Credit card companies in the United States are pushing businesses to follow suit, and start accepting the microchips through a liability shift on Oct. 1, when American Express, Discover, Maestro, Mastercard and Visa will relinquish their liability for EMV card-present fraud to any businesses not accepting EMV.
While bigger retailers like Target and Wal-Mart have already made the adjustment, and are now accepting microchip cards, the transition has been more difficult for many small businesses. According to a recent Intuit study, only 42 percent of small businesses in the United States have committed to accepting EMV credit cards. Those that don't will soon take over financial and legal liability for fraudulent activity in their transactions.
The liability change was designed to give businesses time to conduct research and make smart decisions about upgrading their technology.
"Liability shifts have been used very effectively around the world and what they do is instead of a hard mandate that would require all businesses—both issuing banks and merchants—to transition quickly at the same time, it allows each business to make their own decision about the investment to migrate as well as any resulting costs and liabilities," said Carolyn Balfany, senior vice president of product delivery–EMV, MasterCard.
VIDEO1:3001:30Hacked? Identity stolen? Here's what to do nextInvestor Toolkit
More than half of the small businesses who do not intend to switch cited the cost of a new point-of-sale terminal as their primary barrier, while around a quarter said that the time necessary to research the tech and educate their employees was stopping them from moving forward.
However, according to Intuit, 85 percent of those small businesses said that they didn't know about the liabilities they'll be taking on, and 86 percent said that they might not be able to handle them.
Sally Cook, owner of Heirloom Bakery in South Pasadena, California, said she hadn't known about the liabilities her business will be taking on in October. Cook switched her business over to a new EMV-capable system called Clover a few months ago because it saved money on credit card processing, and learned about chip cards in the process.
"When they came and pitched the product, they informed me that there were some changes that needed to take place and they were already in place on the Clover system," Cook said. "I do know that there was a shift in terms of how certain things would be processed that we would need to comply with, I think, by the end of this year. At that point we would have to have everything in place, and that was another reason we were happy to switch over."
However, even with smart-chip capabilities, Heirloom has been processing EMV cards using their magnetic stripe.
Read MoreLife insurers experiment to attract millennials
"We just slide all of them the same way," Cook said. "We haven't been given any other information from Clover in terms of how to process them."
The new processing system made accepting credit cards cheaper for Cook, and for businesses already using mobile readers, the switch requires ordering an updated version from their provider at a cost of around $30. More traditional small point-of-sale systems can be found online for between $150 and $450, but those with more complicated systems could have higher research and technology costs.
However, the cost of a new point-of-sale system is far from the biggest expense a business could face if it does not have an EMV terminal and accepts a fraudulent credit card. Sixty-three percent of all the small businesses surveyed claimed some level of credit card fraud on an annual basis, with an average of 7 percent of transactions being fraudulent.
Those transactions add up; in 2012, the United States saw $5.2 billion in credit fraud loss, 47.3 percent of the world's total. For smaller companies, the losses incurred could be enough to push them out of business.
Read MoreThese financial companies get the most complaints
A recent survey from MasterCard says that American consumers are ready for the shift to EMV. In fact, 77 percent of them are concerned about their financial information being stolen or compromised. Balfany stated that accepting EMV cards might help businesses reassure their customers.
"Consumers actually expect merchants to upgrade and what consumers tell us is that they see a merchant that upgrades more positively because they see them as being willing to invest in their security," Balfany said.
Read MoreUnpaid costs of caregiving rival Walmart sales
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3840c910d16a960bba4e4ba6a74d0a07 | https://www.cnbc.com/2015/07/31/chicago-pmi-in-july-2015.html | Chicago PMI at 54.7 in July vs 50.5 reading expected | Chicago PMI at 54.7 in July vs 50.5 reading expected
A worker making parts for commercial coffee grinding equipment at the Modern Process Equipment manufacturing facility in Chicago.Tim Boyle | Bloomberg | Getty Images
Business activity in the U.S. Midwest jumped to a six-month high in July, topping economists' forecasts and showing expansion in the region for the first time since April, a report showed on Friday.
The Chicago Business Barometer for July was 54.7, according to the MNI Chicago Report. Economists had forecast the index at 50.5 for July, after June's reading of 49.4. A reading above 50 indicates expansion in the sector.
July's reading was the highest since January, when it read 59.4.
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5530107b460dc8a43cf7ccc0d83d6253 | https://www.cnbc.com/2015/07/31/cramer-best-stocks-to-pick-as-the-fed-tightens.html | VIDEO8:1808:18Cramer: Stock picks for Fed tighteningMad Money with Jim Cramer
At this point of the year, Jim Cramer knows the U.S. has a one-way ticket to a low-growth economy. Either the economy will be too weak for the Fed to raise interest rates or the Fed will raise interest rates in order to create a low-growth environment.
Either way, there is no avoiding low growth. So what if the Fed does raise interest rates? Cramer spelled out what this could mean for your portfolio.
"Welcome to the world of intense rotations, which have already begun since the Fed signaled in 2014 that things were getting too good to stay accommodative," the "Mad Money" host said.
If this were the old days, Cramer would recommend investors go for industrial stocks because their earnings will improve as the economy improves. However, that is no longer possible as most big industrial companies have become too dependent on overseas earnings, and a stronger dollar will create challenges as cash floods into the U.S. and away from countries across the ocean.
Cramer also warned investors need to start to be careful when reaching for trades that have always worked in the past. In addition to skepticism about the industrials, that also means investors must be careful when buying large tech companies that have exposure to Europe. (Tweet This)
A worker making parts for commercial coffee grinding equipment at the Modern Process Equipment manufacturing facility in Chicago.Tim Boyle | Bloomberg | Getty Images
One group that always benefits from higher interest rates are the bank stocks because higher interest rates mean they earn more money from cash deposited. But what else will work besides the banks?
Cramer said companies that have the biggest year-over-year earnings revisions, such as the U.S. industrials that do not have a lot of overseas business, are a good bet as are the high-growth stocks that aren't dependent on economic growth to do well, but can get a boost from the economy doing well. He also recommended restaurant and retail stocks that have already benefited from growth.
"Now these gains will be in fits and starts and will always be called into question from now on as the Fed tightens. But history is on the bulls' side in the early rounds of tightening, as they tend not to cool off the economy drastically even as many will fear they will," Cramer said.
Here's what it boils down to:
Cramer anticipates there will be various three-day selloffs whenever a new piece of news comes out about a rate hike. On day one, all stocks will go down in a broad market selloff that is led by hedge funds and mutual funds that short the .
In the old days, Cramer used to buy bond market equivalent stocks on day two—that should no longer be the case. Instead, Cramer foresees money will gravitate to the bank stocks and the highest growth stocks that have earnings that will go higher on interest rates.
Higher rates also mean housing stocks will get hit because mortgage money will cost more. That means homebuilders will have to hope for high employment rates, and that banks will ease terms to lend money. (Tweet This)
People also tend to buy gold when interest rates go higher, because it will retain its purchasing power when inflation is higher. Thus, if investors think inflation is imminent, they will all flock to gold.
"There is one issue with gold that you might want to keep in mind. Gold's been in a bear market so long that many of the producers who thought gold would grow to the skies do not have the money to continue to find gold," Cramer added.
---------------------------------------------------------- Read more from Mad Money with Jim Cramer Cramer Remix: Oil stocks in the house of pain Cramer: Hot money's bad bite on Apple & China Cramer: A massive mistake to sell Facebook now ----------------------------------------------------------
With this in mind, Cramer recommended the only exception to this is Randgold, or to buy the gold ETF called GLD, or gold bullion itself. But don't worry—Cramer doesn't see any inflation on the horizon yet, so there is no rush to buy gold.
Ultimately if rates go up, Cramer says investors should move towards more economically sensitive stocks. However, it is important to recognize many international stocks may not do well because of overseas exposure and a strong dollar. In that case, gold could become the go-to play on inflation.
Questions for Cramer? Call Cramer: 1-800-743-CNBC
Want to take a deep dive into Cramer's world? Hit him up! Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram - Vine - YouTube
Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com
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e6096d5dea7b91529dae2b84f2d69bf9 | https://www.cnbc.com/2015/08/01/making-sense-of-a-wild-ride-for-the-chinese-economy.html | Making sense of a wild ride for the Chinese economy | Making sense of a wild ride for the Chinese economy
On Friday, China was awarded the 2022 Winter Olympics, which will make it the first country with a city, Beijing, to host both Summer and Winter Games. But that wasn't the big news out of China in the past week. A huge slide in the Chinese stock market on Monday and Tuesday brought the July decline in the Shanghai Composite to nearly 15 percent. It's down by twice that much going back to mid-June. Roughly $4 trillion in market value has been wiped out.
At this point in China's stock-market spiral, it's too soon to really know how big a deal it is.
The basic point that everyone agrees on: China's growth is slowing. The most recent reports put GDP growth at a 7 percent annual rate, well below the 8 percent to 14 percent rate China has sustained for more than 20 years.
But there's lots more in dispute.
An investor watches stock prices in Shanghai, China.Aly Song | Reuters
Foreign investors are avoiding China. The country's equity exchange-traded funds suffered outflows on 14 of 17 trading days in July, totaling $1.1 billion, or 5.9 percent of assets, research firm TrimTrabs said in a statement on Tuesday.
There are good reasons to fret about what happens next in China, as well as rational economic arguments to make that a looming Chinese bear market will at worst resemble the 2000–2002 U.S. tech bust—which caused only a mild recession—rather than anything like an Asian version of the 2008 financial collapse. To help make sense of the wild ride in China that has world markets on edge, consider the following nine debate points:
1. Chinese stocks are not the Chinese economy.
Chinese companies don't usually use the stock market to finance their growth. According to economic-consulting firm IHS Global Insight, only 5 percent of China's private investment is financed by the stock market—down from 25 percent in 2007. The rest comes from bank lending, and Chinese authorities have made clear that they will make sure the banks have money to keep lending.
Read MoreWall Street is losing its love for Chinese stocks
Movements in China's stock market, housing market and corporate profits have had little correlation. And even though the Chinese market is heavily influenced by very active retail investors, only 15 percent of Chinese households own stocks and only 6 percent of household assets are in stocks, so consumption should be little affected, IHS stated.
2. Valuations for most companies, while high, are not nuts.
Before June, the average Shanghai exchange stock traded at a price about 40 times higher than companies' profits, down from 70 before a bust in 2007. That was already down to about 27 by early July, according to a Merrill Lynch calculation, and while those numbers are higher than in the U.S., the U.S. economy's growth rate is less than half of China's recent 7 percent annual clip.
3. Chinese bonds are holding up fine.
Chinese 10-year bonds are yielding less than 3.5 percent interest per year, not as low as bonds from slower-growing European or North American nations, but nothing suggesting investor panic. In fact, Chinese bond yields have fallen through most of 2014 and 2015, according to Trading Economics. Other interest-rate measures like bond spreads have also stayed stable.
4. The government is on the case, and that's pushing money into the market.
The Chinese government borrows in its own currency, unlike Greece for one, and that gives authorities the flexibility to push as much money into their financial system as it takes to keep any contagion from forming. Beijing has also been quick to encourage Chinese institutions to put money into the market, which has until this week had reversed institutional fund flows out of mainland stocks. And officials are threatening to crack down on short selling, in a bid to make bearish investors less influential and effective.
5. Bear markets in China are nothing new.
In fact, Chinese stocks spend most of their time in a bear market.
The Shanghai Composite Index has experienced 10 bear markets in the last 25 years for a total of 188 months, according to Tom Lee of Fundstrat Global Advisors. That means China was in a bear market more than 60 percent of the time.
So big swings in stocks are nothing new to China and, in the past, have not caused a collapse in U.S. stocks or the global markets.
Read MoreChinese farmer invested in stocks, lost everything
On the other hand ...
6. Chinese tech-stock valuations are high—really, really high.
By some measures, Chinese stocks (especially in tech) are more overvalued than U.S. tech stocks were in 2000. Bloomberg reported as far back as April that Chinese technology stocks were trading at 220 times their reported profits, the highest in the world. That even crushed the 156 price-to-earnings ratio sported by U.S. tech stocks in March 2000, right before the bubble burst.
7. China has a ton of debt, and other asset bubbles.
China's debts are anywhere between 175 percent and 225 percent of its annual gross domestic product, Mesirow Financial chief economist Diane Swonk said. As an example, she noted that Thailand had debts of 180 percent of GDP before its late-'90s financial crisis. In Swonk's opinion, the worst-case scenario is that China's economy goes through a long process of repricing leveraged assets a la Japan.
Meanwhile, housing prices in China have dropped nearly everywhere in the last year, further threatening the finances of retail investors. Real estate is one reason noted short seller Jim Chanos has been bearish on China for years, along with the debt load he says could reach four times GDP.
8. Individual investors are huge in China's market.
Some reports estimate that individuals drive as much as 85 percent of stock trading in Shanghai. But underlying that action, the stock market mess has been fueled partly by the unraveling of margin debt and the crimping of margin lending. Merrill Lynch has pointed out that only a small percentage of the margin debt was extended between April, when the Shanghai market topped 4,000 for the first time, and when it hit its peak of 5,178.19 in June. Some traders blamed this past week's sharp drop on a sudden reduction of margin-loan availability, and at least some investors are due for margin calls by now.
Read MoreWho benefits from China's market woes—Texas real estate
Margin lending has been a significant driver boosting Chinese shares, helping the Shanghai Composite clinch repeated seven-year highs earlier this year. Will Oswald, global head of fixed income, currencies and commodities research at Standard Chartered, told CNBC. "When you've got that type of leverage built up through margin accounts, it's a lot harder to stem the correction, but China is working on balancing between the moral hazard risks of supporting the market versus dislocated prices," Oswald told CNBC earlier this week.
Trading volumes in Shanghai have halved from their peaks in June, while margin debt, which had fueled a world-beating rally for China's stocks, declined to a four-month low, according to Bloomberg.
9. Lack of transparency hurts confidence.
China's "rescue squad," as it's called, went into action this past week. The China Securities Regulatory Commission said late Monday that the local government would increase purchases of stocks, while the central bank injected cash into money markets and hinted at further monetary easing. On late Tuesday the country's securities regulator said it was investigating share-dumping incidents that occurred Monday.
"Call it what you will; the aptly named 'rescue squad' have made their intentions clear and will continue to support the Chinese markets at any cost. The strength is seen in the 200-day moving average, and further investigations into Monday's price plunge will limit major downswings for the next few weeks," IG's market strategist Evan Lucas wrote to investors on Monday.
That stabilized Chinese stocks in the second half of the week. But volatility has been the norm for Chinese stocks in the past month. In early July, when the and restricted short-selling, the Shanghai Composite rose by as much as it went down this past Monday—8 percent
There's a flip side to the Chinese government's intense support of the market—no one really knows how bad the underlying problem is. At times, more than half of stocks in Shanghai have been suspended from trading. One reason for this past Monday's drop was speculation that the government would stop propping up shares, Moody's Analytics argued. Traders are saying they don't know the correct price for different shares, because of all the intervention, and wonder what the government's actions may be hiding from view.
—By Tim Mullaney, special to CNBC.com
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b843478036e3acd0efe86c415623a640 | https://www.cnbc.com/2015/08/01/third-point-defends-shareholder-activism-in-letter.html | With solid results in hand, Third Point defends activism | With solid results in hand, Third Point defends activism
Dan LoebJustin Solomon | CNBC
In a newly-released investor letter, Dan Loeb defended modern-day activist techniques, and revealed what appears to be a new long position in the Japanese automaker Suzuki Motor.
Detractors of mainstream activists are simply wrong, Loeb wrote in the letter dated July 31. Loeb highlighted Third Point's successful track record at installing talented CEOs, and inspiring figures like Japanese Prime Minister Shinzo Abe to encourage better governance and other improved management techniques.
Read MoreDelivering Alpha ideas move these stocks
Third Point's flagship hedge fund, Third Point Offshore, is up 5.7 percent through July. With those results in hand, the hedge fund guru used the opportunity to take aim at those who dismiss the efforts of financial activists.
"Lately, a varied chorus of powerful union bosses, politicians and candidates, an asset management company executive, and a few ivory tower types, have asserted that activism is short-term in nature," Loeb wrote.
These same individuals think of activists as "'hit and run' investors who only care about making a quick buck while leaving a company and its employees in ruins," Loeb said.
"It might surprise people to hear that we agree completely that the sort of activism they describe is abominable," Loeb added. "Luckily, it does not really exist, and certainly not at Third Point."
The fund's securing of "visionary leaders" like Yahoo's Marissa Mayer, John Higgins at Ligand, and Sotheby's Tad Smith was one indication of that, he wrote.
Elsewhere in the letter, Loeb talked up the pharmaceutical company Allergan (where Third Point began investing in 2013, when it was still known as Actavis), and voiced support for the pending sale of its generics unit to Teva Pharmaceutical. He described the deal as a financial "home run" and its strategic benefits "equally impressive."
Loeb also revealed a position in the beleaguered Suzuki Motor Company, which he described as "undervalued."
Although the Japanese automaker has been harmed by a longstanding legal dispute with Volkswagen, its 56 percent stake in Maruti Suzuki, an Indian subsidiary with an attractive foothold in that market, should be a huge driver of value, Loeb stated.
In fact, the fund manager argued the combined value of Suzuki's Indian assets amounts to more than the company's entire market capitalization at current prices.
Third Point's offshore fund rose 0.8 percent in July, according to a separate investor notification—a respectable performance during a difficult month for other hedge-fund managers, like David Einhorn.
Correction: An earlier version of this story misstated the surname of Southeby's CEO.
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3c1e3c5822ee30b70befb832ff11d856 | https://www.cnbc.com/2015/08/02/only-in-singapore-10-things-that-make-the-city-state-unique.html | Only in Singapore: 10 things that make the city-state unique | Only in Singapore: 10 things that make the city-state unique
Natthawat Jamnapa | Getty Images
Singapore is often called "just another bland modern city," with gleaming high-rise buildings and sophisticated infrastructure, but digging a little deeper, there's far more to the city-state.
The epitome of a melting pot, the island nation brags a blend of culture, producing foods, customs and traditions not seen elsewhere.
From local cuisine to "choping" to Changi Airport, CNBC takes a look at 10 things that make Singapore unique as it celebrates 50 years of independence.
—By Ansuya Harjani Posted 3 August 2015
Joseph Samuel Chan
You'll find you have many "uncles" when you live in Singapore.
Unlike in the West, the term isn't reserved just for relatives or close family friends, it's regularly used to address cabbies - no matter their age.
Famous for their rants on social and political issues, taxi uncles offer some of the most candid insight into life in Singapore.
Janine Tan
English, Mandarin, Malay and Tamil may be the four official languages of the city-state, but Singlish is the one most frequently heard on the streets.
The quirky dialect, which began to take root when Singapore gained its independence in 1965, combines English with a hodgepodge of words and phrases from Chinese dialects including Hokkien and Cantonese as well as Malay and Tamil.
Some common Singlish words include kaypoh – which is Hokkien for a busybody or nosey parker, makan – or food in Malay and ta pau – a Cantonese phrase for "take away" used in the context of food. Of course, there's the nearly ever-present "lah," tacked on the end of sentences to indicate the speaker really, really means it; it's never a question.
Janine Tan
Forget waffle cones or cups, Singaporeans love their ice cream between two slices of soft rainbow colored bread.
The native snack, sold by street vendors across the island, is the perfect way to cool down under the sweltering Singapore sun.
Bloomberg | Getty Images
The pride and joy of Singaporeans, Changi is famous for its high level of efficiency and extensive range of amenities.
Passengers can expect to be home within an hour of landing in the city-state, while those in transit have access to everything from free movie theatres and gaming centers to shower facilities, leg massage stations and sleeping lounges.
Changi was voted the world's best airport for the third straight year in 2015 at the annual World Airport Awards in March.
Janine Tan
Kleenex packets serve a dual function here in Singapore.
Apart the obvious, they are also used to reserve tables at food courts or public eating areas – a common practice called "choping."
The more daring "chopers" use their staff IDs, keys and even mobile phones to reserve their seats while they are off purchasing food.
If that isn't a testament to how safe the city is, I don't know what is!
Syafa'at Salleh
From your morning kopi-o to afternoon teh tarik, hot and cold beverages purchased from hawker centers are often served in plastic drawstring bags with a straw. Why? It's cheap and convenient.
Janine Tan
With weddings and funerals seen as more communal than private life events for certain communities in Singapore, void decks – or the largely vacant ground floor of public-housing apartment blocks – are often used to host sacred ceremonies.
Janine Tan
The heart and soul of Singapore's food scene, hawkers serve up the best of local cuisine – from chicken rice to char kway teow.
These foodie havens located across the island offer the cheapest dining options in the pricey city state, with dishes averaging just 5 Singapore dollars ($3.70). But the squeamish should be sure to check the grade -- each stall's cleanliness is ranked A, B or C.
Janine Tan
Chili sauce with fries, cut red chili with fried rice, chili blachan with fried noodles, chili oil with dumplings – Singaporeans love their spice, in whatever form.
You'll find supermarket shelves in the city-state stocked with dozens of hot sauces from all over the world.
Getty Images
Chewing gum is a tightly controlled commodity in the city state.
The government outlawed the sale of gum in 1992 in an effort to keep public areas clean. But the ban, which grabbed global attention when it was first announced, has since been eased. Just over a decade ago, pharmacies and dentists were granted permission to sell so-called therapeutic gum used for medicinal or dental purposes, such as nicotine and sugar-free gum.
While the restrictions continue to be perceived as overbearing by some, their value is quickly apparent in Singapore's pristine streets.
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f852bd014ded0fc9a3a51f60e75eefbe | https://www.cnbc.com/2015/08/03/malaysias-anti-graft-unit-says-funds-in-pms-account-a-donation.html | Funds deposited in PM Najib's account a 'donation' | Funds deposited in PM Najib's account a 'donation'
Malaysian Prime Minister Najib Razak on April 3, 2014 in Perth, AustraliaRichard Wainwright | Getty Images
Funds deposited into Malaysian Prime Minister Najib Razak's bank accounts were from a donation, not from debt-laden state fund 1Malaysia Development Berhad (1MDB), the anti-corruption commission said on Monday.
Acknowledging that 2.6 billion ringgit ($670 million) in funds were transferred into Najib's private accounts, the commission said results of the investigations found that it was a "donor's contribution".
It did not elaborate on the donor or why the money was transferred to Najib's private accounts.
VIDEO4:0304:03Malaysia PM will remain in office: ProfessorSquawk Box Asia
The Wall Street Journal reported in July that investigators looking into allegations of graft and financial mismanagement in 1MDB found that nearly $700 million was deposited into Najib's private bank accounts. Reuters has not verified the report.
Najib has denied taking any money for personal gain, saying the corruption allegations are part of a malicious campaign to force him from office. 1MDB has denied transferring funds to Najib and an interim government report has found nothing suspicious.
The allegations of extensive graft at the fund are nevertheless the biggest threat to Najib's credibility since he took office in 2009 and could threaten the grip his United Malays National Organisation has kept on politics since independence in 1957.
Read MoreMalaysia cabinet reshuffle saps confidence
State-owned 1MDB has debts of over $11 billion (7.05 billion pounds) and Najib is the chairman of its advisory board. Najib sacked his deputy last week after he called on Najib publicly to explain the situation around 1MDB.
The Malaysian Anti-Corruption Commission's (MACC) statement comes amid an investigation by police on information leaks by government officials involving the 1MDB probe. Two officers of the MACC and an official from the attorney-general's office were arrested over the weekend.
The task force set up to probe 1MDB had earlier said that it expects to complete investigations by year-end. The group comprises the MACC, attorney-general's office, central bank and the police.
A parliamentary investigation into the scandal has been put on hold as the man overseeing the probe was appointed deputy home minister and had to resign from his Public Accounts Committee post.
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2f1d5785e9410a44b70d40c80718e2de | https://www.cnbc.com/2015/08/04/cramer-most-lucrative-way-to-unlock-stock-value.html | VIDEO4:0404:04Cramer: Hot new breakupsMad Money with Jim Cramer
Jim Cramer has always said that sometimes the easiest way for a company to create value is to split itself up into understandable parts for investors.
The "Mad Money" host has been a huge fan of the school of thought that breaking up is easy to do. The question is how they choose to do it. Management in some companies choose to shed their poorly performing divisions, while others choose to unlock value by splitting up into a multi-division company.
On Tuesday, Cramer heard terrific news of two top companies choosing to split up to bring out more value—Baxter International and RR Donnelley. Cramer has been pushing for Baxter to split up for ages, and even dedicated a chapter to it in his book "Get Rich Carefully." He pushed for it to broken up into a slower growing, methodical device company, and a fast ramping biosciences company.
Sure enough, the Baxter board agreed to provide investors with a special dividend called Baxalta which was made up of top blood franchise drugs. Investors received Baxalta on July 1, and Cramer immediately praised it as a way to get exposure for the company.
The company before this new configuration did seem like a confusing mosaicJim Cramer
Baxter International Inc.Brent Lewin | Bloomberg | Getty Images
Clearly someone was listening! On Tuesday morning Shire, an aggressive Ireland domiciled pharmaceutical company, launched a hostile takeover of Baxalta. And of course, the $45.23-per-share bid for Baxalta immediately prompted the stock to skyrocket as investors drooled with dollar signs. Once the deal closes, investors would be up 18 percent from when the spinoff occurred.
"That said, it makes a ton of sense for Shire to pursue it, even at a higher price, because Shire has a very favorable overseas tax status and can immediately boost its earnings if the deal does close," the "Mad Money" host said. (Tweet This)
RR Donnelley also knocked off Cramer's socks when it announced its decision to split itself into three companies. This made a ton of sense to Cramer, as he thought that they all did not belong together under one roof.
The publishing and retail services company announced it would be a financial communications services company, a customized, multi-channel communications management company and a printing services business.
"The company before this new configuration did seem like a confusing mosaic," Cramer said.
The new structure will allow RR Donnelley to lock down the financial communication aspect of public companies, while cashing in the popularity of bricks-and-mortar retailers to expand in ecommerce.
Read more from Mad Money with Jim Cramer Cramer Remix: Even president Obama can't help this Cramer: 2007 Fed rant—has anything really changed? Cramer: Oil, China & Greece are great for the bulls
However, the most exciting aspect of the business for Cramer is its print services business. He considers it to be a fantastic opportunity for RR Donnelley to make strategic acquisitions and consolidate the industry.
"I salute both management teams for recognizing the need to create easy to understand structures that immediately unlock value," Cramer added.
Ultimately, Cramer wants other management teams to realize that breaking up doesn't always have to be hard to do. It can be both easy and lucrative in the long run.
Questions for Cramer? Call Cramer: 1-800-743-CNBC
Want to take a deep dive into Cramer's world? Hit him up! Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram - Vine
Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com
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f783013033067dc461019d427a06fa62 | https://www.cnbc.com/2015/08/04/feds-lockhart-says-september-could-be-appropriate-time-to-lift-interest-rate-report.html | Fed's Lockhart: Sept hike could be 'appropriate': Report | Fed's Lockhart: Sept hike could be 'appropriate': Report
VIDEO2:0102:01Lockhart: Economy ready for rate hike in Sept. - WSJPower Lunch
A long-awaited Federal Reserve interest rate hike could be "appropriate" in September as current economic data support a move, Atlanta Fed President Dennis Lockhart told The Wall Street Journal.
Lockhart told the newspaper that only a "significant deterioration" in economic momentum could persuade him to vote to wait longer.
"I think there is a high bar right now to not acting, speaking for myself," said Lockhart.
Former Federal Reserve Bank of Atlanta President Dennis LockhartScott Eells | Bloomberg | Getty Images
The central bank has kept its federal funds rate near zero for about nine years. The Fed has monitored economic data including employment, wage growth and inflation to gauge when it will increase rates.
Read MoreWelcome to the Fed's silly season for rate guesses
Lockhart's comments—ahead of the government's monthly release of employment data Friday—follow similar remarks from James Bullard, president of the St. Louis Fed. Bullard, who isn't a voting member of the Fed's policymaking committee, told the Journal last week that the economy was in "good shape" for a September liftoff.
Still, markets are betting on the Fed waiting longer to hike. Investors have priced a zero percent chance that the Fed will increase rates in September, according to the CME Group FedWatch.
The Fed's next policy meeting is Sept. 16 and 17.
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e7e4c895da9f72d6a30b7f87ee30abdc | https://www.cnbc.com/2015/08/04/mobius-oils-fall-is-sentimental.html | Mobius: Oil's fall is purely sentimental | Mobius: Oil's fall is purely sentimental
VIDEO3:1803:18Mobius: Oil prices are purely sentiment drivenStreet Signs Asia
Investment guru Mark Mobius has dismissed claims that an oversupply of crude is behind oil's selloff, and believes the end of the broader commodities rout is in sight.
"If you look at the supply and demand growth of oil in the last 20 years, roughly it's been 1 percent growth each year. But within each year, the [price] range has been plus/minus 5 percent," he told CNBC on Tuesday.
"The price is purely sentimental. It has no real relationship to long-term supply and demand."
Brent crude rebounded in Asian trade on Tuesday after losing 5 percent in the previous session, but still traded below $50 per barrel— its lowest level since January.
Mobius, chairman of Templeton Emerging Markets Group, a firm with over $880 billion in assets under management, also expressed disdain for price forecasts.
Read More Oil craters, set to retest lows
"Nobody is an expert on oil prices, not even the top people in the industry. I sit on boards of some of these oil companies and their predictions are way off. They make plans based on where oil will be in the next year or so but with oil below $50, that's something nobody ever imagined."
Mobius' argument is in contrast to that of many traders, who pin oil's fate to the current oversupply, with the effect exacerbated by the fact that Iran—the world's fourth largest oil producer—has agreed to a nuclear deal that allows it to export crude again. Once Western sanctions are lifted, Tehran will be able to ramp up production by 500,000 barrels per day within a week, Iranian oil minister Bijan Namdar Zangeneh said on Monday.
Meanwhile, a survey last week by Reuters revealed July crude production by the Organization of the Petroleum Exporting Countries hit the highest monthly level since survey records began in 1997.
While Mobius does intend to reduce Templeton's exposure to oil assets if prices continue to sink, he encourages investors to take a broader view of the sector before making a call.
A worker stands next to a pump jack at an oil field Sergeyevskoye owned by Bashneft company north from Ufa, Bashkortostan, Russia.Sergei Karpukhin | Reuters
"Look at the total picture of a diversified oil company: Marketing and refining are actually doing well at these low prices so you have to balance investments."
Read MoreOil prices could be as low as $50 by 2020
Although low-cost producers are traditionally the principal beneficiaries of cheaper oil, Mobius warns that industry-wide firms are in trouble with prices at current levels.
On the bright side, he believes the protracted commodities rout, including that of oil, may be fading.
"We are beginning to reach the endgame in the commodity bear market because finally, people are getting the message of canceling projects which were planned at higher prices," he explained.
In particular, Mobius thinks precious metals including gold, silver, platinum and palladium could enjoy an upwards spike after dropping to multiyear lows in recent sessions.
However, overall commodity price fluctuations will continue in the short term, he warned.
Other experts also anticipate higher crude prices going forward, albeit for different reasons.
"Brent could drop back to its January low of $45, but that's the one final flush we get before prices move higher," Matt Smith, director of commodity research at ClipperData, told CNBC on Tuesday.
"We've seen demand tightening up, so it's case of demand-supply coming back in line and supporting prices."
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64c63dc47bd79518fcd3a709c484577d | https://www.cnbc.com/2015/08/05/commodities-point-to-a-stock-market-correction-expert.html | VIDEO2:5202:52Commodities' warning to the world: ExpertFutures Now
The bad news for commodities could be spreading.
As gold, oil, copper and other commodities tumble to multiyear lows, one expert says the turmoil is far from over. In fact, he said the collapse could mean that a full-blown market correction is just around the corner.
"We're looking at real weakness in the stock market here in the U.S.," Andrew Hecht said Tuesday on CNBC's "Futures Now." "We've had a really good time in that market, and I think it's overdue for a correction."
Hecht, author of "How to Make Money with Commodities," said he's watching three commodities markets in particular: copper, oil and lumber. Hecht said copper is especially signaling a global slowdown, most notably in China.
Copper has fallen almost 17 percent this year to new six-year lows. Crude oil is down about 14 percent year to date, but saw a brief rally of 2 percent on Tuesday. Lumber has fallen about 22 percent this year.
Read More Analysts: Commodities dip derails Fed rate hike
Hecht said although August will see some volatility and bounces in commodities markets, there's still a lot more downside risk in all raw materials.
"We'll see a lot of moves like we're seeing in crude oil today, but I think once September, October settles in, we'll see another leg down in these commodity markets, and that does not bode well for equity markets in the U.S.," Hecht said.
Traders Jim Iuorio and Brian Stutland said on CNBC's "Futures Now" they believe oil will continue to trade lower despite Tuesday's rally.
"There's so much telegraphed to the downside, but we haven't even had one ounce of good news, and I think you need something going to get [a bottom] started," Stutland said Tuesday.
Hecht also said prices in copper, gold and silver could fall to levels not seen since the previous plunge in 2008.
"The commodities market since 2011 has been making a series of lower highs and lower lows and I think that's going to continue," Hecht said.
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965ba1607440e5d0b0c3eae7b8e58658 | https://www.cnbc.com/2015/08/05/singapore-by-design-cool-products-to-celebrate-sg50.html | Singapore by design: Cool products to celebrate SG50 | Singapore by design: Cool products to celebrate SG50
VIDEO3:0303:03The best of SG50-inspired designsSquawk Box Asia
From a Merlion "chou chou" to a "Game of Chope", local entrepreneurs have flexed their creative muscles to produce fun products that celebrate what it means to be Singaporean on the city-state's 50th birthday.
At lifestyle store Supermama, a collection called "Souvenirs from Singapore" pays homage to local icons by recreating them into 50 everyday items such as HDB-shaped erasers and a cuddly "chou chou" — which means "smelly pillow" or "baby pillow" in Chinese, and is the pillow or bolster that is given to small children for comfort during bedtime — taking the form of a Merlion, the lion-fish hybrid that is Singapore's emblem.
Supermama says some items in the collection, including the Merlion pillow, have sold out, mostly snapped up by native Singaporeans.
"Singapore has a strong narrative of different cultures and this is what we hope to [showcase] with the individual objects, which each tell a different aspect of the society that we live in," founder Edwin Low, who collaborated with fellow local design outfit Stuck and manufacturer Meykrs on this collection, told CNBC.
The "Strangely Singaporean' collection by The Little Drom Store.The Little Drom Store
For other designers, the city-state's quirky lingo, known as Singlish, is what makes the Southeast Asian nation unique. A mishmash of English with words and phrases from Malay and Chinese dialects including Hokkien, the distinct tongue is a beloved part of the Singaporean life that, for most of the time, leaves foreigners baffled.
Published this month, "The Strangely Singaporean book" written by the Little Drom Store goes beyond common Singlish words such as "kaypoh" to explain over 100 phrases such as "blur like sotong" (commonly used to describe someone in a world of his own) and "stylo milo" (a local stand-in for 'You're so cool'). The new publication builds on the store's previous 'Strangely Singaporean' merchandise collection, which has been a best seller since its launch last December.
"We were inspired by our previous project [because] while doing it, we thought there must be more of these phrases. After talking to our parents and the older generation, we realized there were sayings like ' song song gao jurong' that we don't use anymore so we added them [into the book]," said Little Drom Store co-founder Antoinette Wong. "Song song gao jurong" is a Hokkien phrase used to describe utmost satisfaction.
Read MoreNostalgia wave hits Singapore's F&B scene
Nostalgia is also a key theme, with some entrepreneurs saying that the country's 50th birthday marks a special time to look back at Singapore's transformation from a colonial trading post into a first world country within one generation. As such, celebrations for the Golden Jubilee should involve a re-connection with the simpler pleasures of yesteryear.
That's the concept behind "Game of Chope", a board game playing a pun on the name of popular U.S. television series "Game of Thrones" and largely based on the rules of a nostalgic favorite called "Aeroplane Chess."
Launched by design studio and brand WhenIWasFour last month, the game sets players on a mission to reserve a restaurant or cafe table using their Game of Chope game pieces instead of packets of tissue paper that in real life play a key role in a common practice called "choping", or reserving a table by leaving a tissue packet on it.
"With the availability of smartphones and the internet, technology is always around and for me that has led to a lack of social interaction and [relationships] have become very cold. So I wanted to use these nostalgic [board games] to bring back memories and encourage people to engage in more meaningful bonding activities," the chief designer behind WhenIWasFour, Li Ling Tan, told CNBC. "That was also one of the reasons why I started the brand six years ago."
The 'Game of Chope' board game created by WhenIWasFour.WhenIWasFour
Tech inspiration
The wave of SG50-inspired innovation has also spilled over into the tech sector.
The makers of an app called "JalanJalan" hope their creation will help Singaporeans uncover bits of history in lesser-known parts of the island. Users can either allow the app to send automatic alerts about interesting spots near you or search the app for a place to visit. Conceptualized nearly two years ago, "JalanJalan" - which means to walk about in Malay - was officially launched in April.
"A friend shared with us his research on how Chinese immigrants sought the blessings of Malay land deities when they arrived in Singapore. These shrines can be found around our island and we may have come across them without realizing. It made me realize that we pass by heritage nuggets such as these every day, and do not recognize how significant they are," JalanJalan creator Steve Tan told CNBC by email.
"Through the app, we hope Singaporeans will become more aware and concerned about our heritage," he added.
The founders - Steve Tan and his wife Michelle Lee - have also organized three heritage walks that have had an enthusiastic response from the public.
"We didn't expect Singaporeans to be so open about sharing their memories. After every walk, we've had participants gather at a kopitiam [or coffeeshop] to share memories while sipping 'kopi'," Tan said.
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0f5d8aed49eab876cc8e5d3a233dd85c | https://www.cnbc.com/2015/08/06/bank-of-england-votes-to-hold-rates-in-8-1-split.html | Doves dominate as Bank of England holds rates | Doves dominate as Bank of England holds rates
VIDEO3:4803:48BoE keeps rates unchangedWorldwide Exchange
VIDEO1:3101:31BoE decision: The biggest surpriseWorldwide Exchange
VIDEO1:1801:18If Fed hikes first, gives central banks more 'impetus'Worldwide Exchange
VIDEO4:2304:23More deflation to hit UK?Worldwide Exchange
VIDEO4:0204:02UK's biggest economic change of 2015Worldwide Exchange
Investors hoping the Bank of England may follow the U.S. Federal Reserve in an expected interest rate rise this year look set to be disappointed after the U.K. central bank voted 8-1 to hold rates
The Bank's Monetary Policy Committee (MPC) voted to keep interest rates at their all-time low of 0.5 percent Thursday, as expected. The MPC also implied those betting on a first-quarter rate rise in 2016 may be disappointed in its minutes, by suggesting current market pricing (for a May rise) is "consistent with an improvement in sentiment".
Ian McCafferty was the only member who voted to raise rates, by 0.25 percent. This is likely to surprise BoE watchers, as he had been expected to be joined by at least one more hawk, probably Martin Weale.
The more dovish-than-expected tone of the report suggests that the Bank's first interest rate rise will come later than previously forecast. Many investors had factored in a rise in February next year.
Following the rate decision, sterling fell sharply against the dollar, off 0.7 percent on the day at $1.54.
Rather than be staggered over a few weeks, the Bank's interest rate decision, the MPC minutes and its quarterly analysis of the U.K.'s economy have all been released at the same time in what has been dubbed as "Super Thursday". The data dump is part of what Governor Mark Carney hopes will be a new era of transparency at the bank.
How it happened: UK rate-setters surprise markets
Markets vs central banks: Who’d you bet on?
Why hawks are circling again at the Bank of England
According to the Inflation report, the U.K.'s rate will not reach the Bank's 2 percent target again until the third quarter of 2017.,
Low oil, food and imported goods prices account for much of the drag on inflation, according to Carney.
The governor continued his emphasis on caution and "gradual" rate rises, or a "gently rising path" as it was called in the minutes, as the U.K. tries to return to normality after years of extraordinary financial measures following the credit crisis. He still expects the U.K. economy to grow slowly this year.
The potential for further deflation has not been ruled out. While it is not the Bank's central case, its margin for error includes the prospect of further negative inflation prints in coming months. Lower-than-expected oil prices have increased this prospect.
The employment market continued to puzzle the MPC, with mixed signals including a falloff in employment growth, but, in contrast, more demand for new employees. Overall slack in the economy was still around 0.5 percent.
Greece and China were the main sources of international concern for the committee, although fears about a disorderly Greek exit from the euro zone had abated after the partial resolution of its issues with creditors.
Follow us on Twitter: @CNBCWorld
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b779e677d40ceb18e2b69dbd93d7e3f0 | https://www.cnbc.com/2015/08/06/fleet-of-ferraris-lead-415-million-dollar-car-auctions.html | Fleet of Ferraris lead $415 million car auctions | Fleet of Ferraris lead $415 million car auctions
How many Ferraris is too many Ferraris? The world may find out next week.
A record 112 classic Ferraris are headed to the auction blocks at the Concours d'Elegance in Pebble Beach and Monterey, California—marking the latest test for the increasingly frothy collectible car market. It may also signal whether the Ferrari boom of the past decade, with records set almost every year, can keep gaining speed.
The auctions are expected to hit a sales total of $415 million this year, according to collectible-car insurance company Hagerty.
That's below last year's total of $428 million, but last year's auctions got a one-time boost from the $38 million sale of a Ferrari 250 GTO, which became the most expensive car ever sold at auction.
The $415 million total would be more than 30 percent higher than the 2013 total and more than double the total of 2011. Even more staggering: There will be up to 141 cars that sell for $1 million or more, according to Hagerty. In 2010, just 36 cars sold for $1 million or more, showing just how rapidly collectible-car prices have soared.
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McKeel Hagerty, the CEO of Hagerty, said he expects continued demand for collectible cars from wealthy buyers. He said that the quality of cars headed to auction just keeps getting better, and the sales results are more predictable.
"The market continues to show incredible strength," he said. "Imagine that in a single weekend, a group of people can absorb that many cars and that many transactions, and we'll have a pretty good sense of the outcome. There are fewer wild cards, and it's a much more predictable market today."
One of only 32 produced, this 1964 Ferrari 250 LM sold for $17.6 million at the Concours d'Elegance auction in Pebble Beach last August.Source: RM Sotheby's
Ferraris continue to dominate the top of the collector car market, with all of the top five cars—and most of the top 10—at this year's auctions expected to be Ferraris. But the market for classic Ferraris may be tested with 112 Ferraris headed to the auction block this year, far more than past auctions.
"The question is whether there is demand for all these cars," said Marcel Massini, a Ferrari historian and collectible-car advisor. "I think we'll see strong results because there are some great Ferraris coming up for auction. But we've never seen so many of them."
The 1998 Mclaren F1 LM being sold by RM Sotheby’s could fetch between $12 million to $15 million.Source: RM Sotheby’s
Among the most expensive cars expected to sell next week are a 1956 Ferrari 250 GT Competizione TdF being sold by RM Sotheby's that could fetch between $15 million and $20 million; a 1960 Ferrari 250 GT SWB Berlinetta Competizione being sold by RM Sotheby's that could go for $17 million to $19 million; and a 1961 Ferrari 250 GT SWB California Spyder being auctioned by Gooding & Co. that could sell for $16 million to $18 million.
Among the non-Ferraris, a 1998 McLaren F1 LM—one of only two built—could go for between $12 million and $15 million, while a 1955 Mercedes-Benz 300SL Alloy Gullwing could fetch $5.5 million to $6.5 million.
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8b295151e57afd11bdc299ad9f33e0d2 | https://www.cnbc.com/2015/08/06/miami-heat-hits-housing.html | Miami heat hits housing | Miami heat hits housing
The only thing hotter than the beach in Miami this summer is its tempestuous housing market. While summer is historically the slow season for Miami, this summer saw record sales of single-family homes.
MiamiRoberto Bowyer | Getty Images
The city had 1,390 sales in June, an 8.6 percent jump from a year ago and a new one-month high, beating the mark set in June 2005 during the height of the last housing boom, according to the Miami Association of Realtors.
Condominium sales also rose, but at a slower pace, up just 4.5 percent from a year ago. While the supply of condos for sale is still relatively low, it did jump 9 percent from a year ago, and there is concern that thousands of new units, either planned or already under construction, will temper the market in the year ahead.
What's up with Miami's condo conundrum?
For now, however, prices continue to surge on higher demand. The median sale price for single-family homes rose 14.9 percent from a year ago to $280,000 in June, and the median sale price for condominiums increased 7.9 percent $205,000 from a year ago.
"An improving jobs market, historic low mortgages rates, and Miami's reputation as a world-class global city continue to attract domestic and international homebuyers who want to live, work, and play in one of America's most dynamic areas," said Christopher Zoller, residential president of the Miami Association of Realtors.
The outlook is not as bright for the luxury market on Miami Beach. With a median price of $2.3 million, down 5 percent from a year ago, sales are weaker by 10 percent, according to Jonathan Miller, president of Miller Samuel and author of the market report for Douglas Elliman.
Detroit: A tale of two housing markets
The stall on the high end is the result of fewer international investors in the market. Miami has been a safe-haven for money from all over the globe, but the strength of the dollar against foreign currencies is cutting into that. Buyers from Russia, China and Europe may be reconsidering Miami.
"Some of them certainly put their decisions on hold when it comes to investments. When it comes to end-users, people who want to live in the homes, that's a healthy part of the market," said Sladja Stantic, a real estate agent with One Sotheby's International Realty in Miami.
Luxury condos, however, are sitting on the market longer, which could portend weaker sales in the fall. The single-family luxury market, with a median price around $7 million, is faring slightly better. Sales and prices are down slightly, but the homes are selling faster than condos.
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588a606719113b31ec835333f0030527 | https://www.cnbc.com/2015/08/06/netflix-for-porn-pornhub-offers-streaming-service.html | Netflix of porn? Pornhub offers streaming service | Netflix of porn? Pornhub offers streaming service
VIDEO0:3400:34Pornhub to adopt Netflix modelAdult Entertainment
The adult entertainment industry, which was at the forefront of so many technological leaps long ago, found itself sitting on the sidelines as the biggest revolution of the past 10 years occurred.
While Netflix and Apple found ways to persuade customers to pay for songs and programming that were once regularly stolen, porn companies relied on the DVD model, which devastated the industry. Now, one of the industry's largest companies is hoping to play catch-up.
Pornhub, a division of porn uber-conglomerate Mindgeek, announced on Thursday a new service offering unlimited, ad-free, high definition streaming of adult films for a monthly charge of $9.99—a model that should sound familiar to Netflix customers.
The company hopes that by offering a deep catalog of films—featuring current and well-known porn stars from previous generations, including Jenna Jameson and Christy Canyon—fans will be willing to pay a nominal fee for high-quality video content.
"Users will benefit from enhanced access to all of the content they already enjoy on Pornhub.com—with improved streaming quality—as well as over 100,000 full-length premium exclusive scenes at the touch of a finger or click of the mouse," Pornhub Vice President Corey Price said in a statement. "We're confident our fan base will totally embrace this product and reinforce our position as the top provider of on-demand adult video."
VIDEO2:1002:10But seriously, who pays for porn?Adult Entertainment
Due to the nature of the service, dubbed Pornhub Premium, many streaming devices are unlikely to support it. Officials at the company, though, say the service will be available at launch for users of Android devices and on Roku.
Read MorePorn and pot: New business bedfellows
The company says it also plans to roll out virtual reality integration sometime next year.
The service is one that Mindgeek has seemingly been contemplating for some time. Nearly two years ago, officials quietly were talking about a similar service that used films and scenes from the company's many studios—as well as original content.
The model has shifted slightly, but there are many similarities in the two. Pornhub Premium will feature content from many of Mindgeek's holdings—including Brazzers, Digital Playground and Reality Kings. Mike Williams, a spokesman for Pornhub, says the studio has also struck licensing deals with several other non-Mindgeek studios.
"It is not an amalgamation of various Mindgeek studios holdings into one subscription service," he told CNBC.com.
Pornhub and Mindgeek aren't the first adult entertainment service to attempt to emulate the success of a mainstream streaming company. Last year, a service called SkweezMe launched a video-on-demand service that closely followed the iTunes model.
The big challenge for Mindgeek is persuading consumers to pay for something they're used to getting for free. Consumers can easily download pirated versions of films from BitTorrent sites or watch free clips on tubesites, but the question is: Will they be willing to pay a premium to avoid the pop-up and banner ads, which often infect a user's PC with malware?
Read MoreInvestment advice...from porn stars
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b5879ffc508d44b7cb799c6b7201359e | https://www.cnbc.com/2015/08/07/cnbcs-new-series-make-me-a-millionaire-inventor-premieres-on-wednesday-august-12th-at-10pm-etpt.html | CNBC’s New Series ‘Make Me a Millionaire Inventor’ Premieres on Wednesday, August 12th At 10PM ET/PT | CNBC’s New Series ‘Make Me a Millionaire Inventor’ Premieres on Wednesday, August 12th At 10PM ET/PT
The Best inventions never made get a second chance
Hosted by Engineering Experts Deanne Bell and George Zaidan
ENGLEWOOD CLIFFS, N.J. – August 7, 2015— "Make Me a Millionaire Inventor" is on a mission to find the best inventions NEVER made and give them new life. Premiering Wednesday, August 12 at 10PM ET/PT, the six episode series features engineering experts Deanne Bell and George Zaidan, who scour the country looking for amazing ideas they're convinced can make big money. They'll track down the inventors and give them a real chance to bring their ideas and dreams to life. The inventors will be given the resources and help they need to take their products from concept to reality, building, testing, and perfecting their products for the biggest pitch of their lives.
"Make Me A Millionaire Inventor" – Premiere Episode – Failure to Launch
Airing Wednesday, August 12 at 10pm ET/PT on CNBC
On the series premiere, engineering experts George and Deanne hit the road to help two inventors who have risked it all for prototypes with fatal flaws. Eight months pregnant, Samantha DeMaria, of Hoffman Estate, IL, hopes to make her fortune by launching the Marinara Tower, an Italian take on the chocolate fountain. While best friends Anthony Gonzales and Bob, of Merriman of Cypress, CA, are looking to beat out the competition with Fit Guard, a high-tech mouth guard designed to protect athletes from harmful concussions.
"Make Me A Millionaire Inventor" – Episode #2 – Ahead of the Pack
Airing Wednesday, August 19 at 10pm ET/PT on CNBC
Deanne and George meet inventors with simple ideas… that could be revolutionary. Deanne travels to Texas where married duo, Shane and Maria Freeman, of Beaumont, TX, have come up with an automated Snow Cone Kiosk – a concept that seems so obvious, she can't believe it hasn't been done before. Meanwhile, George meets four friends from Encinitas, CA, who've invented the Skull Cap, a product that could save skateboarders from serious injuries … if only they can prove it.
"Make Me A Millionaire Inventor" – Episode #3 – Reinventing the Wheel
Airing Wednesday, August 26 at 10pm ET/PT on CNBC
George and Deanne team up with entrepreneurs who are looking to revolutionize two well-known products. A Puerto Rican resident, John Perdue, who has dedicated himself to supporting his wife's dream, now focuses on the Packbow, a reinvention of an age-old hunting tool. Meanwhile, Enayat Motahedy of Centreville, VA, looks to launch the Twisty Tint, a sophisticated variation on the car window shade.
Meet the Engineering Experts:
Deanne Bell
Deanne Bell is an engineer, television host, and the founder of FutureEngineers.org, a platform that hosts national invention challenges for students.
She received a B.S. in mechanical engineering from Washington University in St. Louis. Prior to becoming a TV host, Deanne designed opto-mechanics for military aircraft sensors and worked as a senior application engineer for a CAD software startup in Boston.
In 2006, Deanne took her first job in television as a co-host for the Peabody Award winning children's series, Design Squad. She is currently a co-host for CNBC's 'Make Me a Millionaire Inventor, and her previous hosting credits include ESPN, Discovery Channel, National Geographic, and DIY Network.
In 2014, Deanne founded Future Engineers, which hosted its inaugural challenge in partnership with NASA and the American Society of Mechanical Engineers Foundation. Students were asked to create a digital 3D model of a space tool, and the winning design is being 3D printed aboard the International Space Station.
When Deanne's not working, she seeks out global travel and outdoor adventure. She has hiked to the base of Mt. Everest, cycled from Seattle to Los Angeles, and backpacked solo throughout Asia.
Deanne also serves on the American Society of Mechanical Engineers Foundation Board of Directors.
George Zaidan
George Zaidan is a science educator, television and web host, producer, and card-carrying nerd.
He has developed, written, and hosted shows for The Weather Channel, National Geographic, MIT, and The Pentagon Channel; he also has written and voiced several TED-Ed viral videos. George's favorite projects include creating MIT's first ever reality webseries, revealing the secret behind white asparagus, explaining why ketchup is so hard to get out of the bottle, helping develop a massive open online course on protein drug development, and giving a friendly satellite-fixing space robot his television debut. His work has been featured in The Boston Globe, NPR's The Salt, NBC's Cosmic Log, Science, Business Insider, and Gizmodo.
George graduated Phi Beta Kappa from MIT with an S.B. in Chemistry and the F.D. Greene Teaching Award. He has also been honored by the Goldwater Foundation, the New Media Consortium, Khan Academy, and Merck.
George advises startups and nonprofits on media strategy, and served as a trustee of the Washington International School. He is a Fellow of the Institute for Education and a member of the American Chemical Society.
George is also an avid rock climber, former single-digit-handicap golfer, beginning tennis player, and recreational cook.
For more information, visit cnbcprime.com/millionaireinventor. Like us on Facebook https://www.facebook.com/MakeMeAMillionaireInventor and follow us on twitter @MMinventorCNBC | #MillionaireInventor
"Make Me A Millionaire Inventor" is produced by Objective Productions USA/All3Media America with Stephen Lambert, Eli Holzman, Jimmy Fox and Nick Parnes as executive producers. Jim Ackerman and Adam Barry are the executive producers for CNBC.
About CNBC:
With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD , CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to approximately 371 million homes worldwide, including more than 100 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 15 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC at night features a mix of new reality programming, CNBC's highly successful series produced exclusively for CNBC and a number of distinctive in-house documentaries.
CNBC also has a vast portfolio of digital products which deliver real-time financial market news and information across a variety of platforms. These include CNBC.com, the online destination for global business; CNBC PRO, the premium, integrated desktop/mobile service that provides real-time global market data and live access to CNBC global programming; and a suite of CNBC Mobile products including the CNBC Real-Time iPhone and iPad Apps.
Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site at http://www.nbcumv.com/mediavillage/networks/cnbc/.
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1be915507a87d4151740b604af9be1a5 | https://www.cnbc.com/2015/08/07/cramer-make-as-bull-or-bear-but-dont-be-a-hog.html | VIDEO7:5007:50Cramer: Don’t base your investing decision on thisMad Money with Jim Cramer
In more than three decades of investing, Jim Cramer has learned many tricks of the trade when it comes to analyzing stocks, understanding how they fit in with the larger picture and how to make money.
That is why the "Mad Money" host decided to go over some of the biggest rules in his investing toolbox, so that investors can beat the market consistently, like he did when he ran his hedge fund.
The first rule that Cramer stands by is that bulls and bears make money—hogs get slaughtered.
"It's because I never want to forget that taking a gain is a good thing, and you can't ever kick yourself for making money," Cramer said.
Peter Parks | AFP | Getty Images
It makes sense that a bull can make money when the market goes up, and it makes sense that a bear can make money when the market moves down. Cramer believes that investors should be able to profit from the downside as much as they do from the upside. But you can get hurt when you get piggish and refuse to take anything off the table after a huge run.
To clarify, Cramer is not saying to sell all stocks and go home. He is saying that it is prudent to take some of it off the table. He recommended that every investor know the price that they are not willing to pay for a stock, and a price that makes them a seller.
Read more from Mad Money with Jim Cramer Cramer's 3 tips for young investors Cramer: Ferreting out the best funds Cramer: Funds trying to steal your cash
"When you are a hog, I actually expect you to be slaughtered," Cramer said. (Tweet This)
So, when the market gets ridiculously expensive and you know that you have a lot of gains—Cramer says this is time to stop being a hog. After all, he doesn't want your head to be on the guillotine when the market turns and those gains turn into losses.
Questions for Cramer? Call Cramer: 1-800-743-CNBC
Want to take a deep dive into Cramer's world? Hit him up! Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram - Vine
Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com
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2b03dd6661fa521e89c0068cbe7c667f | https://www.cnbc.com/2015/08/07/cramer-remix-dont-forget-these-investing-keys.html | VIDEO1:1701:17Cramer Remix: Don't forget these investing keysCramer Remix
In more than three decades of investing, Jim Cramer has learned many tricks of the trade when it comes to analyzing stocks, understanding how they fit in with the larger picture and how to make money.
That is why the "Mad Money" host decided to go over some of the biggest rules in his investing toolbox, so that investors can beat the market consistently, like he did when he ran his hedge fund.
The first rule that Cramer stands by is that bulls and bears make money—hogs get slaughtered.
"It's because I never want to forget that taking a gain is a good thing, and you can't ever kick yourself for making money," Cramer said.
It makes sense that a bull can make money when the market goes up, and it makes sense that a bear can make money when the market moves down. Cramer believes that investors should be able to profit from the downside as much as they do from the upside. But you can get hurt when you get piggish and refuse to take anything off the table after a huge run.
Read more Mad Money with Jim CramerCramer: Ferreting out the best funds Cramer: Funds trying to steal your cash Cramer's 3 tips for young investors
Now, it is time to review Cramer's rule of separating the stock from the company. He frequently says "look for broken stocks, not broken companies."
Many investors assume that a stock is the company, when in fact that is not the case. There are lots of bad companies with bad stocks. There are also lots of good companies with bad stocks. An investor's job is to figure out the difference, so they can identify a bargain.
"I go after the stocks with the best fundamentals that happen to have been beaten up even as nothing's wrong at all with the companies," Cramer said.
He spots these stocks by circling back to companies that have just reported earnings, because he knows those fundamentals are intact.
Abel Mitja Varela | E+ | Getty Images
Another rule is that it is OK to pay taxes. Some investors despise having to pay "the man." However, Cramer has learned that sometimes the least of your worries is related to taxes. So never, ever allow the abhorrence of taxes to transcend good judgment.
Many investors choose to hold a stock for more than a year, because they are then subject to paying a more favorable long-term capital gains tax. If the position is sold in less than a year, then they are frequently required to pay short-term capital gains tax that can be a higher tax rate. However, Cramer says taxes are never a good reason to hang on to a position.
With this in mind, Cramer said to never consider taxes as a reason to hold a stock. Especially if that stock has become too fat and run up too fast. That means it can come back down hard, just as what happened in 2000 when he called for investors to bail out of their stocks.
"Never hold on to something not worth holding on to, or something that has gotten dangerously overvalued, simply so you can wait until the gain goes long term and the rates come down," Cramer added.
Every week on "Mad Money," Cramer plays Am I Diversified with his fans. A caller will provide five stocks, and he will give his take on whether the portfolio is diversified.
Every. Single. Week. Why? Because diversification is important.
Now five stocks is certainly not enough, and Cramer knows that the human brain isn't wired to want to be diversified. After all if Tesla had a hot run, wouldn't you want to buy nothing but Tesla, Tesla and more Tesla?
Cramer gets it. But having a diversified portfolio is more important than making a few dollars. Because eventually that stock will get too hot, and your portfolio will go down in flames with it.
So, before buying a stock, Cramer wants to make sure there is a proper sounding board.
The Internet has been great for investors, because they can quickly buy or sell a stock without even picking up the phone. But, it has also been detrimental to many, by making it a solitary event.
Have you ever said something you were thinking out loud, only to hear your own mistake? The same applies to investing.
"As I love to say, we are all prone to make mistakes, sometimes big ones. One way to cut down on these mistakes is to force yourself to articulate why you would like to buy something," the "Mad Money" host said.
When Cramer worked at his hedge fund, he asked people the following eight questions:
No. 1: What's going to make this stock go up, besides the stock market? No. 2: Why is it going to go up? Is there something time sensitive? No. 3: Is this the best time to buy it? No. 4: Have you missed a lot of the move? How much has the stock gone up without you? Is it extended on a technical basis? No. 5: Should you wait until it comes down a bit more? What's the harm? No. 6: What do you know about this stock that others are missing? Is your instinct to buy based on general knowledge, and you're working on a herd mentality? And have you listened to the conference calls and done the research, or are you flying blind? No. 7: What do you actually know about the company and sector? Do you have personal knowledge? Do you know how the cloud works, what stock trades with what, or where it lies in the sector food chain? No. 8: Do you like this stock more than others you own and why? Is there anything to get rid of before buying this stock?
"Without a sounding board, you often simply aren't being rigorous enough. You can be impulsive, and we know from this whole show that impulsiveness is a killer," Cramer said. (Tweet This)
Read More Eight questions every investor should ask
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111d3840280042ca63e76b0035e834e7 | https://www.cnbc.com/2015/08/07/enter-the-age-of-yoga-and-meditation-meetings.html | Enter the age of yoga and meditation meetings | Enter the age of yoga and meditation meetings
People take part in a free weekly yoga class on the lawn of Parliament Hill in Ottawa, Canada, on July 22, 2015. The classes are organized by a retailer that sells yoga clothing.Chris Wattie | Reuters
Business mogul Russell Simmons, best known for founding record label Def Jam, was recently put in a difficult situation. An actor declined being cast in a movie that he was making. Instead of calling the actor and yelling at him, he called upon the skills he learned through meditation, and found a replacement without bursting out.
"Its about being thoughtful, not angry," he explained. "You invest in the process, not in the result. Meditation is what is important to you from a nutritional to a spiritual standpoint. When you meditate, you get in touch with that, and you make better choices."
Simmons is part of a growing trend of magnates and corporations that are incorporating yoga and meditation into their businesses lives. The National Health Interview Survey found that in 2012 (the latest year the study was completed), 8 percent of Americans meditated while 9.5 percent participated in yoga. The Financial Times reported that General Mills had been weekly offering yoga and meditation "mindfulness" classes to its employees, while Wired said Google offered meditation for its employees.
It's not just teaching employees to be calmer. Some companies have started bringing yoga into their client meetings, with the hopes of relaxing people enough to seal a deal. Pandora recently held one of these events at the South by Southwest Festival in Austin, Texas, in March. (Tacos were offered after the stretches.)
"When you are practicing yoga, you are putting your body in these different positions," said Mindfresh co-founder Jen Kluczkowski. "You are experiencing or trying to cultivate balance in your body. You start noticing your physical balance improving and simultaneously, your mental balance is improving. This also improves your mental flexibility and growth."
Kluczkowski's company, which officially launched in April 2015, specializes in "yoga meets business" situations—which coincidentally was the original name of the company. However, too many people feared the difficult nature of yoga, so it rebranded itself as Mindfresh to reflect the ease and tranquility of a basic meditation and yoga regiment.
Mindfresh counts L'Oreal, Facebook, Yahoo, hedge fund Citadel and law firm Herrick, Feinstein LLP as customers. It offers private classes for employees and hosts retreat sessions, weekly classes and yoga classes for its clients and advertisers.
"There's a big trend in entertainment clients in a healthy way," she said.
Kluczkowski said she got the idea for Mindfresh from her job as senior sales manager at Pandora. She said she was often stressed out, and used yoga as a release.
"I became better at my job and everyone on my team noticed I was more passionate," she said.
Wall Street yoga: Finance gets its downward dog on
Yoga therapist and founder of the United States Yoga Federation Rajashree Choudhury said that yoga helps people use their mind in different ways and relax within the work structure.
"The corporate world is so stressful, especially creating issues like physical problems, stress, psychosomatic and emotional anger, and frustration," she said. "It can be difficult for women because all of the time you have to prove yourself. It is really helpful when we expose more people to yoga, because yoga incorporates helping people in the corporate structure."
Read More
Choudhury, who helped her husband found the famous Bikram Yoga hot studios, said she has been tapped to lead several yoga retreats for banks in India, and often works as an "on-call" yoga instructor for several hospitals. The National Institutes of Health recognizes that studies have shown yoga can reduce stress, lower blood pressure and your heart rate and relieve anxiety.
"Yoga can be a different and great way to prevent health-care costs," she said. "I think companies will come around more to the idea."
Simmons believes so much in the power of meditation that he launched a free app in late June called Mediation Made Simple, which helps people relax while on the go. He said it was just an extension of what he had been doing with his book "Success Through Stillness" and his initiatives to teach the practice in schools. Simmons said just meditating for five or six minutes a day has changed his outlook on life.
"If everybody meditates, it makes the world a better place," he said.
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b10d6ea506c9fb7f96b9050e4e5c064b | https://www.cnbc.com/2015/08/07/how-a-frequent-flyer-maximizes-rewards-programs.html | How a frequent flyer maximizes rewards programs | How a frequent flyer maximizes rewards programs
VIDEO3:0203:02Living out of hotels & traveling full-timeClosing Bell
Ben Schlappig has flown nearly 5 million miles in the last 10 years, many times for free. The admittedly obsessed traveler has mastered the art of scoring airline miles and is now helping others do the same.
He began jetsetting when he was 15, and since April of 2014 he's been traveling full time—giving up his apartment and living on airplanes and in hotels ever since.
"Since last April, I've flown close to 600,000 miles, Schlappig said in an interview with CNBC's "Closing Bell" Friday.
"It's been a fun adventure."
ICHIRO | Photodisc | Getty Images
His success largely comes down to finding ways to maximize points using credit cards.
"The credit card companies give you big sign-up bonuses just for applying for a credit card, and on top of that … if you maximize your spend every day, so if you try to earn bonus points by using the right credit cards, those points really rack up quickly," he explained.
He is also a "mileage runner," flying for the sole purpose of accumulating miles.
Here's where everyone's going on vacation this summer
Schlappig has turned his passion into his work, blogging about his experience on his website, One Mile at a Time. He's also launched an award travel booking service, PointsPros, where consultants help travelers navigate the rewards systems and redeem miles.
While he admits he's a bit of an outlier because he's constantly travelling, he thinks the average person who has family and business schedules to work around can also find value.
"If you want to take your family to Europe in summer in business class that's perfectly possible on miles, while it might not otherwise be something a family can afford."
Travelers just have to understand how to best use the programs.
"The problem is that these programs are so complicated and that's kind of by design because they want most members to not redeem optimally," said Schlappig.
"You just have to know how to do it, and then you can get huge value out of it."
Despite the fact that he's spent the last 10 years traveling around the globe practically for free, he said the airlines like him.
"They think of people who are so obsessed with programs as kind of ambassadors for their brands. They love how engaged we are in the program," he said.
—CNBC's Jackson Stone contributed to this report.
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ace8651acc9e41c923f2bf2f39c67fb9 | https://www.cnbc.com/2015/08/09/google-to-reboot-android-one-smartphone-project-in-india.html? | Google to reboot Android One smartphone project in India | Google to reboot Android One smartphone project in India
Getty Images
Google is to relaunch its Android One cut-price smartphone project, placing the goal of delivering a sub-$50 device at the heart of a "massive" investment push by the technology group into India's internet market.
Rajan Anandan, managing director in India and Southeast Asia, told the Financial Times that the company remained "very committed" to Android One — a set of specifications that help manufacturers make cheap, good quality smartphones — which has struggled since its launch in New Delhi last September.
The much-hyped mobile standard had "not delivered to expectations", Mr Anandan admitted, citing supply chain issues that have led to shortages of the phones, which are largely imported from China. But he said plans for a reboot would be revealed in "the next few weeks".
VIDEO0:3400:34Google takes fiber to largest market yet
"It is like any company when you try to launch a new initiative — we had a few hiccups," he said.
Android One is an important part of Google's drive to replicate its dominance in traditional desktop search by building new businesses linked to its Android mobile operating system. It is particularly focused on hundreds of millions of first-time smartphone users in emerging markets such as India.
Phones made under the standard were priced at about $100 at the launch last year, but Mr Anandan says he wants to target the "sweet spot" for mass-adoption in India's cost-conscious smartphone market of between 2,000 rupees and 3,000 rupees ($31-$47).
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Google's plans come as other global technology companies race to add users in India's fast-expanding internet population, which is set to surpass 500 million by 2017. Facebook and Twitter already count the country as their second and third largest market by users respectively.
But Google faces challenges in India. The local market for digital advertising — where the group earns most of its revenues — remains tiny. Google products such as video site YouTube and maps also require fast connections to work effectively on mobile devices, yet India is marked by slow bandwidth.
In response, Mr Anandan said the group was ramping up a "very large-scale" investment program to bring tens of millions of small businesses online and develop content suited to Indians whose first language is not English.
Read MoreGoogle, Samsung to issue monthly Android security fixes
Google also plans to fend off local competitors by developing more products suitable for Indian customers with slow data connections. This is in addition to its recently launched offline versions of YouTube and maps, as well as a stripped-down version of its traditional search engine.
"There are several battlegrounds where we are not winning [and] local search is clearly the one where it's most apparent," Mr Anandan said, noting competition from JustDial, a Mumbai-listed Indian search start-up.
"Strategically [India] is very, very important," he added. "Don't get me wrong, the revenue is interesting but... we're here really because 10 years from now a billion Indians will be online and when we have a billion Indians online we think that's going to make a huge difference to the global internet economy."
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21f24a228959368566bc87c9902875f7 | https://www.cnbc.com/2015/08/10/this-may-be-the-best-frequent-flier-perk-ever.html | This May Be the Best Frequent Flier Perk Ever | This May Be the Best Frequent Flier Perk Ever
Source: Delta
Forget about getting bumped up to first class. Delta Air Lines is now bumping its best customers off commercial flights entirely -- and onto private jets.
The program got off the ground last week, according to Bloomberg, with its first flight traveling from Cincinnati to Atlanta.
To be eligible for the upgrade, fliers must have at least 125,000 miles in travel and $15,000 in annual spending with the airline. The bump costs an extra $300 to $800.
In addition to improving the loyalty among some of Delta's best customers, the program has a side benefit for Delta, allowing it to get some value from positioning flights, known as "empty legs," which make up about 30 percent of industry flying.
Delta and other airlines have been shifting their loyalty programs in ways that make it easier for elite flyers to earn rewards and more difficult for more irregular customers.
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Starting in June 2016, Delta will issue rewards based on the amount of money spent rather than miles traveled, and the airline may change the number of miles necessary to book a flight based on demand and other factors.
Analysts say that other airlines may follow suit. Airline reward programs have been unsuccessful in fostering loyalty among patrons, many of whom book flights based on cost and convenience rather than brand preference. Only 44 percent of travelers and 40 percent of business travelers fly at least three-quarters of their miles on their preferred airline, reports Deloitte.
Delta's reward program ranked 9th on U.S. News' annual ranking of the best airline rewards programs, released this week, receiving 3.1 stars out of 5. Alaska Airlines was ranked first.
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9449f29f20b7908dd87c3e3086e2a1e8 | https://www.cnbc.com/2015/08/11/automakers-feel-china-rout-as-buyers-desert-showrooms.html | Automakers feel China heat as buyers desert showrooms | Automakers feel China heat as buyers desert showrooms
The great Chinese stock slump that first whacked luxury car sales is spreading to mass-market brands as wannabe customers like Zhang Jiabin count the cost of soured investments.
The 37-year-old food company executive lost nearly $6,500 when shares tumbled in June and July, and can't now afford the new Volkswagen Tiguan sport-utility vehicle he had his eye on. "I can't draw money," Zhang said, "I'll wait until (the market) goes up."
Auto sales in China fell 7.1 percent in July from a year earlier as many more who lost out in a trillion-dollar share slump joined Zhang in delaying purchases. The monthly drop, the biggest in two and a half years, was the fourth in a row and marked China's longest streak of sales declines since at least the 2008 global financial crisis.
Sales for January to July grew only 0.4 percent, the slowest first seven months of the year since at least 2009, and global brands from Ford Motor Co to Nissan Motor Co are bracing for a sustained period of dwindling demand and depressed prices. That will squeeze profit, create an inventory burden for dealers and ramp up already-fierce competition.
China-based managers and executives at major global automakers say that leaves companies now pushing staff hard to meet targets despite the bleak outlook. Gloom over China's economy was highlighted on Tuesday when it devalued the yuan after a run of poor economic data.
At Volkswagen AG, China's best-selling car brand, a regional manager at a sales subsidiary said the automaker is pressing for staff to continue to meet targeted sales numbers to protect its market share, forcing inventory on dealers that will bite into their profit.
People walk near a Ford Taurus sedan displayed at a media event ahead of the 16th Shanghai International Automobile Industry Exhibition, April 18, 2015.Tomohiro Ohsumi | Bloomberg | Getty Images
"The dealers are the first to cry," the manager said, referring to tensions with the automaker.
A Volkswagen spokeswoman said financially healthy dealers are part of the company's strategy as "only satisfied dealers guarantee satisfied customers."
At Ford, sixth-largest by sales in China, officials are working to find ways to match uncertainty over the future of sales trends with the necessity to plan production. Last Friday the automaker said it sold 6 percent fewer cars in July than in the same month last year, doubling the year-on-year decline from June.
"The next two to four months will be the most important and also the most difficult," said one person close to Ford with knowledge of production plans. Short-term production adjustments are growing more frequent, he said, leading suppliers to incur greater costs.
"Any changes to the manufacturing plan of finished cars will effect thousands of parts, thereby influencing hundreds of suppliers," he said.
A Ford spokeswoman said production adjustments are normal even with only a few days and weeks of lead time. Any adjustments are in accordance with supplier contracts, she said.
While optimism is in short supply, Honda Motor Co and Toyota Motor Corp have shown one way forward, hoisting sales thanks to recent launches of new, ever-popular SUVs.
Some analysts even predict a return to sales growth later this year as the stock market stabilises. They see expansion in high-single digit percentages next year, the strongest sales since 2013, bearing in mind that China still has low levels of car ownership compared with mature markets in the United States and Europe.
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b9fee4b807048451c5da2c8035b46cbb | https://www.cnbc.com/2015/08/11/china-currency-devaluation-worries.html | China worries me if devaluation continues: Expert | China worries me if devaluation continues: Expert
VIDEO3:2103:21China devalues, markets pull backPower Lunch
VIDEO1:2701:27China the real story: ProPower Lunch
VIDEO1:4501:45US dollar only currency play in the game?Power Lunch
China's surprise currency devaluation sent markets reeling Tuesday, but investors should not worry about a ripple effect just yet, one market watcher said.
The real "litmus test" for effects on the global economy will come if the currency decline steepens in the coming weeks, said Jonathan Brodsky, managing director and portfolio manager at Advisory Research.
"That's sending a signal that the government is moving back toward its more export-oriented perspective. And then you have some additional concerns," he contended Tuesday on CNBC's "Power Lunch."
Pedestrians stand in front of an electronic board displaying an advertisement for Chinese stocks outside a securities firm in Tokyo, Japan, on Tuesday, Aug. 11, 2015.Kiyoshi Ota | Bloomberg | Getty Images
U.S. stocks tumbled on Tuesday after the People's Bank of China unexpectedly depreciated the yuan by nearly 2 percent overnight. The move comes amid a slowdown in the world's second-largest economy and an 8 percent decline in exports in July.
Read MoreCurrency war? How China devaluation may impact the Fed
Among other factors, investors feared additional headwinds created by the U.S. dollar gaining more strength against the yuan. The Dow Jones industrial average plunged by more than 200 points, setting up for its eighth loss in nine days.
While China has certainly shaped markets more than other possible contagion stories like Greece or Puerto Rico, the "huge panic" on Tuesday did not seem warranted, said Ben Willis of Princeton Securities.
"China is the real story here, but it's a huge overreaction," he contended on "Power Lunch."
Other market watchers also noted the limited exposure many S&P 500 companies have to China.
Read MoreDon't be distracted by China: Goldman's Kostin
Still, the currency changes—combined with deflationary pressures from sliding commodities prices—could change the Federal Reserve's thinking as it decides when to raise the federal funds rate for the first time in nine years, said CNBC contributor Ron Insana.
"This China story just exacerbates any deflationary tendency," he said on "Power Lunch."
Insana added that he sees a less than 50 percent chance of the U.S. central bank increasing interest rates in September.
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2c0e49c5a629d0289123a66dcd4255de | https://www.cnbc.com/2015/08/11/china-devalues-yuan-google-to-become-alphabet.html | As it happened: Greece clinches third bailout | As it happened: Greece clinches third bailout
Squawk Box Live eyed Greece, as Athens officials reported that a bailout deal with creditors had been clinched.
Asia was also in focus as China made a surprise move to devalue the yuan , following a string of weak economic data, sending the currency to a three-year low.
More surprise news came from the U.S., where Google announced it would reorganize as a new holding company known as Alphabet.
(App users please click here).
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ce77ad57be63d409663e5668b5047087 | https://www.cnbc.com/2015/08/11/kim-kardashian-instagram-post-draws-fda-warning.html?hash=e8c563bc-8fed-4b93-9b65-0ae46858c771 | Kim Kardashian Instagram post draws FDA warning | Kim Kardashian Instagram post draws FDA warning
VIDEO0:4400:44The FDA calls foul on KardashianPharmaceuticals
Kim Kardashian may be famous for her selfies, but the Food and Drug Administration wasn't a fan of her latest one.
An Instagram picture featuring Kardashian, morning sickness drug Diclegis and accompanying text promoting the drug's benefits garnered more than 450,000 "likes" but brought about a formal FDA warning letter for the drug's manufacturer. (Tweet This)
Part of the letter says, "The social media post is misleading because it presents various efficacy claims for Diclegis, but fails to communicate any risk information."
The posts promoting the drug have since been taken down, but Kardashian, who was paid to promote the drug, originally claimed it made her feel "a lot better and most importantly, it's been studied and there was no increased risk to the baby."
Read More Kermit and Miss Piggy are the latest power couple to split
Duchesnay, the pharmaceutical company behind the drug, told CNBC that while Kim was paid to promote her experience with the drug she had found it on her own accord through her family OB-GYN. The company said it would take quick action in responding to the FDA's letter.
"Duchesnay USA takes its regulatory responsibilities very seriously, and acknowledges that its communications, including in social media as in this particular instance, need to be in accordance with applicable rules and regulations," the company said.
Read More What's it like being a Victoria's Secret model?
The FDA said seeing misleading promotional materials from Duchesnay was particularly troubling since the company had already been cautioned in 2013 for misleading promotional activities.
The FDA warning letter requests Duchesnay offer corrections to the claims "using the same media" for the same audience. That could mean a revised selfie for Kim's 42.4 million followers.
Kardashian did not immediately respond to a request for comment from CNBC.
—CNBC's Steve Kopack and Jim Forkin contributed to this report.
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208f3941a8bfb83fed94d337194e9dbd | https://www.cnbc.com/2015/08/11/should-gen-y-count-on-social-security.html | Should Gen Y count on Social Security? | Should Gen Y count on Social Security?
VIDEO1:3001:30What millennials should know about social securityRetirement
Millennials have dim views on Social Security when it comes to their retirement.
Nearly two-thirds of millennials surveyed by T. Rowe Price said they believe they're more likely to win the lottery than to receive any money from Social Security. And a Northwestern Mutual survey found 73 percent of millennials expect to work past the age of 65 because Social Security won't take care of their retirement needs.
"The reality is when Social Security was put into place, the life expectancy wasn't in the 80s and 90s," said Chantel Bonneau, a wealth management advisor at Northwestern Mutual in Los Angeles. So it's not surprising that changes may need to be made.
But do millennials have reason to worry Social Security will be gone before they're old enough to collect?
Probably not. Even if Congress does nothing, the Social Security Administration projects it will have enough money from payroll taxes to cover three-quarters of benefits it has promised retirees after 2034 when its reserves are scheduled to run out. Of course, that doesn't mean you shouldn't save money for retirement too.
When to file for Social Security retirement benefits early
Here's how to save more:
Contribute to your 401(k). If your employer sponsors a retirement plan, like a 401(k), take advantage of it. That's pretax money taken out of your paycheck each month and set aside for your future. (Contributions are withdrawn from your paycheck before taxes are taken out.) And taxes aren't paid until the money is withdrawn from the account. It may be hard to give up part of your paycheck, but the long-term payoff is worth it because the money you contribute can grow exponentially, thanks to compounding.
"Always pay yourself first," said Shaun Dowling, director of wealth management at HFS Wealth Management in Dallas.
Meet your employer match. Not all employers offer a match. But among employers who do, the average is 4.5 percent, according to Plan Sponsor Council of America research. (Bonneau said the match can "range from 2 to 8 percent depending on the company.) So if you contribute 4.5 percent of your pretax paycheck to your 401(k), your employer will match that. It's free money, so don't leave it on the table. "If your employer is going to match you dollar for dollar, you've already made 100 percent on your money—and that doesn't even consider your investment returns going forward. That's a great deal," said Dowling.
The good news is that more millennials are contributing to 401(k) plans thanks to the rise of auto-enrollment programs. The bad news is that "the average default contribution rate for millennials who were auto-enrolled is 3 percent," according to T. Rowe Price. "That is not enough at all," said Bonneau. "That's the amount that many companies adopted when they first added the feature."
According to Bonneau and Dowling you want to aim for 20 percent to really maximize your savings. As millennials, time is on your side so if you can afford to put a larger percentage of your salary into your 401(k) you've got years and years for it to compound.
Shrinking Social Security advantage for couples
Open an IRA. Don't have an option to invest in a 401(k) or aren't eligible? Don't worry. Not every employer chooses to offer a 401(k) plan and sometimes you don't qualify for one, if you are part time, for example, or haven't worked long enough to qualify. If this is the case, the individual retirement account, or IRA, will be your best friend. You can invest pretax dollars into a traditional IRA, though you will pay taxes on withdrawals in retirement. You could also invest in a Roth IRA, in which you contribute post-tax dollars, but can make tax-free withdrawals in retirement. With both of these options, you can contribute up to $5,500 this year. (That's the combined limit for both types of IRAs, by the way. You can't put, say, $5,500 each into an IRA and a Roth IRA.)
It's a good idea to start saving as early as you can because time is on your side as a millennial and if you can't reach the savings benchmark goals then do what you can. The important thing is just to make sure that you're saving. Constantly challenge yourself to boost your contributions as you go. So if you salary increases so should the amount in your 401(k).
If you struggle with savings, Bonneau suggests a great goal to go by is "you should always be saving more than what your car payment is. If that's not the case, then it's a priority flip-flop—if you can't afford both then you can't afford the car."
This is part of a week-long CNBC.com series on the state of Social Security on its 80th anniversary.
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efa131770eb1063ffad0d966a0639d41 | https://www.cnbc.com/2015/08/12/7-millennial-entrepreneurs-undeterred-by-student-debt.html?slide=2 | 7 millennial entrepreneurs undeterred by student debt | 7 millennial entrepreneurs undeterred by student debt
Peter Dazeley | Getty Images
Millennials now represent more than one-third of the U.S. population. Tech savvy and fiercely motivated, this entrepreneurial bunch represents the largest share of the American workforce—1 out of every 3 employees.
Yet a recent poll reveals that more than half of millennials who dream of launching a start-up are trapped in unrewarding jobs, many outside their major of study, unwilling to take business risks. Why? Although this group is highly educated—61 percent attended college, compared with only 46 percent of baby boomers—nearly half are shouldering student loan debt of five figures or more.
Some young founders are undeterred. They've found ways to work full-time on a business, even with big student loan bills. Loan deferment, access to investors, peer networking and mentorship from top executives are the types of assistance in an entrepreneurship program run by SoFi, the largest online provider of student loan refinancing. So far, SoFi has helped 25 aspiring entrepreneurs get their businesses up and running—and with their newfound success they have now either paid off their student loans or made a big dent in the debt balance.
Here are 7 of the biggest millennials-overcoming-student-debt business success stories.
—By Barbara Booth, CNBC.com Posted 12 August 2015
Elena Lucas, Utility APISource: Martin Backhauss
After graduating from Loyola University Chicago and receiving a master's degree in international economics from the University of California San Diego, Elena Lucas owed some $120,000 in student loans. To pay it off, she took a job as a business finance analyst at Pacific Electric and Gas, hoping that someday she could focus on renewable energy. After 14 frustrating months, Lucas took a job at a utility-scale wind company, but she was laid off six months later, in August 2014.
"I felt completely crushed by student debt, but I knew the large corporate environment was not for me," she said. Lucas began attending tech start-up events and networking. She soon met Daniel Roesler, a development engineer who had come up with the idea of an enterprise software company that would use data to make it easier and more cost effective for customers to shift to solar. He asked if she would be interested in leading the solar start-up as co-founder and CEO.
In late 2014, UtilityAPI only had genesis funding, from Better Ventures and SfunCube. Lucas raised an angel round in spring 2015—and received two investments from SoFi's network of angel investors. UtilityAPI has now raised more than $1 million in funding, including from the U.S Department of Energy's SunShot Catalyst Program.
Source: Funding Circle
After receiving his 96th loan rejection letter when seeking capital for a small gym franchise he helped build, Sam Hodges realized how broken the traditional banking system had become. Along with co-founder Alex Tonelli, he set out to launch Funding Circle—a peer-to-peer lending platform focusing exclusively on small businesses.
Yet with a student debt load of roughly half the cost of his Stanford education, Hodges was hesitant to jump in right away. "Starting your own thing with no income and no certainty of when you're going to get an income when you have a mountain of student debt is a scary thing," he said. "And it definitely kept me up at night. I had a negative net worth for most of my early days."
So in 2011 Hodges connected with a number of investors through SoFi, along with like-minded entrepreneurs who were going through their own struggles. The following year, Funding Circle received a $16 million round of series B funding from Index Ventures. To date, the company has raised around $300 million of equity capital from a number of investors, including Accel Partners, Baillie Gifford, BlackRock, Ribbit Capital and DST Global.
Funding Circle has now funded more than $1 billion in loans to 10,000 small businesses in the U.K. and the U.S.
Benny Joseph, GoodAprilSource: GoodApril
A graduate of the University of Michigan with a bachelor of science degree in computer engineering, Benny Joseph went on to receive his MBA from the University of Chicago Booth School of Business. By the time he was done, he'd racked up about $120,000 in student loans. His interest rate, he said, was as high as 8.5 percent for some of his loans.
So instead of pursuing his dream of launching GoodApril, a company that makes tax-planning software intended to help users reduce their annual tax bill, he put his aspirations on hold and for three years worked as a product manager for Zecco, an online brokerage firm, to start paying down his loans. In 2013, after being rejected from incubator Y Combinator, Joseph applied to SoFi's newly created Entrepreneurship Program—and was accepted into its inaugural class.
Joseph crafted his pitch and was introduced to mentors and investors through the SoFi program, though it was a famed accelerator that led to the biggest success. GoodApril was acquired by Intuit for an undisclosed amount after he and his co-founders completed the Techstars start-up accelerator program in Boulder.
Source: FINAL
A Duke University MBA and Harvard undergrad, Andrew Dietrich was the only one of Final's co-founders shouldering a student loan debt. With his $80,000 loan, his monthly payments came to $1,000.
"As founders, you really have to be able to support yourself equally," he said. "You don't want to be a burden to the company. Every day, there are business challenges. Worrying about personal finances at the same time is all the more taxing."
The SoFi Entrepreneurship Program bought him some time, and Final was launched in late 2014 by Dietrich and co-founders Matt Rothstein, Aaron Frank, Ben Apel and Davis Godbout. The company is devoted to combating credit card fraud online and off by offering a card in which consumers have the ability to generate multiple, unique numbers that can be used with individual retailers. The new card numbers are generated or restricted using Final's web app, browser plugin, or mobile application.
The Colorado start-up was an instant hit with the community of accelerator Y Combinator. To date, Final has received $1 million in seed funding from Kima Ventures, Y Combinator, Ludlow Ventures and T5 Capital.
Photo caption: (Left to right) Final co-founders Ben Apel, Matt Rothstein, Davis Godbout, Andrew Dietrich and Aaron Frank.
James Barrett, co-founder of Tenant Turner.Source: Tenant Turner
Five years after receiving his graduate degree from the University of Virginia, James Barrett decided that if he could get his finances in order and reduce some monthly debt, he could finally focus on launching Tenant Turner, a software program that lets landlords find qualified tenants, list open properties on multiple websites and schedule showings for potential customers. At the time, his student loans, which totaled about $50,000, were his third-largest monthly expense, so his first task was to look into refinancing both his mortgage and his loans.
The SoFi program connected Barrett and his co-founders to Andrew Dietrich and the team at Final, who had just graduated from Y Combinator. Barrett was accepted into the Y Combinator start-up accelerator, and Tenant Turner, where Barrett is head of business development, thus far has raised $500,000 from Y Combinator, Lighthouse Labs, and other investors.
Jennifer Baell, Tot SquadSource: Becky Brandt
After receiving her MBA from Northwestern University's Kellogg School of Management, Jennifer Beall raised some money from friends and family to start CleanBeeBaby, an eco-friendly cleaning service for baby and toddler strollers and car seats—then worked full-time for a year and a half to begin paying down her $50,000 in student loans.
"Even though I'm an MBA and my investors are the kinds of people who invest in tech businesses traditionally, for most of the incubators—if you're looking at the Y Combinators and the Techstars of the world—you have to have a tech background, so I was just not eligible for those programs," she said.
Even SoFi was a little skeptical. "Apparently, they had to fight for me, because I was kind of on the bubble," she said. Nevertheless, Beall forged ahead, wrote up a business plan, and submitted it—and ended up being named SoFi Entrepreneur Program "Startup of the Year," receiving $150,000 in financing.
So far, Beall has raised $500,000 for her company, now called Tot Squad. It currently works with retailers in California and New York and began franchising this year.
Source: Augmedix
In 2012, Ian Shakil and his co-founder, Pelu Tran, launched Augmedix, a service for physicians that aids them in electronic health reporting, freeing them to focus more on patient care.
For two years the former Stanford classmates worked on building the company, but by 2014, Shakil applied to the SoFi program to get some relief from his $100K student loan debt.
At that time, Augmedix was at the seed stage: Shakil and Tran had sourced less than $1 million. "We were just beginning to talk to institutional investors," said Shakil. A year later, Augmedix has now raised $30 million—$16 million from one round of Series A venture funding co-led by the company's seed investors Emergence Capital and DCM Ventures.
Augmedix currently has commercial operations in 10 states, with five national health systems in the U.S. using the Augmedix service.
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234dea1b70f3fd9d92232d898e2cc1e2 | https://www.cnbc.com/2015/08/12/majority-of-investors-expect-correction-survey.html | Majority of investors expect correction: Survey | Majority of investors expect correction: Survey
Traders work on the floor of the New York Stock Exchange.Lucas Jackson | Reuters
For the first time this year, the latest figures from the popular sentiment report by Investors Intelligence show that the majority of financial writers expect a correction in the U.S. market.
"The broad market has gone virtually nowhere for the past four months and now as the worst two months of the year (August and September) are upon us, market and economic readings are worrisome," wrote Jeffrey A. Hirsch and Christopher Mistal from the Stock Trader's Almanac newsletter.
Other writers like Barry S. Arnold from The Primary Trend said, "The narrowest of the advance this year, and especially in the last three months, is disturbing and could signal a more sever downdraft on Wall Street if the divergences continue."
That pessimism was noted across the board with 41.2 percent of financial pundits warning a correction is in the cards. That's now bigger than the bull reading, which fell to 40.2 percent from 42.2 percent a week ago. The outright bears accounted for 18.6 percent, according to the Investors Intelligence report.
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78c0e901b1409e569db22874d8c7aade | https://www.cnbc.com/2015/08/13/boston-says-so-long-to-housing-freeze.html | Boston says so long to housing freeze | Boston says so long to housing freeze
VIDEO2:3202:32Boston real estate Power Lunch
Boston real estate kicked into high gear this spring, after record-setting snows kept homes off the market and buyers inside. Home sales in Boston were up nearly 9 percent in June from a year ago, even as the inventory of homes for sale decreased, according to the Greater Boston Association of Realtors.
That helped drive the median home price to over $400,000, a 5.5 percent increase from a year ago, figures CoreLogic.
Boston skylineScott Eisen | Bloomberg | Getty Images
Boston gets its economic strength from health care, finance and education. World-class universities and hospitals; think Harvard, MIT and Massachusetts General to name a few, also help boost a thriving biotech industry. State Street and Fidelity anchor a strong financial services sector. That economic power has kept demand for homes stronger than supply.
Read More Miami heat hits housing
P.T. Vineburgh, founding partner at Charlesgate Realty Group, said Boston has a crisis of inventory that is making the market for buyers extremely competitive, "They say a balanced market has six months of inventory and as of Q2 stats, we have six weeks of inventory. It's a highly competitive climate."
Boston's historic neighborhoods also keep the city from building new supply. "Many times in historic and protected neighborhoods like Back Bay, there's only so much you can do from a physical standpoint whether it's height or aesthetics, density, whatever, it's very difficult to bring on any meaningful number of new housing units to start to catch up with the demand," said Vineburgh.
The low inventory sparked some agents to set the stage for bidding wars. "They'll activate a listing, they'll set up a couple open houses over the weekend, they'll set an offer deadline and it's basically expected that there will be multiple offers by say Monday at noon or Monday at 5," said Vineburgh. "Then they'll go back to the handful of best offers."
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83b438029d572ae622ba57e3baeed09d | https://www.cnbc.com/2015/08/13/shade-balls-protect-la-water-supply-during-drought.html | 'Shade balls' protect LA water supply during drought | 'Shade balls' protect LA water supply during drought
VIDEO1:4501:45Black 'Shade balls' in LA? Why aren't they white?
Reports of mysterious "shade balls" in Los Angeles reservoirs have been bobbing to the surface.
But they're there for a reason. The black, plastic spheres, partially filled with water, that are now in a Los Angeles reservoir by the millions are part of a $34 million project to protect the region's water supply from contaminants and evaporation.
The plan is expected to save the city $250 million, compared with other available plans, according to a press release.
The idea was developed by a former biologist with the Los Angeles Department of Water and Power, who was inspired by the use of similar balls to keep birds from landing in ponds along airplane runways. They cost 36 cents each to make, and they line the surface of three other reservoirs in the Los Angeles area. Ninety-six million of the spheres are floating in the Los Angeles Reservoir alone, according to the release.
Over 90 million plastic balls cover the Los Angeles reservoir in the Sylmar area of Los Angeles on Aug. 12, 2015.Damian Dovarganes | AP
Pure black carbon gives the balls their color after being added to the plastic to absorb UV rays. That prevents sunlight from penetrating the plastic and getting to either the water inside the balls or beneath them. A lighter-colored ball may allow sunlight to pass through into the water, rendering it ineffective, said Sydney Chase, who owns shade ball manufacturer XavierC, one of the suppliers involved in the project.
"Carbon black has been utilized for decades in rugged outdoor environments" precisely because it can help materials withstand sunlight, Chase said.
The Los Angeles Department of Water and Power began blanketing local reservoirs with the balls to prevent the UV rays from catalyzing certain chemical reactions that could produce algae or harmful chemicals, such as bromate.
Though they originally were intended to protect reservoir water from contaminants catalyzed by sunlight, an added benefit is that the shade balls will prevent the evaporation of 300 million gallons of water, enough to supply drinking water for more than 8,000 people for a full year, according to the press release.
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95443ff8e948af76c655a72800b13913 | https://www.cnbc.com/2015/08/13/softbank-acquires-87m-worth-of-additional-shares-in-sprint.html | SoftBank acquires $87M worth of additional shares in Sprint | SoftBank acquires $87M worth of additional shares in Sprint
A Sprint store in Ft. Lauderdale, Florida.Getty Images
Japanese telecoms group SoftBank, the majority owner of Sprint, said it acquired 22.9 million additional shares in the U.S. wireless carrier at a weighted average price of $3.80 each.
Sprint's shares were up 8.2 percent at $4.20 in extended trading on Wednesday.
SoftBank, which owns about 80 percent of Sprint, said it purchased additional shares of Sprint through its wholly-owned subsidiary Galaxy Investment Holdings at a cost of about $87 million.
Read MoreSoftBank plans nearly $1B buyback as confidence in Sprint renewed
SoftBank said, as a result of the purchase, it does not contemplate that its ownership of Sprint's outstanding common stock will increase to 85 percent or more.
SoftBank had lost confidence in Sprint and was considering selling it as Sprint had been burning through cash because of monthly leasing plans that require U.S. wireless carriers to pay vendors for devices up front.
However, after Sprint last week reported a smaller-than-expected quarterly loss, as it added a net 675,000 customers helped by promotions and offers such as doubling data capacity, SoftBank assuaged investors' concerns by saying it had no plans to sell its stake in the wireless carrier.
SoftBank's Chief Executive Officer Masayoshi Son also made a rare appearance on Sprint's earnings call and said that SoftBank would set up a leasing company with other partners to finance payments of devices leased by Sprint customers.
SoftBank said on Wednesday it was "enthusiastic" about Sprint's prospects and working closely with Sprint on its "network strategy to enhance Sprint's competitiveness and reduce its capital expenditures and operating costs."
At Wednesday's close of $3.88 on the New York Stock Exchange, Sprint's shares had fallen about 7 percent this year.
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91f1e5b3f6e48f3add842c0a7cbe33e8 | https://www.cnbc.com/2015/08/14/cramer-remix-making-good-calls-in-any-situation.html | VIDEO1:2001:20Cramer: This is the way to pick your next playCramer Remix
Jim Cramer does not get up out of bed at 4 a.m. every day just so that he can dish out the hottest stock picks to the "Mad Money" audience. He does it because he is passionate about educating investors on the ultimate insider's perspective for the market and how to make money.
"What I'd really like to do is empower you, and that starts with me teaching you all the many tricks I use to pick out great stocks and trade them like a pro," Cramer said.
So what does the "Mad Money" host look for when picking a stock?
One of the easiest ways for Cramer to identify the stocks that should be on his radar is to look at the new-high list. These are stocks that hit a new high in trading for the day, especially on days when the market is in bad shape. If it is hitting a new high on a down day, then obviously it has something good going for it.
When Cramer sees a stock on the new-high list, it is either because it is part of a bull market, it announced fantastic earnings, or there is tremendous sales momentum within the sector.
Read more from Mad Money with Jim Cramer Cramer: The tax man—maximizing profits Cramer basics: How to start investing Cramer basics: How to save, save, save
Adam Gault | OJO Images | Getty Images
"What I am teaching you are really what I call tells—they are signals that a stock might be worth owning—that it is worth your time and effort to go through the often boring process of reading through the conference call transcripts and quarterly process," the "Mad Money" host said.
First, Cramer uses the new-high list to determine what should be on his radar. Another signal that he looks for is to buy stocks that have had a big run, along with substantial insider buying. Insider buying indicates that the people running the company believe the stock is headed higher. If they believe, you should believe, too.
However, Cramer warned that these signals alone are not a good reason to buy a stock. At the end of the day, there is no avoiding doing the homework on a company.
That means checking the fundamentals and making sure the company has a story that you can get behind.
Read More Cramer: How to recognize a screaming buy
"I want to talk about selling, which, along with when you buy, may be the most important and undervalued tool in your home arsenal," said the "Mad Money" host.
So how do you know when to sell a hot stock?
Just like when you attend a party, you have to know when it is the right time to leave. When dealing with stocks, there is a lot of money to be made by owning a hot stock with a lot of momentum. The trick to making the most money is to know when it's time to get out.
When Cramer refers to a hot stock, he means hot speculative stocks. Those are stocks of companies that have a low market capitalization and have very little research coverage from major Wall Street research houses. Sometimes, these stocks can catch fire and stay hot for years.
"The key to figuring out when interest has peaked and it is time to sell is by watching the analyst coverage," Cramer added. (Tweet This)
Read More Cramer: When to sell a sizzling hot stock
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b9dd5c0b23c748e4754d855af90c120a | https://www.cnbc.com/2015/08/14/fantastic-four-flop-sparks-marvel-takeover-rumors.html?__source=yahoo%7Cfinance%7Cheadline%7Cheadline%7Cstory&par=yahoo&doc=102919410 | 'Fantastic Four' flop sparks Marvel clawback rumors | 'Fantastic Four' flop sparks Marvel clawback rumors
VIDEO0:4300:43A not so Fantastic weekendMovies
These are grim days for Marvel's First Family, otherwise known as The Fantastic Four.
Walt Disney-owned Marvel Studios has clawed back the film rights to a handful of heroes in recent years. After a spectacular flop at the box office last weekend, speculation is rampant that the Fantastic Four could return to its Marvel roots.
Industry watchers and fans alike are questioning whether 20th Century Fox can salvage its Fantastic Four franchise after an attempt to reboot the series drew scathing reviews, and opening weekend earnings that fell well short of its $40 million estimate—and its reportedly $120 million production budget.
The outcome could shake up the lucrative superhero film business, giving Disney control of virtually every Marvel character and leaving Fox with only the X-Men.
In the mid 1990s, Marvel sold the rights to a number of its hottest properties at a time when it was in the throes of bankruptcy. Among the spoils, Fox got the X-Men and Fantastic Four, and Sony picked up Spider-Man.
Licensing deals also led to films starring lower-tier characters like Daredevil, the Punisher and Ghost Rider, but the rights have reverted to Marvel after those projects failed to break out.
Read More What 'Ant-Man' says about Marvel's phase four
Now, some are expecting the same for "Fantastic Four." It , the worst debut for a film featuring a Marvel Comics character in the last 10 years, after the Nicolas Cage sequel "Ghost Rider: Spirit of Vengeance."
The brutal reception led more than 29,000 fans to sign a Change.org petition calling on Fox to sell the rights to the Fantastic Four to Marvel.
By all accounts, Marvel's first family has taken a torturous journey to the big screen, with no production company able to find a successful formula.
A film was first commissioned in 1992 with an initial budget of $30 million—then went unreleased after the movie was shot on a dramatically reduced, shoestring budget. That version lives on thanks to YouTube and various blogs.
As part of the wave of superhero movies that began in the early 2000s, a new version and a sequel were unveiled, but both earned only mediocre returns and tepid reviews.
The property's troubled history raised expectations that this time would be different—yet it was anything but. Despite the disastrous opening, Fox has not taken its planned 2017 Fantastic Four sequel off the table just yet.
"All I can say right now is that we are committed to the property," Chris Petrikin, senior vice president of corporate communications at Fox, told CNBC in an email.
Paul Dergarabedian, senior media analyst at Rentrak, said he believes Fox can turn the franchise around with a spectacular sequel that inspires fans. The key is winning over loyal comic book readers, who are highly influential on social media and were unsparingly critical of the reboot.
"There's always a second chance. There's even a third chance if you make a great movie," he said. "The lessons learned from this movie will have a decided impact on the next movie."
Indeed, "Fantastic Four" has a loyal audience that has made it a middle-tier comic book since the 1970s, with brief sales spikes in the '80s and '90s, said writer and industry analyst Jonathan Jackson Miller.
"We used to call it one of the widows and orphans stock books. It was one of the books that used to have a core readership all the time," Jackson Miller told CNBC.
A still image from Marvel's "Fantastic Four."Source: Fantastic Four
Still, Dergarabedian acknowledged that a comeback would be no easy task, given the sentiment swirling around the film. With an 8 percent "fresh" rating on Rotten Tomatoes "Fantastic Four" is the most poorly reviewed Marvel superhero movie yet—and certainly one of the most vilified by fans, who revolted against core aspects, including the casting.
Read the Tweet here.
Read the Tweet here.
Jeff Bock, senior box office analyst at Exhibitor Relations, said Fox's best chance of saving the franchise is to partner with Disney on the sequel.
"I think people would trust it if it came out of Disney and Marvel," he told CNBC.
That option is not without precedent. Marvel struck an agreement earlier this year with Sony to feature Spider-Man in its shared cinematic universe alongside the Avengers, after a new series of films featuring the wall-crawler failed to outperform an earlier trilogy.
Read MoreWill a new Spider-Man save the movie franchise?
Bock speculated that Fox could exchange the rights to the Fantastic Four for another Marvel character, perhaps one that can feature in an R-rated series, he said. Fox is taking an adult-oriented approach with its X-Men spinoff "Deadpool" next year.
But it's unclear whether Marvel would be willing to part with any characters.
While it has focused on family-friendly fare at the box office, its Netflix series "Daredevil"—based on a character held by Fox until 2013—embraced grit and graphic violence. Marvel has another three Netflix series in development, and announced the second season of "Daredevil" will feature the Punisher and Elektra, two characters once held by Lions Gate and Fox, respectively.
To be sure, Fox would not be out in the cold without the "Fantastic Four." Its seven "X-Men" and "Wolverine" films have earned more than $3 billion combined at the global box office. Its most recent release, "X-Men: Days of Future Past," was its most lucrative yet.
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5dfd66c62399981aed88172241779e41 | https://www.cnbc.com/2015/08/14/heres-what-could-take-oil-down-to-30.html | Here's what could take oil down to $30 | Here's what could take oil down to $30
A worker walks at Nahr Bin Umar oil field, Iraq, Nov. 23, 2014.Essam Al-Sudani | Reuters
A seasonal event that happens every year may be what finally pushes oil prices to rock bottom.
West Texas Intermediate crude futures broke below their 2015 low this week and are trading around $42, a more-than-six-year low. The bottom in this market has been elusive, with Wall Street targets consistent in that they have been missing the mark, as oil plunged into the $40s after roaring back to the $60s in a head fake rally during the spring.
Now, the next mile marker for the futures market appears to be on the downside, with oil heading toward the $40-per-barrel level. Many traders then expect to see prices settle somewhere in the $30s before a bottom is reached.
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2fa4a29769bf2e06755fcfaea61f9c01 | https://www.cnbc.com/2015/08/14/money-flees-us-stocks-at-highest-level-since-1993.html?__source=msn%7Cmoney%7Cheadline%7Cstory%7C&par=msn | Money flees US stocks at highest level since 1993 | Money flees US stocks at highest level since 1993
VIDEO2:2902:29Pisani: Money flees US stocksMarket Outlook
VIDEO1:2901:29Market realities from a pro
VIDEO3:0803:08Pro: Be a little cautiousPower Lunch
The flight of investor money from U.S. stocks has turned into a stampede.
In fact, the $78.7 billion leaving domestic equity-focused funds has been worse in 2015 than it was even during the financial crisis years, when the tumbled some 60 percent, according to data released Friday by Morningstar. The total is the highest since 1993.
Domestic equity funds surrendered $20.4 billion in July alone and have seen $158.6 billion in redemptions over the past 12 months. Even a strong flow of money into passively managed exchange-traded funds has been unable to offset the stream to the exit among retail investors, who generally focus more on mutual funds than ETFs.
The move is all the more unusual considering that it hasn't been a bad year for the market. The S&P 500 has gained about 1.5 percent year to date and 3.4 percent in total return, though it's lagged other indexes, particularly those that focus on international stocks. The MSCI-EAFE international benchmark, for instance, is up 4 percent in price and nearly 7 percent in total return.
"Apart from flows following performance, this pattern also hints at investors' expectations for the future," Morningstar senior analyst Alina Lamy said in a report. "The consensus is that the United States is in the late stages of its bull market.
"Globally, countries are cheaper on a fundamental level, and Europe and Japan are still actively stimulating their economies. Investors are aware that the United States and Europe are at different points in the economic cycle, and this is reflected in the flows."
Indeed, international equity funds have flourished not only in returns but also in attracting investor cash. Such funds have attracted $179.3 billion, by far the biggest in all asset classes:
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bb701ce160ad748913503b16132ead51 | https://www.cnbc.com/2015/08/14/rejecting-the-iran-nuclear-deal-is-a-high-price.html | Rejecting the Iran deal will be high-cost, Jack Lew writes in the NYT | Rejecting the Iran deal will be high-cost, Jack Lew writes in the NYT
U.S. Secretary of State John Kerry (L) holds a negotiation meeting with Iran's Foreign Minister Mohammad Javad Zarif (R) over Iran's nuclear programme in Lausanne, Switzerland.Brian Snyder | Reuters
The Iran nuclear deal offers a long-term solution to one of the most urgent threats in modern times, U.S. Treasury Secretary Jacob Lew has said in an opinion piece for The New York Times (NYT).
Iran, the world's leading state sponsor of terrorism, would be less than 90 days away from having enough fissile material to create a nuclear bomb, should Congress decide to reject the deal, he warned - a rejection that would put the U.S. at odds with the rest of the world.
Rejecting the opinion of countries involved in the Iran talks, which include China, Japan, India and South Korea, as well as the European Union, and unilaterally introducing tougher Iran sanctions would result in cutting off those allies from the U.S. dollar and financial system.
"We would set off extensive financial hemorrhaging, not just in our partner countries but in the United States as well," Lew wrote.
To read the full NYT story, click here.
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