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[] | 2016-08-29T21:39:30 | null | 2016-08-29T05:16:23 | The biggest stars in tennis will compete for millions at the U.S. Open -- but kids are competing for the chance to make minimum wage as ball boys and girls at the tournament. | http%3A%2F%2Fmoney.cnn.com%2Fvideo%2Fnews%2F2016%2F08%2F29%2Fus-open-ball-boys-ball-girls-tennis.cnnmoney%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_freevideo%2B%2528RSS%253A%2BCNN%2B-%2BVideo%2529.json | http://i2.cdn.turner.com/money/dam/assets/160829171156-us-open-ball-780x439.jpg | en | null | These kids have the best summer job ever | null | null | money.cnn.com | The biggest stars in tennis will compete for millions at the U.S. Open -- but kids are competing for the chance to make minimum wage as ball boys and girls at the tournament. | http://money.cnn.com/video/news/2016/08/29/us-open-ball-boys-ball-girls-tennis.cnnmoney/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_freevideo+%28RSS%3A+CNN+-+Video%29 | en | 2016-08-29T00:00:00 | money.cnn.com/f081b37635e35fd53d22a797887bd19738c42abbcd24d40150bf992871b41d5e.json |
[
"Jackie Wattles"
] | 2016-08-26T13:51:22 | null | 2016-08-24T12:55:38 | Chipotle has to make some changes to its employee handbook after federal regulators ruled that four of its policies are illegal. The ruling also carved out some more clarity to how labor laws protect workers' comments on social media. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F24%2Fpf%2Fjobs%2Fchipotle-social-media-nlrb%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fedition_us%2B%2528RSS%253A%2BCNNi%2B-%2BU.S.%2529.json | http://i2.cdn.turner.com/money/dam/assets/151207110654-chipotle-people-being-served-780x439.jpg | en | null | Chipotle under fire for illegal workplace policies | null | null | money.cnn.com | Federal regulators have taken a red pen to Chipotle's employee handbook, saying several policies violated labor laws.
The National Labor Relations Board said in a recent decision that Chipotle has to amend four rules that are illegal because they can "chill employees" from exercising their collective bargaining rights. The ruling has implications for what workers everywhere are allowed to say on social media.
The Chipotle policies that the NLRB took issue with are:
Its confidentiality policy that "unlawfully limits the use of [Chipotle's] name."
A policy that prohibited employees from discussing "politics or religion in public."
A rule that prevents workers from soliciting support from coworkers against a workplace policy "in visual or hearing range of our customers."
An "ethical communication" policy that instructs workers to avoid "exaggeration" or "colorful language" when discussing people.
"Employees can talk about wages, hours, conditions and terms of employment. That's protected speech," said Michael Healey, the attorney who worked on the NLRB case.
Related: Mexican official fired after Facebook post on Orlando victims
Though the NLRB ruled Chipotle's policies violate an 80-year-old labor law, Healey said that the decision is another instance of "federal labor law catching up to social media."
The Chipotle (CMG) vs. NLRB saga started when James Kennedy -- an employee at a Chipotle restaurant in Havertown, Pennsylvania -- posted tweets in January 2015 that were critical of the burrito chain.
One lamented how the company charges customers extra when they add guacamole. Other tweets went after how the company pays and treats workers.
In one post, he responded to a customer who thanked Chipotle for a free burrito, saying "nothing is free, only cheap #labor. Crew members only make $8.50 [per] hr how much is that steak bowl really?" he wrote, according to public documents.
Related: Student workers can now unionize at private colleges
Shortly after posting them, Kennedy's manager ordered him to delete the tweets. The manager cited an "outdated" company policy that says employees cannot post "disparaging" comments about Chipotle on social media.
Kennedy was fired a month later after an altercation with his manager about a petition he started for better-enforced breaks. He filed his case with the NLRB shortly after.
The NLRB ruling last week sent a clear message to Chipotle about how it handled Kennedy's tweets and firing: You can't do that.
The company must rehire Kennedy and give back pay for any time he was unemployed since he was fired in February 2015. | http://money.cnn.com/2016/08/24/pf/jobs/chipotle-social-media-nlrb/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fedition_us+%28RSS%3A+CNNi+-+U.S.%29 | en | 2016-08-24T00:00:00 | money.cnn.com/3e88fcebd8e41b539a2be9fc2d693460ebd48ee15738a1c704101199fd8bd766.json |
[] | 2016-08-30T17:39:29 | null | 2016-08-30T12:36:25 | Imprimis CEO Mark Baum discusses company's plans for a $100 EpiPen compound alternative. | http%3A%2F%2Fmoney.cnn.com%2Fvideo%2Fnews%2F2016%2F08%2F30%2Finterview-with-imprimis-ceo-mark-baum.cnnmoney%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_freevideo%2B%2528RSS%253A%2BCNN%2B-%2BVideo%2529.json | http://i2.cdn.turner.com/money/dam/assets/160825082120-epipen-780x439.jpg | en | null | Imprimis plans to offer $100 EpiPen | null | null | money.cnn.com | Our Terms of Service and Privacy Policy have changed.
By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service. | http://money.cnn.com/video/news/2016/08/30/interview-with-imprimis-ceo-mark-baum.cnnmoney/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_freevideo+%28RSS%3A+CNN+-+Video%29 | en | 2016-08-30T00:00:00 | money.cnn.com/6885d58ea0457491f568eabd93601a29312c1b74822f6f4be60f162aeab0e867.json |
[
"Matt Mcfarland"
] | 2016-08-28T19:39:18 | null | 2016-08-28T01:37:08 | The FAA's rules for businesses looking to fly drones go into effect Monday. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F28%2Ftechnology%2Ffaa-commercial-rules-drones%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160803130822-drone-farming-780x439.jpg | en | null | A landmark day for drone flights arrives | null | null | money.cnn.com | The federal government is officially opening America's skies to drones.
FAA rules for the commercial use of drones go into effect Monday.
"It's an important moment," said Brian Wynne, chief executive of the Association for Unmanned Vehicle Systems International. "But it probably won't be like a light switch going on."
Interested drone pilots must pass an aeronautical exam before they are allowed to fly. The first exam will be available at 8 a.m. Monday morning, which 3,351 people have signed up to take.
The exam has generated "great excitement" from a wide range of industries around the country, according to Mark Dennehy, president of Computer Assisted Testing Service, which administers the test.
Drones are appealing because they provide aerial photos and video at a fraction of the cost of traditional methods. Potential uses include crop monitoring, construction site management, search and rescue, surveying, film-making and firefighting.
The key rules for businesses are this: Do not fly at night or over anyone not involved in your operation. Drones also may not fly higher than 400 feet, must be under 55 pounds and must remain in the visual sight of a human operator.
Related: New drone rules could curtail cell tower deaths
More than 3,000 businesses have already received a government exemption to fly.
The new rules simplify the process of flying legally. Drone operators will no longer need to receive a pilot's license, which has been a point of contention. Getting a pilot's license is expensive and time-intensive, and some of the skills taught aren't applicable to flying a drone.
The current rules include limitations that will hamper the arrival of some drone services, such as autonomous delivery. So don't expect companies to be dropping packages in your backyard anytime soon.
Related: Domino's delivers pizza by drone in New Zealand
There is a waiver process for businesses that have their hearts' set on flying at night, over 400 feet or beyond the line of sight of a drone operator.
The new drone rules arrived late -- missing a deadline Congress set in 2012, but Wynne said he's seen the FAA adapt to the challenge of regulating the rapidly developing technology.
"It's a sea change in mentality inside the FAA to we have to work with industry on this," Wynne said. "It's a change in mentality away from the big hammer FAA to one that recognizes, 'Hey we can't be in all places at all times.'" | http://money.cnn.com/2016/08/28/technology/faa-commercial-rules-drones/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-28T00:00:00 | money.cnn.com/3bff3ac1ee8dbf6e15239354717c8b37bc3dc016f78e6f3170694aba7abf651a.json |
[
"Sara Ashley O'Brien"
] | 2016-08-26T13:53:23 | null | 2016-08-25T03:13:04 | The company lost at least $1.27 billion in in the first half of this year, according to Bloomberg. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F25%2Ftechnology%2Fuber-2016-losses%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fedition_us%2B%2528RSS%253A%2BCNNi%2B-%2BU.S.%2529.json | http://i2.cdn.turner.com/money/dam/assets/150911135940-travis-kalanick-780x439.png | en | null | Uber bleeds more than $1 billion in six months | null | null | money.cnn.com | Uber may be the most valuable privately held company in the world, but that doesn't mean it's making money.
The company lost at least $1.27 billion in the first half of this year, according to Bloomberg News. Uber declined to comment on the report, but Bloomberg reported that Uber's head of finance Gautam Gupta shared the losses during a call with shareholders on Friday.
Uber is said to have lost $520 million in the first quarter, and $750 million in the second quarter of 2016.
The vast majority of its second quarter losses were a result of subsidies in China, according to a source familiar with the matter. But those won't continue to show up on Uber's income statement.
Related: Uber tests $2 flat fares to take on public transit
Earlier this month, Uber sold its China operations to rival Didi Chuxing. Uber got nearly an 18% stake in Didi as a result of the deal, becoming its largest shareholder.
Uber launched in China in 2013 and expanded its operations to roughly 60 cities. But while the market was a top priority, it was also an incredibly costly one. In February, CEO Travis Kalanick said that Uber was losing $1 billion a year in China.
"Uber and Didi Chuxing are investing billions of dollars in China and both companies have yet to turn a profit there," Kalanick wrote in an announcement about the Didi deal.
While Uber said it was profitable in the U.S. during the first quarter of this year, Bloomberg reported that it lost roughly $100 million in the U.S. during the second quarter.
That comes as Uber battles its biggest U.S. competitor, Lyft, for market share, each using compelling promotions and deals to persuade customers to ride with them. | http://money.cnn.com/2016/08/25/technology/uber-2016-losses/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fedition_us+%28RSS%3A+CNNi+-+U.S.%29 | en | 2016-08-25T00:00:00 | money.cnn.com/3d51c7f54ef9e0c4bf7f44a20e6530a4e78c2adce67aa3a7f549628972c2fddc.json |
[
"Brian Lowry"
] | 2016-08-26T13:58:15 | null | 2016-08-23T06:01:41 | Subtitled TV 'Narcos,' 'Gomorrah' | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F23%2Fmedia%2Fsubtitled-tv-gomorrah-narcos%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fedition_entertainment%2B%2528RSS%253A%2BCNNi%2B-%2BEntertainment%2529.json | http://i2.cdn.turner.com/money/dam/assets/160823140438-narcos-780x439.jpg | en | null | Subtitled TV: 'Gomorrah,' 'Narcos' demands viewers' undivided attention | null | null | money.cnn.com | TV viewing has increasingly become a distracted, two-screen experience, but it turns out there is a way to demand the audience's undivided attention. The trick: making people not just watch, but read.
Subtitled programming isn't quite sweeping TV. For now, it remains largely confined to the medium's equivalent of the art-house tier.
Thanks to premium TV outlets and niche services, though, subtitled shows have become more common and available. SundanceTV's latest series, the taut Italian crime drama "Gomorrah," premieres Aug. 24. "Narcos," the Netflix show about drug dealer Pablo Escobar, returns Sept. 2, relying heavily on subtitles for non-Spanish speakers.
International acquisitions have become a means of fleshing out program rosters. Netflix has picked up several subtitled series, while Sundance previously aired the macabre French drama "The Returned" and the German series "Deutschland 83."
While subtitled movies are nothing new, the experience in television is different. A darkened theater compels viewers to keep eyes fixed on the screen, but TV has always competed with distractions, perhaps never more so than today.
In March, the consulting firm Deloitte released a study that found more than 90% of viewers multitask while watching TV. Young adults aged 19-25 are, perhaps not surprisingly, the most promiscuous cohort in this regard, engaging in "an average of four additional activities while watching TV," per the survey, among them surfing the web, texting, playing video games and social media. (For those wondering, Deloitte didn't specify any activities that, in TV parlance, might be only fully witnessed on premium cable.)
Related: 'The Night Of' brings arresting crime drama to HBO
For viewers accustomed to getting other things done while watching TV -- tweeting, checking emails -- being required to stay focused on one screen does involve a higher level of commitment.
Concentrating on the program at hand offers programmers one advantage in that it heightens audience engagement -- a sort of Holy Grail in media terms, certainly among advertisers (although a Netflix show like "Narcos" is presented commercial-free). But it also ratchets up the pressure on a program to deliver creatively, lest viewers begin to get antsy.
More widely distributed networks have grown more willing to weave in subtitles, usually sparingly. In ABC's "Fresh Off the Boat" and CW's "Jane the Virgin," the grandmothers speak in their native tongues (Mandarin and Spanish, respectively), while their kids and grandkids respond in English.
Still, the attention that's necessary to follow heavily or completely subtitled series does significantly alter the way they're consumed. That includes carving out windows of time where the customary distractions won't intervene.
In other words, if subtitled TV is going to work, it had better be good enough to prevent viewers' interest from wandering. Because if not, there are clearly plenty of other things we could be doing. | http://money.cnn.com/2016/08/23/media/subtitled-tv-gomorrah-narcos/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fedition_entertainment+%28RSS%3A+CNNi+-+Entertainment%29 | en | 2016-08-23T00:00:00 | money.cnn.com/d49486b5e31b33fab01593f71ca6b153895d9213a9ca03f289a72b7d5af0462a.json |
[
"Sophia Yan"
] | 2016-08-26T13:47:40 | null | 2016-08-26T03:26:34 | Sales of burkinis -- a swimsuit that covers the whole body except for the face, hands and feet -- are spiking after some French beaches banned the garment. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F26%2Fnews%2Fburkini-ban-sales-spike%2Findex.html%3Fsection%3Dmoney_news_international%26utm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fmoney_news_international%2B%2528CNNMoney%253A%2BInternational%2BNews%2529.json | http://i2.cdn.turner.com/money/dam/assets/160825175721-kausar-sacrani-modestly-active-burqini-780x439.jpeg | en | null | Sales spike for burkini makers after French crackdown | null | null | money.cnn.com | A French ban on the burkini -- a swimsuit that covers the whole body except for the face, hands and feet -- is boosting sales of the beachwear.
Often worn by Muslim women to adhere to Islamic dress codes, burkinis are at the heart of a fierce debate over the French government's ability to decide what people can wear in public. Makers of the swimsuits say the furor is giving their products big publicity around the globe.
Kausar Sacranie, who sells burkinis through her U.K.-based brand, Modestly Active, estimates that sales have increased 50% as the swimsuits have kept making headlines.
She called the ban "ridiculous," saying that "the product is there to liberate women to be part of society."
Sacranie's brand has won awards for Islamic swimwear, and plenty of non-Muslim women who simply want to be more covered up also buy her clothes, she said. She even designed a burkini for celebrity chef Nigella Lawson, who she says wanted the outfit to protect her skin from the sun.
Aheda Zanetti, the woman credited with inventing the burkini, says the French ban has raised the profile of the garment and prompted a spike in demand.
"Online sales are extremely strong," she said of Ahiida, her Sydney-based business. "I reckon sales have improved by 90% in the last week."
The mayor of the French city of Cannes, which issued a temporary ban on burkinis this month, has "done a very good thing for me," Zanetti said.
Related: Olympic fencer asked to remove hijab for photo
U.K.-based retailer Marks & Spencer has seen plenty of demand for burkinis since it began selling them internationally in recent years. It began stocking the items in its flagship store in London last year, and the company has already sold out of them for this summer.
The burkini ban at some beaches in France is the most recent move by French politicians to prohibit religious attire in public.
In April 2011, France became the first European country to ban public wearing of the burqa, a full-body covering that includes a mesh panel over the face, and the niqab, a full-face veil with an opening for the eyes.
-- Euan McKirdy contributed reporting. | http://money.cnn.com/2016/08/26/news/burkini-ban-sales-spike/index.html?section=money_news_international&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_news_international+%28CNNMoney%3A+International+News%29 | en | 2016-08-26T00:00:00 | money.cnn.com/a4a6205e26267bd52a312a7851a81e3eb514be16ab5d13c8ebf5bfdce618570c.json |
[
"Patrick Gillespie"
] | 2016-08-26T15:51:47 | null | 2016-08-26T10:00:42 | Federal Reserve Chair Janet Yellen signaled in a speech in Jackson, Wyoming, that an interest rate increase could be on the horizon. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F26%2Fnews%2Feconomy%2Fjanet-yellen-federal-reserve-jackson-hole%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/151216153202-yellen-rate-hike-dec-16-780x439.jpg | en | null | Janet Yellen: Fed rate hike odds have 'strengthened' | null | null | money.cnn.com | Janet Yellen is getting closer to raising interest rates.
The Chair of the Federal Reserve signaled that a rate hike this year is still on the table.
"I believe the case for an increase in the federal funds rate has strengthened in recent months," Yellen said in a speech in Jackson, Wyoming.
But Yellen was vague on timing. The Fed's committee next meets in late September. It also has a meeting in early November, however, it's unlikely the Fed would raise rates right before the U.S. elections.
Plus, such ambiguity from Yellen may indicate that the Fed will wait until its meeting in December to raise rates.
After all, Yellen said in May that a rate increase would be appropriate over the summer months. She then changed course when the May jobs report was shockingly weak. Now she's giving no time reference.
But the job market bounced back in June and July, adding over a half million jobs in the that period. Yellen highlighted the job market's improvement and "solid growth" in consumer spending. Experts agree.
"The consumer is actually doing pretty good and there are elements of the labor market doing better," says Phil Orlando, senior portfolio manager at Federated Investors in New York. Orlando believes the Fed is likely to hike next in December.
Related: The U.S. economy's biggest problem: the smartphone?
She spent much of her speech on the Fed's tools that it has used to respond to the Great Recession. The Fed put interest rates at zero in December 2008. Low interest rates made it easier for businesses to borrow money and hire new workers.
But low rates were also a key reason behind the stock market's strong rally over the last seven years. Since investors earn very little interest on safe investments like U.S. treasury bonds, the Fed's policy may have caused investors to take more aggressive risks.
Yellen said if future Fed leaders kept rates near zero "they might inadvertently encourage excessive risk-taking and so undermine financial stability."
Stocks didn't react much to Yellen's comments on Friday. The Dow and S&P 500 remained slightly positive.
Related: Top Fed officials talk up rate hike odds
Even though economic growth has only averaged about 1% this year, Yellen sees the glass half full.
"While economic growth has not been rapid, it has been sufficient to generate further improvement in the labor market," she said.
The Fed raised interest rates last December for the first time in nearly a decade. At the beginning of the year, the Fed projected it would raise rates four times this year.
But falling oil prices, China's slowdown, rocky stock markets and the United Kingdom's vote to leave the European Union -- Brexit -- forced the Fed to revise its plans, not to mention warning signs like the May jobs report.
Currently, the Fed projects it will raise rates twice this year, though Fed officials have only been talking about one increase in recent weeks. Some say Yellen gave enough hints about a rate hike without showing all her cards on Friday.
"Yellen succeeded in leaving the door open to almost anything," says Kathy Jones, chief fixed income strategist at Charles Schwab. "Unless there's a huge rise in jobs in the next jobs report, [a rate hike is] still probably more likely in December than September." | http://money.cnn.com/2016/08/26/news/economy/janet-yellen-federal-reserve-jackson-hole/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-26T00:00:00 | money.cnn.com/6319cdabf0272584dcf44930e2cab4fcfbbf72b9b99b0723e149625326287cbe.json |
[
"Charles Riley"
] | 2016-08-29T19:36:30 | null | 2016-08-29T08:19:23 | Mark Zuckerberg has added a very special event to his tour of Italy: a meeting with the Pope. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F29%2Ftechnology%2Fpope-francis-mark-zuckerberg-facebook-italy%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fedition_world%2B%2528RSS%253A%2BCNNi%2B-%2BWorld%2529.json | http://i2.cdn.turner.com/money/dam/assets/160829093619-zuckerberg-pope-drone-2-780x439.jpg | en | null | Mark Zuckerberg gives Pope Francis a Facebook drone | null | null | money.cnn.com | What do you give the Pope if you're a tech CEO?
Mark Zuckerberg handed over a Facebook drone when he, and his wife Priscilla Chan, met Pope Francis on Monday.
"It was a meeting we'll never forget," Zuckerberg said. "You can feel [the Pope's] warmth and kindness, and how deeply he cares about helping people."
Zuckerberg updated his personal page on Facebook (FB, Tech30) with a photo of himself giving the Pope a model of Aquila, a solar-powered aircraft that Facebook hopes will expand Internet access in developing countries.
"Together they spoke about how to use communications technology to alleviate poverty, encourage a culture of encounter, and to communicate a message of hope, especially to the most disadvantaged," the Vatican Press Office said in a statement.
Zuckerberg announced his trip to Italy last week after the country was struck by a devastating earthquake. He has scheduled a live question and answer session for later on Monday, and said he was "looking forward to spending time with our Italian community."
The tech CEO has said Rome is a special city to him. He honeymooned there with Chan, and says he is a student of Latin and Classical history.
Zuckerberg also posted a photo of himself running by the Colosseum.
"It's great to be back in Rome! We started the day with a run past the Circus Maximus and House of Augustus up to the Colosseum. It's pretty amazing to run on roads in the city that helped invent them," he said.
Over the weekend, Zuckerberg posted an update and photo from the wedding of Spotify co-founder Daniel Ek, which was held near Lake Como in northern Italy.
Related: In case of emergency, open Facebook
Usually the act of a politician, visiting a country after a disaster would fit with Zuckerberg's recent push to paint himself as a sort of Silicon Valley statesman. He has been carefully crafting his image through Facebook posts, Q&As and public trips to places like China.
The social network has also taken on an unexpected role in international disasters. After events like earthquakes, hurricanes, or bombings, people let friends and family know they're OK with Facebook's Safety Check feature.
-- Livia Borghese and Heather Kelly contributed reporting. | http://money.cnn.com/2016/08/29/technology/pope-francis-mark-zuckerberg-facebook-italy/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fedition_world+%28RSS%3A+CNNi+-+World%29 | en | 2016-08-29T00:00:00 | money.cnn.com/9d484e50bffa970a04bdbb465f4de9578dcfaffaae0f9a54cd727086af0d8c22.json |
[
"Seth Fiegerman"
] | 2016-08-31T05:36:08 | null | 2016-08-30T11:15:39 | President Obama will guest edit the November issue of Wired, which the magazine is touting as the first time a magazine has been edited by a sitting president. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F30%2Ftechnology%2Fobama-wired-magazine%2Findex.html.json | http://i2.cdn.turner.com/money/dam/assets/160630165319-obama-ottawa-780x439.jpg | en | null | President Obama to guest edit Wired | null | null | money.cnn.com | What else can you possibly add to your resume after serving as president of the United States? Magazine editor, apparently.
President Obama will guest edit the November issue of Wired, which the magazine is touting as the first time a magazine has been edited by a sitting president.
The issue, scheduled to come out in October, will focus on "the next hurdles that humanity will need to overcome to move forward," according to an announcement Tuesday from Wired.
"These will include personal frontiers, from precision medicine to human performance; local frontiers, including using data in urban planning and making sure renewable energy works for everyone; national frontiers, from civil rights to medical data," Robert Capps, head of editorial at Wired, wrote in the announcement.
It will also include "international frontiers, like climate change and cybersecurity; and final frontiers, including space travel and Artificial Intelligence," according to Capps.
Related: Obama's staff is taking over Silicon Valley
The announcement comes just days after Wired endorsed Hillary Clinton, marking the magazine's first presidential endorsement in its 23-year history.
Clinton won Wired's praise for supporting net neutrality, pledging to strengthen the Affordable Care Act, and aiming to make immigration easier for people with STEM degrees.
The Obama administration has been particularly cozy with the technology industry that Wired covers.
Dozens of Obama staffers have left for jobs at companies like Google (GOOG), Facebook (FB, Tech30), Amazon (AMZN, Tech30) and Uber -- and executives from some of these companies have also taken technology roles in the Obama administration.
Obama, like Clinton, has pushed for issues supported by Wired and the tech community, including entrepreneurship and the need for immigration reform for skilled workers.
Obama has even suggested he may be interested in doing some work as a venture capitalist after leaving office. | http://money.cnn.com/2016/08/30/technology/obama-wired-magazine/index.html | en | 2016-08-30T00:00:00 | money.cnn.com/8950bbc1b9364cf80ec113cb365b9e931545b456ff09937fe349fa6a47aaffab.json |
[] | 2016-08-28T17:38:42 | null | 2016-08-28T12:20:28 | Donald Trump says MSNBC and the co-host of | http%3A%2F%2Fmoney.cnn.com%2Fvideo%2Fmedia%2F2016%2F08%2F28%2Ftrump-morning-joe-reliable-sources.cnnmoney%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_freevideo%2B%2528RSS%253A%2BCNN%2B-%2BVideo%2529.json | http://i2.cdn.turner.com/money/dam/assets/160210091717-morning-joe-trump-780x439.jpg | en | null | Trump's new target: 'Morning Joe' | null | null | money.cnn.com | Our Terms of Service and Privacy Policy have changed.
By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service. | http://money.cnn.com/video/media/2016/08/28/trump-morning-joe-reliable-sources.cnnmoney/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_freevideo+%28RSS%3A+CNN+-+Video%29 | en | 2016-08-28T00:00:00 | money.cnn.com/56a7a47f85a86355a2c4fab8c363f82d4240a9e8bdb4661bb26323842c16d96c.json |
[
"Ivana Kottasova"
] | 2016-08-31T09:40:22 | null | 2016-08-31T05:33:09 | Here's what you need to know about the markets before you start your business day. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F31%2Finvesting%2Fpremarket-stocks-trading%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/150626085436-nyse-premarket-june-2015-780x439.jpg | en | null | Premarkets: Five things to know before the open | null | null | money.cnn.com | Can markets end the summer on a high note?
U.S. stock futures are little changed on the last day of August and global markets are mixed.
Here are the five things you need to know before the opening bell rings in New York:
1. Apple fallout: Shares in Apple are flat premarket, after closing down 0.8% on Tuesday. The company was hit by a $14.6 billion tax bill by the European Union.
The ruling by the European Commission has already sparked a transatlantic war of words, with the White House calling it "a transfer of revenue from U.S. taxpayers to the EU."
The Irish government, which was ordered by the EU to recover the unpaid tax from Apple, meets to decide its next steps at 6.30 a.m. ET on Wednesday.
Related: How Apple paid just 0.005% tax on its global profits
2. Spotlight on Brazil, India and Nigeria: Three big developing economies are reporting GDP on Wednesday.
Nigeria slumped into recession in the second quarter as GDP fell by more than 2% compared to last year because of sharp drop in oil production.
Brazil is due to release second quarter GDP figures on Wednesday. The country is still gripped by its worst political and economic turmoil in decades. Suspended president Dilma Rousseff is standing in an impeachment trial, and the economy is expected to contract 2.3% this year.
India will also release GDP figures later Wednesday for the quarter ended June, offering a very different picture. The data are likely to show that India is still the world's fastest growing major economy, despite concerns over the pace of reforms.
3. Stock market movers -- H&R Block: H&R Block (HRB) shares shed 6% during extended trading after the company issued a quarterly earnings update on Tuesday afternoon.
Related: Fear & Greed Index
4. Earnings and economics: Private space exploration company Orbital ATK (OA) will post earnings ahead of the open. After the close, reports are due from Salesforce.com (CRM, Tech30), Shoe Carnival (SCVL), and Five Below (FIVE).
An update on U.S. crude oil inventories is due at 10:30 am ET.
U.S. payroll processor ADP will release employment statistics at 8:15 am ET. The data will give a good indication on what to expect from the hotly anticipated jobs report on Friday.
Related: These powerful gold buyers are losing their appetite
Eurozone annual inflation was 0.2% in August, a weaker reading than analysts were expecting. Unemployment across the bloc was 10.1% in July, unchanged from June.
Analysts are paying close attention to the data ahead of the European Central Bank policy meeting next week. "The eurozone has faced a spate of poor data recently and there will be pressure on the ECB to take [more] measures to support the economy," said Ana Thaker, market economist at PhillipCapital.
Related: CNNMoney's Tech30
5. Markets overview: European markets are mostly flat in early trading. London's FTSE 100 and Germany's DAX opened slightly lower. Asian markets ended the session mixed.
Japan's Nikkei was up 1% on a weaker yen and thanks to comments by a Bank of Japan policymaker, who hinted at the possibility of more monetary easing. Japanese industrial production was flat in July, below market expectations, and inflation is still well below the bank's target of 2%.
Oil is falling around 0.5% on Wednesday morning.
The Dow Jones industrial average sunk 0.3% on Tuesday, while the S&P 500 and the Nasdaq dropped 0.2% each. | http://money.cnn.com/2016/08/31/investing/premarket-stocks-trading/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-31T00:00:00 | money.cnn.com/7195cb9143a57bf002b1d609ebd8470c6c67e3211de9d5e329b91dfe8318de14.json |
[
"Ivana Kottasova"
] | 2016-08-30T11:40:28 | null | 2016-08-30T06:12:16 | The European Commission has ordered Ireland to recover unpaid taxes, plus interest, from Apple dating back to 2003. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F30%2Ftechnology%2Fapple-tax-eu-us-ireland%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/140611181635-apple-tax-europe-780x439.jpg | en | null | Europe hits Apple with $14.6 billion tax bill | null | null | money.cnn.com | Ireland must recover up to 13 billion euros ($14.6 billion) in unpaid taxes from Apple, Europe's top regulator ruled on Tuesday.
The tax ruling is by far the biggest the European Union has ever made regarding a single company, and it could spark a huge transatlantic row over how Europe treats big U.S. companies.
Apple shares fell almost 3% in premarket trading. The company will appeal the decision. It said the ruling upended the international tax system and would damage jobs and investment in Europe. Ireland also intends to appeal.
The Commission said the Irish government had granted illegal state aid to Apple (AAPL, Tech30) by helping the tech giant to artificially lower its tax bill for more than 20 years.
"Member States cannot give tax benefits to selected companies -- this is illegal under EU state aid rules," said Commissioner Margrethe Vestager, Europe's top antitrust official.
Apple paid tax at 1%, or less, on profits attributed to its subsidiaries in Ireland, well below the 35% top rate in the United States and even well below Ireland's 12.5% rate.
That prompted complaints by both European and U.S. lawmakers, who argued the deal gave Apple an unfair advantage in exchange for creating jobs in Ireland. CEO Tim Cook was even called to testify on Apple's tax deal before a Senate committee in 2013.
The bill for tax benefits, plus interest, covers 2003 to 2014. Apple has more than $231 billion in cash on its balance sheet to cushion the blow.
Related: U.S. warns EU: Don't hit Apple with a massive tax bill
Apple (AAPL, Tech30) is not the only American company that has recently found itself under scrutiny over its European tax affairs.
The European Commission ordered Starbucks and Fiat Chrysler to repay millions in taxes last October.
Starbucks (SBUX) has to pay back up to 30 million euros it saved thanks to a sweetheart tax deal with the Netherlands. Fiat Chrysler (FCAM) was ordered to repay a similar amount after a similar deal with Luxembourg.
Both companies have appealed the decisions.
Related: France going 'all the way' to collect tax from Google, McDonald's
The EU is also probing the tax arrangements of Amazon (AMZN, Tech30) and McDonald's (MCD). Google (GOOG) is under investigation over its taxes in France and a couple of other European countries.
The ruling against Apple's tax deal comes despite a stern warning from the U.S. last week. The Treasury Department urged the European Commission to stop its tax crackdown on American companies, saying it would consider "potential responses" if Brussels doesn't change course. | http://money.cnn.com/2016/08/30/technology/apple-tax-eu-us-ireland/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-30T00:00:00 | money.cnn.com/e7373dac8958a826b6f0918a8368e20bc04325b5c6503f1cbb1477340ce1e746.json |
[
"Alanna Petroff"
] | 2016-08-26T13:48:41 | null | 2016-08-26T08:08:35 | Richard Branson said he's happy to be alive after crashing his bike in the British Virgin Islands. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F26%2Fnews%2Frichard-branson-bike-crash%2Findex.html%3Fsection%3Dmoney_news_international%26utm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fmoney_news_international%2B%2528CNNMoney%253A%2BInternational%2BNews%2529.json | http://i2.cdn.turner.com/money/dam/assets/160826125556-richard-branson-bike-crash-accident-780x439.jpg | en | null | Richard Branson bike crash: 'I thought I was going to die' | null | null | money.cnn.com | Richard Branson says he's happy to be alive after a harrowing bike crash earlier this week.
The outspoken billionaire behind Virgin Group said his life flashed before his eyes as he was launched off his bike while cycling on the British Virgin Islands.
Branson said he was heading down a hill when his bike hit a speed bump, throwing him into the air.
"I really thought I was going to die," he said in an online blog post. "Fortunately my shoulder and cheek took the brunt of the impact, and I was wearing a helmet that saved my life."
He suffered a cracked cheek and some torn ligaments, he said. The British entrepreneur posted photos of his bruised and bloody face.
Branson has a taste for adventure as well as a flair for business. He crossed the Atlantic ocean in a hot air balloon in 1987. He also set a record for the fastest crossing of the English Channel in an amphibious vehicle in 2004.
The cycling trip was part of his training for a month-long Virgin-branded fundraising event.
Branson said he's trying to see the bright side of the accident.
"My attitude has always been, if you fall flat on your face, at least you're moving forward. All you have to do is get back up and try again. At least I'm practicing what I preach -- though a little too literally!"
Branson said the crash happened on the fifth anniversary of a fire in August 2011 that destroyed his Necker Island home in the Caribbean.
-- CNN's Mahatir Pasha contributed to this report. | http://money.cnn.com/2016/08/26/news/richard-branson-bike-crash/index.html?section=money_news_international&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_news_international+%28CNNMoney%3A+International+News%29 | en | 2016-08-26T00:00:00 | money.cnn.com/2324d046418e3ac4be1bcb75f90cd319ebaf979a56c7fae1c7449f669a956fd8.json |
[
"Brian Stelter"
] | 2016-08-26T23:39:00 | null | 2016-08-26T06:33:44 | Two full years before Gabriel Sherman published a book about Roger Ailes, a memo with details about his life was making the rounds inside Fox News. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F26%2Fmedia%2Fgabriel-sherman-fox-news-opposition-research%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160826124958-gabriel-sherman-780x439.jpg | en | null | Revealed: Fox News' 400-page oppo file on Gabriel Sherman | null | null | money.cnn.com | The memo is dated January 5, 2012. "To: Interested Parties." "Re: Gabriel Sherman."
Two full years before Sherman published a book about Roger Ailes, this book-length memo made the rounds inside Fox News.
It has all the markings of "opposition research" about a political enemy — which is precisely how Ailes viewed Sherman.
The memo, obtained by CNNMoney from two anonymous sources, is a stunning display of Ailes' campaign-like strategies. It includes, among other things, property records, voter registration information, and a note that the researchers could find no criminal record for Sherman.
A printout from the Westlaw database contains his past and present addresses and details of his mortgage.
Another part of the briefing book, dated January 18, is a 41-page "Internet dredge" of notable tweets by Sherman, blog comments about him, and a New York Times write-up of his wedding.
Still another part, titled "Gabriel Sherman Hit List," is a detailed look at Sherman's reporting and commentary about Republican power brokers, media personalities and Fox News personnel.
The Sherman research totals 400 pages. Most of it is run of the mill: print-outs of Sherman's old articles and tweets. All of it appears to be public information, though some of it would be difficult or time-consuming for the average person to find.
The mere existence of the memo shows how Ailes' allies went to extreme lengths to investigate the reporter.
Related: Fox News staff feared Roger Ailes was monitoring them
"We always wondered why Ailes was so obsessed and paranoid about Gabe's book," a former Fox News reporter told CNNMoney.
In the wake of the sexual harassment scandal that ensnared Ailes this summer and led to his resignation, the reporter said, "maybe we know why."
Ailes has denied the harassment allegations that have been leveled against him.
Sherman's book, "The Loudest Voice in the Room," included on-the-record accounts of Ailes in the early 1980s telling a prospective employee, "If you agree to have sex with me whenever I want, I will add an extra hundred dollars a week," and making flirtatious and suggestive comments to another woman.
But it did not unearth the bombshell allegations of sexual harassment that were made in ex-anchor Gretchen Carlson's lawsuit last month.
Sherman has led the way with followup coverage, including a story about the so-called "black ops" consultants whom Ailes retained for private investigations and "campaigns against enemies."
Several of these consultants, known as "friends of Roger" inside the building, have left the network this summer.
The consultants may have been involved in combing through Sherman's past. But it is unclear who actually did the research work for Ailes.
The two sources who provided CNNMoney copies of the memo -- who insisted on anonymity because they said they still fear retaliation by Ailes -- both said that when they received it, they were told it was from the Fox News public relations department.
Some reporters who cover Fox have long suspected that the P.R. department has kept files on them.
Related: Andrea Tantaros lawsuit puts Fox News P.R. operation in unflattering spotlight
Shown a portion of the Sherman memo, a former Fox News employee said she hadn't seen it, but saw other memos like it while working there.
She would not say who else was targeted, but said the memos always contained information like voter registration.
Back in 2012, the Fox News public relations department was led by Brian Lewis, a ruthless lieutenant of Ailes'. Lewis and Ailes together plotted ways to rebut Sherman's book. But Ailes also suspected Lewis of sharing information with Sherman, which reportedly contributed to Lewis's firing in July 2013.
Through his lawyer, Lewis declined to comment on Friday.
Lewis' #2 in the department, Irena Briganti, became the P.R. boss in the months before the book was released. She remains in charge of the department now.
Briganti denied any knowledge of the research memo when contacted by CNNMoney on Friday.
"The Fox News PR department was never involved in conducting or executing any opposition research against Gabe Sherman," she said in a statement. "It's been widely reported that there was a separate team not associated with PR which conducted extensive operations unbeknownst to anyone whose official job was to deal with the press."
Ailes' attorney, Susan Estrich, did not respond to a request for comment.
The Daily Beast reported in 2014 that news library researchers who worked for Fox's "brain room," ostensibly a part of the newsroom, were tasked with scoping out the backgrounds of reporters.
Two anonymous former researchers "described being tasked with keeping close watch on Sherman, including compiling a dossier of every story he had ever written, and providing transcripts every time he was on television," the Beast reported.
The memo obtained by CNNMoney backs this up. The "hit list" section quotes various writings, TV appearances and statements by Sherman, highlighting some key parts in bold. There is a particular focus on Sherman's comments about conservative figures like Matt Drudge and Ailes' boss Rupert Murdoch.
Some of the content in the "Internet dredge" section is downright comical. Page 5, labeled "Greatest Hits from Internet Dredge," quotes a blog commenter making fun of Sherman's marathon running times. It highlights a tweet from Sherman to another user, saying "my wife is very forgiving," and asks in bold, "...Forgiving of What?"
But it also foreshadows lines of attack against Sherman's book. The "Internet dredge" included blog commenters who accused the writer of being "left wing" and "pathetic."
Whether the Sherman memo was produced by P.R. people, Ailes' personal consultants, or others, the information was used to frame Sherman as an adversary of Ailes.
Some of the information contained in the memo subsequently showed up on Conservapedia, a right-wing version of Wikipedia. Anti-Sherman stories also appeared on Breitbart News in 2012 and 2013.
Sherman's book was published in January 2014. The publisher recently re-issued the e-book edition with a new cover reflecting the Carlson lawsuit.
Sherman told CNNMoney he had heard about possible "oppo research" against him and had ample reasons to believe it existed, but has never seen it.
When informed of the document's contents and asked to comment, Sherman said, "I don't take it personally. As I report in my book, Ailes was determined to control his story. This appears to be more evidence of that." | http://money.cnn.com/2016/08/26/media/gabriel-sherman-fox-news-opposition-research/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-26T00:00:00 | money.cnn.com/766af78531b32ac15129a7fe4dddcb120898a7915e0c95dce3f8bf72745abeb2.json |
[
"Jackie Wattles"
] | 2016-08-30T23:40:32 | null | 2016-08-30T07:31:44 | Ryan Lochte, the athlete recently ditched by a cohort of reputable sponsors for lying about being a crime victim, announced Tuesday that he's signed a new endorsement deal with Robocopp, which sells crime prevention devices. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F30%2Fnews%2Fryan-lochte-robocopp-endorsement%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160830190127-ryan-lochte-robocopp-780x439.png | en | null | Ryan Lochte's new endorsement deal is for crime prevention device | null | null | money.cnn.com | Olympic medal winner Ryan Lochte has yet another new endorsement deal.
On Tuesday the swimmer who admits he lied about a crime victim while he was in Rio for the 2016 Olympics posted a promo video on Instagram and Twitter announcing a deal with Robocopp -- a crime prevention device maker.
"I've been traveling a lot lately. We all like to have fun, but it's a good idea to stay safe," Lochte said in a promo video. "I don't go anywhere without Robocopp."
Holding up the small Robocopp device that can give off a startling alarm, Lochte said, it "can get you out of a bad situation."
Robocopp spokesperson Jill Turner confirmed to CNNMoney that the company has signed Lochte to an endorsement deal, but refused to reveal any deals of the arrangement.
Excited to partner with @robocopp A video posted by Ryanlochte (@ryanlochte) on Aug 30, 2016 at 1:13pm PDT
After Lochte admitted he was intoxicated and "exaggerated" his claims about being robbed at gunpoint at a Rio gas station, he was ditched by several major sponsors -- including Polo Ralph Lauren, Speedo and mattress company Airweave.
But not all love was lost for between Lochte and corporate America.
Pine Bros., a cough drop company, signed him to a new endorsement deal last week, saying "just as Pine Bros. is forgiving to your throat, the company asks [the] public for a little forgiveness for an American swimming legend."
Lochte is also going to appear on the next season of "Dancing With the Stars." | http://money.cnn.com/2016/08/30/news/ryan-lochte-robocopp-endorsement/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-30T00:00:00 | money.cnn.com/e94f4774b15a1e53287eb8afde28c6293f29213c3cd84f43ccc163744f33767c.json |
[
"Chris Isidore"
] | 2016-08-26T13:52:33 | null | 2016-08-24T06:30:34 | Airline pilots hold informational picket as they seek bigger share of the carriers' strong profits. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F24%2Fnews%2Fcompanies%2Fsouthwest-airline-pilots-pickets%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fedition_us%2B%2528RSS%253A%2BCNNi%2B-%2BU.S.%2529.json | http://i2.cdn.turner.com/money/dam/assets/160824164819-pilots-pickets-780x439.jpg | en | null | Southwest Airline pilots take to picket lines | null | null | money.cnn.com | Airline pilots are taking their demands for higher wages straight to airline passengers.
Pilots at Southwest Airlines picketed at the airline's hub at Love Field in Dallas on Wednesday. The pilots are not on strike, but they're trying to draw attention to their demands for better contracts and the slow pace of negotiations. Pilots at Southwest have been in mediated talks with the airline for two years following two years of standard negotiations.
"During that time, executives have enjoyed nearly 50% in average raises, and shareholders have enjoyed nearly $6 billion in stock buybacks while Southwest pilot wages have been stagnant since 2011 and are well behind industry standard wages," said the union.
The union says average pay for its 8,400 captains and first officers at Southwest is about $180,000 a year. It is seeking pay raises totaling 32% through 2019, but it says part of that is to cover retroactive pay hikes back to 2012, when its last contract became open.
"We're not trying to kill the golden the goose," union president Jon Weaks told CNNMoney. "We just want a market rate contract."
Earlier this month, after a computer glitch grounded Southwest flights and caused more than 1,000 flights to be canceled, the pilots and three other major unions at the airline joined together to issue a call to replace top management at Southwest.
"This is about more than just one failure in the operation or a contract," said Weaks. "This is about the reputation of the company we love. After years of operational failures and a degradation of our culture that risks slowly eroding our loyal customer base, we must speak up and be catalysts for change."
The Southwest pickets follow picket lines at eight airports earlier this summer by pilots at Delta Air Lines. Delta pilots are due to be back on the picket lines Friday at Delta's headquarters in Atlanta. The pilots are seeking 37% pay hikes over the next three years.
"All other employees, shareholders and investors have benefited from Delta's success. Now it is the Delta pilots' time," said the union's statement.
Related: Airlines passengers are complaining less
Pilots in much of the industry made deep contract concessions during bankruptcies across much of the industry during last decade, although Southwest was one carrier that avoided a trip to bankruptcy or pay cuts for pilots. The pilots point to strong profits that full planes and low fuel prices have produced for airlines in recent years. 2015 was a record year for airline profits.
But the airlines argue that increasing competition have resulted in the typical airfare across the industry falling. They also say the carriers need to reinvest in the airlines, buying new planes and fixing their balanced sheets.
Related: Airline problems? Remember to help yourself first
Still the airlines say they're committed to improving wages for their employees. Southwest said the pilots need to work through the areas of disagreements at the negotiating table rather than in public.
"We sincerely appreciate everything our pilots do for our customers and company," said Southwest's statement. "We have offered the union negotiators a competitive proposal that considers current market conditions and provides generous compensation and retirement enhancements." | http://money.cnn.com/2016/08/24/news/companies/southwest-airline-pilots-pickets/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fedition_us+%28RSS%3A+CNNi+-+U.S.%29 | en | 2016-08-24T00:00:00 | money.cnn.com/4dd13ca06470c9ab84c3f8130c2886643b325987f06c4d1a6e8cce570c3a882f.json |
[
"Ivana Kottasova"
] | 2016-08-26T13:48:51 | null | 2016-08-25T09:24:02 | Tech companies are offering their services to help search and rescue operation in Italy, after the country was hit by a devastating earthquake. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F25%2Ftechnology%2Fitaly-earthquake-technology%2Findex.html%3Fsection%3Dmoney_news_international%26utm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fmoney_news_international%2B%2528CNNMoney%253A%2BInternational%2BNews%2529.json | http://i2.cdn.turner.com/money/dam/assets/160825132656-earthquake-amatrice-780x439.jpg | en | null | Italian earthquake: How tech is helping the search and rescue effort | null | null | money.cnn.com | Tech companies are offering their services to help the rescue efforts in Italy after a devastating earthquake.
At least 241 people died after a 6.2-magnitude earthquake struck central Italy on Wednesday. The search for survivors is a race against the time. Here is how technology is being used to help the process:
Internet access
The Italian Red Cross has asked people to disable their WiFi passwords so it can access local networks to coordinate rescue efforts.
The organization posted a step-by-step guide for businesses and individuals on how to make their Internet connection accessible to anyone.
Airbnb
Airbnb has canceled all service charges for those affected by the disaster, allowing hosts to offer free accommodation for victims until September 11, 2016.
More than 1,000 people have been displaced by the quake, according to Italy's Civil Protection agency.
Related: How to help the victims of the Italy earthquake
Facebook safety check
Facebook activated its safety check feature following the earthquake on Wednesday, allowing its users to let their friends and loved ones know they are safe.
Text donations
Relief agencies such as the Italian Red Cross are also asking people to donate money through text messages.
The system allows people to text a code to a specific charity number. Their donations will then be added to their next phone bill.
Related: Brief scene of joy as girl's saved from rubble
Free calls and texts
Several U.S. cell carriers, including AT&T (T, Tech30), T-Mobile (TMUS) and Verizon (VZ, Tech30), are offering free texts and calls between the U.S. and Italy, so families can check on their relatives in the area.
Italian telecoms operator TIM has activated free emergency helplines for people in the area.
Related: Chefs rally to help Italy earthquake victims
It is also working to strengthen its phone network and Internet coverage in the region, some off which is still suffering power outages. | http://money.cnn.com/2016/08/25/technology/italy-earthquake-technology/index.html?section=money_news_international&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_news_international+%28CNNMoney%3A+International+News%29 | en | 2016-08-25T00:00:00 | money.cnn.com/9348338dd1968ea4fee21607bef34b1b862ddfa4680a47d55f3a38f2d6a240e8.json |
[
"Chris Isidore"
] | 2016-08-26T14:58:43 | null | 2016-08-26T07:38:19 | The pilots, who held pickets at eight major airports in June, are at the Atlanta headquarters of the world's No. 2 airline. The pilots are not on strike, and the demonstrations are meant to call attention to their demands. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F26%2Fnews%2Fcompanies%2Fdelta-pilots-pickets%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160826083420-delta-pilots-picket-780x439.jpg | en | null | Delta pilots, seeking 37% raise, picket headquarters | null | null | money.cnn.com | Delta Air Lines pilots are due to picket company headquarters early Friday in their push for 37% raises through 2019.
The pilots, who held pickets at eight major airports in June, are at the Atlanta headquarters of the world's No. 2 airline. The pilots are not on strike, and the demonstrations are meant to call attention to their demands.
The Airline Pilots Association is also resuming mediated talks with management on Friday. The union represents 13,000 pilots.
Delta pilots accepted 50% pay cuts during the airline's bankruptcy reorganization a decade ago.
The union says that their members' wages, adjusted for inflation, have yet to catch up with where they were before financial losses and concessions. Meanwhile, low fuel costs and full planes have helped Delta (DAL) record record profits last year.
Starting first officers at Delta today earn an average of about $68,000 in base pay, according to Kit Darby, an expert on pilot pay, while the most senior captains earn about $261,000. That's less than comparable pilots at United (UAL) and American (AAL), as well as those at major cargo carriers like FedEx (FDX) and UPS (UPS).
But Delta has the industry's best profit sharing program, which added nearly $40,000 to every pilot's pay last year, according to figures from Delta.
"We are prepared to reach an industry-leading agreement; however, any agreement has to be sustainable and market-based," said Delta in a statement at the start of negotiations earlier this year.
Pilots at Southwest Airlines (LUV) held their own pickets at the airline's Dallas hub on Wednesday. | http://money.cnn.com/2016/08/26/news/companies/delta-pilots-pickets/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-26T00:00:00 | money.cnn.com/4682277b2576c6bb54cef526f1d2d7b3d337406173689ceec52928c7eabfbb64.json |
[
"Brian Lowry"
] | 2016-08-29T07:39:18 | null | 2016-08-29T02:38:14 | 'The Night Of' finale review spoilers | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F29%2Fmedia%2Fthe-night-of-finale-review%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160828233152-the-night-of-780x439.jpg | en | null | 'The Night Of' finale delivers satisfying verdict for HBO series | null | null | money.cnn.com | Do not read this if you have not seen "The Night Of" finale and intend to watch it.
With a response rivaling the first season of "True Detective," HBO newcomer "The Night Of" has been the show of the summer and the buzziest debut from the network since that limited series. That acclaim added the weight of lofty expectations to its eighth episode, which finished off the mystery in understated but satisfying fashion.
Of course, the "True Detective" payoff didn't match the build-up, and given the resolution, there will no doubt be some griping about a similar scenario here. The main difference is that while viewers naturally became caught up in "The Night Of's" whodunit aspect, that was really secondary to the collateral damage the murder accusation against Naz (Riz Ahmed, in what has been a star-making turn) inflicted not just on him, but those close to him.
That theme resonated powerfully throughout the conclusion, in which the world-weary detective Box (Bill Camp) came up with a plausible alternative suspect, as the case kept gnawing at him post-retirement. It also saw Naz's young attorney, Chandra (Amara Karan), endanger her career through the revelation that she had become too involved with her client, compelling the cut-rate defense attorney who became Naz's unlikely champion, John Stone (John Turturro), to deliver the closing argument that would help spare him.
Turturro might have inherited the role from the late James Gandolfini, but in hindsight, it's hard to imagine anyone could have played it better. That included the outbreak of eczema that turned him into a scratched-up mess in court; and the subtle realization that he, unlike Naz, would go back to pretty much business as usual, representing the guilty and scrounging for his cash fees.
Related: 'The Night Of' brings arresting crime drama to HBO
Running 98 minutes, the finale spent perhaps a bit too much time in the courtroom, giving relatively short shrift to the little matter of actually solving the murder. Series creators Richard Price and Steve Zaillian didn't lay blame upon one of the usual suspects, and one can argue the results of Box's continuing investigation fell into place a bit too neatly and came out of left field.
Still, that sort of misses the point, beautifully set up in the absorbing first episode: A quiet, unassuming student who had been the pride of his Pakistani immigrant parents, Naz engaged in one uncharacteristic, spontaneous moment that would have serious consequences on his life, whatever the trial's outcome. The far-reaching toll was reinforced by his continued drug use after his release, a byproduct of the compromises made to survive the hardening and dehumanizing aspects of prison.
From a broader perspective, "The Night Of" -- thought-provoking, wonderfully cast and terribly addictive -- represents precisely the kind of ambitious programming that HBO subscribers have come to expect and indeed, demand. (As an aside, the miniseries offered further proof, if any was needed, that HBO should cast "The Wire" and "Boardwalk Empire" veteran Michael K. Williams -- who played Naz's prison protector -- whenever possible.)
The natural temptation will be to try to replicate the program's admirable qualities with a follow-up of some kind, which has already been discussed.
Yet given the "True Detective" experience, that seems like a sucker's bet. As Stone counseled Naz at the end, there's wisdom in getting on with one's life, especially faced with the daunting prospect of creating another "Night" as good as this one. | http://money.cnn.com/2016/08/29/media/the-night-of-finale-review/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-29T00:00:00 | money.cnn.com/68354f9caa97b69c5a414725fa28bc4655a26720741b1cba5fe2c9e73bad5605.json |
[
"Ivana Kottasova"
] | 2016-08-30T21:36:46 | null | 2016-08-30T06:12:16 | The European Commission has ordered Ireland to recover unpaid taxes, plus interest, from Apple dating back to 2003. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F30%2Ftechnology%2Fapple-tax-eu-us-ireland%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fedition_world%2B%2528RSS%253A%2BCNNi%2B-%2BWorld%2529.json | http://i2.cdn.turner.com/money/dam/assets/140611181635-apple-tax-europe-780x439.jpg | en | null | EU hits Apple with $14.6 billion tax bill | null | null | money.cnn.com | Ireland must recover up to 13 billion euros ($14.6 billion) in unpaid taxes from Apple, European officials said on Tuesday.
The tax ruling is the biggest the European Union has ever made regarding a single company, and it could spark a huge transatlantic row over how Europe treats U.S. companies.
Apple shares initially fell almost 3%, but then recovered most of their losses. The company will appeal the decision. It said the ruling upended the international tax system and would damage jobs and investment in Europe.
The European Commission, which administers EU law, said the Irish government had granted illegal state aid to Apple (AAPL, Tech30) by helping the tech giant to artificially lower its tax bill for more than 20 years.
"[EU] member states cannot give tax benefits to selected companies -- this is illegal under EU state aid rules," said Commissioner Margrethe Vestager, Europe's top antitrust official.
The United States fired back immediately, saying retroactive tax assessments by the EU were unfair.
"The Commission's actions could threaten to undermine foreign investment, the business climate in Europe, and the important spirit of economic partnership between the U.S. and the EU," a Treasury spokesperson said.
The decision amounted to "a transfer of revenue from U.S. taxpayers to the EU," White House press secretary Josh Earnest said. The Obama administration would fight for "American taxpayers and American businesses overseas when they're being treated unfairly," he added.
Related: How Apple paid just 0.005% tax on its global profits
Apple paid tax at 1%, or less, on profits attributed to its subsidiaries in Ireland, well below the 35% top rate of corporate tax in the United States and Ireland's 12.5% rate.
That prompted complaints by both European and U.S. lawmakers, who argued that Apple had been given an unfair advantage in exchange for creating jobs in Ireland. CEO Tim Cook was even called to testify on Apple's tax arrangements with Ireland before a Senate committee in 2013.
The bill for tax benefits, plus interest, covers 2003 to 2014. Apple has more than $231 billion in cash on its balance sheet to cushion the blow.
Cook said on Tuesday the ruling had "no basis in fact or in law," calling it "obvious targeting of Apple."
Apple had helped create and sustain more than 1.5 million jobs across Europe, follows the law and pays all the taxes it owes, he added.
"The European Commission has launched an effort to rewrite Apple's history in Europe, ignore Ireland's tax laws and upend the international tax system in the process," he wrote.
Ireland said it will appeal the decision, saying Apple paid what it owed. The country has one of the lowest corporate tax rates in Europe, which makes it an attractive place for global companies.
The Irish government is afraid companies would be less likely to invest in Ireland if its tax regime changes, which could cost the country thousands of jobs.
Related: U.S. warns EU: Don't hit Apple with a massive tax bill
Apple is not the only American company that has recently found itself under scrutiny over its European tax affairs.
The European Commission ordered Starbucks and Fiat Chrysler to repay millions in taxes last October.
Starbucks (SBUX) has to pay back up to 30 million euros it saved thanks to a sweetheart tax deal with the Netherlands. Fiat Chrysler (FCAM) was ordered to repay a similar amount after a similar deal with Luxembourg.
Both companies have appealed the decisions.
Related: France going 'all the way' to collect tax from Google, McDonald's
The EU is also probing the tax arrangements of Amazon (AMZN, Tech30) and McDonald's (MCD). Google (GOOGL, Tech30) is under investigation over its taxes in France and a couple of other European countries.
The ruling against Apple's tax deal comes despite a stern warning from the U.S. Treasury Department last week that it would consider "potential responses" if the Commission doesn't change course. | http://money.cnn.com/2016/08/30/technology/apple-tax-eu-us-ireland/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fedition_world+%28RSS%3A+CNNi+-+World%29 | en | 2016-08-30T00:00:00 | money.cnn.com/59595229f6dd91d4fb54ce6510736419292d4b697ead746d6b2fd6cb9b824613.json |
[
"Dylan Byers"
] | 2016-08-29T19:39:56 | null | 2016-08-29T02:25:32 | Multiple news organizations moved to sever or suspend ties with Anthony Weiner on Monday after new reports that the former congressman was involved in another sexting scandal. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F29%2Fmedia%2Fweiner-ny1-nydn%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160829132130-anthony-weiner-scandal-780x439.jpg | en | null | NY1 puts Anthony Weiner on indefinite leave | null | null | money.cnn.com | Multiple news organizations have moved to sever or suspend their ties with Anthony Weiner on Monday after new reports that the former congressman was involved in another sexting scandal.
A spokesperson for NY1, the 24-hour New York news channel, said in a statement to CNNMoney that "Anthony Weiner is on indefinite leave from the station." Weiner was a contributor for the network and had been a frequent guest on "Inside City Hall," a nightly politics program.
The New York Daily News, for which Weiner was an occasional columnist, separately said it would no longer run his columns.
Both announcements came after Huma Abedin, Weiner's wife and a top Hillary Clinton aide, announced that she and her husband were separating.
"After long and painful consideration and work on my marriage, I have made the decision to separate from my husband. Anthony and I remain devoted to doing what is best for our son, who is the light of our life. During this difficult time, I ask for respect for our privacy," Abedin said in a statement Monday.
Weiner resigned from Congress in 2011 amid revelations that he'd sent lewd photos and text messages to various women.
Asked earlier this month if he was "still engaging in the activities that got [him] in trouble," he demurred: "I'm not going to go down the path of talking about any of that," he told The New York Times Magazine.
On Monday, The New York Post reported that while Abedin travelled the country with Clinton, Weiner had been exchanging lewd photos with "a busty brunette out West" for a about a year. In one exchange, on July 31, Weiner allegedly sent her a picture of himself in his underwear with his son sleeping next to him.
Weiner, who deleted his Twitter account after the news broke, admitted to the Post that he and the woman "have been friends for some time."
"She has asked me not to comment except to say that our conversations were private, often included pictures of her nieces and nephews and my son and were always appropriate," he told the Post. | http://money.cnn.com/2016/08/29/media/weiner-ny1-nydn/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-29T00:00:00 | money.cnn.com/824e53f588cb9aed7242827181f9b9941830df1756f56d58e760eaee5a00d8aa.json |
[
"Charles Riley"
] | 2016-08-26T13:49:32 | null | 2016-08-26T06:41:08 | Economic growth ground to a halt in France during the second quarter. Terrorism, labor unrest and Euro 2016 all contributed to the dismal numbers. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F26%2Fnews%2Feconomy%2Ffrance-economy-terrorism-strikes-euro2016%2Findex.html%3Fsection%3Dmoney_news_international%26utm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fmoney_news_international%2B%2528CNNMoney%253A%2BInternational%2BNews%2529.json | http://i2.cdn.turner.com/money/dam/assets/160802213544-france-labor-unrest-780x439.jpg | en | null | 3 reasons the French economy is slumping | null | null | money.cnn.com | More bad news for France: Economic growth ground to a halt in the three months through June.
New data released Friday suggest the G7 economy will struggle to break out of the malaise that took hold even before the recent wave of terror attacks.
Gross domestic product grew by 0% in the second quarter of 2016, according to the national statistics agency. That represents a sharp slowdown from expansion of 0.7% posted in the first quarter.
Here are three issues that have taken a bite out of growth:
Euro 2016
France were beaten by Portugal in the final of Europe's premier soccer tournament in early July, and the country appears to have lost out economically from hosting the event too.
It sounds outlandish, but France's statistics agency said that household spending was lower in the second quarter because of a "backlash" against ticket sales for Euro 2016 earlier in the year.
There was a decline in spending on accommodation, food and transportation.
Terrorism
Nice. Paris. Charlie Hebdo.
France welcomed nearly 85 million tourists in 2015 -- more than any other nation in the world -- but visitor numbers have dropped sharply this year after a string of deadly terror attacks.
Tourist arrivals to France dropped 8% in the first quarter of 2016 compared to the same period last year, according to market research firm Euromonitor International.
The trend threatens the 40 billion euros ($44.5 billion) in revenue generated by tourism each year.
In the first six months of the year, hotel arrivals dropped 7.5% in Paris. The number of visitors to the Arc of Triumph plummeted 35%, while the Chateau de Versailles experienced a 16% decline.
Strikes
The French government was forced to scramble earlier this year in order to keep gas stations from running dry and cities powered after workers at oil refineries and nuclear plants walked off the job.
Transport workers also protested against labor law reforms in the run up to the Euro 2016 football tournament, launching a strike against railroads and airlines.
"Output [of] manufactured goods dropped markedly... primarily due to a slump in refinery output," the French statistics agency said.
-- Alanna Petroff contributed reporting. | http://money.cnn.com/2016/08/26/news/economy/france-economy-terrorism-strikes-euro2016/index.html?section=money_news_international&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_news_international+%28CNNMoney%3A+International+News%29 | en | 2016-08-26T00:00:00 | money.cnn.com/b06e3cb2de03f2e5cfff7a47c5c21f997f213534c328b1ff3892b84dc6ebbf9c.json |
[
"Sophia Yan",
"Elizabeth Joseph"
] | 2016-08-30T07:36:02 | null | 2016-08-30T02:08:48 | Internet mogul Kim Dotcom, who's wanted in the U.S. on criminal charges, has won permission for his court battle to be streamed online. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F30%2Ftechnology%2Fkim-dotcom-hearing-livestream-new-zealand-us%2Findex.html.json | http://i2.cdn.turner.com/money/dam/assets/151223113308-kim-dotcom-780x439.jpg | en | null | Kim Dotcom wins fight to live-stream court hearing on YouTube | null | null | money.cnn.com | Internet mogul Kim Dotcom, who's wanted in the U.S. on criminal charges, has won permission for his court battle to be streamed online.
Dotcom is fighting extradition from New Zealand to the U.S., where he's accused of reproducing and distributing copyrighted content on a massive scale.
The New Zealand court hearing his appeal on Tuesday granted his request to have the proceedings live-streamed on YouTube.
"This is breaking new ground," Dotcom tweeted in response to the news. "New Zealand at the forefront of transparent justice!"
Live streaming of my hearing is a milestone. We're breaking new ground. Please treat the court with respect. Let's make this the new normal. — Kim Dotcom (@KimDotcom) August 30, 2016
Dotcom has hired a cameraman to start filming the hearing from Wednesday onward. The online broadcast will be delayed by roughly 20 minutes in case any sensitive information is disclosed in court.
His lawyer, Ira Rothken, said the streaming will improve transparency in the judicial process. "This is an important public interest case," he told CNN. "It's important for people who can't make it to New Zealand."
Lawyers appearing on behalf the U.S. government had opposed the idea, arguing that material that might appear in the broadcast could prejudice potential jurors for any trial in the U.S., New Zealand media reported.
Dotcom is the millionaire founder of file-sharing site Megaupload, which was shut down by the U.S. government more than four years ago. He and some of his co-workers were arrested by New Zealand police acting in conjunction with U.S. authorities.
Related: New Zealand judge rules Kim Dotcom eligible for extradition
After years of legal wrangling, a court ruled in December that Dotcom and three of his former business associates could be sent to the U.S., where they face charges including conspiracy to commit racketeering and money laundering.
The four men have appealed the decision, and the current hearing is expected to last as long as six weeks.
Born in 1974 as Kim Schmitz in Germany, Dotcom has argued that Megaupload was simply a file-sharing website and that he shouldn't be blamed for what others were uploading to it.
On Tuesday, he appeared to be relishing the prospect of the appeal hearing broadcast.
"Let's have a live streaming party about the live streaming judgment," he tweeted. | http://money.cnn.com/2016/08/30/technology/kim-dotcom-hearing-livestream-new-zealand-us/index.html | en | 2016-08-30T00:00:00 | money.cnn.com/252d7b4448a7081853d9949c3efaaf9226554904f502ebfc98b5824d62a05e41.json |
[
"Heather Kelly"
] | 2016-08-29T17:40:09 | null | 2016-08-29T01:15:53 | Apple is expected to announce the latest iPhone at its annual Fall press event in San Francisco next week. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F29%2Ftechnology%2Fapple-iphone-7-september-launch-event%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160829131305-apple-invitation-780x439.png | en | null | Apple event is happening September 7 | null | null | money.cnn.com | Apple is holding its annual September product launch event on Wednesday, Sept. 7 to likely show off its next-generation iPhone.
The company, which sent out invitations to members of the press on Monday, is expected to unveil the rumored iPhone 7. The affair kicks off at 10:00 a.m. PT at the Bill Graham Civic Auditorium in San Francisco.
In addition to a new iPhone, Tim Cook and his parade of executives will likely announce the official release dates for iOS 10, as well as the new macOS Sierra, watchOS 3, and tvOS 10 operating systems.
Related: Apple could be radically redesigning the iPhone
We could also see a new version of the 15-month old Apple Watch and updated MacBook Pros.
Apple's invitation lacks the usual tag line, which usually gives some vague hint as to the topic, or even just a sense of excitement. Instead, it says "See you on the 7th," without so much as an exclamation mark.
The background is black with a smattering of generic blurry lights -- a possible nod to rumors the iPhone may get an improved camera with a dual-lens system.
Other rumors include a missing headphone jack -- you'll need special headphones that plug into the Lightning port -- and a new blue color option.
Related: Steve Wozniak to Apple: Keep the iPhone's headphone jack
Apple typically holds one of its signature events every September, and they follow a predictable script. We will be there sharing the news as it happens, hoping for any exciting departure from the usual, so stay tuned!
(See Apple, it's not that hard to toss in an exclamation mark.) | http://money.cnn.com/2016/08/29/technology/apple-iphone-7-september-launch-event/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-29T00:00:00 | money.cnn.com/b6b7e40760656c3ccc92b8929ae61296d451d4b6b5156df45248e59153bf278e.json |
[
"Matt Egan"
] | 2016-08-29T19:39:49 | null | 2016-08-29T01:57:25 | The EpiPen scandal has transformed Mylan Pharmaceuticals and its powerful CEO Heather Bresch into the newest symbols of corporate greed gone bad. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F29%2Finvesting%2Fepipen-price-rise-history%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160829133056-heather-bresch-780x439.jpg | en | null | How EpiPen came to symbolize corporate greed | null | null | money.cnn.com | The EpiPen scandal has transformed Mylan Pharmaceuticals and its CEO Heather Bresch into the newest symbols of corporate greed.
In the span of just a few weeks, they've gone from little-known players in the vast pharmaceutical industry to the targets of national ridicule over a relentless series of EpiPen price hikes.
Since 2009, Mylan has jacked up the price of the lifesaving allergy treatment an incredible 15 times. The list price on a two-pack of EpiPens is $609, up 400% from seven years ago.
The national outrage this month, sparked by a social media campaign by parents, has forced Mylan (MYL) to respond by taking the unusual step of launching a generic version of EpiPen at a 50% discount to its current price, as well as other moves to make the treatment more affordable.
Despite those efforts, Congress is now investigating Mylan. The powerful House Oversight Committee sent a letter to Bresch on Monday requesting a briefing and a trove of documents from the company about EpiPen.
Mylan has sought to pin the blame for the sticker shock on a shadowy health care supply chain. Bresch called the system "broken" and said it was in a "crisis," similar to the financial crisis of 2008 that blew up the economy.
Related: EpiPen CEO: Blame the 'broken' system, not me
Lack of 'empathy'
But Bresch's arguments aren't going over well with some.
The company doesn't understand the "very emotional, very stressful situation" parents are going through this back-to-school season, according to Wells Fargo analyst David Maris.
"No one's expecting Mylan to give away their products. But empathy is the most human emotion. And when you raise price year after year -- by a lot -- for a drug that's lifesaving, it shows a complete lack of empathy," he said.
Maris also points out that no one forced Mylan to dramatically raise EpiPen prices.
"It's outrageous. People shouldn't be fooled by the idea that the system made them do it. Mylan is to blame for the high prices of EpiPen," Maris said.
Broken system or opportunistic?
In fact, the most recent round of price hikes look more opportunistic, rather than the result of problems in the health care system.
In November 2015, Mylan raised EpiPen prices by 15% (for the 14th time since 2009). The hike came just a month after the drug's main rival Auvi-Q was pulled off the market. Six months later, the company jacked up prices again, by another 15%.
"With competitors out of the market, Mylan was in a position to price up EpiPen, which they did," Bernstein analysts wrote in a recent report.
EpiPen CEO made $19 million last year
Bresch, who is the daughter of U.S. Senator Joe Manchin, has sought to push back against these criticisms.
"You can do good and do well, and I think we strike that balance around the globe," Bresch told The New York Times.
However, she added: "I am running a business. I am a for-profit business. I am not hiding from that."
Business has indeed been very good -- for Mylan and Bresch alike -- thanks in part to the increasingly-lucrative EpiPen.
Ever since Mylan started raising EpiPen prices in 2009, the profit margin of the Mylan division that sells the drug has quadrupled, according to Wells Fargo's analysis of corporate filings.
Rising profits are a big reason why Bresch earned nearly $19 million in total compensation last year. And over the past three years, she made $54 million.
Related: Here's what happened to AIDS drug that spiked 5,000%
Mylan's defenders note that the $609 list price of EpiPen may get all of the attention, but most consumers don't actually pay that. Even before Mylan's recent cost-cutting moves, the company has indicated that 80% of its prescriptions translate to $0 out-of-pocket expenses.
Just 4% of EpiPen prescriptions actually led to $600 or more in out-of-pocket expenses, according to an analysis by Evercore analyst Umer Raffat. However, that still translates to a significant 150,000 prescriptions at that high price, Raffat said. | http://money.cnn.com/2016/08/29/investing/epipen-price-rise-history/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-29T00:00:00 | money.cnn.com/8477ca37e6d1c0f982e05210fc6c898a2529520a414c3da0697cfe0b7ce37725.json |
[
"Matt Egan"
] | 2016-08-30T19:40:35 | null | 2016-08-30T02:41:26 | Pharma CEO Mark Baum thinks the EpiPen price hikes are "shameful" and his company is planning a $100 compound alternative. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F30%2Finvesting%2Fepipen-alternative-100-dollars%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160825074749-mylan-epipen-780x439.jpg | en | null | Coming soon: $100 EpiPen alternative | null | null | money.cnn.com | Mark Baum believes the relentless EpiPen price hikes are "shameful" and his company is plotting a $100 alternative for the lifesaving allergy treatment.
Baum, known for offering a $1 substitute for the $750 AIDS drug Daraprim, told CNNMoney on Tuesday that his company Imprimis Pharmaceuticals (IMMY) has been quietly working on a compounded version of EpiPen for months. The company hopes to have it ready by the end of the year.
The plans come amid the latest price gouging scandal over the 400% increase in EpiPen prices by Mylan (MYL). The drug maker and its CEO Heather Bresch have become the newest faces of corporate greed. In response to the outcry, Mylan took the unusual step of announcing a fast-track launch of its own $300 generic EpiPen.
But Baum says his version of EpiPen would cost very little to make. He pointed that one milligram of epinephrine, which is three times more than what's needed in an EpiPen, costs just a few bucks.
"The cost of epinephrine is literally less than a Big Mac," he said of EpiPen's main ingredient.
The auto injector is available for between $3 and $7. He believes he can make a customizable version of EpiPen and sell it profitably for less than $100, without gouging the public.
"We don't have the desire to charge the public even $300, for something that costs so little," Baum said.
"That's not how I want to live my life."
Related: How EpiPen came to symbolize corporate greed
Imprimis has already had success in taking on expensive branded drugs with cheaper compounds. Last year, the company launched a $1 alternative to Daraprim, the AIDS drug that overnight saw an incredible 5,000% price increase from the company led by the infamous Martin Shkreli.
Today, Imprimis has captured 20% of the market for this critical AIDS drug, producing more than 17,000 doses of its alternative, Baum told CNNMoney's Paula Newton.
So how does it work? As a compounder, Imprimis takes items already approved by the FDA and repackages them to create the drug. Baum thinks this process can easily be replicated with EpiPen.
Related: Meet the CEO waging war against 'absurd' drug prices
Another factor is that tiny Imprimis doesn't have nearly the same costs that big drug companies do. Baum's $52 million company is located in a modest office park in the outskirts of San Diego and has just 112 employees. By comparison, Mylan is a $23 billion giant with a workforce of nearly 35,000.
Compounded drugs may be a tougher sell because of safety concerns. In 2012, a meningitis outbreak caused by a Massachusetts compounding pharmacy led to the deaths of 64 people.
Baum insists that Imprimis focuses on quality and has a deep understanding of epinephrine. "We understand how the drug works and can make it effectively and affordably," he said.
Related: What happened to the AIDS drug that spiked 5,000%?
The Imprimis CEO offered a mixed take on Bresch, the controversial Mylan boss. He applauded her for being "honest" about serious problems in the opaque pharmaceutical supply chain that encourage higher prices.
Given Mylan's near-monopoly in the EpiPen space, Baum explained that Bresch would have been fired had she not raised prices.
"It would be CEO malpractice if she didn't," he said.
But Baum said he would not have raised the price as much.
"I don't need to make $19 million a year," Baum said, referring to the big pay package Bresch took home last year.
"Tonight when I go home I'm going to eat a nice piece of fish and the fish I eat isn't any better or worse than what she is going to eat." | http://money.cnn.com/2016/08/30/investing/epipen-alternative-100-dollars/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-30T00:00:00 | money.cnn.com/d34db44241487602a7252eece0b6ad1bb234529e251aeade80a2353251e462ad.json |
[] | 2016-08-29T23:39:12 | null | 2016-08-29T05:54:48 | Michaela Pereira talks with Barbra Streisand about her new album, Encore, and why she decided to work with film actors such as Jamie Foxx and Hugh Jackman. | http%3A%2F%2Fmoney.cnn.com%2Fvideo%2Fmedia%2F2016%2F08%2F29%2Fbarbra-streisand-new-album-actors-jamie-foxx.cnnmoney%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_freevideo%2B%2528RSS%253A%2BCNN%2B-%2BVideo%2529.json | http://i2.cdn.turner.com/money/dam/assets/160829171508-barbra-streisand-new-album-actors-jamie-foxx-00001115-780x439.jpg | en | null | Why Barbra Streisand recorded with Jamie Foxx | null | null | money.cnn.com | Michaela Pereira talks with Barbra Streisand about her new album, Encore, and why she decided to work with film actors such as Jamie Foxx and Hugh Jackman. | http://money.cnn.com/video/media/2016/08/29/barbra-streisand-new-album-actors-jamie-foxx.cnnmoney/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_freevideo+%28RSS%3A+CNN+-+Video%29 | en | 2016-08-29T00:00:00 | money.cnn.com/79bdf19e11163135137f2bd0d03f3e73be6228436450d438e87e4d7825f20134.json |
[
"Heather Long"
] | 2016-08-26T19:36:32 | null | 2016-08-26T01:07:50 | On Friday Janet Yellen reiterated again that the government has to spend more during crises. Both Hillary Clinton and Donald Trump want to do more stimulus. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F26%2Fnews%2Feconomy%2Fjanet-yellen-government-spending%2Findex.html%3Fsection%3Dmoney_news_international%26utm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fmoney_news_international%2B%2528CNNMoney%253A%2BInternational%2BNews%2529.json | http://i2.cdn.turner.com/money/dam/assets/160823135300-us-government-spending-front-780x439.jpg | en | null | Time for more government spending? | null | null | money.cnn.com | The next president of the United States should be ready to work with Congress to spend more money.
That's the message from investors and economists, including Janet Yellen. The question is how much cash to drop -- and when.
About everyone agrees that if a crisis hits, government spending must be part of the rescue effort.
"Fiscal policy has traditionally played an important role in dealing with severe economic downturns," Federal Reserve chair Yellen said in a speech Friday.
One of Yellen's colleagues at the Fed was even more blunt.
"Fiscal policy should be our equivalent of a first responder to recessions," said John Williams, head of the San Francisco Fed, this month. There's even talk of whether the U.S. should enact "automatic stabilizers" that would kick in whenever the economy sinks below a certain level.
America's central bank has been doing the bulk of the work to try to boost hiring and economic growth in recent years, but the Fed argues it can only do so much.
Related: Janet Yellen says Fed rate hike odds have 'strengthened'
Clinton and Trump propose stimulus
Many investors say the same thing. In fact, many in the corporate world want Congress (and foreign governments) to open the money valve soon.
Larry Summers, the U.S. Treasury Secretary under President Bill Clinton, has been calling for more government spending for months. He thinks it's the best solution to get the economy out of what he calls "secular stagnation."
He's not alone. A record 48% of investors think global fiscal policy is currently too restrictive, according to a recent BofA Merrill Lynch Global Fund Manager Survey. They want Europe, especially, to spend more after the shocking Brexit vote.
Even in the U.S., where the economy is doing pretty well, 43% of experts surveyed this month by the National Association of Business Economics think government spending is "too restrictive." That's up from just 29% who felt that way a year ago.
Hillary Clinton and Donald Trump have heard the message. Both propose a bump in government spending, especially on infrastructure. Clinton wants to inject $275 billion in her first term into improving America's roads and bridges. Trump promises twice that much if he's elected.
Related: U.S. domestic spending is near 53-year lows.
Does the U.S. need a lot more stimulus?
Pumping up infrastructure spending can help create jobs and beef up business in the short-term.
"Roads, bridges, sewers, water. You name it, we are lagging," says David Kotok, chairman of investment firm Cumberland Advisors. "The United States needs somewhere between $3 trillion and $4 trillion of infrastructure spending."
If Congress and the next president pass a big infrastructure bill (Clinton wants to do it in her first 100 days), it should help the economy and markets in 2017 and 2018.
The debate is whether the U.S. needs even more stimulus from the federal government. It could come the form of tax cuts (as Trump proposes) or more spending (as Clinton proposes).
The U.S. is in a slow-growth recovery. The economy has been expanding about 2% a year, far below the historic average of over 3%. So far this year, U.S. growth has been below 1%, according to the latest data released Friday.
Related: Clinton better for economy than Trump, say business economists
U.S. 'not in a recession'
The Fed believes a rebound is coming in the second half of the year. In fact, on Friday Yellen said she thinks the economy has "strengthened" and may be ready for another interest rate hike, the ultimate sign of confidence from the Fed.
"Stimulus is what you might need during a recession. We're not in a recession. The economy does not need stimulus per se from the federal government," says chief economist Tim Hopper of TIAA-CREF.
With the U.S. debt growing, the Republican-controlled House seems reluctant to spend much more. Whether that changes after November -- or after the next crisis -- remains to be seen. | http://money.cnn.com/2016/08/26/news/economy/janet-yellen-government-spending/index.html?section=money_news_international&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_news_international+%28CNNMoney%3A+International+News%29 | en | 2016-08-26T00:00:00 | money.cnn.com/f8eceb50a8fb037c4a7e2f374f420858543c748edc9edb0a8f9c27c70088ea75.json |
[
"Seth Fiegerman"
] | 2016-08-26T14:59:33 | null | 2016-08-26T08:26:28 | A purple cloud of uncertainty hovers over Yahoo employees as they wait to see which divisions Verizon keeps or kills, but some are finding cause for optimism. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F26%2Ftechnology%2Fyahoo-acquisition-whats-next%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160824102052-yahoo-acquisition-whats-next-780x439.jpg | en | null | One month after acquisition, Yahoo employees unsure about their future | null | null | money.cnn.com | If you didn't know better, you might think Yahoo has suddenly gained a second wind. Maybe it has.
In the last month, Yahoo (YHOO, Tech30) has launched a new TV website in partnership with Hulu, introduced ads on all Tumblr blogs to let users make money and expanded its financial news team.
Even Yahoo's (YHOO, Tech30) stock, long punished by Wall Street for the company's ad sales decline, is now trading at its highest level in more than a year.
Then you remember all this activity comes after Yahoo agreed to sell its core assets to Verizon (VZ, Tech30) in late July for $4.8 billion, marking an end to Yahoo's two decades of independence.
For certain teams inside Yahoo, the pending acquisition has created a feeling of cautious optimism and greater momentum after months of uncertainty about who would own the company -- a feeling perhaps last felt when CEO Marissa Mayer was hired in 2012 to revive the aging Internet company.
Those on Yahoo's media team, for example, say morale is decent and the division has been given the go ahead to keep hiring this year.
"There's a strong belief that because web traffic continues to grow for News, Sports and Finance on a month to month basis, Verizon will largely leave the media groups intact," says one member of Yahoo's media group.
Likewise, some on the design team were initially nervous about potential redundancies with Verizon, but have since started to feel more confident in their roles, according to a source within the company.
"We don't have to worry about how we are viewed externally and what do our shareholders think," the source says. "It did breed a new sense of energy and purpose."
"Yahoo's dedicated employees remain focused on executing against our 2016 strategy," Rebecca Neufeld, a Yahoo spokeswoman, said in a statement. "We think it's time for others to shift their attention back to the great work Yahoo teams do to deliver the best content and products to our users and advertisers."
However, a large purple cloud of uncertainty does remain as employees wait to see which divisions Verizon chooses to invest in and which it chooses to reshuffle or kill off after the acquisition closes early next year.
Related: Why Marissa Mayer couldn't save Yahoo
The Tumblr team, for example, has heard very little from Verizon (VZ, Tech30) about what's next, leading some to assume the team is a low priority at best.
"They didn't even send over any Verizon swag, so everyone figures that the phone company doesn't care enough about Tumblr to make any big waves any time soon," says one former Tumblr employee.
Some Yahoo employees are starting to look elsewhere.
Pat Flynn, a partner at executive recruiting firm The Errigo Group, says he has already found Yahoo executives who are ready to leave the company just in the few weeks since the acquisition was announced.
"I recently reached out to a couple of Engineering VPs because I'm on a CTO search and they both returned my call and expressed interest in doing something else," says Flynn.
Yahoo has tried to fight off the possibility of a staff exodus by promising to accelerate employee stock options once the acquisition closes, which offers an incentive to stick around until then, according to a company filing this month with the SEC.
Certain key questions remain unanswered though, including whether Mayer will continue to run Yahoo post-acquisition and whether significant layoffs are coming.
"At this time, Yahoo is not planning any layoffs in anticipation of the transaction closing," Yahoo said in the filing. As for whether Verizon will cut staff, Yahoo said simply, "That is a decision for Verizon."
Related: Marissa Mayer's payday: 4 years, $219 million
Laura Martin, senior analyst at Needham & Co., says if there are layoffs at Yahoo it will probably take 3-6 months after the acquisition closes.
"[Then], Yahoo or Verizon will figure out what businesses they want to focus on and what they don't," Martin says. "I don't expect it to be imminent."
If she's right, Yahoo employees may still have nearly another year of operating in limbo. | http://money.cnn.com/2016/08/26/technology/yahoo-acquisition-whats-next/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-26T00:00:00 | money.cnn.com/3991aed650a25899d5e1a702a996975f1802d87ef1703bb5d33844e79489b373.json |
[
"Stephanie Busari",
"Alanna Petroff"
] | 2016-08-30T17:40:28 | null | 2016-08-30T12:31:20 | Facebook founder and CEO Mark Zuckerberg is getting serious about adding new 'friends' in Africa by visiting Lagos, Nigeria, to meet with local startup founders and developers. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F30%2Ftechnology%2Ffacebook-mark-zuckerberg-africa-nigeria-lagos%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160830162603-mark-zuckerberg-africa-nigeria-lagos-kids-780x439.jpg | en | null | Mark Zuckerberg makes first-ever visit to Sub-Saharan Africa | null | null | money.cnn.com | Mark Zuckerberg is getting serious about adding new "friends" in Africa.
The Facebook founder visited Sub-Saharan Africa for the first time on Tuesday, touching down in Lagos, Nigeria. He met with local businesses and developers in an effort to understand how Facebook (FB, Tech30) could "better support tech development and entrepreneurship across Africa," the company said in a statement.
His visit included a trip to a Yaba, known as the Silicon Valley of Nigeria, where he toured a coding camp for kids and met with about 50 local startup founders and developers at CcHub, a local innovation center.
Zuckerberg told CNN: "There's so much energy and so much potential here. I just want to walk around and meet folks."
As Zuckerberg walked down the street, he drew loud cheers from passersby.
Zuckerberg has been increasingly involved in African initiatives this year.
In June, his foundation -- the Chan Zuckerberg Initiative -- made a multi-million dollar investment in Andela, a two-year-old startup that trains African software developers and gives them full-time roles at international companies. Andela works out of headquarters in Lagos and Nairobi, Kenya -- so Zuck paid a visit to the Lagos office too.
Andela's director Seni Sulyman said it was a thrill to welcome Zuckerberg.
"Mark's visit demonstrates to all Nigerian developers and entrepreneurs that they've caught the attention of the tech world, and they are capable of succeeding on a truly global level," Sulyman said in a written statement.
Related: Zuckerberg gives Pope Francis a drone
Zuckerberg has also put his weight behind an initiative called "Free Basics," which provides free Internet access to cellphone users in under-served countries, including Zambia, Tanzania and Kenya.
It runs in more than 20 African countries and recently launched in Nigeria.
The "Free Basics" app -- which is run by Facebook's Internet.org unit -- allows cellphone users to access certain types of information related to areas like health care and employment.
However, the app is not without controversy. India's telecoms regulator blocked the service in February, saying providers must charge the same price for all content.
Critics have also argued that the program violates the central tenets of net neutrality, which stipulate that all Internet content and users should be treated equally. Cherry-picking free content isn't considered fair or right, according to the critics.
Late last year, Zuckerberg and his wife Dr. Priscilla Chan publicly pledged to donate billions of Facebook shares to fund projects and charities that advance human potential and promote equality though their Chan Zuckerberg Initiative. | http://money.cnn.com/2016/08/30/technology/facebook-mark-zuckerberg-africa-nigeria-lagos/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-30T00:00:00 | money.cnn.com/f4ea16084a98027dc826afcac35ec8aaebac51bcf895e640ab95b387cdd548b0.json |
[
"Jethro Mullen"
] | 2016-08-26T13:27:03 | null | 2016-08-25T04:24:14 | The U.S. Treasury said American taxpayers could end up footing the bill for back taxes Apple and others may be forced to pay in the EU. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F25%2Ftechnology%2Fus-eu-apple-tax%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fedition_world%2B%2528RSS%253A%2BCNNi%2B-%2BWorld%2529.json | http://i2.cdn.turner.com/money/dam/assets/140611181635-apple-tax-europe-780x439.jpg | en | null | U.S. warns EU against hitting Apple with massive tax bill | null | null | money.cnn.com | The United States has sent a message to the European Union: Stop your tax crackdown on American companies or be prepared to suffer the consequences.
The EU is probing the tax arrangements of Apple (AAPL, Tech30), Amazon (AMZN, Tech30) and Starbucks (SBUX) in European countries over concerns they were getting a special deal from governments hoping to attract the U.S. companies.
Apple has already warned the investigation could force it to pay a decade's worth of back taxes to Ireland -- estimated by some analysts to be in the billions of dollars.
The U.S. Treasury Department on Wednesday accused the European Commission agency behind the probes of going beyond its remit and acting as "a supra-national tax authority."
"These investigations have major implications for the United States," said Robert Stack, the Treasury's deputy assistant secretary for international tax affairs. He warned U.S. taxpayers "could wind up eventually footing the bill."
That could happen, he said, if the companies are forced to pay extra tax to the EU and then claim that spending as a deduction on their U.S. taxes.
Related: Europe plans to force big firms to come clean on profits and tax
The Treasury published a white paper detailing its objections, including the fear that other countries could follow the EU example and seek large sums retroactively from both U.S. and EU companies.
It urged the EU to give up on its pursuit of the companies, saying it's considering unspecified "potential responses" if Brussels doesn't change course.
In response to the U.S. criticism, the European Commission said its investigations are aimed at ensuring equal treatment for all businesses by tackling "illegal tax advantages" that some enjoy.
"EU law applies indiscriminately to all companies operating in Europe -- there is no bias against U.S. companies," it said in a statement.
Related: Apple's Tim Cook on his mistakes and what the future holds
Apple is still waiting for a ruling in its case. In a recent interview with the Washington Post, CEO Tim Cook said the company would appeal the decision if it doesn't get "a fair hearing."
"It's important for everyone to understand that the allegation made in the EU is that Ireland gave us a special deal," he said. "Ireland denies that. The structure we have was applicable to everybody -- it wasn't something that was done unique to Apple."
In Amazon's case, the Commission has said Luxemburg may have given it an unfair advantage by helping the company slash its tax bill. Both Luxemburg officials and Amazon deny any wrongdoing.
Starbucks is appealing a Commission decision that its tax arrangements in the Netherlands amounted to state aid. Italian-U.S. car maker Fiat Chrysler (FCAM) is appealing a similar ruling over its tax setup in Luxemburg. | http://money.cnn.com/2016/08/25/technology/us-eu-apple-tax/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fedition_world+%28RSS%3A+CNNi+-+World%29 | en | 2016-08-25T00:00:00 | money.cnn.com/689e8d4e2a62050d10da870762dc1b4e3d926083038908d3d6d385392c4a12ec.json |
[
"Bill Carter"
] | 2016-08-29T21:40:18 | null | 2016-08-29T04:51:38 | "TV (The Book)" review -- a look at the new book by Alan Sepinwall and Matt Zoller Seitz | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F29%2Fmedia%2Ftv-the-book-review%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160829163636-tv-the-book-new-780x439.jpg | en | null | 'TV (The Book)': the medium finally gets the book it deserves | null | null | money.cnn.com | A couple decades ago it might have been one of the jokes in the list of "World's Shortest Books": A collection of the greatest TV shows of all time.
Now, in the midst of a sustained run of outstanding work across the ever-expanding shows-on-screens industry, you can read 400 pages on the subject of great television shows and still feel some worthy titles were left out.
Those 400 pages come from longtime TV critics Alan Sepinwall and Matt Zoller Seitz, who have taken on the assignment -- which truthfully seems more fun than challenge -- of not only naming and analyzing the top 100 shows in the history of the medium, but actually ranking them. As in: "Freaks and Geeks" is a greater achievement than "The Dick Van Dyke Show." And "In Treatment" beats out "The West Wing." And "Batman" somehow scores higher than "Gilmore Girls." (Not with my wife, it doesn't.)
At least one point of "TV (The Book)" -- the parentheses are part of the title -- is to stimulate the same kind of argument that attends the evaluations of other archetypes of American culture, like outfielders (Williams or Musial); rock icons (Elvis or Bruce); or movie candy (Sno-Caps or Twizzlers.) That is to say: it's going to have readers comparing and contrasting their own preferences, accompanied by shock or awe about the authors' opinions.
And when you disagree with some of the judgments, as you probably will, it only means you care more about television now more than ever before, which is really the reason to write and read a book like this.
But Sepinwall and Zoller Seitz (I know and respect both men as professionals in a field I have long toiled in myself) are really not in this for the value jousting. This is not a series of seat-of-the-pants pronouncements of personal opinions. And aside from some meaty back and forth disquisitions about the merits of the true contenders for the ultimate prize, there is not a lot of explanation for why, say, "Arrested Development" gets a higher grade than "The Honeymooners" or "The Mary Tyler Moore Show."
The explanations really lie in the book's appendix, which is a big chart of number scoring -- in a system not unlike judges' scores in the old gymnastics contests: 10 is perfection.
The authors have taken seriously their attempt to find a system to evaluate TV shows based on a range of criteria.
The criteria amount to the basics of great narrative art. (There are no sabermetrics involved.) Was the show consistent? Did it influence what followed? Was it innovative? The average television viewer might only decide they flat-out liked a show and never consider -- or ever care about -- those elements. But Sepinwall and Zoller Seitz wanted a way to separate shows of relatively comparable worthiness.
Related: How HBO stole back "The Night Of," its next big show
Certainly other criteria could have been included -- such as sustained success, or awards, or how shows hold up over time. ("Mary Tyler Moore" might have edged out "Arrested Development" in that case, for example.)
Sepinwall told me his original preference would have been simply to write a book about the greatest shows, in no special order. And Zoller Seitz, also a long-time film critic, said he always resisted putting together rankings like lists of the year's top ten movies, which seemed forced and hopelessly arbitrary. But the book's editors urged them to go with a true reckoning. "They told us: people are going to want to know what was the best," Sepinwall said.
It's the American way: We keep score.
Not that it was easy in this case. Sepinwall and Zoller Seitz found themselves splitting the hairs on a hare to separate the shows at the very top. They wound up with five shows with the top score in their system: 112 points. It's not really being a spoiler to announce their results because they do not write cute about them: there is no countdown in the book to the circle of glory; they start the book out at the top.
The ultimate assessments among this version of the Final Five are thrashed out in some lively point/counterpoint writing between the two critics, where they decide why "Breaking Bad" can't be the best show of all time (some will surely disagree); why "Cheers" is not quite the best comedy (nor is "Seinfeld," which finished out of the top-5 money); and why "The Wire," which has long been unchallengeable among some critics, was nosed out in this evaluation by "The Sopranos."
As it happens, all of them lost out to "The Simpsons," which gets the golden remote-control scepter as the all-time TV champ. The choice, while entirely legitimate, seems to buck some of the authors' own standards of excellence, since the show's longevity has inevitably damaged its consistency. But both men ardently defended the classic comedy series from some devil's advocate questioning about whether animated characters can really match up performance-wise with Bryan Cranston, James Gandolfini and Edie Falco.
Actually, in some ways being a pure fan matters even to serious critics. Sepinwall argued that even in its diminished latter years "The Simpsons" would be a contender. He has seen all 596 episodes of the series.
"The Simpsons" is also one of the most successful shows ever on television. But success was not a factor that helped elevate shows to greatness for the pair. Some of the top shows, like "The Wire" and "Man Men" (rank: 6) never posted impressive audience totals. But many others in the top ten were among TV's biggest all-time hits like "Seinfeld" (7th), "I Love Lucy" (8th) "All in the Family"(10th). Another massive hit, "M*A*S*H" was 11th.
But the authors also displayed fondness for shows with less profound commercial status, like the critical darling "Arrested Development" and a show that many critics miss perhaps more than any other, the drama "Deadwood." Not only do Sepinwall and Zoller Seitz rank the HBO western all the way up in 9th place (some shows behind it: "NYPD Blue"-31st; "Lost"-24th; "The X-Files"-20th; and "The Twilight Zone"-14th) but Sepinwall said if HBO had not inexplicably ended "Deadwood" when it did after three seasons "it would probably be considered for the top spot."
As for shows with outrageous commercial success, some got mentioned in the book's category of "A Certain Regard" -- like the hugely popular night-time soap, "Dallas" -- but others were cold shouldered entirely. That was the case with "C.S.I.," which, during its long run was by far the most-watched show in the entire world. It is not mentioned in the book. Zoller Seitz said police shows were well represented by numerous other contenders. He did acknowledge one "conspicuous omission," the recent medical drama, "House."
It's probable that fans of television will think of many more of their favorites that didn't win any regard at all in "TV (The Book)." But that's as it should be: not because the shows were necessarily unworthy, but because this is, after all, the assessment of two individual viewers. They just happen to be extremely informed viewers with both a comprehensive take on the art form of television and the skill to write compellingly about their choices.
And sometimes they are even right.
"TV (The Book): Two experts Pick the Greatest American Shows of All Time," a book from Grand Central Publishing, is on sale September 6. | http://money.cnn.com/2016/08/29/media/tv-the-book-review/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-29T00:00:00 | money.cnn.com/856787dce2b53ef5cd6223a8fe63054477f05a0c35810f7ca90cb8098ed8039f.json |
[
"Charles Riley",
"Medhavi Arora"
] | 2016-08-26T13:26:41 | null | 2016-08-25T04:36:16 | India's government has unveiled legislation that would ban commercial surrogacy and prevent foreigners from using the country's thriving fertility clinics. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F25%2Fnews%2Findia-surrogacy-foreigners%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fedition_world%2B%2528RSS%253A%2BCNNi%2B-%2BWorld%2529.json | http://i2.cdn.turner.com/money/dam/assets/160825111033-india-surrogacy-780x439.jpg | en | null | India plans total ban on commercial surrogacy | null | null | money.cnn.com | India wants to ban wannabe parents paying surrogate mothers.
New legislation would lock foreigners out of the country's thriving but mostly unregulated fertility clinics, and limit surrogacy to Indian couples who have been married for more than five years and are unable to have children.
Even in these cases, a family member must serve as the surrogate.
Foreign minister Sushma Swaraj told reporters Wednesday that the proposed law would stop foreigners and gay couples hiring Indian surrogates.
She said there were too many instances of people abusing surrogacy, including couples who had abandoned unwanted children or babies born with disabilities.
India is a top destination for foreign medical tourists seeking surrogates -- often at very cheap prices. According to Swaraj, there are more than 2,000 fertility clinics currently operating in the country.
Related: Secrets of India's ultra stealth submarines revealed in massive leak
Critics say Indian women hired as surrogates are frequently abused, and they describe disreputable clinics as "rent-a-womb" operations. Last year, lawyer Jayashree Wad asked India's Supreme Court to ban commercial surrogacy, saying the practice amounts "to exploitation of women for commercial gains."
"In the process of surrogate motherhood, a commercial element is introduced and Indian women are exploited and substantial benefit is derived by doctors, hospitals and institutions involved in it," Wad told the court.
According to medical journal The Lancet, having a child through surrogacy in India costs roughly $25,000, while the same service can cost up to 10 times as much in the United States.
Indian women hired as surrogate mothers are typically paid $5,000 to $7,000, while their counterparts in the U.S. command up to $25,000. Still, The Lancet notes that this is an "enormous sum" for poor Indian women who might make $300 in a typical year.
Related: India's crazy tax system just got much simpler
Advocates, meanwhile, said the government's decision to ban certain groups from fertility services, rather than implement better regulations, marked a "black day."
"This was a great industry. It has benefited thousands of couples," said Dr. Rita Bakshi, founder of International Fertility Centre and the director of a pro-surrogacy NGO. "If people can come to India for cataract or heart surgery, then what's wrong with this?"
The draft law has been approved by India's cabinet, and is expected to be debated in parliament later this year. | http://money.cnn.com/2016/08/25/news/india-surrogacy-foreigners/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fedition_world+%28RSS%3A+CNNi+-+World%29 | en | 2016-08-25T00:00:00 | money.cnn.com/e6e4855d5b69f12e6af3ca5336af1d2dd689fdec582e48e882398ffeeec90bad.json |
[
"Drew Griffin",
"Curt Devine",
"Scott Zamost"
] | 2016-08-29T21:40:20 | null | 2016-08-23T10:36:15 | Bill Clinton received millions in payments from Laureate University while Hillary Clinton was secretary of state. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F23%2Fnews%2Fclinton-laureate-university%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160822152121-bill-hillary-clinton-rally-780x439.jpg | en | null | Hillary Clinton's for-profit university problem | null | null | money.cnn.com | It's got all the makings of a conspiracy theory.
After Hillary Clinton became secretary of state, Bill Clinton received $17.6 million in payments from a for-profit university. Since that time, another organization with a connection to that university received almost $90 million in grants from an agency that's part of the State Department.
Critics of the Clintons have cried foul. But is there really something shady going on?
There is no shortage of connections between the Clintons and Laureate International Universities. Laureate is a for-profit university -- the same kind Hillary Clinton has railed against for saddling students with huge debts.
"[Students] find little support once they actually enroll, or they graduate and discover that, when it comes to finding a job, their degree isn't worth what they thought," she told an audience last year.
Laureate has about one million students worldwide, mostly in Latin America, with five schools in the United States.
Laureate has faced investigations in Brazil over whether students were getting what they paid for, and in Chile concerning its for-profit status. U.S. students have complained the school failed to deliver on its promised degree programs.
In addition, three of the five schools Laureate operates in the United States are under what the U.S. Department of Education calls "heightened cash monitoring" because of potential problems with its "financial responsibility." The school told CNN it disagrees with the government's methodology.
The Clinton campaign told CNN that the candidate intends to hold for-profit colleges accountable.
"Hillary Clinton has made it clear that all for-profit institutions should be held to the same standards and she will crack down on law-breaking for-profits by expanding support for federal regulators to enforce laws against deceptive marketing, fraud, and other illegal practices."
The Clinton connection
Doug Becker, the wealthy founder of Laureate Universities, is a big donor to Democratic causes, and has made large contributions to both Hillary Clinton's and Barack Obama's political campaigns.
Laureate is also listed as a donor to the Clinton Foundation in the $1 million to $5 million range.
Since 2008, Laureate has partnered with the Clinton Global Initiative on various educational causes throughout the world.
And, in 2010, Becker and Laureate signed Bill Clinton to be its new honorary chancellor.
Between 2010 and 2015, from the time when Hillary Clinton was secretary of state up until the very month she announced she was running for president, Bill Clinton received at least $17.6 million for his role.
What did the former president actually do?
According to Laureate, he "inspired" people. "We could see the impact that his visits had on our campuses and how he inspired our students," Laureate told CNN in a statement.
Weeks after Hillary Clinton announced her candidacy for president in April 2015, Bill Clinton and Laureate announced their mutual contract was up, and he stepped down as honorary chancellor.
Political opponents smelled something rotten. What exactly did a for-profit international school get for that $17.6 million? And why did Bill Clinton's employment with the school coincide with Hillary Clinton's term as secretary of state, which ended in 2013?
Related: Why the Clinton Foundation controversies won't go away
The conspiracy theory moved to another organization called the International Youth Foundation. The non-profit organization is also involved with international education, providing job and life skill training to disenfranchised youth.
It is run out of Baltimore (as is Laureate), but has far reaching programs in developing countries.
The IYF has been operating with funds provided from the State Department through the U.S. Agency for International Development, a federal government organization.
What's the connection to Laureate and the Clintons? Becker is the chairman of the board of IYF. And during the very same years Bill Clinton was honorary chairman of Becker's Laureate and Hillary Clinton was secretary of state, U.S. government grants to IYF soared.
The group was awarded $17.1 million in 2010 when Bill Clinton became honorary chancellor, up from $9 million the prior year.
It was awarded another $40 million over the next two years.
After Hillary Clinton left State in early 2013, grants declined, to about $6 million in 2014, and $3.8 million in 2015.
Clinton's critics point to the trend as a sign of corruption and bid rigging.
"The only scam in education that I am aware of is the scam of Hillary Clinton and Bill Clinton," said Stephen Miller, a senior adviser to Donald Trump. "Secretary Clinton was funneling State Department grants to this university."
Is there really a conspiracy?
Becker isn't paid for his work on the board of IYF.
Laureate received no money directly from the U.S. State Department during or after Hillary Clinton's time as secretary.
And one of the years in which IYF received the most grants came under the Bush administration, when it was awarded about $19 million in 2008.
Bill Reese, the president of IYF, says the conspiracy theorists are trying to connect dots that simply do not exist.
"This has nothing to do with politics," Reese told CNN.
Related: Why the Clinton Foundation is so controversial
As for the contracts his organization was granted by the State Department, Reese says, "Every one of them has been won competitively under procurement regulations of the U.S. government."
He also noted that IYF has received grants in different administrations.
"The International Youth Foundation has received federal grants from USAID and State going back many years, under both Democratic and Republican administrations," said State Department Spokesperson John Kirby, in a statement. "Information about grants and contracts awarded by federal agencies is publicly available online."
And Laureate International Universities said in an email, "Allegations of any impropriety in the relationships between Laureate, the International Youth Foundation and the Clintons, are completely false."
Despite the lack of evidence of any legal or administrative violations involving the Clintons, Laureate and IYF, some government watchdogs say these types of arrangements create ethical challenges.
"In this situation you have a huge network of connections compounded with a spouse's government work," said John Wonderlich, the director of the nonpartisan Sunlight Foundation. "You would think there would have been a serious discussion about whether this arrangement was appropriate."
CNN's Marybel Gonzalez contributed to this report. | http://money.cnn.com/2016/08/23/news/clinton-laureate-university/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-23T00:00:00 | money.cnn.com/d33411d13f9f05ebb921e42fa7870c21021f995bc28291b0c01c1645417ee445.json |
[
"Jackie Wattles"
] | 2016-08-30T21:40:34 | null | 2016-08-30T04:14:54 | SpaceX is reusing a rocket for the first time ever in a mission planned for later this year. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F30%2Ftechnology%2Fspacex-rocket-reuse%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160608071204-spacex-rockets-780x439.jpg | en | null | SpaceX to launch recycled rocket for a discounted price | null | null | money.cnn.com | SpaceX will launch a recycled rocket into space for the first time later this year, and the customer that commissioned the launch will get a discount.
The private space company has been determined to master landing its rockets after launch so they can be reused later -- rather than just discarding them after a mission. SpaceX has succeeded in landing five rockets since December 2015, and CEO Elon Musk said earlier this year that he's ready to put one of them back in space.
On Tuesday, satellite operator and SpaceX customer SES said it'll foot the bill for this milestone mission, which will take place before the end of the year.
Neither party disclosed the financial terms of the deal, but both firms confirmed SES will get a discount on the $62 million sticker price of a launch because SpaceX will reuse an old rocket.
SES has used SpaceX to launch its TV and broadband satellites in the past.
Martin Halliwell, SES's chief technology officer, said in a statement Tuesday that reusable rockets "will open up a new era of spaceflight."
Related: Israel vs. USA: Google's competition to go to the moon
Blue Origin, the private space company headed by Amazon CEO Jeff Bezos, has also successfully landed and reused rockets, but its missions have never reached further than 100 miles above Earth.
SpaceX completes far more difficult missions, and the SES mission is a long trip, even in terms of space travel.
SpaceX will take an SES satellite, dubbed SES-10, to geostationary orbit, which is about 22,000 miles away from the Earth's surface. That's more than 100 times further than where the International Space Station orbits.
The company has made trips here before. In fact, it's the third satellite SpaceX will take there for SES.
Thanks for the longstanding faith in SpaceX. We very much look forward to doing this milestone flight with you. https://t.co/U2UFez0OhY — Elon Musk (@elonmusk) August 30, 2016
Musk voiced his appreciation for SES on Twitter, saying "Thanks for the longstanding faith in SpaceX." | http://money.cnn.com/2016/08/30/technology/spacex-rocket-reuse/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-30T00:00:00 | money.cnn.com/66d03a821847155d91110f4b7d3bf5bbb45d7d04454d83bfd92795458474bd65.json |
[
"Parija Kavilanz"
] | 2016-08-27T01:37:15 | null | 2016-08-25T08:14:50 | David Moritz has cornered the market for the entertainment awards. His company Society Awards makes the Moon Man for MTV's VMAs -- along with nearly 100 others. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F25%2Fsmallbusiness%2Fdavid-moritz-mtv-vma-society-awards%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fedition_entertainment%2B%2528RSS%253A%2BCNNi%2B-%2BEntertainment%2529.json | http://i2.cdn.turner.com/money/dam/assets/160701042518-david-moritz-780x439.jpg | en | null | David Moritz is the man behind MTV's Moon Man statue | null | null | money.cnn.com | In Queens, NY, there's a small conference room that boasts a trophy wall like no other.
It's crammed, end-to-end, with some of the most recognizable trophies in the world -- MTV's Moon Man, a Golden Globe and an Emmy, a Country Music Award, a People's Choice Award, even a trophy from The Voice.
That wall belongs to Society Awards, a small business founded by David Moritz that actually makes all of these awards, and many, many more.
In nine years Moritz, 35, has cornered the market for designing the entertainment industry's top awards.
Recently, his firm made the BET award given to actor Jesse Williams and the trophy Beyonce got from the Council of Fashion Designers of America for being the 2016 Fashion Icon.
In all, Society Awards manufactures trophies for nearly 100 different award shows.
"It's always exciting and an honor to see any of our products on TV," said Moritz. "All our teammates and our families get an extra kick out of award shows with a Society Awards product."
The company generates $5.5 million in annual revenue and has been profitable since its first year. It's one of a trio of startups that Moritz now runs -- he subsequently launched design firm Viceroy Creative and a high-end liquor brand called Ambition Beverages.
The three businesses, which are located in New York and Oklahoma, employ 38 people, many of whom work across the brands.
Related: Britney Spears to perform at MTV VMAs
A decade ago, Moritz had a different vision for himself.
"I thought I was going to be a lawyer," he said. Public service was in his DNA -- his father was an undercover cop and his mother was involved in social work.
Life took an unexpected turn when the 14-year-old relocated from New Jersey to Oklahoma.
"It was a culture shock," he said. "I went through a period of mild depression."
He coasted academically but became somewhat of a rebel. "When I couldn't find a parking spot, I'd pull up my car on the sidewalk and park in front of the school door," he said.
In 1999, Moritz went to NYU and got his first taste of entrepreneurship.
"Some of my friends and I rented out clubs and threw parties and events for the college crowd," he said. Soon he was pocketing $1,500 to $2,000 a week.
He graduated from law school and worked as an entertainment lawyer for two years.
The idea for Society Awards happened almost incidentally. Scrambling for a business idea, Moritz accompanied a friend to a trade show that included award vendors.
"I wasn't impressed with what I saw," he said. "You'd think these beautiful trophies given to celebrities were made by fancy companies. They're made by small manufacturers."
Moritz saw his opening.
"I wanted to reimagine the awards to be mysterious, beautiful and sexy, like high-end jewelry," he said.
It helped that he had a knack for design. Moritz was keen to improve upon the current trophy designs, by using different manufacturing techniques and in some cases even hand-finishing the awards. To complete the luxury feel, Moritz created custom packaging for each trophy.
Today, many of the trophies are made in China and the U.S., but some finishing touches take place in the company's facility in Oklahoma.
Moritz is hungry to keep going. "There are so many industry awards we're still not involved with," he said.
The top of his list? The Oscars and Grammys. | http://money.cnn.com/2016/08/25/smallbusiness/david-moritz-mtv-vma-society-awards/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fedition_entertainment+%28RSS%3A+CNNi+-+Entertainment%29 | en | 2016-08-25T00:00:00 | money.cnn.com/ffe916f7b6fa36ebe778603ab70672a86c4c1e2b6038f6ae8c4164892407d9bd.json |
[
"Matt Egan"
] | 2016-08-30T17:37:50 | null | 2016-08-30T12:04:35 | Global central banks are showing signs of gold buying fatigue. Gold demand at these powerful institutions recently dropped to a five-year low. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F30%2Finvesting%2Fgold-demand-drops-central-banks%2Findex.html%3Fsection%3Dmoney_news_international%26utm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fmoney_news_international%2B%2528CNNMoney%253A%2BInternational%2BNews%2529.json | http://i2.cdn.turner.com/money/dam/assets/140922155539-gold-coins-780x439.jpg | en | null | These powerful gold buyers are losing their appetite | null | null | money.cnn.com | Imagine having so much gold that you lost your desire for more.
Global central banks have shown a seemingly-insatiable demand for gold since 2010, building up an enormous treasure chest of the precious metal.
But now there are signs of gold-buying fatigue from these powerful government institutions.
Gold purchases by global central bankers plunged by 40% during the second quarter, according to World Gold Council statistics. Last quarter was actually the weakest pace of gold buying by central banks since 2011, the stats show.
The five-year low for central bank gold purchases was earlier reported by Bloomberg News.
So why does it seem like gold is going out of style with the central banks?
Related: Why Leonardo DiCaprio is backing man-mad diamonds
The World Gold Council noted a "more limited" gold appetite in recent months from emerging market central bankers. It's likely a reflection of fewer dollars to invest at developing countries, where exports have plunged due to depressed prices for raw materials like crude oil, copper and iron ore.
"Emerging markets are dealing with a lot of headwinds. So you're going to see a slowdown in all of the assets they purchase," said Ezechial Copic, director of central banks and public policy at the World Gold Council.
Another problem is that the price of the yellow metal has increased sharply. Gold prices have surged 24% this year, thanks in part to bouts of turbulence in financial markets that left scared investors fleeing to alternatives. Gold tends to do well during times of volatility.
The good thing is that the value of gold being hoarded by central banks is also rising. They already hold a lot of it -- gold now makes up 3% of total reserves at emerging market central banks, up from zero in 2007.
Still, some central banks have actually cut their holdings. Central banks in Germany, Jordan and Ukraine were net sellers of gold during the second quarter.
Don't feel bad for central banks, though. They are sitting on an incredible 32,800 tons of gold, equaling about $1.4 trillion, according to the World Gold Council. That's the biggest amount since 2013. | http://money.cnn.com/2016/08/30/investing/gold-demand-drops-central-banks/index.html?section=money_news_international&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_news_international+%28CNNMoney%3A+International+News%29 | en | 2016-08-30T00:00:00 | money.cnn.com/c3b89a920e9184a18fc57ef792731cb1801e4f3cb9fdcc47a8e1a9e84362d393.json |
[
"Frank Pallotta"
] | 2016-08-27T01:37:16 | null | 2016-08-25T09:15:08 | The executive producer of the MTV VMAs explains how the network is bringing the show to Madison Square Garden. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F25%2Fmedia%2Fmtv-video-music-awards-madison-square-garden%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fedition_entertainment%2B%2528RSS%253A%2BCNNi%2B-%2BEntertainment%2529.json | http://i2.cdn.turner.com/money/dam/assets/160822091332-2016-mtv-vma-780x439.jpg | en | null | MTV's VMAs are in a New York state of mind once again | null | null | money.cnn.com | The MTV Video Music Awards are coming home -- sort of.
After three years away, the VMAs are back in New York City, from which the show has aired 15 times, including its inaugural broadcast in 1984. And in many ways, the VMAs with its fast-paced, chaotic, anything can happen feel is best suited for a New York state of mind.
New York has also hosted some of the most iconic VMA moments with the city as a back drop such as Eminem and a gang of lookalikes performing on a shut-down 6th Avenue before walking into and through Radio City Music Hall, Bruce Springsteen opening the 2002 show outside the Hayden Planetarium less than one year after September 11, and Taylor Swift singing on the F train in 2009.
But this year is the first time that the VMAs will be held at one of New York's most important venues: Madison Square Garden.
"We always knew that the show needed to be in that room," Garrett English, the executive producer of this year's show, told CNN. "For us and for artists and for music and culture aficionados, Madison Square Garden represents one of the greatest stages in the world and one of the most iconic venues in entertainment that exists."
"The show has an energy in Manhattan that is just unparalleled," English added. "The embrace of the building and embrace of the culture will be very exciting."
The VMAs aren't new to big rooms, or insane productions (the 2007 show was live from inside a Las Vegas hotel; in 2005 the ceremony was in Miami in the midst of Hurricane Katrina), the show will have what English called "galactic operations" around MSG, including an hour-long pre-show that will take place outside on 33rd Street.
Related: Why MTV is going back to being MTV
"Doing a show of this scale, in a room of this scale on 33rd Street between 7th and 8th in midtown Manhattan, poses a lot of challenges," English told CNN. "The challenge coming into the Garden is how do you embrace the grandeur and scale of its architecture, its history, and lore and also present a show that can get very intimate and personal... How do you play both of those notes?"
The VMAs are the flagship broadcast for the cable network. 9.8 million people watched it last year.
MTV is estimating that this year's show will have roughly 13,000 fans in attendance, along with a giant stage and some of the biggest names in music.
Among the performers will be Rihanna, who will also be accepting the Video Vanguard Award, and Britney Spears, who is returning to the VMAs as a performer for the first time in a decade.
"This is essentially an exercise of putting on nine concerts in two hours," English said with a bit of a laugh. "But that's what we do, that's what we love, and that's what the VMAs are all about."
MTV's Video Music Awards will air live from New York's Madison Square Garden on August 28. | http://money.cnn.com/2016/08/25/media/mtv-video-music-awards-madison-square-garden/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fedition_entertainment+%28RSS%3A+CNNi+-+Entertainment%29 | en | 2016-08-25T00:00:00 | money.cnn.com/77af1bfe8d9d1975437d85cbafc92deee07f0fa200e781f2fbf6c1143723ad6d.json |
[
"Sean Williams For The Motley Fool",
"Sean Williams For"
] | 2016-08-27T15:39:08 | null | 2016-08-27T10:26:04 | What financial fears are keeping you up at night? | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F27%2Finvesting%2Ffinancial-fears-americans%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/150213143514-fear-this-not-that-780x439.jpg | en | null | Financial fears of Americans | null | null | money.cnn.com | No one ever said that managing your finances and saving for retirement was easy. If it was, we'd all be retired with a house on the beach by now.
Instead, Americans are in a seemingly constant state of worry about their finances and financial well-being, at least according to Northwestern Mutual's Planning and Progress Study 2016.
Northwestern Mutual's study, which is split into four sections that look at the various aspects of financial preparedness and concerns, spent an entire segment looking at what financial aspects are the most concerning to the American public.
Based on interviews of 2,646 U.S. adults, the study reported that 85% of the respondents felt some form of financial anxiety.
Roughly two-thirds of the people surveyed admitted that their financial anxiety was negatively affecting their health; 70% said it adversely impacted their home life; and just over half (51%) of those surveyed said their financial anxiety negatively impacted their social life.
Even worse, 36% of Americans report increasing levels of financial anxiety over the past three years, compared to just 14% who've suggested their financial anxiety has gone down over the same time period.
Related: What emotion is driving the market now?
Furthermore, more than a quarter of respondents noted that they worried about their finances on a daily basis.
But the big question is this: What exactly are Americans worried about when it comes to their finances?
According to the report, these are Americans' biggest financial fears based on the survey responses. (Note that survey respondents were allowed to choose more than one financial fear.)
Having an unplanned emergency (38%) Having unplanned medical expenses due to illness (34%) Having insufficient savings to retire (32%) Outliving my retirement savings (21%) Becoming a financial burden (20%) An inability to afford healthcare (18%) Losing my job (17%) Identity theft/theft (16%) Extended unemployment (15%) Death/loss of primary breadwinner (14%) Having poor credit (12%) Having to claim bankruptcy (6%) Becoming a victim of a financial scam (6%)
As Northwestern Mutual aptly surmises, "[W]hat seems to keep people up at night more than anything else is the unexpected."
An even greater number of respondents (typically 74% - 84%) also suggested that having financial certainty would improve their health, their home life, and their social life.
Three ways Americans can cure financial anxiety
So what needs fixing? I'd suggest there are three primary factors that should be addressed.
1. Build an emergency fund and optimize your ability to save
As noted in Northwestern Mutual's study, unplanned expenses tend to be the primary cause of financial anxiety.
If Americans are worried about unplanned emergencies and medical expenses, it suggests that they clearly don't have enough in their emergency funds. Step one would therefore be to build up an adequate emergency fund and optimize your ability to save.
What's the right amount of money to have in your emergency fund?
Related: How healthy are your finances?
Pundits suggest that you should be able to cover six months' worth of expenses should an emergency arise, yet a June survey from Bankrate showed that just 28% of respondents had this much set aside for emergencies. The implication is simple: People aren't properly budgeting their money.
Based on a 2013 poll from Gallup, just a third of American households were keeping a detailed monthly budget, which in effect means that two-thirds of American households have a poor understanding of their cash flow. If people don't understand where their money is being spent, they won't be able to create a plan to boost their potential to save. The good news for people today is that budgeting software can be found online, requiring you to do little more than enter your data to map out your savings plan.
Related: How fast will my savings grow?
The equally important component to keeping a budget is accountability. This is where I'd advocate following the S.M.A.R.T. strategy, which stands for Smart, Measurable, Attainable, Realistic, and Timely. In other words, you don't want your savings goals to be so vague that there's no way for you to measure your progress. Having specific savings goals, as well as a household or friends who share the same desire to budget as you do, should go a long way to keeping your ability to save on track.
2. Invest in the right assets and use the right tools
If we look at the anxieties above, we also see a common theme of Americans' being concerned about running out of money, or not being able to afford certain things, such as healthcare.
This anxiety implies that these individuals have saved money and are investing it for the future, but that they either might not be saving optimally, or they could be invested in the wrong type of assets, or using the wrong investment tools.
To put this concern to rest, Americans need to focus on the long term and use tax-advantaged retirement tools to their benefit.
Statistical data has shown time and again that investing in the stock market and holding high-quality stocks over the long run is your best source of wealth creation. Historically, the stock market has returned about 7% annually, inclusive of dividend reinvestment. That's handily above the historic rate of inflation, which results in real wealth creation.
Related: Asset allocation - Fix your mix
As further proof, JPMorgan Chase recently released study data, provided by Lipper, showing the value of the buy-and-hold strategy. If an investor purchased the S&P 500's tracking index on Jan. 3, 1995, and held through Dec. 31, 2014, the investor would have netted a return of 555%. Mind you, this includes two major stock market corrections (the dot-com bubble and Great Recession).
By comparison, missing more than 30 of the best trading days in this roughly 5,000-day period would result in all those gains evaporating.
Just as important as focusing on stocks is ensuring that you have tax-advantaged tools in your corner. Investing in a brokerage account is a great start, but taking advantage of tools that can grow your nest egg while deferring or eliminating your tax liability is a smart move.
For example, a Traditional IRA and employer-sponsored 401(k) can help reduce your current-year tax liability since they're funded with before-tax dollars. They also defer your taxes until you begin making withdrawals in retirement.
Arguably, the Roth IRA is an even better choice since investment gains within a Roth are completely free of taxation for life. A Roth can also give the account holder more financial flexibility since there are no minimum required distributions or age-based contribution requirements.
Being tax-savvy is an important component of making your money last longer after you retire.
3. Review your finances regularly
Lastly, the above anxieties suggest that even if Americans have a game plan to save and invest, they aren't using it or reviewing it nearly enough.
In the "Closing the Gap" section of Northwestern Mutual's report, we received confirmation that there's a disconnect between what people know they should do and what's actually being done. The study observes that 82% of respondents believe their financial plan should be reviewed at least once every six months.
However, 62% of those surveyed noted that they don't have a financial advisor of any kind, so their financial plan is likely going years without being reviewed. This is worrisome because people's financial needs can change over time, meaning that your savings, investing, and retirement plans often need some tweaking.
Related: Net Worth - How do you stack up?
What can you do? One obvious choice is to consider hiring a financial advisor to review your financial plan and to bounce ideas off of. Remember, utilizing a financial advisor doesn't mean ceding control of your finances to someone else.
You can remain an active and/or controlling participant in your retirement -- but it doesn't hurt to have someone independently assess your progress once or twice a year.
The other option is to consider relying on your family or friends as independent financial confidants.
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Keep in mind that you'll want someone knowledgeable to review your financial progress and offer suggestions, which is why a professional financial advisor may be preferable.
The point is that you want to take the opportunity to review your finances regularly in order to avoid veering off track.
Americans' financial anxieties aren't going to disappear overnight, but with a little planning and some accountability, these anxieties could slowly disappear over time.
--Sean Williams has no material interest in any companies mentioned in this article. | http://money.cnn.com/2016/08/27/investing/financial-fears-americans/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-27T00:00:00 | money.cnn.com/8f8e5a35071ed77fbe955e7b0869bfc657787070fda66cedde37f77ce5f85473.json |
[
"Abigail Brooks"
] | 2016-08-26T15:50:46 | null | 2016-08-26T09:24:20 | Barbra Streisand appeared on Jimmy Fallon's | http%3A%2F%2Fmoney.cnn.com%2Fvideo%2Fmedia%2F2016%2F08%2F26%2Fbaldwin-streisand-tonight-show-duet.cnnmoney%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_freevideo%2B%2528RSS%253A%2BCNN%2B-%2BVideo%2529.json | http://i2.cdn.turner.com/money/dam/assets/160826092125-baldwin-streisand-tonight-show-duet-780x439.png | en | null | Barbra Streisand performs on 'The Tonight Show' | null | null | money.cnn.com | Barbra Streisand appeared on Jimmy Fallon's "Tonight Show" to promote her new album. She did a duet with Alec Baldwin, who actually sings on the album, and sang with Fallon's "Donald Trump." | http://money.cnn.com/video/media/2016/08/26/baldwin-streisand-tonight-show-duet.cnnmoney/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_freevideo+%28RSS%3A+CNN+-+Video%29 | en | 2016-08-26T00:00:00 | money.cnn.com/022cc1f4f983068ace09579a7c3d627eb193639c8ab8acfa7aeefb844dd7f734.json |
[] | 2016-08-30T11:39:02 | null | 2016-08-30T05:14:33 | England is not known for its wines. But a small number of vintners are trying to change that reputation with award-winning bubbly. | http%3A%2F%2Fmoney.cnn.com%2Fvideo%2Fnews%2F2016%2F08%2F23%2Fengland-winery-sparkling-award-winning.cnnmoney%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_freevideo%2B%2528RSS%253A%2BCNN%2B-%2BVideo%2529.json | http://i2.cdn.turner.com/money/dam/assets/160822171738-england-winery-sparkling-award-winning-00003624-780x439.jpg | en | null | Is this English bubbly as good as Champagne? | null | null | money.cnn.com | England is not known for its wines. But a small number of vintners are trying to change that reputation with award-winning bubbly. | http://money.cnn.com/video/news/2016/08/23/england-winery-sparkling-award-winning.cnnmoney/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_freevideo+%28RSS%3A+CNN+-+Video%29 | en | 2016-08-30T00:00:00 | money.cnn.com/4f3309f3bbd9c2511c21a968709642e18e07457ee7a03edce103d2db019f5f32.json |
[
"Nina Dos Santos"
] | 2016-08-30T09:40:13 | null | 2016-08-23T04:40:46 | The producers of English wine say its renaissance won't be derailed by Brexit. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F23%2Fnews%2Feconomy%2Fbrexit-english-wine%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160822183604-english-wine-780x439.jpeg | en | null | English winemakers raise a glass to Brexit | null | null | money.cnn.com | Across the sun-kissed vineyards of England's south coast, there's no sour grapes over Brexit.
Britain's winemakers are instead finding their glasses half full thanks to a steep drop in the value of the pound, which has made their wares more affordable abroad.
"The fall in the currency will help our export operations, which are considerable," said Frazer Thompson, CEO of Kent-based winery Chapel Down. "And in order to create a brand in the true sense, we have to have an international reach."
Like other winemakers, Chapel Down is benefiting from a resurgence in interest in English wine. The firm's sales have risen 30% from a year ago, and the price of its listed shares has doubled in 2016.
To meet the surge in demand, Chapel Down is adding almost 100 new acres of vines.
Related: New legal challenge to Brexit from Northern Ireland
Brexit won't be entirely positive: Europe is an excellent source of skilled workers, and they could find it harder to come to Britain when the country leaves the European Union, said Thompson.
But the disruption to trade ties with the EU is less of a concern. The winery's biggest export markets are in Asia and the U.S. -- not Europe.
Plus, the key to success in the long term will be consistent quality from the winery.
Beset by bad weather and high production costs, English wine languished at the bottom of the barrel for years.
"I remember in the early days we would grow all these Germanic grape varieties and people would taste them ... and then you told them it was English and they would say 'oh horrible,' " said Thompson.
Related: Trade with China won't save post-Brexit Britain
But by planting the same grapes as those used in France's fabled Champagne, Chapel Down have turned a novelty bottle into a prized product in less than two decades.
"We are 120 miles from the northern reaches of Champagne -- the most famous wine producing area of the world -- and we have exactly the same type of soil," he said. "That's what makes English wine so fantastic."
English sparkling wines even beat Champagne in a number of blind tastings last year, cementing the country's place in the world of wine.
Chapel Down's wines are even served at the tables of Buckingham Palace and No.10 Downing Street.
-- James Frater contributed reporting. | http://money.cnn.com/2016/08/23/news/economy/brexit-english-wine/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-23T00:00:00 | money.cnn.com/898cd5ae030238560f17de7c8fd974d3875cd4fa024525f1bfb65b13873a83d0.json |
[
"Charles Riley",
"Medhavi Arora"
] | 2016-08-26T13:48:00 | null | 2016-08-25T04:36:16 | India's government has unveiled legislation that would ban commercial surrogacy and prevent foreigners from using the country's thriving fertility clinics. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F25%2Fnews%2Findia-surrogacy-foreigners%2Findex.html%3Fsection%3Dmoney_news_international%26utm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fmoney_news_international%2B%2528CNNMoney%253A%2BInternational%2BNews%2529.json | http://i2.cdn.turner.com/money/dam/assets/160825111033-india-surrogacy-780x439.jpg | en | null | India plans total ban on commercial surrogacy | null | null | money.cnn.com | India wants to ban wannabe parents paying surrogate mothers.
New legislation would lock foreigners out of the country's thriving but mostly unregulated fertility clinics, and limit surrogacy to Indian couples who have been married for more than five years and are unable to have children.
Even in these cases, a family member must serve as the surrogate.
Foreign minister Sushma Swaraj told reporters Wednesday that the proposed law would stop foreigners and gay couples hiring Indian surrogates.
She said there were too many instances of people abusing surrogacy, including couples who had abandoned unwanted children or babies born with disabilities.
India is a top destination for foreign medical tourists seeking surrogates -- often at very cheap prices. According to Swaraj, there are more than 2,000 fertility clinics currently operating in the country.
Related: Secrets of India's ultra stealth submarines revealed in massive leak
Critics say Indian women hired as surrogates are frequently abused, and they describe disreputable clinics as "rent-a-womb" operations. Last year, lawyer Jayashree Wad asked India's Supreme Court to ban commercial surrogacy, saying the practice amounts "to exploitation of women for commercial gains."
"In the process of surrogate motherhood, a commercial element is introduced and Indian women are exploited and substantial benefit is derived by doctors, hospitals and institutions involved in it," Wad told the court.
According to medical journal The Lancet, having a child through surrogacy in India costs roughly $25,000, while the same service can cost up to 10 times as much in the United States.
Indian women hired as surrogate mothers are typically paid $5,000 to $7,000, while their counterparts in the U.S. command up to $25,000. Still, The Lancet notes that this is an "enormous sum" for poor Indian women who might make $300 in a typical year.
Related: India's crazy tax system just got much simpler
Advocates, meanwhile, said the government's decision to ban certain groups from fertility services, rather than implement better regulations, marked a "black day."
"This was a great industry. It has benefited thousands of couples," said Dr. Rita Bakshi, founder of International Fertility Centre and the director of a pro-surrogacy NGO. "If people can come to India for cataract or heart surgery, then what's wrong with this?"
The draft law has been approved by India's cabinet, and is expected to be debated in parliament later this year. | http://money.cnn.com/2016/08/25/news/india-surrogacy-foreigners/index.html?section=money_news_international&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_news_international+%28CNNMoney%3A+International+News%29 | en | 2016-08-25T00:00:00 | money.cnn.com/8f467fa4fe9b04ea982e4a0eb5353936b826dd54c2a8c584a8da1ac46e514559.json |
[
"Tom Kludt"
] | 2016-08-26T21:36:28 | null | 2016-08-26T12:24:03 | Donald Trump's ncampaign chairman, Steve Bannon, faced multiple charges, including one for misdemeanor domestic violence, after an incident with his ex-wife. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F26%2Fmedia%2Fdonald-trump-campaign-ceo-steve-bannon-domestic-violence%2Findex.html%3Fsection%3Dmoney_news_international%26utm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fmoney_news_international%2B%2528CNNMoney%253A%2BInternational%2BNews%2529.json | http://i2.cdn.turner.com/money/dam/assets/160817080531-stephen-bannon-780x439.jpg | en | null | Trump campaign CEO Bannon was charged with domestic violence | null | null | money.cnn.com | Donald Trump's newly appointed campaign chairman, Steve Bannon, faced multiple charges, including one for misdemeanor domestic violence, stemming from an incident involving his ex-wife more than 20 years ago.
The case, which was first reported by Politico Thursday night, was eventually dismissed, and a spokesperson for Bannon has said that he has "a great relationship" with both his ex-wife and their twin daughters.
A Santa Monica, California police report from January 1, 1996 detailed an altercation between Bannon and his then-spouse that left her with red marks on her left wrist and the right side of her neck. The report also said that the woman, whose name Politico redacted in its article, "complained of soreness to her neck."
"On my arrival, I was met at the front door by [REDACTED]. She appeared as if she was very upset and had been crying," the responding officer wrote in the report. "I saw that her eyes were red and watery. She first said, 'Oh, thank you. You are here. How did you know to come?'"
The officer informed her that he was responding to a report of a 911 hangup.
Related: Hillary Clinton slams Trump for ties to 'alt-right' media
Bannon and his ex-wife married in April of 1995, according to the report. Their twin daughters were less than a year old at the time of the incident. The charges Bannon faced afterwards, including misdemeanor domestic violence, battery, and dissuading a witness, were dropped in August of 1996, and the couple divorced shortly thereafter.
"The bottom line is he has a great relationship with the twins, he has a great relationship with the ex-wife, he still supports them," Bannon's spokeswoman Alexandra Preate told Politico.
Neither Preate nor Trump campaign spokeswoman Hope Hicks responded to requests for comment. However, CNN confirmed with Santa Monica Police that the police report was authentic.
The Politico report came on the heels of a critical speech by Hillary Clinton on Thursday in which she pilloried Trump and Bannon, who previously ran Breitbart News. Speaking in Reno, Nevada, Clinton said that Trump has embraced the "alt-right," a fringe ideology animated by white nationalism.
"The de facto merger between Breitbart and the Trump Campaign represents a landmark achievement for the 'Alt-Right,' a fringe element has effectively taken over the Republican Party," Clinton said. "This is part of a broader story -- the rising tide of hardline, right-wing nationalism around the world."
-- CNN's Jack Hannah and Scott Glover contributed reporting. | http://money.cnn.com/2016/08/26/media/donald-trump-campaign-ceo-steve-bannon-domestic-violence/index.html?section=money_news_international&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_news_international+%28CNNMoney%3A+International+News%29 | en | 2016-08-26T00:00:00 | money.cnn.com/7ad21fc9df80eb6c54ac15947325aa764340d5beeaeaf65cb7617de80eedebb3.json |
[
"Alanna Petroff"
] | 2016-08-26T13:47:20 | null | 2016-08-25T10:24:37 | Jimmy Choo stock is surging after the company revealed it's seeing spiking sales of men's products and booming business in China. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F25%2Finvesting%2Fjimmy-choo-shoes-stock-trading%2Findex.html%3Fsection%3Dmoney_news_international%26utm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fmoney_news_international%2B%2528CNNMoney%253A%2BInternational%2BNews%2529.json | http://i2.cdn.turner.com/money/dam/assets/160825074816-evan-rachel-wood-jimmy-choo-780x439.jpg | en | null | Jimmy Choo's stock is spiking. Here's why | null | null | money.cnn.com | Investors are drooling over Jimmy Choo shares after the company said sales of men's shoes are spiking and its business in China is booming.
The luxury shoe brand is hugely popular among female fashionistas, and a pair of stilettos can easily sell for over $1,000.
But it's gaining a big following among men too. Nearly half of its stores now sell men's shoes, and they account for 8% of global sales, making it the fastest growing area of its business.
Chinese consumers are also tripping over themselves to buy some Choos, even as some other luxury retailers struggle in the country.
Jimmy Choo sales in Asia (excluding Japan) in the first half of 2016 are up 22% compared to last year. Some of that comes from new store openings but there's organic growth too.
David Roth, a retail marketing expert at WPP, said niche brands like Jimmy Choo have an edge in the tricky Chinese market.
"The ubiquity of the most successful luxury brands in China is causing cutting-edge younger Chinese consumers to look at different luxury and status brands than they have in the past," he told CNNMoney.
Related: Tiffany sales plunge as tourists rein in spending
The company, which was founded in 1996 by designer Jimmy Choo and former Vogue accessories editor Tamara Mellon, is celebrating its 20th birthday this year.
Chairman Peter Harf stated: "The prospects for the business in its 20th year have never looked better."
The London fashion firm is even getting a boost from Brexit. The company has benefited from the sharp fall in the British currency, which makes global sales more valuable when converted into pounds.
Related: $1.3 trillion at stake in Brexit breakup
Jimmy Choo first listed on the London Stock Exchange in October 2014. Its shares surged in the first few weeks but have tanked since, losing half their value and hitting a record low in June.
But the positive earnings news sent the stock up about 6% on Thursday.
The company gained international fame from its prominence in films and TV shows, including "Sex and the City" and "The Devil Wears Prada."
Jimmy Choo accessories are also frequently flaunted by Hollywood stars and royalty, including Kate Middleton, the Duchess of Cambridge. | http://money.cnn.com/2016/08/25/investing/jimmy-choo-shoes-stock-trading/index.html?section=money_news_international&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_news_international+%28CNNMoney%3A+International+News%29 | en | 2016-08-25T00:00:00 | money.cnn.com/5ef473aefb3c3394b4845c45aec7e0e72e0421270a7870fbbb26c6c67b13dcca.json |
[
"Ivana Kottasova"
] | 2016-08-26T17:35:18 | null | 2016-08-26T11:07:29 | Vogue Brazil is under fire for photoshopping images of able-bodied models to make them look like amputees for a Paralympics campaign. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F26%2Fmedia%2Fparalympics-vogue-brazil%2Findex.html.json | http://i2.cdn.turner.com/money/dam/assets/160826093511-vogue-brasil-instagram-780x439.jpg | en | null | Vogue Brazil turns models into amputees to promote Paralympics | null | null | money.cnn.com | Vogue Brazil is under fire for altering images of models to make them look like amputees.
It published pictures of Brazilian actors Cleo Pires and Paulo Vilhena under the headline "We are all Paralympians." The magazine said it was trying to boost interest in the upcoming Paralympic Games in Rio.
Just 20% of tickets have sold for the Paralympics so far, even though they only cost $3 each, the magazine said.
The actors' bodies were altered to look like those of two Brazilian Paralympians, table tennis player Bruna Alexandre and sitting volleyball player Renato Leite.
Alexandre had her right arm amputated when she was three months old and Leite has a prosthetic leg.
Related: Slow ticket sales for Rio Paralympics
But many readers criticized the decision to use digitally-altered images of models rather than Paralympians.
"I think that the campaign should have been done with the athletes themselves, showing their strengths and efforts to reach the games," said Andre Santos, one of the thousands of people who took the magazine to task on its website and Instagram profile.
Auction alert: You can buy gear from the Rio Olympics
Vogue Brazil tried to explain its motive in a second article. It said the idea for the campaign came from Pires, an ambassador for the Paralympics.
"We knew it would be a punch in the stomach, but it was for a good cause, after all, almost no one bought tickets to see the Paralympic Games," Clayton Carneiro, art director of Vogue Brazil, said in the statement.
Despite the criticism, Alexandre said she was "proud to be part of the campaign."
Vogue Brazil has a circulation of 62,000 copies, according to the publisher. The magazine's online version has nearly 3 million unique visitors a month.
The magazine is published by Conde Nast international. It declined to comment on the matter. | http://money.cnn.com/2016/08/26/media/paralympics-vogue-brazil/index.html | en | 2016-08-26T00:00:00 | money.cnn.com/71f8a56ef7deb58f58329ba8e7854339f43b33d4de81b738d7feb6ba6d98d6e8.json |
[
"Peter Valdes-Dapena"
] | 2016-08-27T13:39:05 | null | 2016-08-27T09:12:41 | The new Ford Focus RS combines outrageous performance with good manners. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F27%2Fautos%2Fford-focus-rs-review%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160825112045-2016-ford-focus-rs-780x439.jpg | en | null | German-built Ford Focus: Outrageously fun | null | null | money.cnn.com | I don't know what's wrong with me. I didn't think I was going to like this, at least not this much. I mean, to be really honest, I'm too old for this sort of thing
Or maybe I'm not.
The Ford (F) Focus RS is a 350 horsepower, German-built, all-wheel-drive version of that nice, efficient American-made compact car you're probably familiar with. It's outrageously fun, and it's also just a really good car. While the excitement got me hooked, the underlying decency of the car won me over.
Yes, the Focus RS is blindingly quick and it makes a wonderful bubbly rumble when you step hard on the gas. And, yes, it has a "Drift Mode" that allows a driver to slide the car sideways on purpose. Also, yes, the ride is a tad firm.
But it also has a surprising level of refinement. Even at high speeds it stays amazingly composed. I found myself hitting triple-digit speeds without even really trying or, for that matter, noticing. At least, until I glanced down at the speedometer. Sure, I've had that sort of thing happen in German luxury cars -- but this was a Ford Focus.
Much of the credit for that goes to the car's aerodynamics. The Focus RS's tastefully understated rear wing -- understated compared with other rear wings I've seen -- is paired with a subtle front wing just under the grill. Together, they give the car a gentle push downwards as speeds increase. That counteracts the natural tendency for cars like this to get floaty as they go faster.
Even in its regular around-town driving mode, the ride is firm, but not uncomfortable. Push a button to put it into Sport mode and you feel the bumps even more but, still, it's not too bad. And the upside is you can take corners faster.
It's only in Track mode that things get uncomfortable, but a clear dashboard warning tells you this mode is strictly for the track. And, on a track, it is amazing. After driving a Focus RS for a weekend, I whipped another one -- equipped with optional high-performance tires -- around a race track north of New York City. Cranking it through turn after turn it felt as close to an all-out sports car as something based on an economy car ever could.
Related - Five most expensive cars sold at Pebble Beach
The all-wheel-drive system not only varies the amount of power it metes out to the front and back wheels, it also sends differing amounts of power to each back wheel as you turn helping to actually push the car through a curve. It makes a noticeable difference.
Adding to the fun, the manual shifter -- the Focus RS is only available with a manual transmission -- flicks very enjoyably up and down and back and forth through all six gears. Meanwhile, the little turbocharged four-cylinder engine just loves to spin itself faster and faster, and it is such fun to let it.
Sure, there are other cars like this one out there -- ordinary compact cars tuned for performance. Volkswagen (VLKAF), Mitsubishi and Subaru (FUJHY) all make them. But this one, built in Europe by an American company and now newly available here in the States, is my favorite one yet. Welcome to the global economy. | http://money.cnn.com/2016/08/27/autos/ford-focus-rs-review/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-27T00:00:00 | money.cnn.com/f02bb809d779714f2024934a5f043d47f8f722141e683a417ce55519e005be3f.json |
[
"Tom Kludt"
] | 2016-08-26T17:39:22 | null | 2016-08-26T12:24:03 | Donald Trump's ncampaign chairman, Steve Bannon, faced multiple charges, including one for misdemeanor domestic violence, after an incident with his ex-wife. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F26%2Fmedia%2Fdonald-trump-campaign-ceo-steve-bannon-domestic-violence%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160817080531-stephen-bannon-780x439.jpg | en | null | Trump campaign CEO Bannon was charged with domestic violence | null | null | money.cnn.com | Donald Trump's newly appointed campaign chairman, Steve Bannon, faced multiple charges, including one for misdemeanor domestic violence, stemming from an incident involving his ex-wife more than 20 years ago.
The case, which was first reported by Politico Thursday night, was eventually dismissed, and a spokesperson for Bannon has said that he has "a great relationship" with both his ex-wife and their twin daughters.
A Santa Monica, California police report from January 1, 1996 detailed an altercation between Bannon and his then-spouse that left her with red marks on her left wrist and the right side of her neck. The report also said that the woman, whose name Politico redacted in its article, "complained of soreness to her neck."
"On my arrival, I was met at the front door by [REDACTED]. She appeared as if she was very upset and had been crying," the responding officer wrote in the report. "I saw that her eyes were red and watery. She first said, 'Oh, thank you. You are here. How did you know to come?'"
The officer informed her that he was responding to a report of a 911 hangup.
Related: Hillary Clinton slams Trump for ties to 'alt-right' media
Bannon and his ex-wife married in April of 1995, according to the report. Their twin daughters were less than a year old at the time of the incident. The charges Bannon faced afterwards, including misdemeanor domestic violence, battery, and dissuading a witness, were dropped in August of 1996, and the couple divorced shortly thereafter.
"The bottom line is he has a great relationship with the twins, he has a great relationship with the ex-wife, he still supports them," Bannon's spokeswoman Alexandra Preate told Politico.
Neither Preate nor Trump campaign spokeswoman Hope Hicks responded to requests for comment. However, CNN confirmed with Santa Monica Police that the police report was authentic.
The Politico report came on the heels of a critical speech by Hillary Clinton on Thursday in which she pilloried Trump and Bannon, who previously ran Breitbart News. Speaking in Reno, Nevada, Clinton said that Trump has embraced the "alt-right," a fringe ideology animated by white nationalism.
"The de facto merger between Breitbart and the Trump Campaign represents a landmark achievement for the 'Alt-Right,' a fringe element has effectively taken over the Republican Party," Clinton said. "This is part of a broader story -- the rising tide of hardline, right-wing nationalism around the world."
-- CNN's Jack Hannah and Scott Glover contributed reporting. | http://money.cnn.com/2016/08/26/media/donald-trump-campaign-ceo-steve-bannon-domestic-violence/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-26T00:00:00 | money.cnn.com/d0e6c84a3fccbd407347bccefcb46924c0579bfd77a10a2dbb6ecff52763dc0c.json |
[
"Sara Ashley O'Brien"
] | 2016-08-30T23:38:55 | null | 2016-08-30T05:22:32 | ABC will pilot a show starring Zach Braff based on Gimlet Media's podcast StartUp. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F30%2Ftechnology%2Fabc-zach-braff-startup-podcast%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fedition_entertainment%2B%2528RSS%253A%2BCNNi%2B-%2BEntertainment%2529.json | http://i2.cdn.turner.com/money/dam/assets/160830162700-zach-braff-startup-780x439.jpg | en | null | Zach Braff to star in pilot show about a podcast | null | null | money.cnn.com | ABC is bringing a popular podcast to the small screen for a potential comedy series starring actor Zach Braff.
The network has committed to a "put pilot" based on Gimlet Media's podcast StartUp, according to a Deadline report. (A "put pilot" refers to the network agreeing to air the pilot or it will be penalized.)
Braff, known for his work on Scrubs and the film Garden State, will star in and direct the pilot.
The first season of podcast, which has had three seasons to date, followed Gimlet Media's brainchild Alex Blumberg during the ups and downs of launching the company back in 2014.
Gimlet Media now has six podcasts under its umbrella and has raised $7.5 million from investors.
Blumberg, a former producer at This American Life, is also the cofounder of Planet Money, a popular NPR show about economic news.
ABC's version of StartUp, which will be based on the podcast's first season, will serve as a reunion of sorts for those involved: Matt Tarses, who co-executive produced Scrubs, will write the script.
Related: 15 questions with Alex Blumberg
The TV pilot's name is only tentative for now, and Gimlet Media's Blumberg, Chris Giliberti, and Matt Lieber will also have a hand in production, according to Deadline.
Blumberg was not immediately available for comment. | http://money.cnn.com/2016/08/30/technology/abc-zach-braff-startup-podcast/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fedition_entertainment+%28RSS%3A+CNNi+-+Entertainment%29 | en | 2016-08-30T00:00:00 | money.cnn.com/44e90c95504baedb6d4b2ea860d6d751b996c1126bf34d9fb0ad29fef037843a.json |
[
"Ivana Kottasova"
] | 2016-08-30T21:36:42 | null | 2016-08-30T11:45:57 | How would the world's largest economies fare without their capital cities? | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F30%2Fnews%2Feconomy%2Fcapital-cities-economy%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fedition_world%2B%2528RSS%253A%2BCNNi%2B-%2BWorld%2529.json | http://i2.cdn.turner.com/money/dam/assets/160829145751-capital-cities-economics-paris-780x439.jpg | en | null | These capital cities are a brake on their economies | null | null | money.cnn.com | What would Germans be without Berlin?
The answer: Even richer.
New research from the Institute for Economic Research in Cologne said Germany would generate a little more national income per person -- 0.3% more to be precise -- without its capital city.
Berlin produces less GDP per capita than the rest of the economy despite its vibrant tech scene and trendy status.
"Berlin was a bit of a surprise," said Henry Goecke, one of the researchers at the institute. "Economically, Berlin is more or less not important at all, to put it harshly."
He said Berlin suffered by comparison with some of Germany's other regions such as the Rhineland, where much of the country's manufacturing industry is based, and Bavaria, home to automakers such as BMW (BAMXF).
Berlin is not the only capital city that is lagging behind. Canada's per capita GDP -- one measure of national wealth -- would be 0.2% higher if it wasn't for Ottawa, the researchers found.
"This is because of the economic strength of the oil producing region of Alberta, which has 11% of the people, but produces 17% of all GDP," Goecke said.
Related: A third of this city's inhabitants are millionaires
If Berlin and Ottawa are the brakes, then Paris and London are the engines.
France's per capita GDP would be more than 17% lower without its capital city.
That makes the "City of Love" even more important to France than London is to the U.K.
But the British capital, home to the country's all important finance sector, is also vital for prosperity -- the country would see its GDP per head drop by nearly 13% if it wasn't for London.
That contribution is now under threat.
"After the U.K. voted for Brexit, there will likely be consequences for London, and the question is whether the city can remain as connected to the EU financial services industry as it is now," Goecke said.
Related: London pays U.K. bills but for how much longer?
The United States would also be worse off if it wasn't for Washington D.C., although the drop in GDP per capita wouldn't be too dramatic -- just over 1%.
That kind of balance is good for an economy, Goecke said.
"You don't want to put all the eggs into one basket," he added. | http://money.cnn.com/2016/08/30/news/economy/capital-cities-economy/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fedition_world+%28RSS%3A+CNNi+-+World%29 | en | 2016-08-30T00:00:00 | money.cnn.com/92af177d08538263788587d222481256e01d981ce43c77c73da75121ea33d09a.json |
[
"Charles Riley"
] | 2016-08-26T14:59:44 | null | 2016-08-26T06:41:08 | Economic growth ground to a halt in France during the second quarter. Terrorism, labor unrest and Euro 2016 all contributed to the dismal numbers. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F26%2Fnews%2Feconomy%2Ffrance-economy-terrorism-strikes-euro2016%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160802213544-france-labor-unrest-780x439.jpg | en | null | 3 reasons the French economy is slumping | null | null | money.cnn.com | More bad news for France: Economic growth ground to a halt in the three months through June.
New data released Friday suggest the G7 economy will struggle to break out of the malaise that took hold even before the recent wave of terror attacks.
Gross domestic product grew by 0% in the second quarter of 2016, according to the national statistics agency. That represents a sharp slowdown from expansion of 0.7% posted in the first quarter.
Here are three issues that have taken a bite out of growth:
Euro 2016
France were beaten by Portugal in the final of Europe's premier soccer tournament in early July, and the country appears to have lost out economically from hosting the event too.
It sounds outlandish, but France's statistics agency said that household spending was lower in the second quarter because of a "backlash" against ticket sales for Euro 2016 earlier in the year.
There was a decline in spending on accommodation, food and transportation.
Terrorism
Nice. Paris. Charlie Hebdo.
France welcomed nearly 85 million tourists in 2015 -- more than any other nation in the world -- but visitor numbers have dropped sharply this year after a string of deadly terror attacks.
Tourist arrivals to France dropped 8% in the first quarter of 2016 compared to the same period last year, according to market research firm Euromonitor International.
The trend threatens the 40 billion euros ($44.5 billion) in revenue generated by tourism each year.
In the first six months of the year, hotel arrivals dropped 7.5% in Paris. The number of visitors to the Arc of Triumph plummeted 35%, while the Chateau de Versailles experienced a 16% decline.
Strikes
The French government was forced to scramble earlier this year in order to keep gas stations from running dry and cities powered after workers at oil refineries and nuclear plants walked off the job.
Transport workers also protested against labor law reforms in the run up to the Euro 2016 football tournament, launching a strike against railroads and airlines.
"Output [of] manufactured goods dropped markedly... primarily due to a slump in refinery output," the French statistics agency said.
-- Alanna Petroff contributed reporting. | http://money.cnn.com/2016/08/26/news/economy/france-economy-terrorism-strikes-euro2016/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-26T00:00:00 | money.cnn.com/1e27481fce2b9f04cdd10fdefbd30955ccaef41abb0041b713ba10fc6bd2b484.json |
[] | 2016-08-30T09:39:09 | null | 2016-08-30T04:47:34 | This year's G20 Summit is the first since the U.K. voted to leave the EU. CNN's Isa Soares looks at the role post-Brexit Britain could play on the international stage. | http%3A%2F%2Fmoney.cnn.com%2Fvideo%2Fnews%2F2016%2F08%2F30%2Fg20-uk-brexit.cnnmoney%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_freevideo%2B%2528RSS%253A%2BCNN%2B-%2BVideo%2529.json | http://i2.cdn.turner.com/money/dam/assets/160830093009-g20-uk-brexit-00010828-780x439.jpg | en | null | What Brexit means for the G20 | null | null | money.cnn.com | This year's G20 Summit is the first since the U.K. voted to leave the EU. CNN's Isa Soares looks at the role post-Brexit Britain could play on the international stage. | http://money.cnn.com/video/news/2016/08/30/g20-uk-brexit.cnnmoney/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_freevideo+%28RSS%3A+CNN+-+Video%29 | en | 2016-08-30T00:00:00 | money.cnn.com/fb1dbc49a4b5edae879f202e83d4e05c30474894bfa34a7b66bdd324fee0ad81.json |
[] | 2016-08-30T23:39:52 | null | 2016-08-30T06:01:14 | Trump economic adviser and real estate mogul Tom Barrack says | http%3A%2F%2Fmoney.cnn.com%2Fvideo%2Fnews%2Feconomy%2F2016%2F08%2F30%2Ftom-barrack-trump-debt-entitlement-reform-medicare-social-security.cnnmoney%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_freevideo%2B%2528RSS%253A%2BCNN%2B-%2BVideo%2529.json | http://i2.cdn.turner.com/money/dam/assets/160829220311-tom-barrack-trump-debt-entitlement-reform-medicare-social-security-00014005-780x439.jpg | en | null | Trump adviser on the need to reform social security | null | null | money.cnn.com | Trump economic adviser and real estate mogul Tom Barrack says "Donald Trump will stick to what he's said" on entitlement reforms, but that he "might do something different because you have to do something different." | http://money.cnn.com/video/news/economy/2016/08/30/tom-barrack-trump-debt-entitlement-reform-medicare-social-security.cnnmoney/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_freevideo+%28RSS%3A+CNN+-+Video%29 | en | 2016-08-30T00:00:00 | money.cnn.com/ac45396149892547dc2aa0db7d92e442c76308e17fc36bf498e70da93ab90ed9.json |
[
"Dylan Byers"
] | 2016-08-27T01:39:05 | null | 2016-08-26T09:19:16 | The Associated Press is standing by an investigation into Hillary Clinton despite widespread criticism and has yet to correct a tweet about its story despite near unanimous agreement among other journalists that the tweet, at least, was false. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F26%2Fmedia%2Fassociated-press-hillary-clinton-investigation%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160825160908-hillary-cliinton-reno-780x439.jpg | en | null | Associated Press botches Hillary Clinton report and response | null | null | money.cnn.com | Hillary Clinton is surrounded by suggestions of controversy. Terms like "Clinton Foundation," "email server," and "Benghazi" hover around her like a faint smoke that hints at the existence of fire.
But finding the fire -- the lie, the misdeed, the unethical act -- is proving to be rather difficult, as evidenced this week by an inaccurate tweet and arguably misleading story from the Associated Press that were quickly rebutted by the Clinton campaign and dismissed by many media outlets.
Three days later, the Associated Press is still standing by its story and has yet to correct its tweet, despite near unanimous agreement among other journalists that the tweet, at least, was false.
"The AP's social-media take on the story was seriously flawed," David Boardman, the Dean of the School of Media and Communication at Temple University and former editor of the Seattle Times, told CNNMoney. "It's sloppy, click-grabbing shorthand that is a disservice to the reporting to which it refers."
On Tuesday, the AP sent out a breaking news alert: "BREAKING: AP analysis: More than half those who met Clinton as Cabinet secretary gave money to Clinton Foundation."
Not true: As the article stated, what the AP found was that "more than half the people outside the government" who met with Clinton while she was secretary of state "gave money — either personally or through companies or groups — to the Clinton Foundation."
This "extraordinary" finding, as the AP put it, was deemed less extraordinary by other journalists and pundits who noted that Clinton had held thousands of meetings with government employees, foreign representatives, civil leaders, journalists and others while Secretary of State that were not accounted for in the AP's report.
Moreover, the AP only analyzed 154 meetings, based on what has been made available by the State Department, and thus its review only accounts for a fraction of Clinton's meeting schedule during her tenure as secretary of state. (The AP's defenders correctly note that the wire service was only able to examine a limited dataset because of the State Department's intransigence regarding the release of further records, which the AP has been fighting hard to secure.)
Nevertheless, the AP's tweet allowed Donald Trump to stand on stage at a campaign rally and declare that "fifty percent of people who saw [Clinton] had to make a contribution to the Clinton Foundation."
Clinton campaign spokesperson Brian Fallon accused the AP of cherrypicking "a limited subset" of data to give "a distorted portrayal of how often she crossed paths with individuals connected to charitable donations to the Clinton Foundation." On Twitter, he hit the AP for failing to correct its breaking news alert, which he called "100 percent factually inaccurate."
In a statement, AP spokesperson Paul Colford said his organization had been "transparent in how it has reported this story," and that it would continue to examine Clinton's schedules as they became available.
"The Associated Press' reporting relied on publicly available data provided by the State Department about Hillary Clinton's meetings, phone calls and emails, cross-referenced against donor information provided by the Clinton Foundation and its related charities on its websites," Colford wrote.
Meanwhile, other news organizations pilloried the AP's report.
The Washington Post Fact-Checker wrote that there were "many more nuanced and important details in the story that are being misrepresented — by the AP's own promotional tweet, and by Trump."
Vox's Matthew Yglesias was more direct: "The AP's big exposé on Hillary meeting with Clinton Foundation donors is a mess," his headline read.
Boardman argued that the story itself "was not nearly so flawed as Yglesias and others have charged."
"The AP reporters made clear they found no smoking-gun quid pro quo. And Clinton defenders' claim that 'there is no story' is absurd; of course it is worth investigating and explaining the relationship between Secretary Clinton and the Foundation, and how that relationship worked while she was at State," he said.
"If anything," Boardman continued, "the AP story could have used far more exploration of the inherent ethical issues here, and of the notion that whether or not Clinton gave extraordinary help to Foundation donors, the potential for accusations of that was probably reason enough to avoid such meetings altogether." | http://money.cnn.com/2016/08/26/media/associated-press-hillary-clinton-investigation/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-26T00:00:00 | money.cnn.com/b9dd799f704107f5b09f9c0908a737fdcbdb6cfd8a0f8d84fa6367a36f521127.json |
[
"Jethro Mullen"
] | 2016-08-29T11:35:52 | null | 2016-08-29T04:30:35 | Japan's Mitsubishi Regional Jet (MRJ), which has already suffered repeated delays, was forced to abort test flights to the U.S. not once but twice. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F29%2Fnews%2Fcompanies%2Fmitsubishi-mrj-japan-test-flight-problems%2Findex.html.json | http://i2.cdn.turner.com/money/dam/assets/160829160643-mitsubishi-regional-jet-mrj-780x439.jpg | en | null | Japan's first passenger jet had a nightmare weekend | null | null | money.cnn.com | Japan's first ever homegrown passenger jet has had a bumpy few days.
The plane was forced to abort two consecutive test flights to the U.S. over the weekend because of problems with the air management system on board.
It's the latest setback for the aircraft, the Mitsubishi Regional Jet (MRJ), which has already suffered repeated delays.
Built by Mitsubishi Aircraft Corp., the MRJ is an effort by Japan to compete in the global plane-making industry. It's the country's first new commercial aircraft in more than 50 years (the last one was powered by turboprop rather than jet technology).
Related: China's big plan to build a world-class aircraft engine
It made its first flight in November, but the company is now trying figure out what went wrong over the weekend.
"We are in the process of finding out the details of the issue we faced during the last two days," Mitsubishi said Monday. "We are inspecting what the cause is first, and then we will consider the next steps."
The MRJ was meant to fly from Japan to the U.S. to carry out a series of flight tests.
The company has pushed back delivery plans for the MRJ four times in the past seven years. Its first customer, Japan's ANA (ALNPY), placed its initial order in 2008, with deliveries scheduled to start in 2013. The airline now isn't expected to receive the first plane until mid-2018.
Related: Boeing could kill production of its iconic 747 jumbo jet
Mitsubishi says the jet, which seats as many as 92 passengers, uses 20% less fuel than other aircraft in its class because of its efficient engines and aerodynamic design.
The MRJ puts Mitsubishi in competition with Brazilian plane maker Embraer (ERJ) and Canada's Bombardier (BDRAF), which dominate the market for passenger jets with fewer than 100 seats.
Delays aren't uncommon in bringing new planes to market. Industry giants Boeing (BA) and Airbus (EADSF) have both endured embarrassing setbacks on high-profile jets like the 787 Dreamliner and the A380. | http://money.cnn.com/2016/08/29/news/companies/mitsubishi-mrj-japan-test-flight-problems/index.html | en | 2016-08-29T00:00:00 | money.cnn.com/e48f71de24f860e944c12e8646a8bb80b07ddbf196bb46f7a3d2fb558a703161.json |
[
"Seth Fiegerman"
] | 2016-08-29T17:40:10 | null | 2016-08-29T12:15:12 | Mark Zuckerberg said on Monday that he hopes to finally demo a personal assistant powered by artificial intelligence next month after making it his New Year's challenge. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F29%2Ftechnology%2Fmark-zuckerberg-italy-town-hall-ai-butler%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160103191439-zuckerberg-new-year-resolution-780x439.jpg | en | null | Mark Zuckerberg hopes to demo his AI butler next month | null | null | money.cnn.com | Launching the most popular social network in the world? Done.
Running a mile every day? Easy.
But building a personal assistant from scratch? Apparently that's hard.
Facebook (FB, Tech30) CEO Mark Zuckerberg said on Monday that he hopes to finally demo a butler powered by artificial intelligence next month after making it his New Year's challenge to build the service.
"One of the challenges was to build an AI system to help me control my home and my work, and the other was to run an average of one mile a day. It turns out that one of those challenges was a lot easier than the other," Zuckerberg said in a town hall event in Italy.
Zuckerberg accomplished the year-long running challenge five months early.
The Facebook founder said he has successfully programed his AI butler to open the gate to his house by scanning his face rather than entering a code. Zuckerberg can also control the lights inside and adjust the temperature using his voice, "much to the chagrin of my wife."
Related: Mark Zuckerberg gives Pope Francis a drone
"It's starting to be able to do some pretty fun things," Zuckerberg said, before noting that he is getting some guidance from Facebook engineers on the project.
In his original post announcing the project, Zuckerberg said he wanted to build an assistant "like Jarvis in Iron Man" that would let him control music, lights and temperature in his house using his voice and alert him to anything that might need his attention in his daughter's room.
Throughout the last year, Zuckerberg has held a series of town halls with Facebook users in India, Germany, and Columbia, among other locations.
The Italy town hall took place just days after a 6.2-magnitude earthquake hit the central part of the country, killing hundreds and reducing the town of Amatrice to rubble.
"When I first learned about the earthquake, it just made me incredibly sad," Zuckerberg told the crowd on Monday. "Our first reaction [at Facebook] is we have to do everything we can to help out."
That included activating Facebook's Safety Check feature in the area to let users tell friends and family they're safe, as well as providing the Red Cross with "half a million euros in ad credits" to solicit volunteers and supplies, according to Zuckerberg,
Before taking the stage on Monday, Zuckerberg paid a visit to Italy's Prime Minister Matteo Renzi and Pope Francis, giving the latter a model of Facebook's drone.
Zuckerberg kicked off his visit by attending the wedding of Spotify CEO Daniel Ek, who he described as a "good friend," at Lake Como in northern Italy. | http://money.cnn.com/2016/08/29/technology/mark-zuckerberg-italy-town-hall-ai-butler/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-29T00:00:00 | money.cnn.com/6a4a6e794bce62358704caa94e7bf9a56322a3d0e8ef52ce003089f3c1d36e91.json |
[
"Moss Cohen"
] | 2016-08-30T21:39:38 | null | 2016-08-30T04:50:18 | After reminding a reporter of the achievements of the Williams' sisters, Andy Murray speaks more about equal pay at the U.S. Open. | http%3A%2F%2Fmoney.cnn.com%2Fvideo%2Fnews%2F2016%2F08%2F30%2Fandy-murray-equal-pay.cnnmoney%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_freevideo%2B%2528RSS%253A%2BCNN%2B-%2BVideo%2529.json | http://i2.cdn.turner.com/money/dam/assets/160830164521-andy-murray-us-open-780x439.png | en | null | Andy Murray: Equal pay at tennis majors something to be proud of | null | null | money.cnn.com | Our Terms of Service and Privacy Policy have changed.
By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service. | http://money.cnn.com/video/news/2016/08/30/andy-murray-equal-pay.cnnmoney/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_freevideo+%28RSS%3A+CNN+-+Video%29 | en | 2016-08-30T00:00:00 | money.cnn.com/3b55d5308538bfc6ea4039b6c509f56ee6331326c5e6e060f019b073bf6b07ff.json |
[] | 2016-08-27T19:37:13 | null | null | There’s a gender pay gap in every U.S. state. But some have much smaller gaps than others. Here’s a state-by-state breakdown of how much full-time working women earn for every dollar full-time working men earn. | http%3A%2F%2Fmoney.cnn.com%2Finteractive%2Fpf%2Fgender-pay-gap-state-by-state%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fedition_us%2B%2528RSS%253A%2BCNNi%2B-%2BU.S.%2529.json | http://i.cdn.turner.com/money/interactive/pf/gender-pay-gap-state-by-state/images/gender-pay-gap-best-worst-social.jpg | en | null | For every dollar a man earns, a woman earns… | null | null | money.cnn.com | Our Terms of Service and Privacy Policy have changed.
By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service. | http://money.cnn.com/interactive/pf/gender-pay-gap-state-by-state/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fedition_us+%28RSS%3A+CNNi+-+U.S.%29 | en | 2016-08-01T00:00:00 | money.cnn.com/111f26940da56dc7e6238227acf0d39ef6614023ac4a94a1843f164af55a0c31.json |
[
"Sandra Gonzalez",
"Sara Ashley O'Brien"
] | 2016-08-26T13:55:54 | null | 2016-08-24T02:29:34 | Leslie Jones was reportedly targeted by hackers who released her personal information. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F24%2Fmedia%2Fleslie-jones-website-hack%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fedition_entertainment%2B%2528RSS%253A%2BCNNi%2B-%2BEntertainment%2529.json | http://i2.cdn.turner.com/money/dam/assets/160824050604-leslie-jones-hacked-780x439.jpg | en | null | Leslie Jones' website down after reported hack | null | null | money.cnn.com | "Saturday Night Live" star Leslie Jones' personal website is down after reportedly being targeted by hackers Wednesday.
Jones' manager and lawyer have not responded to CNNMoney's request for comment. Jones, too, has been silent on social media.
Hackers are said to have posted some of her personal information and a video tribute of the slain Cincinnati Zoo gorilla -- harkening back to racially charged harassment Jones received on Twitter last month.
As of Wednesday morning, www.JustLeslie.com redirects to a domain purchasing page.
In July, Jones was bombarded with hate-filled Twitter comments after Breitbart's Milo Yiannopoulos wrote a scathing review of Ghostbusters. Yiannopoulos, who had more than 350,000 followers on Twitter, was known for instigating controversy on the platform and Jones blamed him for riling up his supporters to come after her.
Jones separately criticized Twitter for its inability to filter hateful content, and the platform permanently banned Yiannopoulos.
Twitter has been caught in the middle of this contentious debate about the line between free speech and hate speech.
After news broke that Jones had been hacked, celebrities -- from Katy Perry to Questlove to Octavia Spencer -- shared their support of Jones on Twitter.
This @Lesdoggg attack is troubling. The rampant racism percolating in society right now is shameful and sad. She made a movie, that's it! — octavia spencer (@octaviaspencer) August 24, 2016
FYI sharing stolen intimate photos like @Lesdoggg 's is illegal. You are participating in a sex crime. — Patricia Arquette (@PattyArquette) August 24, 2016
Whoever hacked @Lesdoggg's site needs to be arrested & prosecuted to the full extent of the law. And then some. #LeslieJones — Patricia Heaton (@PatriciaHeaton) August 24, 2016
so angry, disgusted and sad about this racist violent assault on leslie. — Aidy Bryant (@aidybryant) August 24, 2016
May many (more) bad things befall the cowards who've attacked my friend, @Lesdoggg. They are the worst of humanity, where she is the best. — Taran Killam (@TaranKillam) August 24, 2016
But the trolls on Twitter were also vocal -- other users tweeted their support of the cyberattack on Jones.
While he can't tweet, Yiannopoulos told CNNMoney: "I'm distressed to hear that Leslie Jones has been hacked and naked pictures of her have been posted online."
Last month, Jones opened up about the drama to Seth Meyers, and said while insults didn't hurt her, the incident was frightening.
"Unfortunately I'm used to insults, but what scared me was the injustice of a gang of people jumping against you for such a sick cause," she told the "Late Night" host. "It's so gross and mean and unnecessary." | http://money.cnn.com/2016/08/24/media/leslie-jones-website-hack/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fedition_entertainment+%28RSS%3A+CNNi+-+Entertainment%29 | en | 2016-08-24T00:00:00 | money.cnn.com/c6f37ec23fbcf01d7dc32770adeed3445bdbc8fdaa48b107e50c3a4e75e5a2a8.json |
[
"Heather Long"
] | 2016-08-26T13:48:21 | null | 2016-08-25T04:29:31 | UBS says Wall Street, energy and retail could be big winners if Donald Trump is the next president. But overall stocks would likely do better under Clinton. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F25%2Finvesting%2Fdonald-trump-businesses-profit%2Findex.html%3Fsection%3Dmoney_news_international%26utm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fmoney_news_international%2B%2528CNNMoney%253A%2BInternational%2BNews%2529.json | http://i2.cdn.turner.com/money/dam/assets/160825135344-donald-trump-thumbs-up-780x439.jpg | en | null | UBS: A Trump presidency would be great for these businesses | null | null | money.cnn.com | If Donald Trump is the next president, investment bank UBS UBS
Retail & Restaurants: Trump plans to enact the largest tax cuts since World War II. That would put more money in people's pockets and likely cause folks to buy more stuff and eat out more at restaurants, argues UBS.
Banks: A key part of Trump's economic vision is to scale back regulations. He wants to scrap Dodd-Frank, the law to rein in big banks that President Obama signed after the financial crisis. Banks like JPMorgan have complained loudly that Dodd-Frank has hurt their profits. UBS says getting rid of the law (or even just parts of the law) could boost the financial sector's bottom line. Interest rates are also expected to be higher under Trump.
Energy: Energy and tobacco might see a boost from a Trump presidency as well if he scales back regulations. Trump has talked about how he wants to "unleash" America's energy potential. The U.S. is already on track to be energy independent by as early as 2020 because of the explosion of oil and natural gas drilling in recent years.
Defense: UBS expects both Trump and Hillary Clinton would be positive for the defense industry. Both candidates have voiced support for military spending, although Trump mentions it more often. Clinton's website says she supports "sustainable" military spending.
Related: Would Clinton's plan really create 10 million jobs?
Clinton better for market overall
Despite these headline winners, UBS predicts stocks and bonds will tank if Trump wins.
"Markets in general are apt to do better under a Clinton Administration," says UBS.
The problem is Trump's tax cuts are coupled with policies that make businesses nervous. There's concern Trump would start a trade war and restrict immigration to the point companies can't get the workers they need. On top of that, Trump's policies are expected to add heavily to the U.S. debt.
Related: Trump's new problem: His lead on economic issues is gone
The National Associates of Business Economics came to a similar conclusion when it surveyed over 400 of its members and found the vast majority believe Clinton would be the best candidate for the U.S. economy. Trump actually came in third in the NABE poll, behind Libertarian Gary Johnson.
According to UBS, the best case scenario for investors is Clinton winning the presidency and Republicans maintaining control of at least the House of Representatives. A Democratic sweep of the White House and Congress could cause the biggest headaches for all businesses.
"Who controls the House and Senate -- and by what margin -- will therefore matter every bit as much to investors as who sits behind the desk in the Oval Office," wrote UBS. | http://money.cnn.com/2016/08/25/investing/donald-trump-businesses-profit/index.html?section=money_news_international&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_news_international+%28CNNMoney%3A+International+News%29 | en | 2016-08-25T00:00:00 | money.cnn.com/932d4fd23578116ab52e4e479ff4386cf0b09a538936a067ca20efb711036252.json |
[
"Jackie Wattles"
] | 2016-08-30T17:40:32 | null | 2016-08-30T01:16:25 | A whistleblower who tipped the SEC off to 'well-hidden fraud' at a company is getting a $22 million reward. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F30%2Fnews%2Fsec-whistleblower-award%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/120914034446-securities-and-exchange-commission-tablet-large.jpg | en | null | Whistleblower lands a $22 million payday from SEC | null | null | money.cnn.com | It pays to have a conscience.
Just ask the person who landed a $22 million payday for helping federal regulators put an end to a "well-hidden" securities fraud, the SEC said Tuesday.
According to a Securities and Exchange Commission press release, the whistleblower gave a "detailed tip" and "extensive assistance" to authorities.
Jane Norberg, who heads the SEC's Office of the Whistleblower, said in a statement that it would have been "extremely difficult for law enforcement to discover this securities fraud on its own."
The person and the company where the fraud occurred were not named, and an SEC spokesperson declined to indicate the nature of the fraud.
The spokesperson said it is routine to keep the name of the company and the fraud secret to protect the whistleblower's identity.
Related: Big bank whistleblower turns down reward worth millions
The commission began offering rewards to tipsters in 2011, and it's now given out more than $107 million to 33 people.
The $22 million reward is the second largest the SEC has ever given out. The largest was a $30 million prize given out in 2014.
Other agencies also compensate whistleblowers. The Justice Department, for example, handed out a massive $168 million payment in 2013 to an unspecified number of people who gave information about illegal marketing and kickback payments at Johnson & Johnson. | http://money.cnn.com/2016/08/30/news/sec-whistleblower-award/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-30T00:00:00 | money.cnn.com/a468adf6add0e35b602fb856863e48d8fc86de7e6606fb1f176f82f379d17334.json |
[
"Parija Kavilanz"
] | 2016-08-30T21:36:41 | null | 2016-08-29T05:43:57 | Aria Gems, an American-Afghan company, is helping to legitimize the trade of Afghanistan's iconic Panjshir emeralds. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F29%2Fsmallbusiness%2Fafghanistan-emeralds-panjshir-aria%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fedition_world%2B%2528RSS%253A%2BCNNi%2B-%2BWorld%2529.json | http://i2.cdn.turner.com/money/dam/assets/160824114938-aria-gems-miner-emerald-split-780x439.jpg | en | null | This startup is protecting Afghanistan's prized rare emeralds | null | null | money.cnn.com | In Afghanistan, where decades of warfare have ravaged the country, there's a beautiful green oasis tucked between the mountains that's home to something rare and precious.
The Panjshir Valley, located north of Afghanistan's capital Kabul, is an area rich with more than 172 emerald mines.
Known as Panjshir emeralds, the gems boast a unique bluish-green color that make them among the country's most-iconic treasures.
Entrepreneur Habib Mohebi grew up in Kabul hearing about the emerald mines from friends local to that area. Years later, that knowledge would reconnect him to his homeland in a distinctive way.
Related: Hillary Clinton's new plan to help small business owners
Mohebi is the co-founder of Aria Gems, a company that mines and exports Panjshir emeralds. While its mining operations are in Afghanistan, the business is headquartered in New York, and its gem processing and cutting center in Fargo, N.D. There, the rough emeralds are turned into polished stones.
Since it launched in 2013, Aria Gems has become one of the largest suppliers of legally-mined Panjshir emeralds, having shipped more than 30,000 Carats of the stone.
It also owns three underground mines and four acres of surface area emerald deposits in Panjshir Valley.
Related: How a free Super Bowl ad turned Death Wish Coffee into a household name
Mohebi's entrepreneurial journey, however, didn't start with gems. He left Afghanistan for the U.S. in the 1980s, shortly after Russia invaded the country. He settled in Atlanta and opened a tailoring business.
That's where he met co-founder Forrest Snowden, a technologist working with IBM at the time, who frequented the shop. The two became friends.
"I knew nothing about Afghanistan, but I lived in the middle of an Afghan-American community in Atlanta at the time," Snowden said. "Every Friday, I'd sit with him at his shop and talk about his culture over a cup of tea."
In return, Mohebi persistently asked Snowden to start a company together that could help rebuild Afghanistan.
After Snowden left his job, he took up Mohebi's challenge. Along with Mohebi's brother Jamil, the trio first launched Aria Global Logistics in 2009.
The startup helped facilitate U.S. federal contracts for construction, transportation and logistic development in Afghanistan. It later entered into joint ventures with local Afghan construction companies.
"Our business was doing well," Snowden said. "Habib later told me about the emerald mines in Panjshir Valley. In 10 years of knowing him, he never [mentioned them before]."
"I immediately made a business case for the global trade of emeralds and other gemstones in Afghanistan," he said.
Related: This startup wants to prevent another Flint water crisis
Currently, the world's top emerald mining countries of Brazil, Zambia, Zimbabwe and Colombia -- which occupies the biggest piece of the mining pie -- produce a bulk of the global supply. Together, the countries bring in about $1.4 billion worth of gems annually.
By contrast, Afghanistan sells about $50 million worth of Panjshir emeralds annually.
"Most of it is in illegal trade," said Snowden, adding that both sellers and miners are usually underpaid for the value of the gems.
Said Mubin Shah, commercial attache with the Afghan Embassy on Washington, D.C. said the country's gems industry also lacks regulation and safety protocols.
"In Afghanistan, there is a grave issue of lack of education," said Shah. "There are many people in the gems industry who are unlicensed, unprofessional and extracting gems illegally."
In the Pajshir Valley, the emerald mines are owned and operated by community elders. "It's been that way for generations," said Snowden.
But mining often involves explosives: "[It's] not only dangerous, the process also fractures the stone," he added.
In 2013, Snowden and Mohebi launched their second business, Aria Gems, as a part of an effort to legally trade Panjshir emeralds in global markets.
The team only mines in areas free from conflict.
"We wanted to help the miners learn safer modern techniques that wouldn't damage the stone," said Mohebi. "[And] we're training men and women how to cut and polish the stone, too."
The company continues to have ambitious plans for its gems business.
By making the illegal gems trade in Afghanistan legal, Aria Gems wants to create more jobs in the country and generate more income.
"We want to put Panjshir emeralds on the map," said Snowden. "There's no reason why Afghanistan can't one day be second to Colombia in emerald mining." | http://money.cnn.com/2016/08/29/smallbusiness/afghanistan-emeralds-panjshir-aria/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fedition_world+%28RSS%3A+CNNi+-+World%29 | en | 2016-08-29T00:00:00 | money.cnn.com/4949692925dc6d372e995768ed7d77268a1417a942793321321bac1787929255.json |
[
"Seth Fiegerman"
] | 2016-08-29T17:37:18 | null | 2016-08-29T12:15:12 | Mark Zuckerberg said on Monday that he hopes to finally demo a personal assistant powered by artificial intelligence next month after making it his New Year's challenge. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F29%2Ftechnology%2Fmark-zuckerberg-italy-town-hall-ai-butler%2Findex.html%3Fsection%3Dmoney_news_international%26utm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fmoney_news_international%2B%2528CNNMoney%253A%2BInternational%2BNews%2529.json | http://i2.cdn.turner.com/money/dam/assets/160103191439-zuckerberg-new-year-resolution-780x439.jpg | en | null | Mark Zuckerberg hopes to demo his AI butler next month | null | null | money.cnn.com | Launching the most popular social network in the world? Done.
Running a mile every day? Easy.
But building a personal assistant from scratch? Apparently that's hard.
Facebook (FB, Tech30) CEO Mark Zuckerberg said on Monday that he hopes to finally demo a butler powered by artificial intelligence next month after making it his New Year's challenge to build the service.
"One of the challenges was to build an AI system to help me control my home and my work, and the other was to run an average of one mile a day. It turns out that one of those challenges was a lot easier than the other," Zuckerberg said in a town hall event in Italy.
Zuckerberg accomplished the year-long running challenge five months early.
The Facebook founder said he has successfully programed his AI butler to open the gate to his house by scanning his face rather than entering a code. Zuckerberg can also control the lights inside and adjust the temperature using his voice, "much to the chagrin of my wife."
Related: Mark Zuckerberg gives Pope Francis a drone
"It's starting to be able to do some pretty fun things," Zuckerberg said, before noting that he is getting some guidance from Facebook engineers on the project.
In his original post announcing the project, Zuckerberg said he wanted to build an assistant "like Jarvis in Iron Man" that would let him control music, lights and temperature in his house using his voice and alert him to anything that might need his attention in his daughter's room.
Throughout the last year, Zuckerberg has held a series of town halls with Facebook users in India, Germany, and Columbia, among other locations.
The Italy town hall took place just days after a 6.2-magnitude earthquake hit the central part of the country, killing hundreds and reducing the town of Amatrice to rubble.
"When I first learned about the earthquake, it just made me incredibly sad," Zuckerberg told the crowd on Monday. "Our first reaction [at Facebook] is we have to do everything we can to help out."
That included activating Facebook's Safety Check feature in the area to let users tell friends and family they're safe, as well as providing the Red Cross with "half a million euros in ad credits" to solicit volunteers and supplies, according to Zuckerberg,
Before taking the stage on Monday, Zuckerberg paid a visit to Italy's Prime Minister Matteo Renzi and Pope Francis, giving the latter a model of Facebook's drone.
Zuckerberg kicked off his visit by attending the wedding of Spotify CEO Daniel Ek, who he described as a "good friend," at Lake Como in northern Italy. | http://money.cnn.com/2016/08/29/technology/mark-zuckerberg-italy-town-hall-ai-butler/index.html?section=money_news_international&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_news_international+%28CNNMoney%3A+International+News%29 | en | 2016-08-29T00:00:00 | money.cnn.com/dccbab0690a680abfc80aae1b1c9414f10e6c4821588c15e5725d563205cb4a7.json |
[
"Alanna Petroff"
] | 2016-08-29T11:37:11 | null | 2016-08-29T05:08:39 | Here's what you need to know about the markets before you start your business day. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F29%2Finvesting%2Fpremarket-stocks-trading%2Findex.html%3Fsection%3Dmoney_news_international%26utm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fmoney_news_international%2B%2528CNNMoney%253A%2BInternational%2BNews%2529.json | http://i2.cdn.turner.com/money/dam/assets/160712183943-nyse-premarket-7122016-780x439.jpg | en | null | Premarkets: 4 things to know before the open | null | null | money.cnn.com | Welcome to the final few days of August.
Here are the four things you need to know before the opening bell rings in New York:
1. Global market overview: Stock markets around the world are looking weak as the U.S. dollar strengthens.
Market moves are still being influenced by a Friday speech from Fed chair Janet Yellen, who signaled that an interest rate hike is still on the table for this year.
U.S. stock futures are sinking and European markets are declining in early trading. The FTSE MIB index in Italy is leading the way lower with a 1% drop. U.K. markets are closed for a holiday.
Most Asian markets are closing the day with losses, though the moves are relatively small. However, the Nikkei in Japan got a 2.3% boost thanks to a weaker yen.
Oil markets are having a bad day. Crude oil futures are down by nearly 2% to trade just below $47 per barrel. Prices have fluctuated wildly this year, hitting a low near $26 per barrel in February and then rebounding to trade above $51 in June.
Related: Fear & Greed Index
2. Stock market mover -- Herbalife: Shares in Herbalife (HLF) look set to jump after a stock market filing on Friday revealed that famed investor Carl Icahn had purchased another 2.6 million shares in the controversial nutritional supplements company.
Icahn now owns nearly 21% of Herbalife through Icahn Associates.
Herbalife has been under fire from activist hedge fund manager Bill Ackman since December 2012 when he accused the company of being a scam. The U.S. Federal Trade Commission subsequently opened a probe into Herbalife, which just wrapped up last month. Herbalife agreed to a $200 million settlement with the FTC.
3. Economics: The U.S. Bureau of Economic Analysis is releasing consumer income and spending data at 8:30 a.m. ET. The July data also includes some insight into inflation trends.
Related: The laptop's godfather dies at age 75
4. Weekly market recap: The main American market indexes took a dip last week, dropping further from all-time highs hit on August 15.
Over the five trading days, the Dow Jones industrial average and S&P 500 lost 0.9% and 0.7%, respectively. The Nasdaq had a more positive performance last week but still closed with a 0.4% loss. | http://money.cnn.com/2016/08/29/investing/premarket-stocks-trading/index.html?section=money_news_international&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_news_international+%28CNNMoney%3A+International+News%29 | en | 2016-08-29T00:00:00 | money.cnn.com/e9734fc5ae01d69ca4f5ae892c7c6b2c5119cb581587f8214525773f1e5bed4b.json |
[
"Robert Sevilla",
"Channon Hodge"
] | 2016-08-30T01:39:08 | null | 2016-08-29T07:32:31 | Researchers are figuring out how to use high speed cameras and motion sensor tracking to help pitchers throw smoother, faster and safer and the science has found a fan in former Major League pitcher, Roy Halladay. | http%3A%2F%2Fmoney.cnn.com%2Fvideo%2Ftechnology%2F2016%2F08%2F29%2Fmlb-pitching-biometrics.cnnmoney%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_freevideo%2B%2528RSS%253A%2BCNN%2B-%2BVideo%2529.json | http://i2.cdn.turner.com/money/dam/assets/160829180002-roy-halladay-780x439.jpg | en | null | This tech could give MLB pitchers longer careers | null | null | money.cnn.com | Researchers are figuring out how to use high speed cameras and motion sensor tracking to help pitchers throw smoother, faster and safer and the science has found a fan in former Major League pitcher, Roy Halladay. | http://money.cnn.com/video/technology/2016/08/29/mlb-pitching-biometrics.cnnmoney/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_freevideo+%28RSS%3A+CNN+-+Video%29 | en | 2016-08-29T00:00:00 | money.cnn.com/27cafab2de51a29db2a555ca458dcb836de1589d9173e93cfe8817d722ee0fc1.json |
[
"Kate Trafecante",
"Moss Cohen"
] | 2016-08-26T19:38:27 | null | 2016-08-26T02:42:23 | The price of prescription drugs keeps rising, sparking consumer and political outrage. | http%3A%2F%2Fmoney.cnn.com%2Fvideo%2Fnews%2F2016%2F08%2F26%2Fdrug-prices-rising.cnnmoney%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_freevideo%2B%2528RSS%253A%2BCNN%2B-%2BVideo%2529.json | http://i2.cdn.turner.com/money/dam/assets/160825074749-mylan-epipen-780x439.jpg | en | null | Life-saving drugs are getting more expensive | null | null | money.cnn.com | Our Terms of Service and Privacy Policy have changed.
By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service. | http://money.cnn.com/video/news/2016/08/26/drug-prices-rising.cnnmoney/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_freevideo+%28RSS%3A+CNN+-+Video%29 | en | 2016-08-26T00:00:00 | money.cnn.com/a43da3c761e71197cf2f32512f6acad26792fc18bc719aa44c6ebb6bce4ae2db.json |
[
"Abigail Brooks",
"Richa Naik"
] | 2016-08-29T17:39:14 | null | 2016-08-29T01:02:41 | At the MTV Video Music Awards, Amber Rose talked to CNN about her feminist causes, slut shaming and her thoughts on the election. | http%3A%2F%2Fmoney.cnn.com%2Fvideo%2Fmedia%2F2016%2F08%2F29%2Famber-rose-slutwalk-video-music-awards.cnnmoney%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_freevideo%2B%2528RSS%253A%2BCNN%2B-%2BVideo%2529.json | http://i2.cdn.turner.com/money/dam/assets/160829110604-amber-rose-vma-780x439.png | en | null | Amber Rose talks slut shaming at the VMAs | null | null | money.cnn.com | Our Terms of Service and Privacy Policy have changed.
By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service. | http://money.cnn.com/video/media/2016/08/29/amber-rose-slutwalk-video-music-awards.cnnmoney/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_freevideo+%28RSS%3A+CNN+-+Video%29 | en | 2016-08-29T00:00:00 | money.cnn.com/e056f641f7098b31009b1401ddb46e44a240bf29e80aa0aeeb9fe6561d89f6c5.json |
[
"Jackie Wattles"
] | 2016-08-30T05:37:41 | null | 2016-08-29T05:57:02 | American Airlines President Scott Kirby has left the company and is taking up the same job at rival United Airlines. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F29%2Fnews%2Fcompanies%2Funited-airlines-american-airlines-scott-kirby%2Findex.html%3Fsection%3Dmoney_news_international%26utm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fmoney_news_international%2B%2528CNNMoney%253A%2BInternational%2BNews%2529.json | http://i2.cdn.turner.com/money/dam/assets/160829180636-united-airlines-scott-kirby-780x439.jpg | en | null | Top exec out at American Airlines is new president at United | null | null | money.cnn.com | American Airlines' president has left the company and is taking up the same job at a rival airline.
Scott Kirby's switch to United (UAL) is "effective immediately," the airlines said Monday.
United said Kirby will take over "operations, marketing, sales, alliances, network planning and revenue management" at the airline.
In a letter to employees, United CEO Oscar Munoz said that "will allow me to sharpen my own focus as CEO on the core mission of driving United's overall strategy, business innovation and financial performance."
Related: Delta pilots, seeking 37% raise, picket headquarters
Kirby, 49, has also had stint as the president of US Airways before it merged with American Airlines. He became president of American (AAAIX) in 2013.
Doug Parker, American's CEO, said Kirby will receive $3.85 million in severance under a "transition and separation agreement." Kirby didn't have an employment contract or a non-compete agreement that would have stopped him from negotiating a move to United while still at American.
American said its board decided to promote Robert Isom, who had been the No. 3 executive at the airline, into Kirby's job and to terminate Kirby's employment.
The airline said it had "concluded it would not be able to retain its existing executive team in their current roles for an extended period" and the company's board "chose to act proactively to establish a team and structure that will best serve American for the longer-term future."
Kirby said in a statement that it's "an important and exciting time" at United where he sees an opportunity to "help accelerate the momentum the airline has achieved over the past year."
Munoz took over in September 2015 after the company's previous CEO Jeff Smisek was embroiled in scandal over allegedly manipulating flight routes for a public official in return for improvements at Newark Airport that United wanted. Despite suffering a heart attack in October just a few weeks after taking over that role and undergoing a heart transplant in January 2016, Munoz has been at work most of 2016 looking to turn around the airline's performance.
Related: Airline passengers are complaining less
The latest Airline Quality Rating report -- which measures factors such as on-time performance, overbookings and consumer complaints -- suggested it's paying off. United Airlines landed in 8th place, climbing up from 9th the previous year. American Airlines fell from 7th to 10th place.
-- Chris Isidore contributed reporting. | http://money.cnn.com/2016/08/29/news/companies/united-airlines-american-airlines-scott-kirby/index.html?section=money_news_international&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_news_international+%28CNNMoney%3A+International+News%29 | en | 2016-08-29T00:00:00 | money.cnn.com/1e17626f4d9cbb2021ef83c69ada54de2af89ccf4ee036107ecc4ed522534fd5.json |
[
"Matt Egan"
] | 2016-08-29T23:37:39 | null | 2016-08-29T04:51:26 | The owner of Cadbury said on Monday it's no longer pursuing a deal to acquire Hershey. The news sent shares of the iconic U.S. chocolate maker plunging 11% in after-hours trading. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F29%2Finvesting%2Fhershey-stock-crashes-mondelez%2Findex.html%3Fsection%3Dmoney_news_international%26utm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fmoney_news_international%2B%2528CNNMoney%253A%2BInternational%2BNews%2529.json | http://i2.cdn.turner.com/money/dam/assets/151002171905-hersheys-chocolate-780x439.jpg | en | null | Hershey stock crashes 11% after chocolate merger talks end | null | null | money.cnn.com | So much for that much-hyped chocolate marriage between Hershey and Cadbury.
Hershey's (HSY) stock crashed 11% Monday evening after Cadbury owner Mondelez (MDLZ) revealed it's no longer pursuing a deal to acquire the iconic American chocolate maker.
In June, Hershey rejected a $107-a-share takeover offer from Mondelez. The offer represented a 10% premium to Hershey's closing price at the time.
The two companies continued talking, but Mondelez said merger talks are now over. The snack giant said it determined there's "no actionable path forward" for a combination.
Related: A Trump presidency would benefit these businesses
Mondelez cited "recent shareholder developments at Hershey," without elaborating.
The comments likely reflect reluctance from the Hershey Trust, the powerful shareholder that controls Hershey, to sell the candy giant. The Hershey Trust owns the vast majority of Hershey's votes and has been unwilling to sell in the past.
Hershey confirmed to CNNMoney the company has been informed that "Mondelez is no longer pursuing a combination."
In an effort to "sweeten" the deal, Mondelez reportedly promised to protect Hershey jobs, move its global chocolate headquarters to Hershey, Pa. and rename the combined company Hershey. | http://money.cnn.com/2016/08/29/investing/hershey-stock-crashes-mondelez/index.html?section=money_news_international&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_news_international+%28CNNMoney%3A+International+News%29 | en | 2016-08-29T00:00:00 | money.cnn.com/2396148ef872963aa5be6be2f845038810bf327f384d722fcd054055cee69453.json |
[
"Heather Long"
] | 2016-08-30T13:40:26 | null | 2016-08-30T08:08:25 | Nobel prize winning economist Joseph Stiglitz has told Hillary Clinton to put a tax on carbon. He calls it the best way to address climate change -- and boost the economy. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F30%2Finvesting%2Fhillary-clinton-climate-change-joseph-stiglitz-advice%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160823175720-joseph-stiglitz-tpp-780x439.png | en | null | Nobel prize winner Joseph Stiglitz tells Hillary Clinton: Put a tax on carbon | null | null | money.cnn.com | Nobel prize winning economist Joseph Stiglitz has some advice for Hillary Clinton: Tax fossil fuels.
Stiglitz, who is an adviser to Clinton, says taxing carbon would be the best way to address climate change -- and boost the U.S. economy.
The move would immediately lead to higher prices for oil, gas and coal. It would also hike the cost of anything that uses those fuels such as electricity and transportation. The goal is to force Americans to find alternatives that are cheaper and better for the planet.
Taxes typically hinder the economy, but Stiglitz believes this one would help.
"I think a carbon tax would stimulate the economy," Stiglitz told CNNMoney. He says it would lead many firms to remodel their factories and redesign their supply chains, which would generate jobs and growth.
Related: Nobel prize winner Stiglitz calls TPP 'outrageous'
Stiglitz says he has pitched the plan to her team, although he understands why the campaign has not adopted it as part of her 2016 election platform.
"There's nothing more important than making sure [Clinton] gets elected as opposed to Trump," says Stiglitz. "One has to be sensitive to what you can sell in a campaign."
Clinton calls climate change "an urgent threat and a defining challenge of our time." She vows to reduce greenhouse gas emissions by "up to 30%" below 2005 levels by 2025. It's a target in line with what President Obama agreed to at the Paris climate conference.
Her current plan does not go as far as Stiglitz's. Instead, she proposes a big investment in renewable energy and tougher standards on pollution and energy efficiency.
Related: Here's how much Hillary Clinton's tax plan would hit the rich
Republican Donald Trump has said he doesn't believe in climate change and that Democratic plans to address it are "just a very, very expensive form of tax."
One of the biggest concerns about a tax on carbon is that it would be a major burden on the poor and middle class. The Congressional Budget Office estimates that costs for a typical middle class family would go up about $600 a year.
To ensure that the poor aren't hit too hard by a carbon tax, Stiglitz proposes giving them some sort of credit or rebate. The aid to the poor could be funded by revenues from the carbon tax.
Bernie Sanders, who ran against Clinton in the primary, supports a tax on carbon. | http://money.cnn.com/2016/08/30/investing/hillary-clinton-climate-change-joseph-stiglitz-advice/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-30T00:00:00 | money.cnn.com/a30fe09b0e2accdf38c21ef9a8fef60315e8abc1bfde10b477a1e4a05cb1ec6a.json |
[
"Heather Long"
] | 2016-08-30T13:37:45 | null | 2016-08-30T08:08:25 | Nobel prize winning economist Joseph Stiglitz has told Hillary Clinton to put a tax on carbon. He calls it the best way to address climate change -- and boost the economy. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F30%2Finvesting%2Fhillary-clinton-climate-change-joseph-stiglitz-advice%2Findex.html%3Fsection%3Dmoney_news_international%26utm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fmoney_news_international%2B%2528CNNMoney%253A%2BInternational%2BNews%2529.json | http://i2.cdn.turner.com/money/dam/assets/160823175720-joseph-stiglitz-tpp-780x439.png | en | null | Nobel prize winner Joseph Stiglitz tells Hillary Clinton: Put a tax on carbon | null | null | money.cnn.com | Nobel prize winning economist Joseph Stiglitz has some advice for Hillary Clinton: Tax fossil fuels.
Stiglitz, who is an adviser to Clinton, says taxing carbon would be the best way to address climate change -- and boost the U.S. economy.
The move would immediately lead to higher prices for oil, gas and coal. It would also hike the cost of anything that uses those fuels such as electricity and transportation. The goal is to force Americans to find alternatives that are cheaper and better for the planet.
Taxes typically hinder the economy, but Stiglitz believes this one would help.
"I think a carbon tax would stimulate the economy," Stiglitz told CNNMoney. He says it would lead many firms to remodel their factories and redesign their supply chains, which would generate jobs and growth.
Related: Nobel prize winner Stiglitz calls TPP 'outrageous'
Stiglitz says he has pitched the plan to her team, although he understands why the campaign has not adopted it as part of her 2016 election platform.
"There's nothing more important than making sure [Clinton] gets elected as opposed to Trump," says Stiglitz. "One has to be sensitive to what you can sell in a campaign."
Clinton calls climate change "an urgent threat and a defining challenge of our time." She vows to reduce greenhouse gas emissions by "up to 30%" below 2005 levels by 2025. It's a target in line with what President Obama agreed to at the Paris climate conference.
Her current plan does not go as far as Stiglitz's. Instead, she proposes a big investment in renewable energy and tougher standards on pollution and energy efficiency.
Related: Here's how much Hillary Clinton's tax plan would hit the rich
Republican Donald Trump has said he doesn't believe in climate change and that Democratic plans to address it are "just a very, very expensive form of tax."
One of the biggest concerns about a tax on carbon is that it would be a major burden on the poor and middle class. The Congressional Budget Office estimates that costs for a typical middle class family would go up about $600 a year.
To ensure that the poor aren't hit too hard by a carbon tax, Stiglitz proposes giving them some sort of credit or rebate. The aid to the poor could be funded by revenues from the carbon tax.
Bernie Sanders, who ran against Clinton in the primary, supports a tax on carbon. | http://money.cnn.com/2016/08/30/investing/hillary-clinton-climate-change-joseph-stiglitz-advice/index.html?section=money_news_international&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_news_international+%28CNNMoney%3A+International+News%29 | en | 2016-08-30T00:00:00 | money.cnn.com/f92d85b3070149e51fa68371b2eda3e1e016212a76025bdb1060fa15d99c10cc.json |
[
"Sara Ashley O'Brien"
] | 2016-08-26T17:39:10 | null | 2016-08-26T11:57:44 | Hillary Clinton has publicly cited revenge porn as an issue she'll fight to combat if she's elected president. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F26%2Ftechnology%2Fhillary-clinton-revenge-porn%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160825122540-hillary-clinton-revenge-porn-780x439.jpg | en | null | Will Hillary Clinton be the one to crack down on revenge porn? | null | null | money.cnn.com | Taxes. Criminal justice. Labor rights. These are common issues that presidential candidates take on.
But revenge porn? That issue hasn't made it into stump speeches -- unless you're Hillary Clinton.
Revenge porn is non-consensual pornography that's uploaded to the web for purposes that range from public shaming to making money to extorting victims for more material.
The issue of revenge porn has been increasingly making headlines, with victims ranging from everyday people to celebrities. Just this week, comedian Leslie Jones fell victim to hackers posting nude photos on her web page. The feds are now looking into the hack.
It's not listed on Clinton's issues page, but she has publicly cited the issue as one she'll work to combat if she's elected president.
And those working to fight revenge porn are excited to have her in their corner.
CNNMoney special: Revenge porn: the cyberwar against women
While there have been some recent strides, laws against online harassment, including revenge porn, are notoriously weak. There's a lack of basic understanding of cyber crime from most law enforcement -- and the burden of proof is placed on the victim. For some victims, copyright law has been the only way to get their naked pictures off the Internet -- meaning they need to literally copyright their naked bodies.
The 34 states that do have laws have unequal levels of punishments, which rarely match the scope and damage of revenge porn.
There's been some recent progress, though. In March, Representative Katherine Clark introduced a new federal bill to train police departments on cybercrime. Then, in July, Representative Jackie Speier proposed a separate bill, the Intimate Privacy Protection Act, to criminalize revenge porn.
Clinton cited Speier's bill -- and the need to fight for the rights of revenge porn victims -- in an op-ed published this week on Refinery 29, a millennial women's lifestyle site.
Speier said she was "delighted" by Clinton's support of the bill, which she's been working to introduce for more than two years.
"Truthfully it's unusual for a presidential candidate to identify a certain piece of legislation," Speier told CNNMoney. "We're very happy that she recognizes the importance."
Speier hopes that the bill could be passed by Congress and signed by Clinton, if elected, within the first 100 days of her presidency.
Attorney Carrie Goldberg, who specializes in sexual harassment crimes, said if that happens, "we will finally have a federal law that protects the privacy of our most private information, our sexual information."
"It's groundbreaking to have a presidential candidate who cares about sexual privacy," she added.
Related: Sextortion is scarily common, new study
YouTube personality and revenge porn victim Chrissy Chambers told CNNMoney that she's hopeful Speier's law will pass so that there will be a baseline for punishment.
"There is no equal punishment now," said Chambers, 25. She's the woman who first prompted Clinton to publicly discuss revenge porn at a Los Angeles town hall in June.
Chambers shared her story -- her ex-boyfriend covertly recorded himself sexually assaulting her. Chambers said she didn't know he'd done so until she discovered the videos online in 2013. She told CNNMoney that she still searches for new places the videos may have surfaced a couple times a month.
Chambers said she was touched by Clinton's heartfelt response.
"I will do everything I can as president to try to figure out how we can give victims like you the tools you need ... to be able to protect yourself, and by doing so, protect others," Clinton said at the event. "When it crosses a line, when it becomes so threatening, so dangerous, we have to stop it."
Related: To fight revenge porn, I had to copyright my breasts
But Clinton didn't leave it there. She mentioned Chambers by name in her op-ed this week, which according to Neha Gandhi, Refinery 29's SVP of content and strategy, was Clinton's idea.
"The revenge porn story from Chrissy was in her original draft and we were thrilled to run a piece that focused on this issue, which is so important to us and our audience," Gandhi wrote in an email to CNNMoney.
Prioritizing this type of crime cannot be understated, according to Ari Ezra Waldman, an associate professor of law at New York Law School.
"It's an incredible step forward to have a major nominee talking about cyber harassment and online safety as a women's safety issue and as a tech issue." | http://money.cnn.com/2016/08/26/technology/hillary-clinton-revenge-porn/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-26T00:00:00 | money.cnn.com/689b05903a4c400b1f1ead0f0f1878b6277eb358f82630416145c76c58ffd1d7.json |
[
"Sandra Gonzalez"
] | 2016-08-26T19:39:18 | null | 2016-08-26T02:46:50 | Cheryl Boone Isaacs encourages moviegoers to make their own judgments after seeing "Birth of a Nation" | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F26%2Fmedia%2Facademy-president-on-nate-parker-and-birth-of-a-nation%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160826101533-cheryl-boone-isaacs-780x439.jpg | en | null | Academy President on 'Birth of a Nation': 'People should see this film' | null | null | money.cnn.com | The president of the Academy of Motion Picture Arts and Sciences wants the public to judge "The Birth of a Nation" as a film and not by its director's personal history.
"People need to see the movie and judge the movie," Cheryl Boone Isaacs told TMZ during an ambush airport interview Thursday.
Asked her thoughts on how the controversy over Parker's past trial and acquittal for rape is impacting the film's reception, Isaacs, who has not seen the movie, said she sees the two as mutually exclusive.
"That's one issue. That's his personal issue and then there's the issue of the movie," she said. "And with the issue of the movie, the important thing is for people to see it and enjoy the film, be impressed by the film, and I think that is what is very important."
Isaacs' statement comes just a few days after the American Film Institute canceled plans to hold a screening of the film and a Q&A with Parker.
Press screenings of the movie began in Los Angeles this week. The test to see whether the film's impact will outweigh Parker's past is now underway.
Parker and his co-writer on the film, Jean Celestin were charged with rape in 1999 while they were students at Penn State University. Parker was acquitted. Celestin was convicted, but it was later overturned on appeal.
Conversation about Parker's personal history hit a fevered pitch in recent weeks following a report from Variety that revealed the woman who accused Parker of rape committed suicide in 2012.
Parker said he was "devastated" by the news in a lengthy note posted to Facebook last week.
"The Birth of a Nation" debuted in January to excellent early reviews at Sundance. The film was quickly picked up for distribution by Fox Searchlight for a record $17.5 million.
Oscar buzz has since taken a back seat to conversations about the allegations Parker once faced, however.
The negative attention now stands to possibly upset the movie's hopes for accolades.
RELATED: Will rape story kill 'Birth of a Nation?'
The studio has said it will move forward with plans to highlight "The Birth of a Nation" at the upcoming Toronto Film Festival and send Parker on a media tour. Sasha Stone, founder of AwardsDaily.com, told CNN last week this move could be a play to earn back its investment.
"I don't think that they're planning on winning any Oscars or even going into the Oscar race at all," she said. "I think it's more about making the film some money more than anything."
The true impact of the controversy on the movie's awards chances will take some time to see, she added.
"They have a movie they have to sell that's a really good movie, that a lot of people say is an important movie, and they're hoping they can find an audience for it of people who won't be protesting outside with signs against the studio or against the film," she said. "And certainly the Oscar voters are not going to want to go anywhere near anything like that."
Academy voters have historically been what Stone called "controversy averse."
"The tiniest bit of controversy will keep a film out," she said.
But why then have Woody Allen and Roman Polanski -- who've both faced allegations of sexual assault -- not been impacted? That's simple, said Stone. Up-and-comer Parker isn't yet established or "in the club."
"A Roman Polanski or a Woody Allen, they were known to these people," she said. "They're willing to give them the benefit of the doubt, but they won't do that with Nate Parker."
"The Birth of a Nation" opens in theaters October 7. | http://money.cnn.com/2016/08/26/media/academy-president-on-nate-parker-and-birth-of-a-nation/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-26T00:00:00 | money.cnn.com/59b1ce7640f91fcd229d47fd342fe266571f03d1c5e7de7a320eebd017deb708.json |
[
"Sophia Yan"
] | 2016-08-29T07:39:23 | null | 2016-08-29T02:18:31 | China has set up a state-owned aircraft engine maker to boost its aerospace industry and support the military. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F29%2Ftechnology%2Fchina-aircraft-engine-maker%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160829132015-c919-china-airliner-780x439.jpg | en | null | China's new plan to build a world-class aircraft engine | null | null | money.cnn.com | China has set up a new state-owned aviation firm to help meet one its top tech goals: building a world-class aircraft engine.
The new company, the Aero Engine Corp. of China (AECC), will be responsible for the research, development and manufacturing of aircraft engines and gas turbines, according to Chinese state media. The company has 50 billion yuan ($7.5 billion) in registered capital, and already boasts 96,000 employees.
The new firm is part of China's drive to become a global aviation player. Its establishment has been hailed a "strategic move" by President Xi Jinping, according to written remarks published by state media, and will help China's military reduce its reliance on foreign-made engines.
China has long struggled to build its own jet engines, and boosting its capabilities has been a priority as the country seeks to increase its military clout. Beijing's most recent five-year development plan identifies domestic development and production of engines and planes as a major goal.
But it's a difficult area to master, and China has generally relied heavily on technology from abroad. Over the past four years, engines accounted for 30% of all its imports, according to the Stockholm International Peace Research Institute.
The ARJ21, a Chinese commercial jet that started flying in June, uses engines produced by General Electric (GE).
Even the C919, a commercial airliner that China is developing in the hope of rivaling Boeing (BA), is using engines made by a U.S. and French joint venture.
Related: Why China wants U.S. military jet engines
In June, the U.S. convicted a woman in a Florida court of conspiring to evade export laws by illegally acquiring and sending fighter jet engines and drones to China, according to the U.S. Department of Justice.
Prosecutors said the woman was working with an associate in China to buy and export engines made by Pratt & Whitney and General Electric, which are found in a range of top U.S. military aircraft, including the F-35, F-22 and F-16 fighter jets. | http://money.cnn.com/2016/08/29/technology/china-aircraft-engine-maker/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-29T00:00:00 | money.cnn.com/af2deb47d55d1f8eb3a7f86936c03812e12a9f7f9da3794afff1522f6bdb04ce.json |
[
"Brian Stelter"
] | 2016-08-28T15:39:19 | null | 2016-08-28T11:11:14 | Donald Trump says MSNBC and the co-host of "Morning Joe," Mika Brzezinski, should "immediately" apologize to one of his prominent supporters, Pastor Mark Burns. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F28%2Fmedia%2Fdonald-trump-morning-joe-mika-brzezinski%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160210091717-morning-joe-trump-780x439.jpg | en | null | Donald Trump: Mika must apologize for 'gang attack' on Pastor Mark Burns | null | null | money.cnn.com | Donald Trump says MSNBC and the co-host of "Morning Joe," Mika Brzezinski, should "immediately" apologize to one of his prominent supporters, Pastor Mark Burns.
The GOP nominee says Friday's interview of Burns was a "coordinated gang attack." In a statement on Sunday, Trump calls it "one of the most appalling things I have ever seen on television."
The segment was contentious, to say the least. The website Mediaite described the segment this way: "Brzezinski Browbeats Black Pro-Trump Pastor: Is It Racist, Yes or No?"
Related: Trump will address black voters
Burns made the TV news rounds last week supporting Trump's candidacy. In his "Morning Joe" appearance on Friday, Brzezinski asked Burns, when Trump "made the comments he made about the judge saying he was a Mexican, was that racist, or not?"
When he didn't immediately answer the question, Brzezinski interrupted: "I just want to know if it's racist or not, and then I can move on with the conversation, but I need to know where you stand on things in terms of reality. So were those comments racist or not?"
Burns avoided answering directly.
Later in the segment, one of the show's contributors, Mike Barnicle, asked Burns if he agreed with Trump's labeling of Clinton as a "bigot."
Brzezinski, Barnicle and Rev. Al Sharpton all pressed for an answer.
Burns said answering the question "doesn't solve" the problem of how to create more jobs for African-Americans.
"So why are we here on national television, wasting this wonderful time when we should be discussing" black unemployment, he said.
Brzezinski's co-host, Joe Scarborough, was off on Friday morning. That's why Trump's statement on Sunday focused on Brzezinski, whom he called "untalented."
"Liberals like Mika Brzezinski and MSNBC believe they are morally superior and will try to beat down those who are different," Trump said. "They only did this because Pastor Burns does not blindly follow what liberals want him to think or say. Pastor Burns deserves a public apology from Mika and MSNBC immediately."
Trump also called MSNBC and "Morning Joe" in particular "the propaganda arm of Hillary Clinton and her campaign."
MSNBC had no immediate comment on Sunday.
Related: Trump picks Twitter fight with Scarborough
The statement is notable because Trump previously had a very friendly relationship with "Morning Joe," calling into the show regularly during the primary season.
The relationship turned very tense in February, however, and has stayed that way almost ever since.
Earlier this week, Trump repeatedly attacked Brzezinski and Scarborough in highly personal ways on Twitter.
Trump also tweeted his dissatisfaction about the Burns interview after the show.
"Wonderful @pastormarkburns was attacked viciously and unfairly on @MSNBC by crazy @morningmika on low ratings @Morning_Joe. Apologize!" he wrote on Friday.
Wonderful @pastormarkburns was attacked viciously and unfairly on @MSNBC by crazy @morningmika on low ratings @Morning_Joe. Apologize! — Donald J. Trump (@realDonaldTrump) August 26, 2016
In Sunday's statement, though, he seemed to call the show highly-rated, saying the "disgusting" episode unfolded in front of "millions of viewers." | http://money.cnn.com/2016/08/28/media/donald-trump-morning-joe-mika-brzezinski/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-28T00:00:00 | money.cnn.com/7609fefc053f53c5562933cfb15263102ecd81aeb74c105a6a6e6c16a7fe64f4.json |
[
"Seth Fiegerman"
] | 2016-08-26T13:47:30 | null | 2016-08-25T10:59:35 | WhatsApp will begin to share phone numbers and other data the activity of its one billion users with its parent company Facebook, | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F25%2Ftechnology%2Ffacebook-whatsapp-data-sharing%2Findex.html%3Fsection%3Dmoney_news_international%26utm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fmoney_news_international%2B%2528CNNMoney%253A%2BInternational%2BNews%2529.json | http://money.cnn.com/2016/08/25/technology/facebook-whatsapp-data-sharing/index.html?section=money_news_international&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_news_international+%28CNNMoney%3A+International+News%29 | en | null | Whatsapp will share your phone number with Facebook | null | null | money.cnn.com | If you use WhatsApp for messaging friends and family, get ready for Facebook to learn even more about you.
WhatsApp announced in a blog post Thursday that it will begin to share phone numbers and other data on the activity of its one billion users with its parent company Facebook (FB, Tech30), more than two years after getting acquired.
WhatsApp framed the move as a way to crack down on spam and help Facebook improve its friend suggestions and the ads it shows users with the additional data.
"Facebook and the other companies in the Facebook family also may use information from us to improve your experiences within their services such as making product suggestions (for example, of friends or connections, or of interesting content) and showing relevant offers and ads," WhatsApp explained in its updated terms and privacy policy.
The service will give users a chance to opt out of the sharing arrangement before agreeing to the news terms and privacy policy, and another 30 days to opt out after agreeing to it.
The policy change is likely to upset some users who trusted WhatsApp to keep their data as private as possible -- a principle that WhatsApp founder and CEO Jan Koum promised to abide by shortly after getting acquired by Facebook.
Related: WhatsApp adds end-to-end encryption for all communications
"Respect for your privacy is coded into our DNA, and we built WhatsApp around the goal of knowing as little about you as possible," Koum wrote in a blog post a month after the acquisition. "If partnering with Facebook meant that we had to change our values, we wouldn't have done it."
WhatsApp, he explained, does not have data on its users birthdays, home addresses or places of work. But it does have access to phone numbers -- and now Facebook does too.
Some users aired their outrage on Twitter over WhatsApp handing over their phone numbers to Facebook.
"Phone numbers?!? No! That's absolutely NOT OKAY. I might need to delete Facebook, people. NOT kidding," one WhatsApp user tweeted.
While the arrangement may frustrate users, it was only a matter of time. Facebook bought WhatsApp for $19 billion, by far its largest acquisition ever, and had to start making use of its data sooner or later to make that money back.
In addition to tapping into WhatsApp data for better ad targeting, WhatsApp also updated its policy to pave the way for users to communicate with businesses.
That follows Facebook CEO Mark Zuckerberg's typical playbook for making money from social platforms: give businesses an opportunity to engage with customers on the platform, then start charging them to be seen more prominently.
It's a long game -- and one that Zuckerberg put off for WhatsApp and Facebook Messenger for years, despite interest from investors.
"This may sound a little ridiculous to say, but for us, products don't really get that interesting to turn into businesses until they have about a one billion people using them," Zuckerberg said on an earnings call in October, 2014.
WhatsApp hit the one billion user mark at the beginning of this year. Now it's time to make some money. | http://money.cnn.com/2016/08/25/technology/facebook-whatsapp-data-sharing/index.html?section=money_news_international&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_news_international+%28CNNMoney%3A+International+News%29 | en | 2016-08-25T00:00:00 | money.cnn.com/be80e3d8d92358edc29355d6507a466a81d34ad00a5a4cbc890b077d6a797ebf.json |
[] | 2016-08-26T19:38:20 | null | 2016-08-26T02:46:04 | Did you know that Uber tested deliveries of ice cream, cupcakes... even kittens? Here are 5 things you probably never knew about the ridesharing service, Uber. | http%3A%2F%2Fmoney.cnn.com%2Fvideo%2Ftechnology%2F2016%2F08%2F26%2Fuber-stunning-stats.cnnmoney%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_freevideo%2B%2528RSS%253A%2BCNN%2B-%2BVideo%2529.json | http://i2.cdn.turner.com/money/dam/assets/141003145433-uber-thumb-780x439.png | en | null | 5 stunning stats about Uber | null | null | money.cnn.com | Did you know that Uber tested deliveries of ice cream, cupcakes... even kittens? Here are 5 things you probably never knew about the ridesharing service, Uber. | http://money.cnn.com/video/technology/2016/08/26/uber-stunning-stats.cnnmoney/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_freevideo+%28RSS%3A+CNN+-+Video%29 | en | 2016-08-26T00:00:00 | money.cnn.com/2c713d77b536bf0cfcbf0746a2812331d545dfc47d9774ce32ad25a0620e9002.json |
[
"Abigail Brooks",
"Richa Naik"
] | 2016-08-29T15:39:15 | null | 2016-08-29T09:44:40 | Celebrities walking MTV's VMA white carpet tell CNN about their favorite music videos of all time. | http%3A%2F%2Fmoney.cnn.com%2Fvideo%2Fmedia%2F2016%2F08%2F29%2Fmtv-vma-stars-favorite-music-videos.cnnmoney%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_freevideo%2B%2528RSS%253A%2BCNN%2B-%2BVideo%2529.json | http://i2.cdn.turner.com/money/dam/assets/160829094336-mtv-vma-stars-favorite-music-videos-00000403-780x439.jpg | en | null | Stars reveal their favorite music videos ever | null | null | money.cnn.com | Our Terms of Service and Privacy Policy have changed.
By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service. | http://money.cnn.com/video/media/2016/08/29/mtv-vma-stars-favorite-music-videos.cnnmoney/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_freevideo+%28RSS%3A+CNN+-+Video%29 | en | 2016-08-29T00:00:00 | money.cnn.com/ee29f9f49105042eb76e0614c137a35105a3dacaa2da62d59496ffb0de2731c3.json |
[
"Paul R. La Monica"
] | 2016-08-30T15:40:50 | null | 2016-08-30T11:15:52 | Summer boys don't either apparently. The struggling mall-based retailer reported yet another quarterly loss as sales continue to slide at the flagship A&F stores as well as its Hollister locations. Will the company ever turn things around? | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F30%2Finvesting%2Fabercrombie-fitch-hollister-sales-earnings%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/150306093925-abercrombie-buzz-780x439.jpg | en | null | Summer girls no longer shop at Abercrombie & Fitch | null | null | money.cnn.com | Quick! Somebody call Mike "The Situation" Sorrentino of MTV's "Jersey Shore" fame. Abercrombie & Fitch might actually want him wearing their clothes in public again.
Abercrombie & Fitch reported a bigger-than-expected loss on Tuesday. Same-store sales at its A&F stores and Hollister chain fell in the second quarter too. The company also warned that the outlook for the rest of the year will be "challenging."
Abercrombie (or should I say Abercrumble?) & Fitch stock plunged nearly 20% in early trading on the news. A&F's stock is now down more than 30% this year.
Abercrombie & Fitch (ANF), like many other mall-based apparel retailers, has struggled to stay relevant. The song "Summer Girls" by LFO, which praised the look of girls in Abercrombie & Fitch, was released way back in 1999. Nobody's singing about A&F now.
Younger consumers are less interested in clothes with a company's logo on it and are instead opting for cheaper, fast fashion from the likes of H&M, Zara, Uniqlo and Forever 21.
Pacific Sunwear and Aeropostale both filed for bankruptcy this year. American Apparel did so last year. Gap's (GPS) sales are hurting. And more diversified retailers like Macy's (M), Kohl's (KSS) and JCPenney (JCP) are struggling to attract teens and young adults too.
Related: More trouble at the mall. Gap sales sink again
But investors were hoping that Abercrombie & Fitch might be able to turn things around thanks to the efforts of executive chairman Arthur Martinez, who ran Sears (SHLD) back when that retailer was still an American icon.
Under Martinez, the retailer has de-emphasized much of the logo-based apparel that were once hugely popular at A&F and Hollister.
The company also has toned down its controversial, overly sexualized imagery that was prevalent under the leadership of former CEO Mike Jeffries -- who left the company in December 2014.
Jeffries was criticized for comments he made about only wanting "cool, good-looking people" to wear his company's clothes. It wasn't until late 2013 before the company finally began to offer plus sizes.
A&F was also attacked for having young-looking, scantily-clad models in many of its catalogs and advertisements.
Related: Retailers all across America are closing stores
An ex-pilot for the company-owned Gulfstream jet (since sold) said in an age discrimination lawsuit filed against the company a few years ago that Jeffries had an aircraft manual that listed dress requirements for male models working on the plane.
But even though A&F has been changing its image under Martinez, consumers aren't flocking back to the stores. The company's overall sales have now fallen for 14 quarters in a row.
Martinez said in the earnings release that lower traffic at the its flagship stores were weighing on A&F's results.
He added that weak sales at stores in popular tourist locations in the U.S. are also hurting the company. Economic uncertainty in Europe and Asia and a stronger U.S. dollar have made foreign travelers less willing to come to the U.S. to shop.
Related: Nearly 44,000 retail workers have been laid off in 2016
So can A&F turn things around? Or will investors start longing for the days of Jeffries again? Sex did sell at the company after all ... for a time at least.
Martinez urged investors to remain patient.
"We are focusing on the right priorities and we expect to see traction in our business as we introduce new product and invest in marketing to drive awareness and relevance for our brands," he said, while adding that it is "a challenging environment."
Wall Street is still skeptical though.
Cowen & Co. analyst Oliver Chen is taking a wait-and-see approach. He wrote in a report Tuesday morning that "changes will take time as the company needs to generate renewed awareness and traffic."
FBR & Co. analyst Susan Anderson noted that it was also troubling to see that sales were down in both the U.S. and the company's international stores. So the company's problems may run deeper than a decline in tourist shoppers in America.
Related: Why Americans aren't shopping till they drop
Analysts do seem to appreciate the fact that Martinez has toned things down at both the A&F and Hollister stores. But the company may now wind up being just a little too plain vanilla. There's nothing to make it stand out.
"A&F still has much work before its brands are restored to full health," wrote Neil Saunders, CEO of retail research firm Conlumino, in a report Tuesday.
"The brands still need a stronger sense of identity and focus in what remains a very crowded and competitive marketplace," Saunders added.
Don't expect A&F to bring back its controversial clothing anytime soon. But the company clearly needs to do something to convince young consumers that A&F and Hollister apparel can be cool once more. | http://money.cnn.com/2016/08/30/investing/abercrombie-fitch-hollister-sales-earnings/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-30T00:00:00 | money.cnn.com/20e4ba49b1a063d7de3805a7b886ec779f3d4cd9dd26ab2f137b14365fa557da.json |
[
"Jack Regan"
] | 2016-08-29T13:38:48 | null | 2016-08-29T09:00:26 | Fitbit has released its newest fitness trackers, the Flex 2 and Charge 2 | http%3A%2F%2Fmoney.cnn.com%2Fvideo%2Ftechnology%2F2016%2F08%2F29%2Fhands-on-fitbit-flex-2-charge-2.cnnmoney%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_freevideo%2B%2528RSS%253A%2BCNN%2B-%2BVideo%2529.json | http://i2.cdn.turner.com/money/dam/assets/160828215418-fitbit-thumbnail-780x439.jpg | en | null | Hands on: Fitbit's new trackers | null | null | money.cnn.com | Our Terms of Service and Privacy Policy have changed.
By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service. | http://money.cnn.com/video/technology/2016/08/29/hands-on-fitbit-flex-2-charge-2.cnnmoney/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_freevideo+%28RSS%3A+CNN+-+Video%29 | en | 2016-08-29T00:00:00 | money.cnn.com/f9a0570cb7d95bd77289536a6f3371c2ef22a76f7d17b9d99cfcc09dad8c0a86.json |
[
"Chris Isidore"
] | 2016-08-26T15:01:04 | null | 2016-08-26T07:21:59 | Airline unions have won double digit raises, recouping some of past wage concessions, but it's likely to eventually mean higher fares. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F26%2Fnews%2Fcompanies%2Fairline-pay-raises%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160824164819-pilots-pickets-780x439.jpg | en | null | Airline employees are getting huge pay raises | null | null | money.cnn.com | Wages have been stagnant for years -- but that's not so in the airline industry.
Pilots and ground crews at the major U.S. airlines are winning huge raises and have locked in more hikes in the years to come.
American Airline (AAL) pilots got a 23% pay hike last year, and United Airlines (UAL) pilots won a 16% pay hike in January of this year. Both are slated for smaller annual raises going forward.
But some employees are fighting for even more.
Delta (DAL) pilots are picketing the company's headquarters Friday to demand a 37% raise over the course of three years, while Southwest (LUV) pilots demonstrated earlier in the week for a 32% hike through 2019.
And its not just pilots who are getting fatter paychecks.
American Airlines reached a deal earlier this month to give 30,000 ground workers raises ranging from 15% to 55%. United ground workers (except the mechanics) ratified a deal earlier this year that gave them a 30% wage increase over five years.
In separate negotiations, United mechanics rejected an offer of a 33% wage hike over seven years. The Teamsters, who represent the mechanics, report it is now close to a tentative agreement.
Related: Airline passengers are complaining less
The hefty pay raises are coming after employees at all the major U.S. carriers endured years of pay cuts, layoffs and bankruptcies. Of the nation's four major airlines, only Southwest has avoided a trip through bankruptcy at some point since 2000.
But the tide has since turned, and industry profits hit record levels in 2015.
"In last 15 years labor has pretty much taken it on the chin," said Michael Boyd, an industry consultant. Even with these big pay increases, wages will only return to just about where they were before the bottom fell out of the airline business. "This just brings some equilibrium back," he said.
Related: Had a bad flight? Now you can tell the world
The wage hikes probably won't push airfares higher in the near term, but ticket prices are expected to start climbing soon, says Standard & Poors airline analyst Philip Baggaley.
And that's giving airlines the confidence to offer pay raises.
"They're banking on the assumption that ... they will be able to recover most or all of this in the form of higher fares," he said. "That may work in a reasonably healthy economy when fuel is low, but that's not necessary true for all time." | http://money.cnn.com/2016/08/26/news/companies/airline-pay-raises/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-26T00:00:00 | money.cnn.com/d07748b30de624f0c445c1d1ce150cf0b98d1709237558e3f428f5a282a79955.json |
[
"Seth Fiegerman"
] | 2016-08-26T15:47:56 | null | 2016-08-26T08:26:28 | A purple cloud of uncertainty hovers over Yahoo employees as they wait to see which divisions Verizon keeps or kills, but some are finding cause for optimism. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F26%2Ftechnology%2Fyahoo-acquisition-whats-next%2Findex.html%3Fsection%3Dmoney_news_international%26utm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fmoney_news_international%2B%2528CNNMoney%253A%2BInternational%2BNews%2529.json | http://i2.cdn.turner.com/money/dam/assets/160824102052-yahoo-acquisition-whats-next-780x439.jpg | en | null | One month after acquisition, Yahoo employees unsure about their future | null | null | money.cnn.com | If you didn't know better, you might think Yahoo has suddenly gained a second wind. Maybe it has.
In the last month, Yahoo (YHOO, Tech30) has launched a new TV website in partnership with Hulu, introduced ads on all Tumblr blogs to let users make money and expanded its financial news team.
Even Yahoo's (YHOO, Tech30) stock, long punished by Wall Street for the company's ad sales decline, is now trading at its highest level in more than a year.
Then you remember all this activity comes after Yahoo agreed to sell its core assets to Verizon (VZ, Tech30) in late July for $4.8 billion, marking an end to Yahoo's two decades of independence.
For certain teams inside Yahoo, the pending acquisition has created a feeling of cautious optimism and greater momentum after months of uncertainty about who would own the company -- a feeling perhaps last felt when CEO Marissa Mayer was hired in 2012 to revive the aging Internet company.
Those on Yahoo's media team, for example, say morale is decent and the division has been given the go ahead to keep hiring this year.
"There's a strong belief that because web traffic continues to grow for News, Sports and Finance on a month to month basis, Verizon will largely leave the media groups intact," says one member of Yahoo's media group.
Likewise, some on the design team were initially nervous about potential redundancies with Verizon, but have since started to feel more confident in their roles, according to a source within the company.
"We don't have to worry about how we are viewed externally and what do our shareholders think," the source says. "It did breed a new sense of energy and purpose."
"Yahoo's dedicated employees remain focused on executing against our 2016 strategy," Rebecca Neufeld, a Yahoo spokeswoman, said in a statement. "We think it's time for others to shift their attention back to the great work Yahoo teams do to deliver the best content and products to our users and advertisers."
However, a large purple cloud of uncertainty does remain as employees wait to see which divisions Verizon chooses to invest in and which it chooses to reshuffle or kill off after the acquisition closes early next year.
Related: Why Marissa Mayer couldn't save Yahoo
The Tumblr team, for example, has heard very little from Verizon (VZ, Tech30) about what's next, leading some to assume the team is a low priority at best.
"They didn't even send over any Verizon swag, so everyone figures that the phone company doesn't care enough about Tumblr to make any big waves any time soon," says one former Tumblr employee.
Some Yahoo employees are starting to look elsewhere.
Pat Flynn, a partner at executive recruiting firm The Errigo Group, says he has already found Yahoo executives who are ready to leave the company just in the few weeks since the acquisition was announced.
"I recently reached out to a couple of Engineering VPs because I'm on a CTO search and they both returned my call and expressed interest in doing something else," says Flynn.
Yahoo has tried to fight off the possibility of a staff exodus by promising to accelerate employee stock options once the acquisition closes, which offers an incentive to stick around until then, according to a company filing this month with the SEC.
Certain key questions remain unanswered though, including whether Mayer will continue to run Yahoo post-acquisition and whether significant layoffs are coming.
"At this time, Yahoo is not planning any layoffs in anticipation of the transaction closing," Yahoo said in the filing. As for whether Verizon will cut staff, Yahoo said simply, "That is a decision for Verizon."
Related: Marissa Mayer's payday: 4 years, $219 million
Laura Martin, senior analyst at Needham & Co., says if there are layoffs at Yahoo it will probably take 3-6 months after the acquisition closes.
"[Then], Yahoo or Verizon will figure out what businesses they want to focus on and what they don't," Martin says. "I don't expect it to be imminent."
If she's right, Yahoo employees may still have nearly another year of operating in limbo. | http://money.cnn.com/2016/08/26/technology/yahoo-acquisition-whats-next/index.html?section=money_news_international&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_news_international+%28CNNMoney%3A+International+News%29 | en | 2016-08-26T00:00:00 | money.cnn.com/2b35f3019da2eb24d03c7a001ae3a7e87ee74007d2881b5fffa5bf6835e74987.json |
[
"Alanna Petroff"
] | 2016-08-29T09:39:19 | null | 2016-08-29T05:08:39 | Here's what you need to know about the markets before you start your business day. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F29%2Finvesting%2Fpremarket-stocks-trading%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160712183943-nyse-premarket-7122016-780x439.jpg | en | null | Premarkets: 4 things to know before the open | null | null | money.cnn.com | Welcome to the final few days of August.
Here are the four things you need to know before the opening bell rings in New York:
1. Global market overview: Stock markets around the world are looking weak as the U.S. dollar strengthens.
Market moves are still being influenced by a Friday speech from Fed chair Janet Yellen, who signaled that an interest rate hike is still on the table for this year.
U.S. stock futures are sinking and European markets are declining in early trading. The FTSE MIB index in Italy is leading the way lower with a 1% drop. U.K. markets are closed for a holiday.
Most Asian markets are closing the day with losses, though the moves are relatively small. However, the Nikkei in Japan got a 2.3% boost thanks to a weaker yen.
Oil markets are having a bad day. Crude oil futures are down by nearly 2% to trade just below $47 per barrel. Prices have fluctuated wildly this year, hitting a low near $26 per barrel in February and then rebounding to trade above $51 in June.
Related: Fear & Greed Index
2. Stock market mover -- Herbalife: Shares in Herbalife (HLF) look set to jump after a stock market filing on Friday revealed that famed investor Carl Icahn had purchased another 2.6 million shares in the controversial nutritional supplements company.
Icahn now owns nearly 21% of Herbalife through Icahn Associates.
Herbalife has been under fire from activist hedge fund manager Bill Ackman since December 2012 when he accused the company of being a scam. The U.S. Federal Trade Commission subsequently opened a probe into Herbalife, which just wrapped up last month. Herbalife agreed to a $200 million settlement with the FTC.
3. Economics: The U.S. Bureau of Economic Analysis is releasing consumer income and spending data at 8:30 a.m. ET. The July data also includes some insight into inflation trends.
Related: The laptop's godfather dies at age 75
4. Weekly market recap: The main American market indexes took a dip last week, dropping further from all-time highs hit on August 15.
Over the five trading days, the Dow Jones industrial average and S&P 500 lost 0.9% and 0.7%, respectively. The Nasdaq had a more positive performance last week but still closed with a 0.4% loss. | http://money.cnn.com/2016/08/29/investing/premarket-stocks-trading/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-29T00:00:00 | money.cnn.com/1abd47342c2574ebd6df7aeffdd81fd8d0e89a5c09fcf2aab9a7fd495a5598ff.json |
[
"Ivana Kottasova"
] | 2016-08-26T14:57:33 | null | 2016-08-26T08:47:31 | Entertainment company Secret Cinema has convinced hundreds of thousands of people to do exactly that -- without even telling them the title in advance. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F26%2Fmedia%2Fsecret-cinema%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160815163259-secret-cinema-dirty-dancing-780x439.jpg | en | null | Secret Cinema: The company making millions from movies you've seen | null | null | money.cnn.com | Would you pay $100 to see a movie?
Entertainment company Secret Cinema has convinced hundreds of thousands of people to do exactly that -- sometimes without telling them the title in advance.
But this is not a super expensive trip to your local multiplex. You get a lot more than popcorn and a screening.
"Instead of watching a film, you essentially are in the film...you live the film," said Fabien Riggall, founder of Secret Cinema, based in London.
Riggall says he offers an "immersive theatrical experience." And it appears to be working -- four shows over the past 18 months have attracted 180,000 people.
For some events, the movie is a mystery when tickets go on sale. The company's slogan is "Tell No One."
Each ticket holder is assigned a secret identity, and told what to wear and where to go, usually in a series of cryptic messages. For "Dr. Strangelove," they took the form of army dispatches. For "28 Days Later," the company sent out invitations to hospital appointments.
Once fans get to the venue -- often abandoned spaces transformed into a film set -- they become part of the movie. Actors in character encourage the audience to participate, giving them tasks and pulling them into the plot.
Related: Google's plan to bring VR to the masses
The company also organizes events based on cult classics where you know what you're getting -- at least in terms of the movie. Their most recent production of this kind -- "Dirty Dancing" -- brought in 30,000 people, each paying 68 pounds ($90) for a ticket.
Most arrived at a custom built holiday camp in east London dressed in full period costumes. Some even carried water melons, a nod to one of the movie's most memorable lines.
They took dance classes, played lawn games, and snacked in the "staff quarters." They watched the movie at the end of the evening, many quoting lines alongside the actors on the big screen.
The event in July was so popular it pushed "Dirty Dancing" back into the U.K. box office top 10, nearly 30 years after it was first released.
Related: How to build a $100 million company out of mud
Secret Cinema has had other big hits. Two years ago, it transformed a patch of tarmac in London's Olympic Park into a town complete with stores, a farm, a ferris wheel and a gas station for a series of "Back to the Future" shows.
Actors flew on zip lines above the audience and drove around in cars from the 1950s. When the famous Delorian made an appearance, the crowd roared with delight.
"I think people are hungry for experiences that would make them feel alive and connected to people," Riggall told CNNMoney.
Most people embrace the game, even ditching their phones for the night. Taking photos or using technology is strictly forbidden at Secret Cinema events. After all, they have to remain secret.
"Doing something secret in this day and age is really great, very special...like a little mystery," Riggall said.
Related: A 3D movie without those goofy glasses? MIT is working on it
Secret Cinema has grown from Riggall and a handful of other enthusiasts in 2003 to 15 full time staff and hundreds of contractors and freelancers. Over 200 people worked on "Dirty Dancing."
Last year's "Star Wars" show attracted 100,000 people. They spent the evening in an abandoned printing factory complete with Stormtrooper patrols and a replica of the Empire ship. At £75 ($100) a ticket, the company generated box office takings of roughly £7.5 million ($10 million).
Riggall, himself a film maker, said his company has tapped into what could be the future of cinema. He's developing a movie that would be shot specifically for Secret Cinema.
"If you can bring 20,000 people to a production when they don't know what they're going to see...that can change the way films are made," he said.
Given the success in the U.K., Riggall is naturally thinking about expanding into other countries. The U.S. is an obvious choice, but he said he doesn't want to rush it. "The moment has to be right," he said. The company has already hosted one-off events in New York and Berlin. | http://money.cnn.com/2016/08/26/media/secret-cinema/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-26T00:00:00 | money.cnn.com/c32d85ba8e7527f04789f15dd4d08f9b88fcde0dbf24610a8abab4e1c4cef04f.json |
[
"Matt Mcfarland"
] | 2016-08-26T19:36:37 | null | 2016-08-26T12:12:26 | Domino's shows it can deliver pizza to customers with a drone in New Zealand. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F26%2Ftechnology%2Fdominos-drone-new-zealand%2Findex.html%3Fsection%3Dmoney_news_international%26utm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fmoney_news_international%2B%2528CNNMoney%253A%2BInternational%2BNews%2529.json | http://i2.cdn.turner.com/money/dam/assets/160825184107-dominos-drone-delivery-780x439.jpeg | en | null | Domino's delivers pizza by drone in New Zealand | null | null | money.cnn.com | In New Zealand, pizzas will soon be dropping from the heavens.
Domino's demonstrated its ability to deliver food via a drone Thursday in New Zealand and plans to test actual deliveries to customers next month.
"It doesn't add up to deliver a two kilogram package in a two-ton vehicle," said Scott Bush, a general manager for Domino's Pizza Enterprises, which is independent of the U.S. chain and operates in seven countries. "In Auckland, we have such massive traffic congestion it just makes sense to take to the airways."
A Domino's customer who requests a drone delivery will receive a notification when their delivery is approaching. After going outside and hitting a button on their smartphone, the drone will lower the food via a tether. Once the package is released, the drone pulls the tether back up and flies back to the Domino's store.
Related: Domino's pizza delivery robot is coming to your door
Initially there may be an extra charge for drone delivery, Bush said, but in the long term he hopes to deliver at no added cost.
Bush said test deliveries to actual customers will begin September 26 out of one Auckland store. The drone flights, powered by American drone company Flirtey, will be automated, but a human will be nearby to supervise. There are limits on how far Domino's will be able to deliver. New Zealand's drone rules don't currently allow a drone to fly farther than the drone's operator can see, but Domino's said it's working with authorities to remove barriers.
"We want to push it as hard as we can and roll it out globally throughout our seven markets," Bush said.
U.S. customers hoping for a pizza to land in their front yard shouldn't get too excited, given that Domino's in New Zealand operates separately from the U.S. chain. The other countries that drone delivery could expand to include Australia, Japan, The Netherlands, France, Belgium and Germany.
The company plans to broaden its New Zealand drone delivery in early 2017, including at night.
Related: Drone helps find man suffering from heart attack
Domino's has previously shown an interest in alternative delivery services. This spring it begin using a robotic cart that wheeled along sidewalks in Australia to make deliveries.
In New Zealand, Domino's only sells pizzas in one size, which simplifies the challenge of a drone trying to fly in windy conditions with a large pizza box. Bush said Domino's would be able to carry loads up to 5.5 pounds. | http://money.cnn.com/2016/08/26/technology/dominos-drone-new-zealand/index.html?section=money_news_international&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_news_international+%28CNNMoney%3A+International+News%29 | en | 2016-08-26T00:00:00 | money.cnn.com/52bf570758422410a5326a5f8cb1f81fb50dc79a33de3ba26f2aa877676e5267.json |
[
"Chris Isidore"
] | 2016-08-30T19:40:43 | null | 2016-08-30T01:58:57 | Martin Shkreli, the reviled drug company CEO who faces federal criminal charges, nearly doubled his $3 million investment in KaloBios. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F30%2Fnews%2Fcompanies%2Fshkreli-kalobios-profit%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160503075040-marktin-shkreli-780x439.jpg | en | null | Martin Shkreli scores $2.7 million payday | null | null | money.cnn.com | Martin Shkreli, the controversial ex-drug executive now facing federal criminal charges, nearly doubled his investment in KaloBios, the drug company he briefly controlled and ran last fall.
Shkreli started buying shares of KaloBios (KBIO) last November when it was a penny stock, about a month before he was arrested. At the time, the company was in bad shape, winding down operations and liquidating its assets.
Shkreli paid just over $3.2 million for a controlling stake in the company, according to an SEC filing last fall.
Related: Martin Shkreli's E*Trade account takes a huge hit
The company announced on Monday that Shkreli sold his entire stake in the company a private transaction. He received $3.10 a share, according to a filing, which comes to a total of $5.9 million. That means he made a $2.7 million profit on his initial investment. Shkreli could not be reached for comment.
News of Shkreli's investment back in November briefly gave new life to the stock and the company, lifting its shares 400%. He was named CEO and promised to hire back employees who had been laid off before he bought his controlling stake.
But within weeks federal authorities arrested Shkreli, charging him with running a Ponzi scheme and looting funds from another company he had run. He is still awaiting trial on those charges.
Following his arrest, Shkreli was out as CEO of KaloBios, and also stepped down as CEO of Turing Pharmaceutical, a position he held simultaneously. It was at Turing that he became famous, and reviled, for raising the price of a drug needed by AIDS patients by 5,000%.
Soon after Shkreli's arrest KaloBios filed for bankruptcy. It emerged from bankruptcy earlier in June. Shkreli retained a major stake in the company through the bankruptcy process. | http://money.cnn.com/2016/08/30/news/companies/shkreli-kalobios-profit/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-30T00:00:00 | money.cnn.com/be3219ae1164eac717faaf03f6849bc8bf43ef8744a0f29a66f5b07517b59288.json |
[
"Sara Ashley O'Brien"
] | 2016-08-26T13:46:50 | null | 2016-08-25T03:13:04 | The company lost at least $1.27 billion in in the first half of this year, according to Bloomberg. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F25%2Ftechnology%2Fuber-2016-losses%2Findex.html%3Fsection%3Dmoney_news_international%26utm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fmoney_news_international%2B%2528CNNMoney%253A%2BInternational%2BNews%2529.json | http://i2.cdn.turner.com/money/dam/assets/150911135940-travis-kalanick-780x439.png | en | null | Uber bleeds more than $1 billion in six months | null | null | money.cnn.com | Uber may be the most valuable privately held company in the world, but that doesn't mean it's making money.
The company lost at least $1.27 billion in the first half of this year, according to Bloomberg News. Uber declined to comment on the report, but Bloomberg reported that Uber's head of finance Gautam Gupta shared the losses during a call with shareholders on Friday.
Uber is said to have lost $520 million in the first quarter, and $750 million in the second quarter of 2016.
The vast majority of its second quarter losses were a result of subsidies in China, according to a source familiar with the matter. But those won't continue to show up on Uber's income statement.
Related: Uber tests $2 flat fares to take on public transit
Earlier this month, Uber sold its China operations to rival Didi Chuxing. Uber got nearly an 18% stake in Didi as a result of the deal, becoming its largest shareholder.
Uber launched in China in 2013 and expanded its operations to roughly 60 cities. But while the market was a top priority, it was also an incredibly costly one. In February, CEO Travis Kalanick said that Uber was losing $1 billion a year in China.
"Uber and Didi Chuxing are investing billions of dollars in China and both companies have yet to turn a profit there," Kalanick wrote in an announcement about the Didi deal.
While Uber said it was profitable in the U.S. during the first quarter of this year, Bloomberg reported that it lost roughly $100 million in the U.S. during the second quarter.
That comes as Uber battles its biggest U.S. competitor, Lyft, for market share, each using compelling promotions and deals to persuade customers to ride with them. | http://money.cnn.com/2016/08/25/technology/uber-2016-losses/index.html?section=money_news_international&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_news_international+%28CNNMoney%3A+International+News%29 | en | 2016-08-25T00:00:00 | money.cnn.com/2d6be63aab51c8be98cc827b929b756d91585bbef4cb85a5f0ff56b60a052c94.json |
[
"Daniel B. Kline For The Motley Fool",
"Daniel B. Kline For"
] | 2016-08-27T15:39:12 | null | 2016-08-27T10:25:23 | Younger people have embraced the idea of having strangers sleep on their couch; older people are catching on, too. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F27%2Finvesting%2Fshared-economy-millennial%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://money.cnn.com/2016/08/27/investing/shared-economy-millennial/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | null | Millennials have no problem with strangers sleeping on their couch | null | null | money.cnn.com | There was a time when the idea of inviting a complete stranger to sleep in your home would have had your friends and family questioning your sanity. The same goes for the idea of using your personal vehicle to pick up someone you have never met to give them a ride.
There are literally horror movies based on what happens when you interact with strangers and the concept of "stranger danger" is still something taught to children. Add an app, however -- even one with no real vetting -- and people will welcome someone they have never met into their home, car, or office.
The sharing economy has exploded, according to a report from Hitwise, a division of Connexity, that shows a dramatic shift in Americans turning to their peers to access goods and services. The new hunger for the sharing economy has grown exponentially, with website visits increasing more than three times in the past couple of years.
Related: Millennials just don't care about cars
The Hitwise study, which examined space and financial sharing activity, shows that during the first three months of 2016, more than 143 million Americans visited a leading space-sharing site (sites that offer shared or rented spaces such as homes, rooms, or offices that support travelers or people who need a space temporarily). The report also found that visits to space-sharing sites have jumped by 169% since 2014.
Who is doing all this sharing?
"The sharing economy is growing at an exponential rate," Nigel Wilson, managing director at Hitwise, said in a statement. "Thousands of sharing economy companies have sprouted up around the world, and consumers are actively engaging in collaborative consumption. According to PwC, 44% of all adults in the U.S. are aware of the sharing economy and 19% have engaged in a sharing economy transaction. It is imperative for brands to consider how to support and participate in collaborative consumption, rather than compete against it."
Not all demographics are sharing equally nor are they using the same apps or websites to do so, according to the Hitwise report. While the study called Americans aged 25-34 "the space-sharing sweet spot," since they are more likely to visit space-sharing sites than any other demographic, the trend is much broader than just that group.
Overall, the so-called "digital natives," people aged 18-34 who grew up with the internet, are more active in the sharing economy than older users "and are more comfortable sharing a free couch with travelers," explained Hitwise. Those users are more likely to be using casual room-sharing networks like Couchsurfing along with co-working websites such as WeWork, PivotDesk, Liquidpace and others.
Related: Why I rent everything: From clothes to jewelry
Older users, or "digital migrants," people who are 35 or older who had to learn technology after growing up without it, use sharing sites, too, though they are less likely to do so.
"Older Americans (aged 35+) are 10% more likely than natives to visit space sharing sites, and represent the majority of visits to sites like VRBO, Airbnb and Home Away," according to the study. "These digital migrants represent a larger percentage of the population than younger digital natives (therefore taking up a significant amount of online traffic), but it's still worth noting they are especially drawn to home swapping sites for a higher-end vacation experience."
Essentially, younger users will share on a more intimate level, often sharing space with the other person or people involved in the transaction while older users tend to go bigger -- renting full homes through sharing services.
Younger users lead in financial sharing, too
In addition to sharing space, this new economy has changed how the financial world works. Digital natives have taken major advantage of this and are "40% more likely to visit financial sharing sites, particularly crowd funding sites like Kickstarter or Indiegogo, which allow individuals to fund specific projects or causes," wrote Hitwise. "This trend reflects the cultural values of millennials, who have less money to give but are willing to fund the projects they believe in."
Older users, however, (and only in the digital world is 35 considered older) do participate in the financial sharing economy, but are less engaged in crowdfunding. Instead, they are more likely to visit peer-to-peer lending sites such as Lending Club, PeerForm, and Prosper.
"This suggests that digital migrants are open to exploring collaborative investment options beyond traditional banking," wrote Hitwise.
For its research, Hitwise sources data from more than than 8 million opt-in panelists, including 3.5 million mobile devices, within the U.S. Those users' internet behaviors are then sampled and weighted using algorithms to be representative of the entire U.S. population.
What businesses can take from this
Sharing may not be disrupting traditional businesses yet, but these age trends suggest that they will.
Sponsored content from The Motley Fool:
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Younger users -- the digital natives -- have clearly embraced this method of doing business, which should put traditional hotels and offices on notice.
Clearly the sharing economy has already changed the taxi industry as younger people use Uber and Lyft with many, if not most, of the digital natives not even considering taking a traditional cab.
As laws catch up with reality and sharing services continue to evolve (while older folks die off), expect sharing to continue to grow. That's something existing businesses, if they want to survive, need to tap into and embrace. | http://money.cnn.com/2016/08/27/investing/shared-economy-millennial/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-27T00:00:00 | money.cnn.com/3ab7daf1684559d0abbb02a6e26814c9311c257472876b6a95a0b5b0d03ab9f0.json |
[
"Heather Long"
] | 2016-08-29T19:39:52 | null | 2016-08-29T01:36:09 | Nearly 10,000 current and former Chipotle workers have joined a class action lawsuit alleging the company forced them to work 'off the clock' without pay. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F29%2Fnews%2Feconomy%2Fchipotle-lawsuit-nearly-10000-workers%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160829091222-chipotle-workers-780x439.jpg | en | null | Nearly 10,000 workers sue Chipotle for unpaid wages | null | null | money.cnn.com | Nearly 10,000 workers are suing Chipotle for allegedly cheating them on their pay.
Current and former Chipotle (CMG) employees claim that the company made them work extra hours "off the clock" without paying them. It's a practice known as wage theft, and Chipotle is allegedly doing it all over the United States.
"Chipotle routinely requires hourly-paid restaurant employees to punch out, and then continue working until they are given permission to leave," according to the class action lawsuit known as Turner v. Chipotle. It's named after a former Chipotle manager in Colorado, Leah Turner, who claims she had to work without pay and was told to make workers under her do the same in order to meet budget goals.
Chipotle denies any wrongdoing and says the case has no merit. The company says it has paid all wages it owes employees.
Briana Alexander is one of the nearly 10,000 workers who have joined the lawsuit. She worked at a Chipotle in Miami, Florida for about a year, starting in the fall of 2013.
"Behind the scenes, [Chipotle] is not always what it seems," Alexander told CNNMoney. "I can say I have worked off the clock."
Alexander says she was forced to stay late numerous times at her store. If the workers weren't done by midnight or 12:30am, they were clocked out but told to keep working until the job was finished, even though they were no longer getting paid. Alexander also claims she worked 12-hour shifts on some days, but was clocked out after her shift time ended even though she actually continued to work on busy days.
Related: I'm 35 and living with my mom again to get by
Why this lawsuit is different
Chipotle has faced similar lawsuits before, but this is the first time there has been such a large class action case against the company for wage theft. As of Friday, 9,961 current and former workers have sent in consent forms to join the lawsuit.
They come from about every state that Chipotle operates in, according to lawyer Kent Williams of Williams Law Firm, who is representing the employees in Turner v. Chipotle.
"Chipotle has argued this is a few rogue managers who aren't following policy. Our view, especially given the number of people opting in, is that it's a systematic problem at Chipotle," says Williams.
Related: Chipotle under fire for illegal workplace policies
Problems this summer at Chipotle
Felipe Ricardo believes Chipotle continues to skimp employees on wages. He worked at a Chipotle in Danbury, Connecticut in the summer of 2016.
"I only worked nights because I have a full-time job during the day," Ricardo told CNNMoney. "Normally the schedule says you end at 11:30pm, but it's almost impossible to get out at 11:30pm."
He remembers working until 1 am one time. He told the manager to make sure his hours were adjusted to reflect the extra time. He recalls her saying, "Don't worry about it." But when he got his paycheck, the hours weren't adjusted. He complained, and isn't sure if the hours were ever changed. Working two jobs didn't leave him with a lot of time to scrutinize his hours, he says.
Ricardo has not joined the lawsuit. The 23-year-old has since left Chipotle to go back to school.
All hourly employees who worked at Chipotle from February 2012 onward were mailed a card in April asking if they wanted to join the class action case. Workers had to respond by July.
Related: As wages rise, CEOs are starting to complain
Problems at closing time
CNNMoney has also heard from dozens of Chipotle workers who claim to have personally experienced wage theft at their restaurants or seen it happen to others. Some say they were not paid for five or more hours a week.
The main complaints center around what happens at closing time. Workers are supposed to end their shifts between 11pm and midnight at many restaurants, but workers tell CNNMoney that they almost never leave on time.
Chipotle's system automatically clocks workers out by 12:30am in most places, but workers say they are often asked to stay longer to finish cleaning and preparing for the next day. Managers are supposed to adjust the hours, but workers allege that doesn't always happen.
Chipotle is trying to regain customers since an outbreak of foodborne illnesses (including E. coli and norovirus) made customers in several states sick last year.
Customers have placed "an extraordinary level of trust in us and have come to know that we will do the right thing when it comes to our food, our employees and our approach to running a business," said Steve Ells, Chipotle's founder and CEO, on the company's earnings call in late July.
Chipotle is expected to continue fighting the case. | http://money.cnn.com/2016/08/29/news/economy/chipotle-lawsuit-nearly-10000-workers/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-29T00:00:00 | money.cnn.com/cd6feda66e6df328f7b2ca66ccbd9ab841cd7293838ddba3c0de8f0309a14b9f.json |
[
"Seth Fiegerman"
] | 2016-08-26T15:53:57 | null | 2016-08-26T11:20:00 | The latest focus point in Hillary Clinton's long email controversy may be a little-known tool for freeing up computer storage space. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F26%2Ftechnology%2Fhillary-clinton-bleachbit%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160826104528-clinton-bleachbit-780x439.jpg | en | null | What is BleachBit? Little-known tool at center of Clinton email controversy | null | null | money.cnn.com | The latest focus point in Hillary Clinton's long email controversy may be a little-known tool for freeing up computer storage space.
Trey Gowdy, a Republican congressman from South Carolina, looked to reignite criticism about Clinton's handling of emails on a private server by saying her team used a software tool called BleachBit to have messages "deleted where even God can't read them."
"You don't use BleachBit for yoga emails or for bridesmaids emails," Gowdy said in an interview on Fox News Thursday. "When you are using BleachBit, it is something you really do not want the world to see."
Clinton has said about 30,000 deleted emails were personal in nature.
However, BleachBit may not be quite as sinister as Gowdy makes it out to be. It's one of many services you can download online to free up space on your computer by removing old unused files and clearing out internet history and cookies.
An advanced version of the service also offers an option for "shredding files to prevent recovery."
"If you're a business user looking for a truly free system cleaner, one interesting option is open-source, cross-platform BleachBit," PCWorld wrote in a 2013 product review.
Related: Hillary Clinton slams Trump for ties to 'alt-right' media
Jonathan Zdziarski, a computer security expert, characterized BleachBit as a fairly "amateur" tool that doesn't raise any red flags.
"It looks like the type of tool someone would run who's conscious of cleaning old crud off their system," Zdziarski said. "Someone trying to cover their tracks would likely pay for and use a much more expensive, specialized data destruction tool."
Andrew Ziem, the developer behind BleachBit, wrote in a blog post that the service "has not been served a warrant or subpoena in relation to the investigation."
"BleachBit is free of charge to use in any environment whether it is personal, commercial, educational, and government, and the cleaning process is not reversible," Ziem said in the post on BleachBit's website.
That said, Ziem also noted that BleachBit's web traffic "spiked" after Gowdy's comments.
The Clinton campaign did not immediately respond to a request for comment. | http://money.cnn.com/2016/08/26/technology/hillary-clinton-bleachbit/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-26T00:00:00 | money.cnn.com/bb5a59e75c6c5b605a4f3a6f7678f23ac83f2af06d9ac0ff2828cbf412b7ab13.json |
[
"Peter Valdes-Dapena"
] | 2016-08-30T21:40:37 | null | 2016-08-30T04:57:53 | Johan de Nysschen, president of Cadillac, revealed future product plans in the comments section of a Web blog. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F30%2Fluxury%2Fcadillac-president-blog-product-plans%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160830140236-cadillac-escala-780x439.jpg | en | null | Cadillac exec spills company strategy ... in the comments section of a blog | null | null | money.cnn.com | Talk about loose lips.
Car companies usually keep their plans for future model plans a closely held secret. But the head of General Motors' (GM) Cadillac division couldn't help himself when he read what he thought was an off-base blog post. He felt compelled to correct the writer in the comments section and, in the process, mapped out the company's product plans for the next few years.
Johann de Nysschen, president of Cadillac, was responding to a post on the car blog The Detroit Bureau
"I do not know the sources of your information, but must assume they cannot be very high ranking," de Nysschen wrote. "[C]ertainly they do not have access to the full spectrum of information."
Then de Nysschen, who is high ranking and does have all that information, proceeded to share it.
He laid out a product plan that includes at least two new crossover SUVs, which will be key since crossovers are the fastest-growing segment of the luxury market.
De Nysschen also mentioned the addition of some "New Energy" vehicles -- such as plug-in hybrid or electric vehicles. That makes sense, says Kelley Blue Book senior analyst Rebecca Lindland, since government fuel economy rules are getting stricter.
Finally, De Nysschen revealed that a new flagship model will not be a typical four-door sedan, indicating that it might, instead, be an ultra-luxury SUV.
Related: Top five most expensive cars from Pebble Beach
De Nysschen admitted that all this may still change, however, since these plans have yet to be approved by GM's upper management and its board of directors. He indicated, though, that higher management has expressed confidence in the strategy for Cadillac.
Before taking over at Cadillac, de Nysschen was known to comment frequently in online discussions, said Lindland, so this spisode what something of a return to form.
Since taking over as head of Cadillac in 2014, the South African-born de Nyschen has made major changes to try to revive the brand's image as a desirable alternative to German luxury cars. Last year, he moved Cadillac's official headquarters from Detroit to a fashionable part of Downtown Manhattan in New York City.
Before joining GM to head Cadillac, de Nysschen had headed Nissan's (NSANY) Infiniti luxury brand and Volkswagen's (VLKPY) Audi brand. His strategy to spur sales at Cadillac has been to focus on product quality rather than heavy discounts, which undercut a high-end luxury image. So far this year, Cadillac sales are down about 8% compared to last year. | http://money.cnn.com/2016/08/30/luxury/cadillac-president-blog-product-plans/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-30T00:00:00 | money.cnn.com/78ea73c1f0525f0e65354ba83efe6c7b67d690fa616dfc8858ec2c4990fccebc.json |
[
"Patrick Gillespie"
] | 2016-08-31T13:41:02 | null | 2016-08-31T08:17:57 | Immigration is key to economic growth, according to some experts. Extensive research shows that deporting all undocumented workers would be very costly to the U.S. economy. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F31%2Fnews%2Feconomy%2Fimmigration-economics-trump-speech%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160811151356-trump-economic-adviser-780x439.jpg | en | null | America's immigrant economy: Strength or weakness? | null | null | money.cnn.com | Donald Trump is finally giving his long-awaited, "major" immigration speech on Wednesday.
The issue is the cornerstone of Trump's candidacy and it holds huge ramifications for millions of immigrants and the U.S. economy.
Trump has said if he becomes president, he'd deport all 11 million undocumented immigrants in the U.S. within two years. However, in recent weeks, Trump and his advisers have been hazy on exactly how many and what kind of immigrants would be deported.
"I am -- probably like everyone else -- confused about what exactly is Trump's immigration stance at the moment," says Ben Gitis, director of labor market policy at American Action Forum, a right-leaning Washington research group.
If Trump sticks to his original proposal, it would hurt the economy, many have warned.
According to Gitis and his colleague Jacqueline Varas, the labor force would shrink, the economy would lose $1 trillion and federal spending on deportations would skyrocket.
"If we were to remove all undocumented immigrants, it would be a huge strain on our economy," Gitis says.
Immigration is key to economic growth, according to some experts. It is the main factor in a Moody's analysis of how many jobs would be created under either Hillary Clinton or Trump.
Here are some of the key questions and answers on the issue as Trump's big speech takes center stage.
Related: Trump's old school: immigration plan would kill 4 million jobs
1. Do undocumented workers take jobs U.S. citizens could have?
The short answer is: Yes, undocumented workers take jobs away from U.S. citizens.
In 2014, the head of the U.S. Civil Rights Commission, Peter Kirsanow, wrote a letter to President Obama, where he argued that undocumented workers hurt job opportunities and wages for low-skilled workers, many of whom are black. Experts agree.
"Undocumented workers are predominantly low-skill, meaning that low-skill workers in the U.S., including a lot of minorities, are worse off because their earnings have been reduced," says George Borjas, a professor at Harvard's Kennedy School of Government.
But that doesn't mean that if all undocumented immigrants were deported, their jobs would be easily filled by U.S. citizens. If all those workers were deported AND all their jobs were filled by U.S. workers, there would still be 4 million unfilled jobs, according to American Action Forum's analysis.
Gitis and Varas estimate that agriculture, construction and leisure industries would be hit the hardest.
Related: 'Without NAFTA, we would be out of business'
2. Are undocumented workers using government services but not paying taxes?
It's a common argument that undocumented immigrants don't pay taxes but benefit from using government resources like public schools and hospitals. Experts say schools for immigrants' children are the biggest drag they bring to tax bases.
However, evidence challenges that stigma, showing that undocumented workers do pay taxes. The Institute on Taxation and Economic Policy found that undocumented immigrants pay nearly $12 billion a year in state and local taxes. California alone pulls in more than $3 billion in tax revenue from its estimated 3 million undocumented immigrants.
Despite paying some taxes, about half of undocumented immigrants don't file for tax returns and the vast majority don't receive Social Security when they're eligible, according to the Migration Policy Institute.
Still, it's hard to know how exactly many undocumented immigrants pay taxes at the state or federal level and how many collect their pay in cash.
Overall, undocumented workers contribute more to state and local taxes than they use up, says Kent Smetters, a University of Pennsylvania economic professor who created the Penn Wharton Budget Model. But he emphasizes that immigrants' tax contributions vary greatly from city to city.
3. What will Trump do to stop undocumented workers from taking Americans' jobs?
One of the ways that Trump says he can force employers not to hire undocumented workers is by using an electronic verification system known as E-Verify that allows employers to check a prospective employee's immigration status before hiring.
Harvard's Borjas believes that E-Verify, if backed by penalties for those who break the rules, could be successful in preventing undocumented immigrants from taking jobs U.S. citizens might apply for.
However, E-Verify has had difficulty gaining acceptance. In Arizona, where it's mandatory for all employers to use E-Verify, CNNMoney has in the past talked to business owners who didn't use it because it was an extra hurdle to the hiring process and business owners found the technology hard to use.
"E-Verify is a very old...policy mechanism with many well known flaws, not least of which that most employers do not want to participate," says Raul Hinojosa-Ojeda, a UCLA professor who has studied the economic impact of immigration reform.
Related: Would Trump be the big winner under his tax plan?
4. What would Trump's immigration policies mean for the economy?
Low skilled workers, particularly African-Americans, would stand to benefit from deportations. Their wages and job opportunities would likely improve because they compete for similar positions, experts say.
Borjas estimates that undocumented workers produce about $10 billion to $12 billion in output for the U.S. economy. But he also argues that this output may be offset by the fact that some don't pay taxes, their children partake of government resources like schools and they also compete for jobs with U.S. citizens.
Outside of low-skilled workers, much of the economy would suffer, other experts argue.
The American Action Forum contends that Trump's policy would cause the economy to shrink by $1 trillion. That accounts for the lost labor and the lost dollars those immigrants would be spending at shops and restaurants in America.
Beyond that, just deporting 11 million people in two years would take up significantly more resources from the government.
Trump says he would triple the number of ICE border patrol agents. Gitis estimates Trump would need to increase the number of agents from roughly 5,000 to over 90,000 to deport them all 11 million immigrants in Trump's two-year time frame.
In some experts' views, Trump's numbers just don't add up.
"The Trump immigration proposals make absolutely no economic sense," says Hinojosa-Ojeda. | http://money.cnn.com/2016/08/31/news/economy/immigration-economics-trump-speech/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-31T00:00:00 | money.cnn.com/b5fe067e6ac59721beb772cb0a461d18c3865d8b3c891b7aa1ebbfb9f1f421d9.json |
[] | 2016-08-29T17:39:00 | null | 2016-08-29T01:17:50 | Coca-Cola, once criticized for the amount of water it uses, has become the first Fortunate 500 company replenish all the water it uses globally. | http%3A%2F%2Fmoney.cnn.com%2Fvideo%2Fnews%2F2016%2F08%2F29%2Fcoke-water.cnnmoney%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_freevideo%2B%2528RSS%253A%2BCNN%2B-%2BVideo%2529.json | http://i2.cdn.turner.com/money/dam/assets/150206150939-coke-bottles-780x439.jpg | en | null | Coke replenishes water it uses globally | null | null | money.cnn.com | Coca-Cola, once criticized for the amount of water it uses, has become the first Fortunate 500 company replenish all the water it uses globally. | http://money.cnn.com/video/news/2016/08/29/coke-water.cnnmoney/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_freevideo+%28RSS%3A+CNN+-+Video%29 | en | 2016-08-29T00:00:00 | money.cnn.com/322226dc099879d7e4113c0cc6c1729b9c97682d064cfbfb2389db86c14e53ed.json |
[
"Sophia Yan",
"Elizabeth Joseph"
] | 2016-08-30T07:37:42 | null | 2016-08-30T02:08:48 | Internet mogul Kim Dotcom, who's wanted in the U.S. on criminal charges, has won permission for his court battle to be streamed online. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F30%2Ftechnology%2Fkim-dotcom-hearing-livestream-new-zealand-us%2Findex.html%3Fsection%3Dmoney_news_international%26utm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fmoney_news_international%2B%2528CNNMoney%253A%2BInternational%2BNews%2529.json | http://i2.cdn.turner.com/money/dam/assets/151223113308-kim-dotcom-780x439.jpg | en | null | Kim Dotcom wins fight to live-stream court hearing on YouTube | null | null | money.cnn.com | Internet mogul Kim Dotcom, who's wanted in the U.S. on criminal charges, has won permission for his court battle to be streamed online.
Dotcom is fighting extradition from New Zealand to the U.S., where he's accused of reproducing and distributing copyrighted content on a massive scale.
The New Zealand court hearing his appeal on Tuesday granted his request to have the proceedings live-streamed on YouTube.
"This is breaking new ground," Dotcom tweeted in response to the news. "New Zealand at the forefront of transparent justice!"
Live streaming of my hearing is a milestone. We're breaking new ground. Please treat the court with respect. Let's make this the new normal. — Kim Dotcom (@KimDotcom) August 30, 2016
Dotcom has hired a cameraman to start filming the hearing from Wednesday onward. The online broadcast will be delayed by roughly 20 minutes in case any sensitive information is disclosed in court.
His lawyer, Ira Rothken, said the streaming will improve transparency in the judicial process. "This is an important public interest case," he told CNN. "It's important for people who can't make it to New Zealand."
Lawyers appearing on behalf the U.S. government had opposed the idea, arguing that material that might appear in the broadcast could prejudice potential jurors for any trial in the U.S., New Zealand media reported.
Dotcom is the millionaire founder of file-sharing site Megaupload, which was shut down by the U.S. government more than four years ago. He and some of his co-workers were arrested by New Zealand police acting in conjunction with U.S. authorities.
Related: New Zealand judge rules Kim Dotcom eligible for extradition
After years of legal wrangling, a court ruled in December that Dotcom and three of his former business associates could be sent to the U.S., where they face charges including conspiracy to commit racketeering and money laundering.
The four men have appealed the decision, and the current hearing is expected to last as long as six weeks.
Born in 1974 as Kim Schmitz in Germany, Dotcom has argued that Megaupload was simply a file-sharing website and that he shouldn't be blamed for what others were uploading to it.
On Tuesday, he appeared to be relishing the prospect of the appeal hearing broadcast.
"Let's have a live streaming party about the live streaming judgment," he tweeted. | http://money.cnn.com/2016/08/30/technology/kim-dotcom-hearing-livestream-new-zealand-us/index.html?section=money_news_international&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_news_international+%28CNNMoney%3A+International+News%29 | en | 2016-08-30T00:00:00 | money.cnn.com/89824684fc901290a439438368eff0c68d0994af11e091fc2084aea8b7e53201.json |
[
"Jethro Mullen"
] | 2016-08-29T19:36:38 | null | 2016-08-29T04:30:35 | Japan's Mitsubishi Regional Jet (MRJ), which has already suffered repeated delays, was forced to abort test flights to the U.S. not once but twice. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F29%2Fnews%2Fcompanies%2Fmitsubishi-mrj-japan-test-flight-problems%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fedition_world%2B%2528RSS%253A%2BCNNi%2B-%2BWorld%2529.json | http://i2.cdn.turner.com/money/dam/assets/160829160643-mitsubishi-regional-jet-mrj-780x439.jpg | en | null | Japan's first passenger jet had a nightmare weekend | null | null | money.cnn.com | Japan's first ever homegrown passenger jet has had a bumpy few days.
The plane was forced to abort two consecutive test flights to the U.S. over the weekend because of problems with the air management system on board.
It's the latest setback for the aircraft, the Mitsubishi Regional Jet (MRJ), which has already suffered repeated delays.
Built by Mitsubishi Aircraft Corp., the MRJ is an effort by Japan to compete in the global plane-making industry. It's the country's first new commercial aircraft in more than 50 years (the last one was powered by turboprop rather than jet technology).
Related: China's big plan to build a world-class aircraft engine
It made its first flight in November, but the company is now trying figure out what went wrong over the weekend.
"We are in the process of finding out the details of the issue we faced during the last two days," Mitsubishi said Monday. "We are inspecting what the cause is first, and then we will consider the next steps."
The MRJ was meant to fly from Japan to the U.S. to carry out a series of flight tests.
The company has pushed back delivery plans for the MRJ four times in the past seven years. Its first customer, Japan's ANA (ALNPY), placed its initial order in 2008, with deliveries scheduled to start in 2013. The airline now isn't expected to receive the first plane until mid-2018.
Related: Boeing could kill production of its iconic 747 jumbo jet
Mitsubishi says the jet, which seats as many as 92 passengers, uses 20% less fuel than other aircraft in its class because of its efficient engines and aerodynamic design.
The MRJ puts Mitsubishi in competition with Brazilian plane maker Embraer (ERJ) and Canada's Bombardier (BDRAF), which dominate the market for passenger jets with fewer than 100 seats.
Delays aren't uncommon in bringing new planes to market. Industry giants Boeing (BA) and Airbus (EADSF) have both endured embarrassing setbacks on high-profile jets like the 787 Dreamliner and the A380. | http://money.cnn.com/2016/08/29/news/companies/mitsubishi-mrj-japan-test-flight-problems/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fedition_world+%28RSS%3A+CNNi+-+World%29 | en | 2016-08-29T00:00:00 | money.cnn.com/b3583f5b9d1a76027cf52e5306916d4015f50611559a756eeac9c3e4f958c6f8.json |
[
"Aaron Smith"
] | 2016-08-26T17:39:36 | null | 2016-08-26T01:03:57 | Walmart capitalizes on the "'insane' popularity of Patti LaBelle sweet potato pie with five new desserts. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F26%2Fnews%2Fcompanies%2Fpatti-labelle-walmart-pie%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160826040952-patti-labelle-cobbler-walmart-780x439.jpg | en | null | More Patti LaBelle pies coming to Walmart | null | null | money.cnn.com | Patti LaBelle is making an encore.
Her sweet potato pie was a smash-hit last year for Walmart (WMT), her exclusive retailer. Now she's expanding her line to include five new pies: berry cobbler, apple cobbler, peach cobbler, apple pecan cake and sweet potato loaf.
LaBelle's sweet potato pie hit stores last August, but it wasn't a huge success until Youtube star James Wright Chanel sang its praises in a expletive-laced video that went viral.
"I want to taste Patti live," said Wright, breaking into song as soon as he dug in. "You turn into Patti after eating this! Go to Walmart and buy the Patti LaBelle pie."
After that video came out in November, LaBelle's sweet potato pie sold like hot cakes.
"We were selling one per second for a while after his video went live," said Walmart spokesman John Forrest Ales. "He posted that video and we sold out and had to quickly make more, a million pounds."
And it wasn't just a Thanksgiving thing. Even after the holidays the pies were still selling, so Walmart has been churning them out year round even though they were originally meant to be a seasonal item.
Related: Walmart is selling deep-fried Twinkies
"It's pretty insane that it's August and people are still buying the sweet potato pie," said Ales.
LaBelle fans may want to brace themselves for a bit of sticker shock, though. While the sweet potato pie costs $3.98, the cobblers are $6.98, the apple pecan cake costs $9.98.
LaBelle was not immediately available for comment. | http://money.cnn.com/2016/08/26/news/companies/patti-labelle-walmart-pie/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-26T00:00:00 | money.cnn.com/0ec570bb6f84648321a3efe8dbb01a096d46976895709c83dc92110cdf8aa459.json |
[
"Ivana Kottasova"
] | 2016-08-30T11:36:04 | null | 2016-08-30T06:12:16 | The European Commission has ordered Ireland to recover unpaid taxes, plus interest, from Apple dating back to 2003. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F30%2Ftechnology%2Fapple-tax-eu-us-ireland%2Findex.html.json | http://i2.cdn.turner.com/money/dam/assets/140611181635-apple-tax-europe-780x439.jpg | en | null | Europe hits Apple with $14.6 billion tax bill | null | null | money.cnn.com | Ireland must recover up to 13 billion euros ($14.6 billion) in unpaid taxes from Apple, Europe's top regulator ruled on Tuesday.
The tax ruling is by far the biggest the European Union has ever made regarding a single company, and it could spark a huge transatlantic row over how Europe treats big U.S. companies.
Apple shares fell almost 3% in premarket trading. The company will appeal the decision. It said the ruling upended the international tax system and would damage jobs and investment in Europe. Ireland also intends to appeal.
The Commission said the Irish government had granted illegal state aid to Apple (AAPL, Tech30) by helping the tech giant to artificially lower its tax bill for more than 20 years.
"Member States cannot give tax benefits to selected companies -- this is illegal under EU state aid rules," said Commissioner Margrethe Vestager, Europe's top antitrust official.
Apple paid tax at 1%, or less, on profits attributed to its subsidiaries in Ireland, well below the 35% top rate in the United States and even well below Ireland's 12.5% rate.
That prompted complaints by both European and U.S. lawmakers, who argued the deal gave Apple an unfair advantage in exchange for creating jobs in Ireland. CEO Tim Cook was even called to testify on Apple's tax deal before a Senate committee in 2013.
The bill for tax benefits, plus interest, covers 2003 to 2014. Apple has more than $231 billion in cash on its balance sheet to cushion the blow.
Related: U.S. warns EU: Don't hit Apple with a massive tax bill
Apple (AAPL, Tech30) is not the only American company that has recently found itself under scrutiny over its European tax affairs.
The European Commission ordered Starbucks and Fiat Chrysler to repay millions in taxes last October.
Starbucks (SBUX) has to pay back up to 30 million euros it saved thanks to a sweetheart tax deal with the Netherlands. Fiat Chrysler (FCAM) was ordered to repay a similar amount after a similar deal with Luxembourg.
Both companies have appealed the decisions.
Related: France going 'all the way' to collect tax from Google, McDonald's
The EU is also probing the tax arrangements of Amazon (AMZN, Tech30) and McDonald's (MCD). Google (GOOG) is under investigation over its taxes in France and a couple of other European countries.
The ruling against Apple's tax deal comes despite a stern warning from the U.S. last week. The Treasury Department urged the European Commission to stop its tax crackdown on American companies, saying it would consider "potential responses" if Brussels doesn't change course. | http://money.cnn.com/2016/08/30/technology/apple-tax-eu-us-ireland/index.html | en | 2016-08-30T00:00:00 | money.cnn.com/19283d44f3fedfb95ca1c1554eb833f6a7f652b29bcff03925d3d53017503b12.json |
[
"Sara Ashley O'Brien"
] | 2016-08-26T23:39:02 | null | 2016-08-26T06:20:14 | PayPal cofounder Max Levchin responds to the White House's proposed entrepreneur parole rule to provide a new pathway for immigrant founds to stay in the U.S. and build their companies. | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F26%2Ftechnology%2Fimmigrant-entrepreneurs-max-levchin%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160826165035-max-levchin-780x439.jpg | en | null | PayPal cofounder: Immigrant entrepreneurs should have same chance I had | null | null | money.cnn.com | More immigrant founders, please.
That's the message the U.S. Citizenship and Immigration Services sent on Friday when it proposed a new rule to help talented foreign entrepreneurs stay in the U.S.
The rule would grant select entrepreneurs a temporary pass for two years to build their companies, with the option to request an extension for an additional three years.
The rule would enable the Department of Homeland Security to extend "parole" status to entrepreneurs. It's typically granted for humanitarian or medical relief, but it's a creative fix for the lack of a startup visa in the U.S.
This approach doesn't require congressional approval, which is where immigration reform efforts have repeatedly stalled. And as it stands now, there's no specific U.S. startup visa for foreign entrepreneurs.
PayPal cofounder Max Levchin came out as a vocal advocate for the new proposal on Friday. He wrote about his own move to Chicago from the Soviet Union in 1991. He was just 16 and his family had "just a few hundred dollars to our name," he wrote.
PayPal, founded in 1998, now employs nearly 17,000 people and is worth $47 billion, according to Levchin. Levchin wrote that it's that wealth that has enabled him to invest in more than 100 startups -- including Yelp (YELP).
"I believe that the most promising entrepreneurs from around the world should have the same opportunity I had -- the chance to deliver on their potential, here in America," wrote Levchin, who now heads consumer lending startup Affirm, which he cofounded.
He said that immigrants have cofounded as many as one quarter of the high-tech startups in communities all across the U.S.
"My story isn't unique -- America is a nation of immigrants and has always been a magnet for strivers, innovators, and entrepreneurs from every corner of the globe," added Levchin.
Related: Go-to visa for Indian and Chinese is temporarily frozen
Craig Montuori, executive director at the Global Entrepreneur In Residence Coalition, told CNNMoney that the parole status proposal is "99% of what we could have possibly hoped for in the absence of comprehensive legislative reform."
The proposed rules (which the public has 45 days to comment on) state that entrepreneurs will need to have started their companies in the past three years and have demonstrated "potential for rapid business growth and job creation." Entrepreneurs will need to support that claim by showing they've raised $345,000 in funding from qualified investors, or $100,000 in grants from government entities.
Montuori added that since parole is determined on an individual basis, "the training process is of huge importance, as is the managerial and policy oversight." | http://money.cnn.com/2016/08/26/technology/immigrant-entrepreneurs-max-levchin/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-26T00:00:00 | money.cnn.com/a5f647fe2dca3b8bd6e50eaf137de1a1766c44644d82b6a9202c820770cffd0e.json |
[
"Jeanne Sahadi",
"Lex Haris"
] | 2016-08-30T23:40:27 | null | 2016-08-30T06:00:13 | Publicly, Donald Trump has said he doesn't want to touch Social Security or other entitlement programs. But a key economic adviser and friend of his thinks the candidate might do something different if he's elected | http%3A%2F%2Fmoney.cnn.com%2F2016%2F08%2F30%2Fnews%2Feconomy%2Ftrump-social-security-medicare%2Findex.html%3Futm_source%3Dfeedburner%26utm_medium%3Dfeed%26utm_campaign%3DFeed%253A%2Brss%252Fcnn_latest%2B%2528RSS%253A%2BCNN%2B-%2BMost%2BRecent%2529.json | http://i2.cdn.turner.com/money/dam/assets/160829162438-trump-jackson-mississippi-780x439.jpg | en | null | Adviser thinks a 'President Trump' might take on Social Security | null | null | money.cnn.com | Donald Trump has been clear when it comes to Social Security and other entitlement programs: He's not touching them.
"I want to keep Social Security intact ... I'm not going to cut it, and I'm not going to raise ages ... [T]hey want to cut it very substantially, the Republicans, and I'm not going to do that," Trump said during a radio interview this spring.
But Trump economic adviser and longtime friend Tom Barrack seemed to suggest that stance is driven by politics -- and that, if elected, Trump might change his tune.
"I think Donald Trump will stick to what he said. My personal belief is that he might do something different, because you have to do something different," Barrack said in a wide-ranging interview with CNN's Erin Burnett. "Everyone has to give something up. If we don't we're going to crash."
Barrack suggested Trump may be a lot like Ronald Reagan in terms of appointing effective leaders and bringing about change.
"I think you're going to see Donald do the same thing. And I think you're going to see him do it across the board on entitlements."
When asked whether Trump would consider tackling Social Security and Medicare reform, a spokesman for the Trump campaign said "We will not cut Medicare or Social Security benefits, but protect them both."
Trump often laments the country's debt load. Although Medicare and, to a lesser extent, Social Security are key drivers of that debt, he never makes the case publicly for reforming those programs.
"He's not making the case because it's a political suicide to make this case," Barrack said. "If you go up and start saying I'm going to attack Social Security, I'm going to attack Medicaid, I'm going to attack all these [federal] departments -- we now have 17% about of the workforce employed by the government. There goes those votes. So no smart politician is going to step into this milieu."
Trump himself acknowledged as much in that spring radio interview, noting that if you propose cutting Social Security "you're going to lose the election."
Barrack, who is executive chairman of the private equity firm Colony Capital, said "at the end of the day, somebody's gotta say you've got to move the retirement age up two years."
One of those somebody's -- besides Barrack -- might be Trump's running mate, Indiana Governor Mike Pence.
Related: On Social Security, Trump and Pence couldn't be more different
Pence, a fiscal conservative, has said "everything should be on the table" as an option when it comes to putting Social Security on more stable financial footing for the long run. When asked in 2010 if he'd raise the retirement age, Pence said, "I'm an all-of-the-above guy. We need look at everything on the menu."
By 2034, Social Security will only have enough revenue coming in to pay 79% of promised benefits, according to the latest estimates from the Social Security trustees.
There are many ways to make the program solvent for decades to come, but there's not universal agreement on any of them. Many Democrats prefer to raise payroll taxes on high-income households, whereas many Republicans prefer to slow the growth in benefits and raise the retirement age. Nonpartisan experts typically suggest a broad mix of changes will be needed so as not to unduly burden any one group and to adequately protect seniors against poverty.
Related: Trump adviser backs off plan to wipe out U.S. debt in 8 years
As for Medicaid and Medicare, Trump has said very little.
But his Web site indicates he would favor "block granting" Medicaid - which effectively caps how much money the federal government would give to fund states' Medicaid programs.
He also has said publicly that Medicare should be able to negotiate drug prices.
But his estimate that doing so would save $300 billion a year is way off-base. For starters, that's far more than the government actually spends on prescription drugs. And more importantly, simply negotiating drug prices would only "save a negligible amount for the federal government," according to the Committee for a Responsible Federal Budget. | http://money.cnn.com/2016/08/30/news/economy/trump-social-security-medicare/index.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+CNN+-+Most+Recent%29 | en | 2016-08-30T00:00:00 | money.cnn.com/68f4f7a5fc0a859d9e87e4da4f52f9fd9bfe7c17f2159e7576c3beb681f0e821.json |
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