Thu 22 June, 2017

20:00 How Do You Offset 6 Million Tons of Carbon? One At A Time» Forbes Real Time
Individuals looking to offset their carbon impact haven't had many transparent, easy to use ways to do it--until now.
20:00 Sweating On The Underground: Why Are Tube Tunnels So Hot?» Forbes Real Time
Removing heat from a tunnel 60m underground is more challenging than you might think
19:44 Seeding The Clouds - Should We Mess With Our Earth's Climate?» Forbes Real Time
Given our seeming inability to reduce worldwide greenhouse gas emissions sufficient to keep warming to a few degrees, should we try the new engineered version of cloud seeding to reflect heat back into space on a planetary scale?
19:42 Brandon Marshall's Twitter Dustup Shows It's Time To Stop Telling Athletes To Stick To Sports» Forbes Real Time
Brandon Marshall responded to a fan's trolling words after the New York Giants wide receiver tweeted at President Donald Trump about health care.
19:38 American Airlines CEO 'Not Happy' About Qatar Plan to Buy 10% Stake» WSJ.com: US Business
Qatar Airways said it intends to buy a significant stake in American Airlines Group—a brash approach by the state-owned carrier that American Chief Executive Doug Parker called “puzzling and strange.”
19:37 Senate Bill Poses Risks to Health-Care Companies» WSJ.com: US Business
Senate Republicans’ health overhaul carries big risks for many health-care companies because of its cutbacks to federal Medicaid funding and the uncertain impact of its broad changes to individual health-insurance markets.
19:33 VMwareVoice: Best Practices for Leading the Digital Transformation» Forbes Real Time
Today’s businesses increasingly rely on IT to deliver innovative solutions to solve complex business problems. Companies today depend on technology to innovate more rapidly and get to market faster.
19:30 Stockman Warns "A Great Big Coup Is On The Way"»

Authored by David Stockman via The Daily Reckoning,

So let’s start with an obvious point about the whole Russia fiasco…

Namely, there is no “there, there.” First off, the president has the power to declassify secret documents at will. But in this instance he could also do that without compromising intelligence community (IC) “sources and methods” in the slightest.

That’s because after Edward Snowden’s revelations in 2013, the whole world was put on notice — and most especially Washington’s adversaries — that it collects every single electronic digit that passes through the worldwide web and related communications grids.

Washington essentially has universal and omniscient SIGINT (signals intelligence). Acknowledging that fact by publishing the Russia-Trump intercepts would provide new knowledge to exactly no one.

Nor would it jeopardize the lives of any American spy or agent (HUMINT). It would just document the unconstitutional interference in the election process that had been committed by the U.S. intelligence agencies and political operatives in the Obama White House.

That pales compared to whatever noise comes out of Langley (CIA) and Ft. Meade (NSA). And I do mean noise.

Yes, I can hear the boxes on the CNN screen harrumphing that declassifying the “evidence” would amount to obstruction of justice! That is, since Trump’s “crime” is a given (i.e. his occupancy of the Oval Office), anything that gets in the way of his conviction and removal therefrom amounts to “obstruction.”

Given that he is up against a Deep State/Democratic/Neoconservative/mainstream media prosecution, the Donald has no chance of survival short of an aggressive offensive of the type I just described.

But that’s not happening because the man is clueless about what he is doing in the White House. And he’s being advised by a cacophonous coterie of amateurs and nincompoops. So he has no action plan except to impulsively reach for his Twitter account.

That became more than evident — and more than pathetic, too — when he tweeted out an attack on his own Deputy Attorney General, Rod Rosenstein. At least Nixon fired Elliot Richardson (his Attorney General) and Bill Ruckelshaus (Deputy AG):

I am being investigated for firing the FBI Director by the man who told me to fire the FBI Director! Witch Hunt.

Alone with his Twitter account, clueless advisors and pulsating rage, the Donald is instead laying the groundwork for his own demise. Were this not the White House, this would normally be the point at which they send in the men in white coats with a straight jacket.

Indeed, that’s essentially what the Donald’s so-called GOP allies on the Hill are actually doing.

RussiaGate is a witch hunt like few others in American political history. Yet as the mainstream cameras and microphones were thrust at one Congressional Republican after another following the Donald’s outburst quoted above, there was nary an echo of agreement.

Even Senator John Thune, an ostensible Swamp-hating conservative, had nothing but praise for Special Counsel Robert Mueller, that he would fairly and thoroughly get to the bottom of the matter.

No he won’t!

Mueller is a card-carrying member of the Deep State who was there at the founding of today’s surveillance monster as FBI Director following 9/11. Since the whole $75 billion apparatus that eventually emerged was based on an exaggerated threat of global Islamic terrorism, Russia had to be demonized into order to keep the game going — a transition that Mueller fully subscribed to.

So he will “find” extensive Russian interference in the 2016 election and bring the hammer down on the Donald for seeking to prevent it from coming to light. The clock is now ticking. And his investigatory team is being packed with prosecutorial killers with proven records of thuggery. They’re determined to find crimes that create fame and fortune for prosecutors — even if the crime itself never happened.

For example, Mueller’s #1 hire was the despicable Andrew Weissmann. This character had led the fraud section of the department’s Criminal Division and served as general counsel to the F.B.I. when Mueller was its director. And more importantly, Weissmann was the driving force behind the Enron task force — the most egregious exercise in prosecutorial abuse and thuggery in 100 years.

Meanwhile, the GOP leadership could not be clearer about what is coming down the pike.

They are not defending Trump with even a hint of the vigor and resolve that I recall from the early days of Tricky Dick Nixon’s ordeal. Of course, Nixon didn’t survive anyway.

Instead, it’s as if Paul Ryan, Mitch McConnell, et al. have offered to hold his coat, while the Donald pummels himself with a 140-character Twitter Knife that is visible to the entire world.

So there should be no doubt. A Great Big Coup is on the way.

But here’s the irony of the matter: Exactly four years ago in June 2013 no one was seriously demonizing Putin or Russia. In fact, the slicksters of CNN were still snickering about Mitt Romney’s silly claim during the 2012 election campaign that Russia was the greatest security threat facing America.

But then came the Syrian jihadist false flag chemical attack in the suburbs of Damascus in August 2013 and the U.S. intelligence community’s flagrant lie that it had proof the villain was Bashar Assad.

To the contrary, it subsequently became evident that the primitive rockets that had carried the deadly sarin gas, which killed upwards of 1500 innocent civilians, could not have been fired from regime held territory. The rockets examined by UN investigators had a range of only a few kilometers, not the 15-20 kilometers from the nearest Syrian base.

In any event, President Obama chose to ignore his own red line and called off the bombers. That in turn paved the way for Vladimir Putin to persuade Assad to give up all of his chemical weapons — a commitment he fully complied with over the course of the next year.

Needless to say, in the eyes of the neocon War Party, this constructive act of international statesmanship by Putin was the unforgivable sin. It thwarted the next target on their regime change agenda — removal of the Assad government in Syria as a step toward an ultimate attack on its ally, the Shiite regime of Iran.

So it did not take long for the Deep State to retaliate. While Putin was basking in the glory of the 2014 winter Olympics at Sochi, the entire apparatus of Imperial Washington — the CIA, the National Endowment for Democracy, the State Department and a long string of Washington funded NGOs — was on the ground in Kiev assisting the putsch that overthrew Ukraine’s constitutionally elected President and Russian ally.

From there, the Ukrainian civil war and partition of Crimea inexorably followed, as did the escalating campaign against Russia and its leader.

So as it turned out, the War Party could not have planned a better outcome — especially after Russia moved to protect its legitimate interests in its own backyard resulting from the Washington-instigated civil war in Ukraine. That included protecting its 200-year old naval base at Sevastopol in Crimea.

The War Party simply characterized these actions falsely as acts of aggression against Russia’s European neighbors.

There is nothing like a demonized enemy to keep the $700 billion national security budget flowing and the hideous Warfare State opulence of the Imperial City intact. So why not throw in an allegedly “stolen” U.S. election to garnish the case?

In a word, the Little Putsch in Kiev is now begetting a Great Big Coup in the Imperial City.

This is a history-shattering development, but don’t tell the boys and girls and robo-machines on Wall Street.

Pathetically, they still think it’s game on.

So if there was ever a time to take advantage of the day traders and robo-machines which linger in the casino, now would be the occasion to sell, sell, sell. Once the breakdown starts there will be no respite from the implosion.

19:29 Trump says he is 'very supportive' of Senate healthcare bill » Top News & Analysis
Trump tweeted that he supported a Republican health care bill to replace Obamacare that was unveiled in the Senate.
19:29 Biggest U.S. banks clear first hurdle in Fed's annual stress tests» Reuters: Money
WASHINGTON/NEW YORK (Reuters) - The 34 largest U.S. banks have all cleared the first stage of an annual stress test, showing they would be able to maintain enough capital in an extreme recession to...
19:28 U.S. stock fund flows decline week after one of biggest inflows of 2017» Reuters: Money
NEW YORK (Reuters) - Investors pulled back from U.S.-based stock funds after pouring the most cash into those investments since February the previous week, Lipper data showed on Thursday.
19:26 Gwyneth Paltrow's Goop gets called out by NASA» Business and financial news - CNNMoney.com
The lifestyle brand initially said the stickers were made of carbon material used to line NASA space suits.
19:25 Kuwait hands Qatar a list of demands to resolve diplomatic dispute» Top News & Analysis
Kuwait has reportedly handed a list of demands to Qatar related to a diplomatic spat that saw several Gulf countries including Saudi Arabia cut diplomatic and commercial ties.
19:13 Former State Dept And CIA Employee Arrested, Charged With Federal Espionage»

Content originally published at iBankCoin.com

A former State Department employee was arrested Thursday and charged with espionage for allegedly transmitting Top Secret and Secret documents to a Chinese government agent, according to an affidavit filed with the U.S. District Court in Alexandria, VA.

Kevin Mallory, 60, of Leesburg is a self-employed consultant who speaks fluent Chinese. Court filings show that Mallory was an Army veteran who worked as a special agent for U.S. State Department's Diplomatic Security Service from 1987 to 1990. Since then, Mallory has worked for various government agencies and defense contractors, maintaining a Top Secret security clearance. The Washington Post reports that Mallory was also an employee of the CIA.

Mallory faces life in prison under the federal Espionage Act, and could qualify for the death penalty if certain conditions are met.

According to court filings, Mallory traveled to Shanghai in April and was stopped by Customs agents at O'Hare Airport in Chicago after failing to report $16,500 in cash in his carry-on bags. A month later, FBI agents interviewed Mallory - who told them that he met with two people from a Chinese think tank that he now suspects were Chinese intelligence agents.

The suspected operatives gave Mallory a "special communications device" to securely transmit documents, which he claimed was only used to transmit two unclassified "white papers" on U.S. policy matters.

However, when FBI forensics searched the device, they found several other documents which Mallory believed to have been deleted, according to the affidavit. One message from Mallory to the suspected Chinese agent read "your object is to gain information, and my object is to be paid." The Chinese agent's response was reportedly "my current object is to make sure your security and try to reimburse you."

Upon further analysis of the device, investigators found four classified documents - three of which were designated as Top Secret. According to the affidavit, Mallory was asked why some of the information at the top and bottom of certain pages was redacted - to which the alleged U.S. spy responded that it was to conceal the "Top Secret" designation so that "Unless read in detail, it appeared like a simple note," along with an assurance that the information was valuable.

Mallory appeared in court on Thursday wearing a gray tank top and black athletic shorts, and requested a court-appointed attorney. He was ordered held pending a Friday afternoon detention hearing.


Follow on Twitter @ZeroPointNow § Subscribe to our YouTube channel

19:13 Americans Are Dying With An Average Of $61,500 In Debt»

According to a recent study, the average total household debt in America is just over $132,500, broken down as per the chart below...

... and thanks to the Fed's recent and ongoing rate increases, the repayment of said debt will become increasingly more difficult. So difficult, in fact, that most Americans will be saddled with a sizable chunk of it at the time of their death.

Actually, most already are.

According to December 2016 data from credit bureau Experian provided to credit.com, 73% of American consumers had outstanding debt when they were reported as dead. Those consumers carried an average total balance of $61,554, including mortgage debt. Without home loans, the average balance was $12,875.

As credit.com reports, the data is based on Experian’s FileOne database, which includes 220 million consumers. (There are about 242 million adults in the U.S., according to 2015 estimates from the Census Bureau.) To determine the average debt people have when they die, Experian looked at consumers who, as of October 2016, were not deceased, but then showed as deceased as of December 2016.

Among the 73% of consumers who had debt when they died, about 68% had credit card balances. The next most common kind of debt was mortgage debt (37%), followed by auto loans (25%), personal loans (12%) and student loans (6%).

The breakdown of unpaid balances was as follows: credit cards, $4,531; auto loans, $17,111; personal loans, $14,793; and student loans, $25,391. And, as a reminder, debt doesn’t just disappear when someone dies.

What happens to that debt when you die, aside from it continuing to accrue interest until someone remembers to inform the creditors?

“Debt belongs to the deceased person or that person’s estate,” said Darra L. Rayndon, an estate planning attorney with Clark Hill in Scottsdale, Arizona. If someone has enough assets to cover their debts, the creditors get paid, and beneficiaries receive whatever remains. But if there aren’t enough assets to satisfy debts, creditors lose out (they may get some, but not all, of what they’re owed). Family members do not then become responsible for the debt, as some people worry they might.

That’s the general idea, but things are not always that straightforward. The type of debt you have, where you live and the value of your estate significantly affects the complexity of the situation. For example, federal student loan debt is eligible for cancellation upon a borrower’s death, but private student loan companies tend not to offer the same benefit. They can go after the borrower’s estate for payment.

To be sure, things can get messy. If your only asset is a home other people live in, that asset must be used to satisfy debts, whether it’s the mortgage on that home or a lot of credit card debt, meaning the people who live there may have to take over the mortgage, or your family may need to sell the home in order to pay creditors. Accounts with co-signers or co-applicants can also result in the debt falling on someone else’s shoulders. Community property states, where spouses share ownership of property, also handle debts acquired during a marriage a little differently.

“It’s one thing if the beneficiaries are relatives that don’t need your money, but if your beneficiaries are a surviving spouse, minor children — people like that who depend on you for their welfare, then life insurance is a great way to provide additional money in the estate to pay debts,” Rayndon said.

The best option, of course, is just to pay it all off while one is alive, however in a nation with over $15 trillion in household debt, that is increasingly unlikely. And, if the Fed normalizes rates as it promises, which for some odd reason means interest on savings accounts doesn't budge even as the interest due on debt ticks up with ever move of the Fed Funds rate, it means that the only possible debt discharge for tens of millions of Americans, will increasingly be the most terminal one too.

It remains unclear if debt incurred in this life carries over into the next one.

19:07 What Facebook's new mission can and can't fix» Business and financial news - CNNMoney.com
Facebook is focusing on community, but a new direction won't make fake news, live murders, and hate speech go away.
19:03 Facts dispute Trump's jobs claims» Business and financial news - CNNMoney.com
On coal, Carrier, autos and the economy overall, the facts dispute Trump's jobs claims.
19:03 SpaceX aims for rarefied air with upcoming launches» Top News & Analysis
No private company has successfully launched two rockets in a 48 hour time frame since United Launch Alliance did so in March 2008.
19:01 Dinner In White 2017: How To Participate In The Most Secret And Chic Pop-Up Diner En Blanc» Forbes Real Time
One of the best nights you'll ever have out is by invitation only from someone you know - and in many cities around the world. Dress in white, bring your own food, and have a wonderful evening.
19:00 What An Actress/Record-Winning Paralympic Runner Can Teach Us About Persistence» Forbes Real Time
Katy Sullivan was born without the lower halves of her legs, yet that never stopped her from thriving as a professional actress and champion athlete.
18:55 "Our Brand's Worse Than Trump" Democrats Demand "Toxic" Pelosi Step Aside, Trump Urges Her To Stay»

Update: Nancy Pelosi does have one supporter who believes she should stay...

*  *  *

Democrats' embarrassing special-election loss in Georgia, after the liberal media built up unrealistic expectations, has provoked a wave of bitter blowback that targets House Democratic Leader Nancy Pelosi.

As Axios notes, it's part of a generational argument that's also driving the party's 2020 conversation.

“It was a very rough night for Nancy Pelosi,” said Sean Clegg, a Democratic strategist in San Francisco, adding that he was personally a big fan of hers.


“Republican messaging attacking Pelosi appeared to be more effective than Democratic messaging against Trump. That’s a problem going forward, and it’s going to be a challenge in House races particularly.”

"I think the problem is we have not come up with an agenda and then we need a strategy to communicate it," Rep. Bill Pascrell, D-N.J., said.


"We can't just be against something."

On Wednesday, some Democratic members of Congress publicly voiced concerns about Pelosi, raising the specter of a leadership challenge.

“I think you’d have to be an idiot to think we could win the House with Pelosi at the top,” Rep. Filemon Vela, a Texas Democrat, told Politico.


“Nancy Pelosi is not the only reason that Ossoff lost, but she certainly is one of the reasons.”

Representative Ben Ray Luján of New Mexico, the chairman of the Democratic Congressional Campaign Committee, reportedly met Wednesday morning with a group of lawmakers who have been conferring about economic messaging, according to several people present who spoke on the condition of anonymity.

Mr. Luján told the group that his committee would examine the Georgia results for lessons, but he urged the lawmakers to portray the race in positive terms in their public comments, stressing that Democrats have consistently exceeded their historical performance in a series of special elections fought in solidly Republican territory.


It was in the meeting with Mr. Luján that Mr. Cárdenas, a member of the Democratic leadership, brought up Ms. Pelosi’s role in the Georgia race, calling it “the elephant in the room.”


Ms. Pelosi was not present.

On the front page of liberal heartland Silicon Valley's paper, The Mercury News of San Jose...

"Some of the toughest ads against the 30-year-old [Georgia Dem candidate Jon] Ossoff were those tying him to Pelosi, whose approval ratings are underwater outside California."

Furthermore, as NYTimes reports, in a possible omen, the first Democratic candidate to announce his campaign after the Georgia defeat immediately vowed not to support Ms. Pelosi for leader.

Joe Cunningham, a South Carolina lawyer challenging Representative Mark Sanford, said Democrats needed “new leadership now.”


Even Democrats who are not openly antagonistic toward Ms. Pelosi acknowledged that a decade of Republican attacks had taken a toll: “It’s pretty difficult to undo the demonization of anyone,” said Representative Bill Pascrell Jr. of New Jersey.

So with all that said, we are left with one question, as The Economic Collapse blog's Michael Snyder asks, are the 'toxic' Democrats destine to become a permanent minority party?

It has become exceedingly clear that the Democratic Party is in deep trouble.  Close to 55 million dollars was spent on the race in Georgia’s sixth congressional district, and that shattered all kinds of records.  Democrat Jon Ossoff was able to raise and spend six times as much money as Karen Handel and yet he still lost.  This was supposed to be the race that would show the American people that the Democrats could take back control of Congress in 2018, and so for the Democrats this was a bitter failure.  The Democratic Congressional Campaign Committee actually injected almost 5 million dollars into the race themselves, and Planned Parenthood threw in another $700,000.  But after all of the time, effort and energy that was expended, Handel still won fairly comfortably.

The Democrats are trying to spin this result as some sort of “moral victory”, but as Dan Balz of the Washington Post has pointed out, there are “no moral victories in politics”…

There are no moral victories in politics. Republicans won on Tuesday in the most important special election this year. Democrats lost, as they have done in the other special elections in GOP-held seats this year.


For the national Democratic Party, the debate continues about developing a message that goes beyond attacking Trump, or assuming dissatisfaction with the president will be enough.

It has been a very long time since there has been so much national attention on a single House race.  A number of high profile Hollywood celebrities became personally involved in Ossoff’s campaign, and they were absolutely devastated when he lost

Celebrities who donated time and money to Ossoff’s campaign, including actresses Alyssa Milano and Rosie O’Donnell, used their social media accounts to react to the Democrat’s loss shortly after the election results were confirmed late Tuesday night.


Milano, who personally drove voters to the polls in April’s preliminary election and was actively campaigning for the Democrat for most of Election Day, tweeted simply: “Grouphug” and “Get in.”


Meanwhile, electronic music producer Moby and vocal Trump critic O’Donnell appeared to be frustrated by the results, with Moby questioning how Democratic “still can’t win” even with “buffoon” Donald Trump in the White House. O’Donnell tweeted: “DONALD TRUMP IS THE DARKNESS ITSELF.”

Where does the Democratic Party go from here?

Their anti-Trump message is not working, and their usual divide and conquer tactics are not working either.

At this point either the Democratic Party is going to have to reinvent itself, or they could be facing a long, painful string of election defeats for the foreseeable future.  To say that things have not been going well for the Democrats lately would be a major understatement.  I really like what Rush Limbaugh had to say about this on his radio show…

“You have no idea the degree to which the media and the Democratic Party are destroyed today. I’m talking about how they feel … which is complete and utter defeat, frustration and devastation,” he said on Wednesday, hours after Republican Karen Handel was a multiple percentage point winner over defeated Democrat Jon Ossoff.


“The dirty little secret is the media and the Democratic Party is turning off average Americans. They are not persuading, they are not convincing people Trump is a reprobate,” he continued. “They do not know how to beat Donald Trump. There are depressed and despondent.”

It doesn’t take a genius to figure out why Jon Ossoff lost.

All of the anger and violence that we have seen lately has greatly tainted the Democratic Party.

The Democrats have become the party of Kathy Griffin.

The Democrats have become the party of Antifa and mock Trump assassinations.

And the Democrats have become the party of James Hodgkinson.

U.S. Representative Tim Ryan was right on the ball when he admitted that his party’s brand has now become “toxic” in much of the nation…

Representative Tim Ryan of Ohio, who tried to unseat Ms. Pelosi as House minority leader late last fall, said she remained a political millstone for Democrats. But Mr. Ryan said the Democratic brand had also become “toxic” in much of the country because voters saw Democrats as “not being able to connect with the issues they care about.”


“Our brand is worse than Trump,” he said.

As I have discussed repeatedly, the left doesn’t have any positive vision for the future to offer the American people.  They cannot win in the marketplace of ideas, and so they use anger, frustration, intimidation and violence as weapons.  For quite a while the Democrats successfully used “the blame game” and divide and conquer tactics to win elections, but now the American people are seeing through the charade.

The more angry and violent the left becomes, the more the American people are going to turn against them.  The following comes from Daniel Greenfield

But Trump Derangement Syndrome is a symptom of a problem with the left that existed before he was born. The left is an angry movement. It is animated by an outraged self-righteousness whose moral superiority doubles as dehumanization. And its machinery of culture glamorizes its anger. The media dresses up the seething rage so that the left never has to look at its inner Hodgkinson in the mirror.


The left is as angry as ever. Campus riots and assassinations of Republican politicians are nothing new. What is changing is that its opponents are beginning to match its anger.  The left still clings to the same anger it had when it was a theoretical movement with plans, but little impact on the country. The outrage at the left is no longer ideological. There are millions of people whose health care was destroyed by ObamaCare, whose First Amendment rights were taken away, whose land was seized, whose children were turned against them and whose livelihoods were destroyed.

Of course it is quite true that the Republican Party needs to be cleaned up as well.  Many establishment Republicans use labels such as “conservative” and “Pro-Life” to win elections, but then they end up government like Democrats.  And so many members of Congress in both parties spend far more time and energy raising money for their next elections than they do serving the American people.

There is a reason why Congress only has a 17.6 percent approval rating at the moment.  Both major parties should take that as a sign that they need to clean up their acts, because the American people are sick and tired of the status quo.

* * *

Of course the denial runs deep in The Democratic Party as a morning-after memo from the head of the House Democrats' campaign arm, DCCC Chair Ben Ray Luján of New Mexico, tries to buck up the troops by declaring: "THE HOUSE IS IN PLAY," partly because of "the nationwide collapse of support for President Trump."

And Pelosi herself made the following incredible statements this morning...


It appears all that Democrats are united on is that Pelosi should go.

18:54 The New York Post: HBO, John Oliver sued by coal company after mocking tycoon» MarketWatch.com - Top Stories
A coal company ​is suing HBO and ​its ​”Last Week Tonight” host John Oliver,​ claiming the comedian and political commentator defamed them on air.
18:51 Apple Must Kill The MacBook Air» Forbes Real Time
For all the talk of the iPad Pro being able to replace a laptop and be a consumers sole computer, Apple continues to make and sell the very computer system the iPad Pro is designed to replace. So why is the MacBook Air still on sale?
18:40 Four Reasons Central Banks Are Wrong To Fight Deflation»

Authored by Jorg Guido Hulsmann via The Mises Institute,

The word “deflation” can be defined in various ways. According to the most widely accepted definition today, deflation is a sustained decrease of the price level. Older authors have often used the expression “deflation” to denote a decreasing money supply, and some contemporary authors use it to characterize a decrease of the inflation rate. All of these definitions are acceptable, depending on the purpose of the analysis. None of them, however, lends itself to justifying an artificial increase of the money supply.

The harmful character of deflation is today one of the sacred dogmas of monetary policy. The champions of the fight against deflation usually present six arguments to make their case. One, in their eyes it is a matter of historical experience that deflation has negative repercussions on aggregate production and, therefore, on the standard of living. To explain this presumed historical record, they hold, two, that deflation incites the market participants to postpone buying because they speculate on ever lower prices. Furthermore, they consider, three, that a declining price level makes it more difficult to service debts contracted at a higher price level in the past. These difficulties threaten to entail, four, a crisis within the banking industry and thus a dramatic curtailment of credit. Five, they claim that deflation in conjunction with “sticky prices” results in unemployment. And finally, six, they consider that deflation might reduce nominal interest rates to such an extent that a monetary policy of “cheap money,” to stimulate employment and production, would no longer be possible, because the interest rate cannot be decreased below zero.

However, theoretical and empirical evidence substantiating these claims is either weak or lacking altogether.

First, in historical fact, deflation has had no clear negative impact on aggregate production. Long-term decreases of the price level did not systematically correlate with lower growth rates than those that prevailed in comparable periods and/or countries with increasing price levels. Even if we focus on deflationary shocks emanating from the financial system, empirical evidence does not seem to warrant the general claim that deflation impairs long-run growth.


Second, it is true that unexpectedly strong deflation can incite people to postpone purchase decisions. However, this does not by any sort of necessity slow down aggregate production. Notice that, in the presence of deflationary tendencies, purchase decisions in general, and consumption in particular, does not come to a halt. For one thing, human beings act under the “constraint of the stomach.” Even the most neurotic misers, who cherish saving a penny above anything else, must make a minimum of purchases just to survive the next day. And all others—that is, the great majority of the population—will by and large buy just as many consumers’ goods as they would have bought in a nondeflationary environment. Even though they expect prices to decline ever further, they will buy goods and services at some point because they prefer enjoying these goods and services sooner rather than later (economists call this “time preference”). In actual fact, then, consumption will slow down only marginally in a deflationary environment. And this marginal reduction of consumer spending, far from impairing aggregate production, will rather tend to increase it. The simple fact is that all resources that are not used for consumption are saved; that is, they are available for investment and thus help to extend production in those areas that previously were not profitable enough to warrant investment.


Third, it is correct that deflation—especially unanticipated deflation—makes it more difficult to service debts contracted at a higher price level in the past. In the case of a massive deflation shock, widespread bankruptcy might result. Such consequences are certainly deplorable from the standpoint of the individual entrepreneurs and capitalists who own the firms, factories, and other productive assets when the deflationary shock hits. However, from the aggregate (social) point of view, it does not matter who controls the existing resources. What matters from this overall point of view is that resources remain intact and be used. Now the important point is that deflation does not destroy these resources physically. It merely diminishes their monetary value, which is why their present owners go bankrupt. Thus deflation by and large boils down to a redistribution of productive assets from old owners to new owners. The net impact on production is likely to be zero.


Fourth, it is true that deflation more or less directly threatens the banking industry, because deflation makes it more difficult for bank customers to repay their debts and because widespread business failures are likely to have a direct negative impact on the liquidity of banks. However, for the same reasons that we just discussed, while this might be devastating for some banks, it is not so for society as a whole. The crucial point is that bank credit does not create resources; it channels existing resources into other businesses than those which would have used them if these credits had not existed. It follows that a curtailment of bank credit does not destroy any resources; it simply entails a different employment of human beings and of the available land, factories, streets, and so on.

In the light of the preceding considerations it appears that the problems entailed by deflation are much less formidable than they are in the opinion of present-day monetary authorities.

Deflation certainly has much disruptive potential. However it mainly threatens institutions that are responsible for inflationary increases of the money supply. It reduces the wealth of fractional-reserve banks, and their customers-debt-ridden governments, entrepreneurs, and consumers. But as we have argued, such destruction liberates the underlying physical resources for new employment. The destruction entailed by deflation is therefore often “creative destruction” in the Schumpeterian sense.

18:39 What's inside the Senate GOP health care bill» Business and financial news - CNNMoney.com
Senate Republicans have released their version of the health care bill, which seeks to repeal major portions of Obamacare and reform health care in America. CNNMoney breaks it down for you.
18:38 Albert Edwards: "Citizens Will Soon Turn Their Rage Towards Central Bankers"»

During the populist revolt of 2016, which first led to the "shocking outcomes" of Brexit and then Trump, we cautioned that these phenomena were merely the "silent majority" of the developed world's middle class expressing their anger and frustration with a world that has left them - and their real disposable income - behind, while rewarding the Top 1% through policies that have led to a relentless and record ascent in global asset prices, largely the purview of the world's wealthiest. More recently, we also noted that it was only a matter of time before this latest "revolt" fizzled, as the realization that changing one politician with another would achieve nothing, and anger shifted to the real catalyst behind growing global inequality (and anger): central banks.

In his latest note today, Albert Edwards picks up on this theme to write "Theft redux: the citizens will soon turn their rage towards Central Bankers." The core of his argument is familiar:

While politics in the West reels from a decade of economic crisis and stagnation, asset prices continue to surge on the back of continued rapid growth in G3 QE. In an age of “radical uncertainty” how long will it be before angry citizens tire of blaming an impotent political system for their ills and turn on the main culprits for their poverty – unelected and virtually unaccountable central bankers? I expect central bank independence will be (and should be) the next casualty of the current political turmoil.

That's just the beginning from Edwards, who appears to be getting increasingly angrier and more frustrated with a market that makes increasingly less sense: his fiery sermon continue with the following preview of the "inevitable catastrophe that lies ahead."

Evidence of the impact of monetary madness on assets prices is all around if we care to look. I read that a parking spot in Hong Kong was just sold for record HK$5.18 million ($664,200). What about the 3.5x oversubscribed 100 year Argentine government bond? Sure, everything has a market clearing price, even one of the most regular defaulters in history. But what concerned me most about the story was it was demand from investors ("reverse enquires") that prompted the issue. Is it just me or can I hear echoes of the mechanics of the CDO crisis? But no one cares when the party is still raging and investors, drunk with the liquor of loose money, are blind to the inevitable catastrophe that lies ahead. 


There is a lot of anger out on the streets, as demonstrated most visibly in recent elections. Even in France where investors feel comforted that a "moderate" has gained (absolute?) power, it is salutary to remember that the two establishment parties have just been decimated by a man who had never before stood for public office! This is perhaps even more radical than Trump's anti-establishment victory under the Republican umbrella. The global political situation is incredibly fluid and unpredictable. While a furious electorate has turned its pent up anger on the establishment political parties, the target for their rage is misguided. I am not completely alone in thinking it is the unelected and virtually unaccountable central bankers who are primarily responsible for the poverty of working people and who will be ultimately held to account in the next crisis.


In the immediate aftermath of the 2008 financial crisis, politicians skilfully diverted the publics' anger away from themselves by scapegoating "the bankers". After another eight years of economic stagnation that excuse no longer is tenable and politicians themselves are now taking the flak. But citizen revolutionaries will, I think, soon turn their fire on those who I believe are truly responsible for their plight. We explained back in January 2010 in a note entitled Theft! Were the US & UK central banks complicit in robbing the middle classes? how central banks in the US and UK had deliberately stocked up massive housing bubbles prior to the Global Financial Crisis (GFC) to disguise the rapid rise in income inequality in both countries. Rapidly rising house prices allowed the middle classes to maintain the illusion they were getting richer so that despite stagnant real incomes they could continue to consume by extracting housing equity. We know how that party ended!



After the GFC central bankers have collectively spent the last decade stepping up the pace of money printing to new extremes in an attempt to drown the global economy in liquidity, while couching their actions in plausible theories such as "secular stagnation". There is no recognition at all by central bankers that it may well be their own easy money and zero interest rate policies that are actually causing the stagnation in growth while at the same time wealth inequality surges to intolerable heights. Yellen et al will inevitably be sacrificed at the altar of political expediency as citizen rage explodes.

Edwards continues, justifying why it has taken his 2010 prediction so long to play out, and predicting that the end result is nothing short of a full systemic break down:

My dire prognostications back in January 2010 proved premature (as usual). It has taken another seven years of economic stagnation and falling living standards of working people, together with the sight of the rich getting richer as a result of central bank QE polices, for the patience of ordinary working people to snap - most visibly in the US and UK elections. That rage has not diminished and, as Bill Gross predicted, the system is in the process of breaking down.


Amidst the current turmoil in the US and UK there is a huge sigh of establishment relief in the eurozone in the wake of the defeat of the far right in recent French and Dutch elections. The establishment hope the tide towards radicalism has turned - at least in continental Europe. That belief is wrong in my view and the current revolution will devour more political and establishment victims before it's over, most notably the central bankers themselves.

Ultimately, it's all about wealth inequality however, and here it is central bankers again who are at fault:

Anecdotally we all know wealth inequality has risen due to central bank QE and free money. Although we can see and feel it, it is reassuring to see firm evidence. This week the UK Resolution Foundation published a damning report into rising wealth inequality in the UK (this UK think tank is led by David Willetts, who during his political career was known as one of the most intellectual of MPs - his nickname being "two brains"). The report found the key driver for rising inequality was the collapse in UK home ownership since the 2008 financial crisis to a 30 year low: link and link.


Like so many economic commentators and think tanks, the Resolution Foundation doesn't seem to want to pin the proverbial tail on the donkey – for it is not the lower homeownership that is the real problem per se but the fact that QE is driving up asset prices that households no longer own! (In addition, zero interest rates have driven up buyto- let investment demand for housing hence reducing the supply of housing for owner occupation). While UK home ownership is now at a 30-year low (link), the US too has seen a similar shocking plunge in home ownership (see chart below).


At least in the run-up to the 2008 GFC, owner occupation in the UK and US surged along with house prices and so working people had the illusion they were getting richer along with the rest of the population. Now there is no such illusion for what has been dubbed "generation rent". In the US, to add insult to injury, rent inflation has rapidly outstripped CPI since the GFC.


If things are bad in the UK, ?generation rent? has been squeezed far more badly by soaring rents in the US (see chart below). No wonder the JAMs (just about managing) are in revolt.

There is much more, bust the gist is clear: it is only a matter of time before the general population realizes that it is not politics, but monetary policy. But how long? The simple answer: as long as stocks keep rising, all shalle be well: "no one cares when the party is still raging and investors, drunk with the liquor of loose money, are blind to the inevitable catastrophe that lies ahead." Which is also why the Fed will do everything in its power to keep the market ascent - and its existence - continue for as long as possible. And then, as a last diversion, they will blame Trump.

In other words, by the time all of this happens, the angry natives may have no choice but to rent their pitchforks...

18:36 Facebook Has New Vision Beyond 'Connecting,' and It Thinks Groups Are Key» WSJ.com: US Business
Facebook Chief Executive Mark Zuckerberg took a step toward defining a new vision for the social-media company as it grapples with how to handle its growing power in the world.
18:30 FCC Fines Man $120 Million for His 100 Million Robocalls» WSJ.com: US Business
The Federal Communications Commission proposed an “unprecedented” fine against Adrian Abramovich, a Miami man who the agency said was responsible for making almost 100 million falsified robocalls in late 2016 in violation of telecommunications laws.
18:29 How You Can Make Serious Money By Learning To Code On Vacation» Forbes Real Time
This entrepreneur — a disrupter in the tech space —is creating a new kind of vacation that aims to help you get a job.
18:28 'Fargo' Season 3 Was Great Right Up Until That Terrible Cliffhanger» Forbes Real Time
Fargo Season 3 was excellent right up until the end.
18:27 The Latest: Catholic health care group opposes Senate bill» AP Top Business News at 6:48 p.m. EDT
WASHINGTON (AP) -- The Latest on Senate Republicans' health care bill (all times local):...
18:24 Happy 10 Year Anniversary: "On June 22, 2007, Credit Spreads Began To Unwind"»

June 21, 2007 is when the financial crisis - which had officially started on February 7 with an announcement by HSBC - hit home for Wall Street, with the news that Bear Stearns had staved off the collapse (not for long) of 2 subprime-focused hedge funds. This is what the NYT wrote that day:

The high-stakes game of brinksmanship began early yesterday on Wall Street, and continued throughout the day. Bankers traded telephone calls, frenetically negotiating the fate of two hedge funds.


All wanted to avoid a fire sale in the troubled mortgage-securities market, but at the same time, not get stuck with an exploding liability that could result in steep losses. The day ended with deals that appeared to have forestalled a meltdown. But questions remained about how successful they were and whether they had merely delayed the inevitable.

It wasn't until the next day, however, that credit finally started to move, or as Bank of America's Barnaby Martin writes, "Happy 10yr anniversary - do you remember the great unwind?"

Because it was 10 years ago today, on June-22nd 2007, that credit spreads finally began to widen in what would soon turn out to be the most painful 2 year bear market that corporate bonds had experienced in recent history. And - just like now - Martin notes that before the unwind kicked-in, "high-grade spreads had become tremendously compressed, given the proliferation of CDOs." Now we have ETFs... oh and central banks of course.

So fast forward to today, and while high-grade spreads are still far from their '07 tights (106bp vs 46bp), Martin notes in the chart on the left that "high-grade spreads are close to being as compressed as they were 10yrs ago."

According to the BofA credit strategist, this is a key consequence of the ECB's Corporate Sector Purchase Program (which as discussed yesterday was used to directly fund over $10 billion of Europen corporate issuance in the primary market) in that "eligible" names are now treated as having the "same risk" (because the ECB has shown little in the way of credit differentiation).

The chart on the right highlights this theme in a different way: "it shows the standard deviation of high-grade spreads versus the market spread level. As can be seen, high-grade spreads are much more compressed than they should be given the current spread level" according to BofA.

So is it time for spreads to do what they did exactly 10 years ago and restart the "great unwind." For now the answer is probably not for the simple reason that there is an record tide of money chasing every last possible drop of yield in a world where central bank buying has forced everyone to the very edges of the risk curve. Here's Martin:

"Goldilocks" credit technicals remain. Spreads are hugely outperforming equities in June and shrugging-off the drop in commodities. While arguments of complacency in credit are fair, we think they miss the point. What's key at present is how significant investment-grade inflows have become lately. Inflows have reached record levels which we think highlights the ongoing pressure on retail investors to find quality yield, but perhaps also reflects their skepticism on central banks' ability to turn hawkish.

For now the answer to what will be this generation's "Bear Stearns hedge fund moment" that resets the cycle remains unknown.

18:23 Is FANG Taking Too Big a Bite Out of the Market?» Barron's Most Viewed Today
Will these corporate leaders bring down the market like their forebears, the Nifty Fifty, once did?
18:20 Mutual Funds Weekly: Any of these market shocks could bring the bull to its knees» MarketWatch.com - Top Stories
The week’s top money and investing features.
18:19 This Is What We Know About How The Lone Star Tick Causes Meat Allergies» Forbes Real Time
The lone star tick is spreading. But how does its bite cause a potentially dangerous meat allergy? Here's what scientists know so far.
18:17 Market Extra: Stock-market bulls are ‘playing with fire,’ says financial blogger» MarketWatch.com - Top Stories
Are Wall Street optimists pyromaniacs? At least one financial blogger thinks the bulls are engaged in a dangerous game that could get them scorched, as U.S. stock markets continue to flirt with all-time highs.
18:15 Here's what the Senate healthcare bill means for all types of Americans» Markets

doctor patient health care

Senate Republican leadership released a long-awaited Obamacare repeal and replace bill Thursday, providing the first look at their vision of the future for America's healthcare system.

The 142-page discussion draft, called the Better Care Reconciliation Act, has the potential to affect a wide scope of Americans' lives — from taxes on medical equipment to tax credits for people to buy coverage.

For people who have insurance through their employers, a bulk of the country, there would be substantial but less-direct effects. The more immediate impact would come on people who get their insurance through the individual insurance marketplace, like the exchanges established by the Affordable Care Act, or government programs like Medicaid.

We've broken it down by income strata with some additional information on the broader effects. (Note: Income levels are chosen to highlight distinctive features of the bill.)

Low-income Americans

  • Definition: 138% of the federal poverty limit, the cutoff to qualify for Medicaid under Obamacare's expansion. That translates to an annual income of $20,782 for an individual and $42,435 for a family of four.
  • Effect on costs: The upper portion of this group — those making between the federal poverty limit and 138% of it — are currently eligible for Obamacare's Medicaid expansion in the 32 states that took up the program. The Senate bill would continue the expansion through 2020 and then slowly taper it until it is dropped altogether after 2023. Those people would then be shifted to the individual marketplace and given subsidies, which cover much less than Medicaid.

    For those under the federal poverty line, the Senate bill would shift Medicaid funding to a block-grant system that is less generous than the current system, which matches a percentage of whatever states spend. States would be forced to choose between having to shoulder more of the burden for Medicaid or letting it get more expensive for consumers.

    Bottom line: Costs would likely rise for people on both Medicaid and the expansion.
  • Effect on care: Without the expansion, it is more likely that more people would go uninsured. The Congressional Budget Office estimated that 14 million fewer Americans would be on Medicaid in 2026 under the House's version of the law. The Senate version's CBO score will come next week, but it is likely to be similar.

    Additionally, the Senate bill would allow states to apply for waivers to repeal a regulation in Obamacare called essential health benefits (EHBs). EHBs standardize 10 types of care that are the bare minimum for insurance plans including mental health and maternity care. Without those, insurers could offer skimpier plans that cover less.

    Bottom line: There would be fewer lower-income people covered — and in states that take up waivers, their plans would cover less.

Middle-income Americans

  • Definition: The Pew Research's definition cuts off middle income at $72,500 for an individual and $145,000 for a family of four. (This is based on the national median income, so it is not adjusted for cost of living in different areas.)
  • Effect on costs: For middle-income people who access coverage through the individual market, the Senate bill would have tax subsidies similar to Obamacare based on income. One proposed change: The cutoff for subsidies would drop from 400% of the poverty line to 350% of the poverty line. So the highest income a person could make and qualify for assistance is $52,710 for an individual (down from $62,240) and $107,625 for a family of four (down from $123,000). More people would be left out from getting help paying for premiums.

    The subsidies also make it so a person cannot pay more than a certain percentage of their income on premiums. Under the Senate bill, the percentage would increase with age. For instance, a 33-year-old person who makes $50,000 annually, or 332% of the poverty line, would pay up to 8.9% of their income on premiums, or $4,450 a year. For a person age 61, that increases to 16.2% of their income, or $8,100 a year.

    Additionally, the benchmark plan for Obamacare has an actuarial value — in essence, the percentage of all costs covered — of 70%. Under the Senate bill, the value would drop to 58%. In practice, that would mean many plans would have higher deductibles and out-of-pocket costs.

    The bill also would repeal the mandate that employers provide coverage, so more people (in any income bracket) could also end up in that boat.

    Bottom line: People receiving subsidies would likely end up paying more, and fewer middle-income Americans would receive assistance with premiums.
  • Effect on care: The potential repeal of essential health benefits would also affect this group. But without larger subsides to purchase optional packages that would make up for those losses, people would likely choose lower-cost plans that cover much less. And higher deductibles and co-pays would mean people would be less likely to utilize their insurance.

High-income Americans

  • Definition: Above $72,500 for an individual and $145,000 for a family of four.
  • Effect on costs: People at this income level on the Obamacare exchanges are not eligible for subsidies, so direct costs would not increase. The biggest difference would be for people making over $200,000 as an individual or a married couple making over $250,000, regardless of where they get their insurance. Since the Senate bill would repeal Obamacare's taxes, this group would likely see their tax bills decline.

    Bottom line: The most wealthy people could pay a lot less in taxes, while maintaining the same price for their insurance.
  • Effect on care: Higher-income Americans would be subject to the same EHB repeals in states that get waivers. These people would be more likely to be able to afford plans that still cover those baselines, however.

SEE ALSO: Check out the full Senate healthcare bill

Join the conversation about this story »

NOW WATCH: 'Melania needs to get with the program’: Ian Bremmer explains the biggest takeaways from Trump’s first foreign trip

18:15 Ted Cruz Reveals Details Of His Amendment Proposal To Senate Healthcare Bill»

Earlier today, Senators Rand Paul (KY), Ted Cruz (TX), Ron Johnson (WI) and Mike Lee (UT) issued a joint statement announcing their opposition to McConnell's healthcare bill on the basis that it did not fulfill a promise made to the American public to "repeal Obamacare and lower their health care costs."  Here was the full statement:

"Currently, for a variety of reasons, we are not ready to vote for this bill, but we are open to negotiation and obtaining more information before it is brought to the floor.  There are provisions in this draft that represent an improvement to our current health care system, but it does not appear this draft as a written will accomplish the most important promise that we made to Americans: to repeal Obamacare and lower their health care costs."

Ironically, these conservative Senators, for once, offered some hope to the mainstream media which quickly latched onto their comments as a sign that TrumpCare was potentially 'DOA.'

Alas, in light of a new statement that Cruz has just posted to his facebook account, it seems as though his prior 'joint opposition' announcement may have been nothing more than a signal that he's ready to begin negotiations to extract some 'holdup value' in return for his vote.  Here's an excerpt:

But it is important to remember that what was released today was only a draft. I am hopeful that as we openly debate this legislation, real improvements will be made prior to floor consideration so that we can pass a bill that provides the relief from Obamacare that Republicans have repeatedly promised the last seven years.


I want to get to yes, but this first draft doesn't get the job done. Over the next week and beyond, I will continue working to bring Republicans together to honor our promise, repeal Obamacare, and adopt common-sense, consensus reforms that can actually be passed into law.

So what are conservatives in the Senate looking to get?  As it turns out, Cruz has just shared details with The Hill of an amendment he has proposed called the "Consumer Freedom Amendment."  Among other things, the amendment would allow insurers to sell slimmed down, lower-premium plans (i.e. "catastrophe plans") to consumers who don't to pay for all 10 medical services mandated by Obamacare.

The "Consumer Freedom Amendment" would leave existing ObamaCare plans on the individual market, while also allowing insurers to sell plans that don't comply with requirements of the Affordable Care Act.


"What that does — it leaves existing plans on the market but it gives new options so that people can purchase far more affordable health insurance. It will enable a lot more people to be able to afford buying health insurance," Cruz told The Hill on Thursday afternoon.


Cruz's amendment would allow insurers to continue offering plans that follow ObamaCare's "Title One" requirements, including essential health benefits, which mandates 10 services insurers must cover with no cost-sharing.


But insurers could also sell skimpier, cheaper plans that don't cover those 10 services or meet other ObamaCare requirements.


"If a health insurer offers a plan consistent with the Title One mandates, insurers can also sell in that same state any other plans that consumers desire," Cruz said.

Of course, as John Boehnor has pointed out before, any hopes of a compromise between Republicans on healthcare may be nothing more than a bunch of "happy talk" as they have "never, ever, not once" agreed on what a plan should look like.

* * *

Below is Cruz's full statement:

Four months ago, I joined with a group of five other senators with very different perspectives on health care policy – representative of the full spectrum of the Republican Party – for the sole purpose of working together to fulfill our commitment to voters to reduce premiums and provide better, more affordable healthcare. Over time, this group expanded to include committee chairs, Senate leadership, and then the entire conference. We carefully deliberated, with the common goal of crafting a bill that can pass and that actually fixes the problems Obamacare has wrought.


While I have not yet had the opportunity to fully review the draft legislative text itself, there are components that give me encouragement and there are also components that are a cause for deep concern.


I am encouraged that the bill would expand association health plans, so those in individual or small group markets can join together in large groups to get lower rates. I am also pleased that the bill would make at least some progress in reining in the long-term growth of Medicaid. These are two inclusions that I have been fighting for since the beginning of our discussions. Finally, I am glad that this retains the provisions previously passed by Congress to prevent taxpayer dollars from funding organizations that perform abortions.


However, as currently drafted, this bill draft does not do nearly enough to lower premiums. That should be the central issue for Republicans – repealing Obamacare and making healthcare more affordable. Because of this, I cannot support it as currently drafted, and I do not believe it has the votes to pass the Senate.


But it is important to remember that what was released today was only a draft. I am hopeful that as we openly debate this legislation, real improvements will be made prior to floor consideration so that we can pass a bill that provides the relief from Obamacare that Republicans have repeatedly promised the last seven years.


Specifically, we should do more to ensure consumers have the freedom to choose among more affordable plans that are tailored for their individual healthcare needs. We should allow consumers to purchase insurance across state lines and create a true 50-state marketplace, driving down costs for everyone. We should expand health savings accounts so that consumers can pay health insurance premiums on a pre-tax basis. We should incentivize states to cap punitive damages in medical malpractice lawsuits to further reduce the cost of healthcare.


Finally, we should provide real flexibility for Medicaid, so states can design creative and innovative ways to provide care for our most vulnerable. I have strongly advocated for these proposals to this point and will continue to do so going forward.


I want to get to yes, but this first draft doesn't get the job done. Over the next week and beyond, I will continue working to bring Republicans together to honor our promise, repeal Obamacare, and adopt common-sense, consensus reforms that can actually be passed into law.

18:13 YouTube claims 1.5 billion monthly users as it races to boost video-ad business» Top News & Analysis
YouTube CEO Susan Wojcicki said in a blog post the service now has 1.5 billion users, who watch more than an hour a day on mobile devices.
18:11 'Serious questions' raised about Kushner family conflicts» Business and financial news - CNNMoney.com
Walter Jones, a member of the House from North Carolina, wrote to the Office of Government Ethics on May 18 to ask whether the pitch by the Kushner family business to Chinese investors last month violated ethics rules.
18:11 Cramer: This market is scared of Amazon, and it's fighting back» Top News & Analysis
Jim Cramer sees a market worried about Amazon, and players like Wal-Mart are not taking its domination lightly.
18:11 'Transformers 5' $3.98 MM China Midnight Is Disastrous 44% Of 'Furious 8' Debut» Forbes Real Time
The sci-fi picture's initial results cast doubt about the possibility of a ‘China save’ and $1 billion worldwide gross
18:02 YouTube's chief of original shows: 'Yes, we are competing for TV ad dollars'» Top News & Analysis
"There's one bucket of money," says YouTube original content chief Suzanne Daniels
18:01 Here is the richest person in each U.S. state » MarketWatch.com - Top Stories
In California, Mark Zuckerberg surpassed last year’s wealthiest resident, Oracle Corp. co-founder Lawrence Ellison.
18:01 Uber knew fired exec had info at center of Google theft case» AP Top Business News at 6:48 p.m. EDT
SAN FRANCISCO (AP) -- Uber says it hired a former Google engineer now accused of stealing trade secrets even though the company knew at the time that he had information that didn't belong to him....
18:00 LGBTs In China Are Priming A Pink Economy That Will Overtake America's» Forbes Real Time
Few Chinese are openly LGBT, but their sub-economy has rocketed to $300 billion per year. That's about a third of the American LGBT economy.
18:00 Two Bottlenecks To Business Growth: Owners And Management» Forbes Real Time
Owners often run into two bottlenecks that prevent them from exiting their businesses: themselves and their management teams. This post explains how owners and their management teams prevent businesses from growing in value, and provides solutions to overcoming these common bottlenecks.
17:58 Under the Senate healthcare bill, an oil crash could eventually influence poor Americans’ healthcare» Markets

mitch mcconnnells office bcra healthcare obamacare repeal protest

Senate Republican leadership on Thursday released a draft of its long-awaited healthcare bill, the Better Care Reconciliation Act of 2017.

Like the American Health Care Act, passed by the House in May, the bill proposes a fundamental restructuring and deep cuts to Medicaid, the government-run health program that provides insurance primarily to pregnant women, single mothers, people with disabilities, and seniors with low incomes.

But the BCRA, the Senate's bill, makes even more drastic changes to Medicaid in the long run.

One major change could result in global economic shifts, with no relation to healthcare, having a profound impact on the level of funding to the program — like an oil crash.

Here's how:



A fundamental change

While the BCRA and the AHCA would phase out the Medicaid expansion established by the Affordable Care Act — which extended the program to those making 100% to 138% of the federal poverty limit — both proposals call for a fundamental change in how Medicaid operates. 

Since its establishment in 1965, Medicaid has been an open-ended entitlement program. Anyone who meets the eligibility requirements has a right to enroll, and if costs go up because of new, expensive treatments or increasing healthcare needs, states receive more federal money. While states fund a big portion of their individual Medicaid programs, the federal government matches up to a certain percentage, with bigger matches for poorer states.

Both bills would change Medicaid to a program where funding would be set on a per-capita basis — meaning the federal government would send states a fixed amount of money per Medicaid enrollee, regardless of whether that would cover needs or care — and then peg funding growth to a rate related to inflation.

"It's no longer an open-ended matching program," Richard Frank, a professor at Harvard Medical School professor, told Business Insider in May. He added that changing funding to per-capita cap grants "fundamentally changes the kind of contract that exists between the states and the federal government."

The BCRA would take it a step further.

The AHCA called for growing funding by consumer price index for medical care (CPI-M), generally a figure between 2% and 5% each year. The Senate's bill, meanwhile would grow the figure initially by CPI-M before switching to the CPI for all goods (CPI-U)— a significantly lower level of growth — in 2025.

The switch from CPI-M to CPI-U would mean far more restrictive growth for Medicaid funding.

The difference between CPI-M and CPI-U since 2000:

The CPI-U is subject to more economic movements than CPI-M as well, most of which have nothing to do with the cost of healthcare. 

In September 2015, the year-over-year CPI-U was -0.008%. If the BCRA had been in effect then, funding would have actually gone down.

And the CPI-U was below zero due in no small part to a major oil crash that was holding down inflation at the time. The CPI-M in September 2015 was 2.44%.

It's no stretch to think that, if the BCRA passes, future decisions made by OPEC or major conglomerates could have a major effect on the quality of healthcare for impoverished Americans.

See the rest of the story at Business Insider
17:55 American Airlines CEO says Qatar proposal makes no sense» Top News & Analysis
The suggestion was first raised by Qatar Airways CEO Akbar Al Baker two weeks ago when he approached Parker at an industry conference in Cancun, Mexico.
17:54 Republican Rebellion: 5 GOP Senators Oppose Health Bill»

Update:  As it turns out, the Senate's healthcare bill may be even 'dead-er' on arrival than originally thought as Senators Rand Paul (KY), Ted Cruz (TX), Ron Johnson (WI) and Mike Lee (UT) have issued a joint statement saying they will oppose the bill, as it is currently written, because it does not fulfill a promise made to the American public to "repeal Obamacare and lower their health care costs."

"Currently, for a variety of reasons, we are not ready to vote for this bill, but we are open to negotiation and obtaining more information before it is brought to the floor.  There are provisions in this draft that represent an improvement to our current health care system, but it does not appear this draft as a written will accomplish the most important promise that we made to Americans: to repeal Obamacare and lower their health care costs."

* * *

The Senate healthcare bill has been "in the open" for less than an hour, and already NBC's Chuck Todd reports that it may be DOA after "at least" 3 GOP senators plan to publicly announce their opposition to the bill.

In a tweet, NBC anchor Chuck Todd said that according to a “solid” unnamed source "at least 3 GOP sens (perhaps more) plan to announce public opposition to McConnell health bill later today."

As a reminder, Republicans can lose no more than two Republicans, assuming all Democrats in the Senate oppose measure, as expected.

For now, hospital stocks far more excited by the announced provisions noted earlier, don't buy it, or at least assume that it will be relatively easy to "flip" one or more of the three holdouts.

17:53 Scientist gets time served for theft of military documents» AP Top Business News at 6:48 p.m. EDT
HARTFORD, Conn. (AP) -- A scientist who pleaded guilty to taking sensitive documents from a Connecticut military contractor to his native China was sentenced on Thursday to 2 1/2 years in prison he has already served....
17:52 Colbert to appear on late night talk show in Russia» Business and financial news - CNNMoney.com
Stephen Colbert is in Russia, and will be a guest on Russian late show "Evening Urgant."
17:50 America Divided: "Summer Of Rage" Accelerates»

Via StockBoardAsset.com,

Earlier this year, we broke the story of 4 Chicago Teens In Custody After Broadcasting Kidnap Of Trump-Supporter Live On Social Media . It was a gruesome news event displayed for the world to see on Facebook Live. The victim was repeatedly kicked and hit, partially scalped, all while he was tied up with his mouth taped shut. The suspects in the video could be heard yelling, “F*** Donald Trump! F*** white people!”. 

Recently,  Michael Hart and I, penned an article titled, The Fourth Turning: A Summer Of Rage And The Total Eclipse Of The Deep State. The brief understanding of this article is, like it or not, America is headed for a ‘summer of rage’ between the deeply divided American People. This comes at a time where the old political order and it’s far too powerful Deep State members are being exposed by the Trump Administration. Their controlling system in this Orwellian agenda is meant to divide, defeat, and rule the unconscious American people as their freedoms and economic mobilities are systematically taken away.

What I have found for you, as per the title, “Guy gets jumped after his car breaks down in the wrong hood”. The white male is ripped out of his ‘broken down’ vehicle by a group of thugs, who proceed to beat the living shit out of him. He’s blind sided multiple times with sucker punches, then appears to be thrown to the ground where 4-5 thugs stomp on his body. Seriously, we hope this young man is okay after this brutal attack. 

Conclusion: Like it or not, divided we stand is the inner workings of the Deep State. America peaked many decades ago during the so-called ‘American High’. Since then, the middle class has been stripped of it’s wealth via the Federal Reserve and the Top .01%. To cover this great theft, the Deep State had divided the American people into a powder-keg expected to unleash in the ‘summer of rage’.

Here is an illustration of when the ‘Great Theft of the Middle Class Started’.


All the while, the American people are too busy clashing with one another—the top .01% calmly walk away.

17:49 Cable Operator Altice USA Climbs in Market Debut» WSJ.com: US Business
Shares of Altice USA traded higher in their market debut Thursday, a day after the cable operator raised more money in its IPO than any other U.S.-listed telecom since 2000.
17:49 Sticking Points Slow GOP Budget Efforts» WSJ.com: US Business
House Republicans are struggling to agree on a plan to fund the federal government for 2018, a critical task that they must tackle before moving ahead with ambitions for a tax overhaul.
17:49 Why this could be a sweet Friday for crude oil» Top News & Analysis
Following a mild Thursday for markets, here’s what trader Bill Baruch will be watching for on Friday.
17:48 The Wall Street Journal: May offers permanent-residency plan for EU citizens post-Brexit » MarketWatch.com - Top Stories
All European Union citizens currently in Britain would have a pathway to apply for permanent residency under an offer British Prime Minister Theresa May outlined Thursday evening to her European Union counterparts.
17:46 Mylan Elects Full Board Despite Oppostion» WSJ.com: US Business
Mylan’s board nominees were elected in full at the pharmaceutical company’s annual meeting Thursday despite pressure from a group of institutional investors unhappy over high executive pay.
17:44 Morgan StanleyVoice: Rita Gaffney's Path To Client Success: Building Relationships And Educating» Forbes Real Time
Recognized as a top Hudson Valley woman business leader, Poughkeepsie-based Financial Advisor Rita Gaffney likes to think of business as a sort of family trait, even if how it’s expressed varies.
17:43 Advertising Award Shows Are A Critical Component To The Creative Process» Forbes Real Time
Why do agencies feel the need to award themselves? I have a thought on the real motivation behind entering awards shows and I believe it's rooted in the time of staff business model. Award shows compensate for jobs that have few artistic rewards.
17:41 Morgan StanleyVoice: Three Lionesses Of Socially Responsible Investing» Forbes Real Time
The Lily Group’s Lily Engelhardt, her daughter Natalie Engelhardt, and LiliAnn Stafford manage a large book of clients with one priority in common: the desire to have a positive impact on the world.
17:38 Morgan StanleyVoice: Green Buildings Power Savings & Returns» Forbes Real Time
Although regulations are tightening, much of the world's building energy use still isn’t subject to minimum performance standards for heating and cooling, hot water and lighting.
17:37 Capitol Report: Donald Trump takes a $100-million tumble on the Bloomberg Billionaires Index» MarketWatch.com - Top Stories
Donald Trump’s net worth has dropped below the $3-billion mark, with Bloomberg placing the blame on three New York buildings, including Trump Tower, that are coming up short of appraisal targets.
17:33 America's banks are really, really healthy» Business and financial news - CNNMoney.com
On Thursday, the Federal Reserve released the results of round one of its annual "stress test," a yearly exam to determine whether banks can weather a severe recession.
17:32 Called to Account: Donald Trump has had no trouble getting big loans at competitive rates» MarketWatch.com - Top Stories
The idea that banks won’t led to Trump because of his bankruptcy history is fake news, per a new MarketWatch analysis.
17:31 The Tell: How to bet on bitcoin, without the crazy volatility? Here’s one idea» MarketWatch.com - Top Stories
This might be a “less volatile way” to bet on cryptocurrencies over just buying bitcoin or ethereum -- though there’s still plenty of risk.
17:31 American Airlines CEO writes a scathing response to Qatar Airways' desire to invest» Top News & Analysis
American Airlines CEO Doug Parker penned a letter to employees in response to Qatar Airways announcing their desire to invest.
17:29 Lyft's Goal: Gain From Uber's Stumbles Without Gloating» WSJ.com: US Business
As Uber has grappled with the leadership turmoil that led to its chief executive’s resignation this week, its much-smaller rival has built market share and expanded aggressively, even as its founders counsel humility.
17:28 If 'Transformers: The Last Knight' Flops, Chris Miller And Phil Lord Should Make The Next One» Forbes Real Time
The directorial duo would be perfect, for the same reasons they weren't perfect for Star Wars.
17:27 The Wall Street Journal: Uber lawyers: Kalanick knew of stolen Google driverless-car files, but didn’t want them» MarketWatch.com - Top Stories
Former Uber Technologies Inc. Chief Executive Travis Kalanick knew an engineer had allegedly stolen Google files before hiring the engineer last year, according to Uber’s attorneys.
17:26 Senate Health Bill Gives Huge Tax Cuts to Businesses, High-Income Households» WSJ.com: US Business
The Senate’s health-care bill repeals hundreds of billions of dollars in taxes on businesses and high-income households and includes a retroactive cut in capital-gains taxes.
17:26 GOP leaders have a tough task ahead to win enough support for Obamacare replacement» Top News & Analysis
Republicans can afford to have no more than two senators in their caucus defect if they hope to pass a new health bill.
17:26 Oil prices are heading to $40 a barrel as US output keeps surging in 2018: Seaport Global» Top News & Analysis
Mike Kelly sees an oversupplied oil market in 2018 causing oil to stabilize around $40 in the second half of next year.
17:24 6.8-magnitude quake hits Guatemala, second in eight days: USGS» Yahoo News - Latest News & Headlines

6.8-magnitude quake hits Guatemala, second in eight days: USGSA powerful 6.8-magnitude earthquake hit near Guatemala's coast Thursday, injuring four people and damaging homes and roads, officials said, just eight days after another strong tremor killed five people in the Central American country. The quake struck at 6:31 am (1231 GMT) with its epicenter in the Pacific Ocean at a depth of 46.8 kilometers, about 23 kilometers (14 miles) southwest of Puerto San Jose, the US Geological Survey said. The Guatemalan Seismological Institute measured the quake at a magnitude of 6.7.

17:24 Oracle's blow-out earnings caused over 20 Wall Street analysts to raise price targets» Markets

Larry EllisonCloud computing really is starting to breath new life into Oracle.

The company had blow-out Q4 2017 earnings Wednesday thanks to 58% year-over-year growth for the quarter in cloud.

A sunny outlook caused the stock to hit a 52-week high of $51.85 on Thursday before settling down to about $50 in the afternoon.

And that inspired 21 of 38 analysts surveyed by FactSet to predict that the stock will rise even higher, according to MarketWatch's Tomi Kilgore.

Analysts, on average, now believe the stock will reach $54.84, up from $48.96 on Tuesday, before the company reported earnings.

Not that it was all good news. The cloud business is cannibalizing the company's biggest business: software. Total software revenues declined 1% to $7.52 billion (with new software licenses declining 5%). And the hardware business continues to whither away, down 13% for the quarter.

But cloud is starting to pick up the slack. Cloud revenues were $1.4 billion. And overall revenues were up and crushing expectations. Revenues climbed 3% to $10.9 billion, compared to analyst expectations of $10.45 billion, according to Thomson Reuters. It earned 89 cents per share, excluding items, compared to expectations of 78 cents per share, according to Thomson Reuters.

For the full year, Oracle reported non-GAAP total revenues of $37.9 billion, up 2%. 

While these numbers certainly made for a buoyant Thursday, Oracle and analysts seem convinced at this point that Oracle's cloud computing business will carry the company well into the future.

Analysts estimate non-GAAP revenues will climb to $39.26 billion for its fiscal 2018 and to $41.12 billion in 2019, according to Bloomberg data.

Oracle is also touting up some big-name customers moving to its cloud like the major agreement it announced with AT&T in May. 

"AT&T has agreed to migrate thousands of existing Oracle databases containing petabytes of data plus their associated applications workloads to the Oracle Cloud," said Larry Ellison, Oracle executive chairman and CTO, in a statement. "In the coming year, I expect more of our big customers to migrate their Oracle databases and database applications to the Oracle Cloud."

SEE ALSO: Uber's Kalanick was in Chicago to interview a COO candidate when he got the letter demanding his resignation

SEE ALSO: Cisco thinks it’s solved an “unsolvable” encryption security challenge

Join the conversation about this story »

NOW WATCH: Science says lasting relationships come down to 3 basic traits

17:21 Apple Scraps Like an Underdog in Second Biggest Mobile Market» WSJ.com: US Business
Apple is helping third-party re-sellers, mulling new flagship stores and firing up app-development centers in India as it runs to catch up in one of the world’s biggest smartphone markets.
17:20 Here Are 5 Great Games You Can Get Dirt Cheap During The Steam Summer Sale» Forbes Real Time
Here are five great video games you can get on the cheap during the Steam Summer Sale.
17:19 Obama says Senate Obamacare replacement 'not a health care bill,' but 'massive' giveaway to the rich» Top News & Analysis
In a blistering Facebook post, the former president said the GOP bill will do "harm" to people who get sick or old.
17:14 Trump Promises Telecom Executives Less Red Tape» WSJ.com: US Business
President Donald Trump on Thursday told technology and telecom executives the government will tackle federal regulations they consider too restrictive but stopped short of announcing any specific policies aimed at their industries.
17:12 Deutsche Bank unexpectedly pulled an offer to hire a top executive at the last minute (DB)» Markets

Deutsche Bank

Deutsche Bank unexpectedly pulled an offer to hire a top executive at the last minute, people familiar with the matter said, delaying its efforts to end churn at its fixed-income operation.

Rob Allard, a former Deutsche Bank executive who ran the structured product sales team before moving to Goldman Sachs in 2008, was due to join the bank as head of US fixed-income sales. He was set to replace John Gallo in that role. Matt Scully at Bloomberg reported the hire last week. 

However, the job offer has since been rescinded, according to three people who did not want to be identified discussing the matter. It's unclear why, they said. A Deutsche Bank spokesman declined to comment, as did Allard.

Allard was most recently CEO of hedge fund Firebreak Capital. The fund is closing.  

It marks a strange turn of events for Deutsche Bank, which has seen a high level of churn in fixed-income sales. 

Dixit Joshi, who previously led the bank's fixed-income sales force globally as head of the institutional client group for debt, moved to the role of group treasurer earlier this year. 

Suzanne Cain, who had been European head of debt sales, left for a role at BlackRock in February. Her departure was followed by that of Kevin Burke, who held the same role in Asia

The departure of Gallo meant that the global head, the US head, the European head, and the Asian head of fixed income sales either moved internally or left in 2017. 

Deutsche Bank reported debt sales and trading revenues of €2.3 billion in the first quarter, up from €2.1 billion in the first quarter of 2016. The bank cited strong revenues in credit and rates in particular. 

Join the conversation about this story »

NOW WATCH: HENRY BLODGET: This chart explains everything that's wrong with the economy today

17:09 Buyers beware: Lessons from the ethereum 'flash crash'» Top News & Analysis
One event this week shows why markets for digital currencies like ethereum still have a long way to go before they're safe enough for large-scale trading.
17:07 'No shrinking violets' in room with Trump as drone CEOs lobbied hard for looser regulations» Top News & Analysis
CEOs of drone companies lobbied Trump hard for looser rules and found President sympathetic
17:06 Outside the Box: Wall Street is missing how the bubble in cryptocurrencies can quickly backfire for AMD and Nvidia» MarketWatch.com - Top Stories
Right now, strong demand for their GPUs is clearing shelves and pushing up prices. But when mining bitcoin and its ilk is less profitable, the flood of supply on the resale market sales will hurt these companies’ sales.
17:06 As Trump struggles, more Americans want Democrats to control Congress: Poll» Top News & Analysis
Americans now say by 50%-42% they want Democrats to control Congress after the 2018 mid-term elections, according to a new NBC/WSJ poll.
17:04 'Pizzagate' gunman in DC sentenced to 4 years in prison» Yahoo News - Latest News & Headlines

'Pizzagate' gunman in DC sentenced to 4 years in prisonWASHINGTON (AP) — An online conspiracy theory dubbed "pizzagate" ended Thursday with real-world consequences when a North Carolina man was sentenced to prison for arming himself with an assault rifle, traveling to the nation's capital and firing his weapon inside a neighborhood pizza restaurant.

16:57 Couple Arrested After Mom Allegedly Breastfeeds Daughter While Drinking, Smoking at Bar» Yahoo News - Latest News & Headlines

Couple Arrested After Mom Allegedly Breastfeeds Daughter While Drinking, Smoking at BarShari Tremba and Michael Trosclair were charged with neglect of a dependent in a situation that endangers the dependent and with public intoxication.

16:54 Hain CEO seeks to reassure shareholders after probe finds no financial wrongdoing» Top News & Analysis
With an internal probe over, Hain's CEO is upbeat on what's ahead and a silver lining to the Amazon-Whole Foods deal.
16:47 US stock indexes hold steady as oil's dismal week eases» AP Top Business News at 6:48 p.m. EDT
NEW YORK (AP) -- U.S. stock indexes held steady Thursday after the price of oil halted its slide, at least for now....
16:46 'King of Good Times' Gives Diageo a Hangover» WSJ.com: US Business
The world’s largest liquor company struck a deal with Indian tycoon Vijay Mallya to buy United Spirits. Now the British firm finds itself in a legal quagmire.
16:42 Fed: Biggest US banks strong enough to withstand recession» AP Top Business News at 6:48 p.m. EDT
WASHINGTON (AP) -- All of the 34 largest U.S. banks are fortified enough to withstand a severe U.S. and global recession and continue lending, the Federal Reserve said Thursday....
16:42 Senate GOP unveils 'Obamacare' overhaul, but not all aboard» AP Top Business News at 6:48 p.m. EDT
WASHINGTON (AP) -- Senate Republicans launched their plan for shriveling Barack Obama's health care law Thursday, edging a step closer to their dream of repeal with a bill that would slice and reshape Medicaid for the poor, relax rules on insurers and end tax increases on higher earners that have helped finance expanded coverage for millions....
16:30 Best Bath and Beyond plunges after missing across the board (BBBY)» Markets

bed bath and beyond

Bed Bath & Beyond is falling after missing earnings.

Shares are down 11.38% in aftermarket trading Thursday, trading around $30.06.

The company announced adjusted earnings of $0.53 per share, which was lower than the $0.66 that Wall Street was expecting. The results were much lower than the $0.80 per share in the same quarter of last year.

Comparable sales also missed estimates, decreasing by 2% compared to estimates of a slight 0.3% increase.

Revenue came in at $2.74 billion, which was shy of the $2.79 billion that analysts were looking for.

The company said the first quarter is typically the least impactful quarter in the year, but explains the declining comparable sales.

"The Company continued to have strong growth in its customer-facing-digital channels this quarter, [but] the Company did experience increased softness in transactions in stores, as well as higher net-direct-to-customer shipping expense, coupon expense, and advertising costs during the quarter," the company said in a release.

To read more about Bed Bath & Beyond click here...

bbby stock price

SEE ALSO: IT'S WAR: Walmart is telling vendors to stop using Amazon's cloud

Join the conversation about this story »

NOW WATCH: An economist explains what could happen if Trump pulls the US out of NAFTA

16:30 Big banks make it through stress tests, investors await cash release» Top News & Analysis
Banks made it through the latest round of stress testing relatively unscathed, setting investors up for news of payouts.
16:22 McDonald's hits all-time high as Wall Street cheers replacement of cashiers with kiosks» Top News & Analysis
Cowen believes McDonald's digital ordering upgrades will drive the fast-food chain's sales higher.
16:21 Personetics puts money management on autopilot with AI» Finextra Research Headlines
Personetics, the leading provider of cognitive applications for the financial services sector, is ta...
16:18 KeyBanc initiates coverage of Starbucks with overweight rating, $68 price target» MarketWatch.com - Real-time Headlines
This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.
16:18 Ex-detainees: Detention center's practices border on slavery» AP Top Business News at 6:48 p.m. EDT
DENVER (AP) -- Every day, immigrants are told to clean their living areas in a privately run Colorado detention center or risk being put in solitary confinement. Some also volunteer to do jobs as varied as landscaping, more cleaning and cutting other inmates' hair, but the pay is always the same - $1 a day....
16:18 Bed Bath & Beyond Q1 rev. $2.7 billion vs. expectations $2.8 billion» MarketWatch.com - Real-time Headlines
This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.
16:17 Bed Bath & Beyond Q1 same-store sales down 2%» MarketWatch.com - Real-time Headlines
This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.
16:16 Bed Bath & Beyond EPS 53 cents vs. expectations 66 cents» MarketWatch.com - Real-time Headlines
This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.
16:16 Kalanick's resignation as Uber's CEO has put an IPO in doubt — but there's still a precarious path to a public offering» Markets

Travis Kalanick

•Uber has been in crisis for months, culminating in CEO Travis Kalanick's resignation.

•A much-anticipated IPO will now be even more delayed.

•The Uber board is now in a very challenging position.

Travis Kalanick stepped down on Tuesday as Uber's CEO, amid a series of crises that have roiled the ride-hailing startup and it's nearly $70-billion valuation.

The explanation is that the big money had seen enough of the Travis show (although Kalanick will remain on Uber's board). A group of major investors demanded that Kalanick, who had already decided to take a leave of absence, resign immediately. After consulting some advisors — board member Arianna Huffington reportedly among them — Kalanick fell on his sword.

The Uber IPO, if it happened, was supposed to be the Big One, the massive payout that Silicon Valley has been anticipating since the Facebook IPO in 2012. Stock-market millionaires and billionaires would be created overnight.

The only problem was that despite the enormous stakes of venture-capital firms, huge institutional investors such as Fidelity, and the Saudi sovereign wealth fund, Kalanick and the Uber board wanted to stay private for as long as possible, tapping private-market funding due to its less demanding (some would say willfully ignorant) nature. 

An IPO in 2017, for example, would have meant that Uber would go public at a vertiginously high valuation, with continuing, voracious fundraising needs. Public investors would likely be less patient with Uber's spend-hugely-to-grow-massively approach. Playing on Kalanick's mind was obviously the requirement to fully divulge Uber's financial condition to regulators, in the process showing the competition exactly what the ride-hailing giant was up to and how much cash it was burning to maintain its dominant market position.

An unprecedented challenge?

With Kalanick out, no new CEO on tap to step in, no chief operating officer in place to command the bridge, and not even an experienced CFO to sell a money-losing startup to the markets, Uber is in no shape to go public. But investors are still going to want to get paid, and Uber being acquired by another company seems borderline impossible.

BI Graphics_Vacancies at Uber

The challenge now is to take a monumentally valued startup that defines both post-Facebook Silicon Valley and the prevailing winner-take-all tactics that VCs favor and reorganize it. I'm not sure there's a precedent for this undertaking in all of US business history. Uber's board will be searching, effectively, for a crisis-turnaround specialist, to revive the most valuable private company in world — a company that less than a year ago looked like it could be valued at $100 billion, pre-IPO.

The biggest issue is that a new Travis isn't plausible. Kalanick's hard-charging style was already ill-suited for Silicon Valley tech-geek culture, and that's why Uber became the biggest brogrammer company ever, emblematic of everything that was wrong with the tech industry at the same time as defining tech's latest innovation phase.

Uber requires operational excellence and execution, to find a way to get the cash burn under control while not allowing competitors such as Lyft to chew into Uber's market share. The company also doesn't necessarily have much in the way of a competitive moat. It's effectively an app on an iPhone, with a tenuous relationship to its non-contract driver workforce. Not a difficult business model to copy. The key factor for users with Uber and other ride-hailing services is wait time, so if you can beat Uber to the customer, you can win.

Hurry up but handle with care

What's tricky here is that Uber very badly needs a CEO and a COO right now, but the board can't rush into a hire, unless it wants to go the dangerous route of naming an interim CEO while the search in underway. You just hand the keys to a $70-billion car to anybody.

This makes the path to an IPO difficult in the short term, but possibly easier long-term. Once the C-suite leadership situation is straightened out, Uber can take a look at the markets and determine whether an IPO will net the payout investors require. Then it can move fast.

There is, of course, a nightmare scenario in which Uber's mega-crisis continues and the company's valuation spirals down. If that happens, the board and major Uber investors could panic and race for the exits. But with so much money already sunk into the company, that wouldn't be a cut-your-losses move — it would be the Uberpocalypse and could trigger another tech-economy meltdown.

SEE ALSO: Travis Kalanick is no longer CEO, but he'll have a hand in picking his successor

Join the conversation about this story »

NOW WATCH: Travis Kalanick’s resignation as CEO of Uber comes after a firestorm of scandals

16:16 Bed Bath & Beyond shares down 7% after Q1 results» MarketWatch.com - Real-time Headlines
This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.
16:15 Millennials are about to benefit from 'one of the largest intergenerational wealth transfers in history'» Markets


Millennials matter. 

That's the thesis of a white paper out by UBS. According to the Swiss bank, Wall Street is at the precipice of a massive transfer of wealth, the likes of which has never been seen.

Older millennials are approaching "peak income" age and Baby Boomers, the generation born following WWII, are set to pass on trillions of dollars of wealth in the coming years to younger generations. 

In just three years global millennial wealth could stand at $24 trillion, according to UBS, up $7 trillion from 2015. 

Millennials are about to benefit from "one of the largest intergenerational wealth transfers in history," according to Tom Naratil, president of UBS Americas, and Jürg Zeltner, president of UBS Wealth Management.

As such, the bank believes "it is critical" that Wall Street firms pay attention to millennial-specific tastes when it comes to wealth management.

Following are the three preferences the bank thinks Wall Street firms should consider when shaping their offerings to attract people in the millennial generation.

SEE ALSO: Morgan Stanley is going after a $500 billion opportunity

SEE ALSO: High-net-worth wealth managers can't survive the digital age on just 'their name and wood paneling'


Whether its a ride to the airport or every episode of their favorite show, millennials are accustomed to getting what they want when they want it. According to UBS, millennials want that same on-demand service for their finances. 

"Millennials are more than twice as likely as Baby Boomers to demand a mobile banking service that allows for financial advice to be delivered by in-app chat or via video conference," the bank said. 


Multi-channel delivery

It's no secret that millennials want to be able to access their finances via their mobile phone. But that doesn't mean financial firms should close their physical branches en masse. According to UBS, millennials utilize their local branches. In fact, they do so even more than Baby Boomers. 

"Millennials also visit branches nearly twice as often as Baby Boomers (29 times against 16 times respectively), and engage with a broker or agent three times as often as Boomers," the bank said. 

As such, financial firms that offer their services through both digital and traditional channels are best positioned to attract millennials, according to the bank. 


Millennials are the least private generation. Generally speaking, they don't mind when firms collect data about their habits, purchases, and google searches so long as it translate into higher quality services and products. This trend extends to financial services, according to UBS, and Wall Street firms should take advantage.

"23% of millennials would be willing to share their cell phone number, 21% their purchase history, and 15% their household income (compared to 11%, 12%, and 6% respectively for Baby Boomers)," the bank said, citing a study done by the University of Columbia Business School.

See the rest of the story at Business Insider
16:11 Why are White House briefings heard but not seen?» Business and financial news - CNNMoney.com
The White House's decision to continue holding press briefings off camera is the latest in a series of evasive maneuvers by the Trump administration that has journalists fuming and some Trump supporters cheering.
16:09 Qatar Airways seeks stake in American in 'puzzling' move» AP Top Business News at 6:48 p.m. EDT
DALLAS (AP) -- Qatar Airways wants to buy 10 percent of American Airlines, a move cloaked so heavily in international trade and politics that American's CEO finds it puzzling....
16:07 John Oliver sued by coal CEO » Business and financial news - CNNMoney.com
Coal CEO Robert Murray sued HBO host John Oliver on Thursday, claiming he executed a "character assassination" designed to hurt his company.
16:07 Zuckerberg: Why I've changed Facebook's mission » Business and financial news - CNNMoney.com
Read full story for latest details.
16:06 5 questions to ask before combining finances (or not)» Business and financial news - CNNMoney.com
Though your financial chemistry may not be what's lighting you up right now, one of the most important things you can do as a new couple is to get to know each other money-wise.
16:02 Dow industrials finish with loss of around 12 points» MarketWatch.com - Real-time Headlines
This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.
16:02 Doctors and patient advocates are slamming the Senate Republicans' healthcare plan» Markets

surgeon surgery doctor

Doctors and patient groups slammed the Better Care Reconciliation Act released by Republican Senators on Thursday, taking issue in particular with Medicaid cuts in the bill.

The groups, including the American Academy of Pediatrics and American Hospital Association, are critical of Republican efforts to repeal and replace the Affordable Care Act, better known as Obamacare.

The Senate's plan, like one passed by the
House of Representatives rolls back many of the provisions of Obamacare, including taking deep cuts from the Medicaid program.

Here's what the groups thought of the bill

The American Academy of Pediatrics, which represents 66,000 pediatricians, opposed the BCRA, especially because it was left out of the conversation around its drafting.

"The bill that the Senate unveiled today was crafted without the benefit of groups like pediatricians weighing in with what children need," Dr. Fernando Stein, president of the AAP, said in a statement. "The result is that the bill would tear down the progress we've made by achieving health insurance coverage for 95% of America's children."

The AAP was critical of the changes to Medicaid.

"The bill includes misleading 'protections' for children by proposing to exempt them from certain Medicaid cuts," Stein said. "A 'carve-out' for children with 'medically complex' health issues does little to protect their coverage when the base program providing the coverage is stripped of its funding." 

 The American Lung Association also opposed the bill, citing the Medicaid cuts. 

"The proposed cuts to Medicaid under this bill will be devastating for children, seniors and people living with disabilities for whom healthcare is critical. Cuts to Medicaid will lead to more asthma attacks," ALA President Harold Wimmer said in a statement Thursday. 

Leading up to the bill's release, the ALA didn't get a chance to share their thoughts on the BCRA. 

"You're never going to get everything right," Erika Sward, the assistant vice president of national advocacy at the ALA told Business Insider. But when you completely exclude patient organizations from the conversations, "you're more likely to get it wrong," she said. 

The March of Dimes criticized the cuts to coverage for children and pregnant women.

"This bill penalizes pregnant women, children and families at every turn," the organization's president Stacey Stewart said in a statement.  

The American Hospital Association, which represents thousands of hospitals and health systems, was unhappy with the cuts to the Medicaid program. 

"Medicaid cuts of this magnitude are unsustainable and will increase costs to individuals with private insurance. We urge the Senate to go back to the drawing board and develop legislation that continues to provide coverage to all Americans who currently have it," AHA President Richard Pollack said in a statement on Thursday. 

SEE ALSO: This map shows where people with HIV live in the US — and points to some troubling trends

DON'T MISS: Nevada just passed one of the strictest drug pricing transparency laws in the country

Join the conversation about this story »

NOW WATCH: JIM ROGERS: I like depressed markets like Russia, China, and Japan

16:01 STOCKS ERASE GAINS, END FLAT: Here's what you need to know» Markets

Baseball Fan Yawns

Stocks were little changed on Thursday as surging healthcare companies that got a boost from the much-anticipated GOP Senate healthcare bill were offset by losses in consumer staples and financials.

The S&P 500 and Dow Jones Industrial Average were almost completely flat, while the Nasdaq eked out a less than 0.1% increase. All three indexes moved higher earlier in the day before erasing gains in the last hour of trading.

First up, the scoreboard:

  • Dow: 21,397.29, -12.74, (-0.06%)
  • S&P 500: 2,434.50, -1.11, (-0.05%)
  • Nasdaq: 6,236.69, +2.73, (+0.04%)
  • US 10-year yield: 2.153%, -0.002
  • WTI crude oil: $42.72, +0.19, +0.45%

1. The next big stock market shift could come from an unexpected source: Retirees. They're going to lead a recovery in value stocks that are currently inexpensive relative to history, according to S&P Global Market Intelligence.

2. The safety net of the stock bull market is vanishing — but it may not matter. Share buybacks declined in the first quarter, raising questions about their sustainability. But earnings growth is surging, and could offset any negative effects.

3. Wall Street has been brutally wrong when it comes to making one of its most important predictions: The 10-year US Treasury yield. Heading into the second quarter, Wall Street was expecting the benchmark yield to rise to 2.90% over the next 12 months. After hitting a high of 2.64%, yields have been drifting lower ever since.

4. One striking chart shows traders don't believe the Fed. Usually the maturity that's the most responsive to moves in the official federal funds rate, two-year notes have done next to nothing.

5. Qatar Airways wants to buy a 10% stake in American Airlines. The airline received an unsolicited notice from Qatar Airways stating its intention to make a "significant investment."

6. Altice USA opens up 5% in the second biggest IPO of the year. The $1.9 billion was the most raised by a telecom IPO in 20 years. After the IPO, Altice will have a market cap of about $22 billion.



JPMORGAN: There's a chance Walmart will go head-to-head with Amazon to buy Whole Foods

Wall Street is waking up to a key demand of millennial investors

Traders betting against restaurants are getting clobbered

Sears Canada is closing a quarter of its stores — here's the full list

Doctors and patient advocates are slamming the Senate Republicans' healthcare plan

Here's where Americans are moving to and from

Tesla is rallying after announcing it's exploring a factory in China

Join the conversation about this story »

NOW WATCH: An economist explains the key issues that Trump needs to address to boost the economy

16:01 Nasdaq Composite ends with small gain» MarketWatch.com - Real-time Headlines
This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.
16:01 S&P 500 ends less than 0.1% lower» MarketWatch.com - Real-time Headlines
This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.
16:00 Stocks see flat finish while health care shares get lift» MarketWatch.com - Real-time Headlines
This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.
15:57 Beijing Is Investigating Some of China's Top Overseas Deal Makers» WSJ.com: US Business
China’s banking regulator is conducting a sweeping check in one of the most forceful attempts yet to get a grip on runaway debt.
15:57 Op-Ed: Warren Buffett's touch gives shares of this troubled Canadian mortgage lender a 10% boost» Top News & Analysis
Warren Buffett's Midas touch just gave this Canadian company's stock a 10% boost. And, he made a cool 65% profit in the process, writes Breakingviews' Tom Buerkle.
15:55 Stock market surrender gains ahead of closing bell » MarketWatch.com - Real-time Headlines
This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.
15:55 Senate's plan to replace Obamacare eases some health industry fears, sparking a rally» Top News & Analysis
The Republican bill funds insurance subsidies near-term, while pushing out deep cuts to Medicaid.
15:55 Uber needs to hire a dream team — here's a fantasy draft list of business' most valuable free agents» Top News & Analysis
In addition to a CEO and chief operating officer, Uber needs executives in charge of business, finance, communications, engineering and self-driving cars.
15:54 Goldman Sachs' Schwartz says stress testing is a 'critical part' of bank's toolkit» Top News & Analysis
Harvey Schwartz replaced Gary Cohn as Goldman Sachs' president and co-COO when Cohn became the White House's chief economic advisor.
15:48 JPMORGAN: There's a chance Walmart will go head-to-head with Amazon to buy Whole Foods (AMZN, WMT, WFM)» Markets


Amazon's deal to acquire Whole Foods merger may seem like a dream come true to some, but there's a realistic chance Walmart could still swoop in to trump Amazon's $13.7 billion offer, according to JPMorgan. 

Whole Foods stock has been trading above Amazon's offer of $42 a share, signaling that investors believe a bidding war could emerge and drive up the final price for Whole Foods.

Competitors like Target, Costco, and Kroger have been rumored as potential suitors, and they'd do anything to make this deal harder for Amazon, according to Barclays analyst Karen Short.

According to JPMorgan, Walmart is the only retailer with a legitimate shot of entering the fray.

Here's JPMorgan (emphasis added):

"From our perspective, we have a hard time seeing Kroger, Costco, or Target coming in over the top. We do think there is a chance that Walmart makes a bid. There are compelling reasons for it to do so (adding new, generally wealthier customers; acquiring a strong brand; generating synergies and efficiencies; et al), in addition to keeping Amazon out of its wheelhouse." 

Walmart is the only company with the financial might to play ball with Amazon. The current offer for Whole Foods comprises only 3% of Amazon's market cap and only 6% of Walmart's. It would match 64% of Kroger's. 

Here's how other companies would fare, including Costco (COST), Publix (PUSH), Target (TGT), and Netherlands-based Ahold-Delhaize (AD NA). 

JPMorgan note whole foods walmart

Walmart also has plenty of incentives to make a move for Whole Foods, according to JPMorgan. Among them:

  • Grocery is its strongest advantage right now against Amazon, its top competitor. That moat is significantly diminished once Whole Foods is safely in Amazon's clutches. 
  • Walmart could leverage the distribution network of its roughly 4,000 locations to help expand Whole Foods' audience. 
  • Whole Foods would also fit nicely into Walmart's network of stores without overlapping too much, as their stores are concentrated in urban, high-income locations. 

That's not to say that a Walmart bid would be a slam dunk. While JPMorgan thinks Walmart is the only competitor in the group "with the means and motive to counterbid," doing so would have serious downsides.

For starters, it puts Walmart in a defensive position rather than offensive: It already owns a colossal network of brick and mortar grocery stores; what it really needs to improve is its online platform. 

Here's JPMorgan: 

"Given Walmart’s 20%+ share in grocery, why should the company spend $14B+ on what it’s already good at (selling food via brick-and-mortar) when the money instead could be used to expand and improve Jet.com and Walmart.com? Jet.com is Walmart’s urban/millennial alternative to Amazon Prime, and Walmart.com is in many ways the 'forgotten man’s' alternative to Prime." 

It would also be very difficult to overcome the culture clash. For instance, Whole Foods CEO John Mackey has focused intently on employee welfare — even to the detriment of shareholders, he acknowledges — while Walmart is notoriously stingy on benefits and has reputation for paying minimum wage, JPMorgan notes.

When Walmart spent $310 million last Friday to acquire Bonobos — a high-end brand like Whole Foods — fans of the hip fashion brand were furious, saying it was "no longer cool." It's hard to imagine Whole Foods loyalists would be more subdued. 

"As cultural similarity is often a key determinant of a successful merger, we think WMT and WFM have conclusively different guiding principles for the two entities to combine and thrive," JPMorgan wrote in the note. 

Walmart is probably the only company out there with the financial firepower and the motive to compete with Amazon for Whole Foods. But it wouldn't be easy, and Amazon, with a cash war chest nearly $20 billion larger than Walmart's, will have the right to match or beat any offer that comes in.

Join the conversation about this story »

NOW WATCH: Warren Buffett lives in a modest house that's worth .001% of his total wealth — here's what it looks like

15:41 Gwyneth Paltrow's Goop under fire after sharing phony information» Top News & Analysis
Gwyneth Paltrow's website, Goop, removed a claim that Body Vibes' products used NASA material after it was debunked.
15:38 German fintech startup zuper targets crowdfunding raise» Finextra Research Headlines
“Higher and higher fees, little innovation, fewer branches: banks have left their customers behind,”...
15:32 HDFC chooses ZineOne Customer Interactions Hub» Finextra Research Headlines
HDFC Bank Ltd., one of India's premier digital banks has partnered with ZineOne to provide rich digi...
15:31 Op-Ed: How Saudi Prince could bring Middle East tensions to boiling point» Top News & Analysis
Saudi Arabia's succession change signals that the Middle East is getting closer open conflict, says Jake Novak.
15:31 Four GOP senators will not support current Obamacare replacement, push for changes» Top News & Analysis
Four Republican senators announced they will not support the Senate's Obamacare replacement plan and push for changes.
15:22 Wall Street is waking up to a key demand of millennial investors» Markets

friends tourists selfie millennials colorful

Millennials are more connected and aware of global issues than ever, which is changing the way they approach investing their wealth.

According to a new UBS report, millennials as a generation will likely be worth $24 trillion by 2020. That figure is one and a half times US gross domestic product.

But young investors are not only looking for financial returns — they want to put that wealth to work for the public good.

"Our wealthiest millennial clients are at the forefront of the trend towards digital networking and mobilizing investments for public good," writes Simon Smiles, CIO for Ultra High Net Worth at UBS Wealth Management in a news release for the UBS report. "To meet related needs, wealth managers and financial advisers must prioritize new digital services like financial networks and help mainstream impact investing and other sustainability-related initiatives."

Sustainability is a key issue for millennials. Investors under the age of 35 are roughly twice as likely as other age cohorts to withdraw from investments that have sustainability problems, according to UBS.

And with millennials poised to inherit roughly $30 trillion from the baby-boomers, catering to the preferences of the younger generation will be key for wealth managers and financial advisers. Wealth managers hoping to win younger clients will likely need to help their investors identify companies meeting standards for sustainability and community impact.

While there are currently no uniform standards in evaluating a company's sustainability efforts, there are several initiatives underway from groups such as the Global Reporting Initiative, the Financial Stability Board’s Task Force on Climate Change, and the Sustainability Accounting Standards Board that aim to educate and inform the public on the performance of companies' efforts to increase sustainability.

Mark Haefele, Global CIO at UBS Wealth Management, wrote that this focus on impact investing "gives wealth managers and financial advisers a renewed opportunity to improve their digital capabilities as well as using private capital to help make the world a more sustainable place."

Screen Shot 2017 06 22 at 2.16.58 PM

SEE ALSO: A startup that wants to change the way people think about saving money has named a new CEO

Join the conversation about this story »

NOW WATCH: HENRY BLODGET: Tech market is nowhere near the dotcom days

15:22 7 ways to ready your finances for divorce» Top News & Analysis
Untangling your money from your ex's is messy.
15:20 Sears is shuttering 20 more stores» Top News & Analysis
Sears is closing 20 stores, in addition to the more than 200 closings earlier this year, Business Insider reports.
15:15 Warren Buffett lives in a modest house that's worth .001% of his total wealth — here's what it looks like» Markets

Located in a quiet neighborhood of Omaha, Nebraska lies the home of billionaire Warren Buffett. He bought the house for $31,500 in 1958 or about $250,000 in today's dollars. It's now worth an estimated $652,619. He calls it the "third-best investment he's ever made." 

Join the conversation about this story »

15:11 Shareholders: EpiPen maker's $98M payout is too much» Business and financial news - CNNMoney.com
Mylan just got a rare scolding from shareholders fuming over a $98 million pay package for its former CEO.
15:10 Breakingviews: Oracle's cloud software growth is not without problems» Top News & Analysis
Breakingviews says that while Oracle's impressive growth is promising, competition from Amazon and Microsoft looms.
15:00 Amazon aims to charge $2.8 million for NFL ad packages: Sources» Top News & Analysis
Amazon is looking to charge advertisers $2.8 million for spots during the Thursday night NFL games it will stream live this season.
14:58 Here's where Americans are moving to and from» Markets

The US Census Bureau recently released its annual statistics on population change between July 1, 2015 and July 1, 2016 in the 3,142 counties and county-equivalents that make up the country.

The release included estimates of the components of that population change, including net domestic migration, or how many people moved into a county from somewhere else in the US minus how many people left that county.

Oil-rich counties in North Dakota, Montana, Oklahoma, and Texas all saw big numbers of people moving out. Meanwhile, the northwest Pacific coast and big cities in the south saw high levels of positive net domestic migration.

domestic migration county map

SEE ALSO: Here's the fastest-growing city in each state

Join the conversation about this story »

NOW WATCH: An economist explains the key issues that Trump needs to address to boost the economy

14:53 Tesla is rallying after announcing it's exploring a factory in China (TSLA)» Markets

Shares of Tesla are popping, up more than 2%, after the company announced it is exploring a car factory in China.

Rumors have been circulating ever since Musk visited the country and met with high-ranking officials at the end of April, but the news was confirmed Thursday afternoon. Tesla shares jumped shortly after the confirmation.

The company had previously announced plans to increase car production to 500,000 vehicles a year. That's something a Chinese plant would help accomplish.

"Tesla is deeply committed to the Chinese market, and we continue to evaluate potential manufacturing sites around the globe to serve the local markets," the company said in an emailed statement to The Verge.

Shares of Tesla are up 79.2% this year and are currently trading at $384.53.

Click here to watch Tesla's stock price in real time...


Tesla stock price

SEE ALSO: UBS: Oracle jumps 10% after earnings — and the gains won't stop there

Join the conversation about this story »

NOW WATCH: An economist explains the key issues that Trump needs to address to boost the economy

14:44 In Iowa, boisterous Trump turns back the clock to campaign» Yahoo News - Latest News & Headlines

In Iowa, boisterous Trump turns back the clock to campaignCEDAR RAPIDS, Iowa (AP) — He railed against the "fake news" media. He urged the Senate to put more "heart" into its health care bill. And he mused about putting solar panels on a Mexican border well.

14:40 Tesla is talking to the music labels about creating its own streaming service» Top News & Analysis
Why not work directly with Spotify, Apple and others? Good question.
14:26 Traders betting against restaurants are getting clobbered (CMG, SBUX, MCD, DRI, CBRL, DPZ, YUM, DNKN, CAKE, SHAK)» Markets

Shake Shack

It was forecast to be a tough year for chain restaurants

Cheaper groceries and more expensive food at restaurants slowed restaurant sales in 2016. Restaurants were also faced with rising pressure to raise their workers' wages. 

But traders who bet against some of the industry's big names are mostly counting losses. 

"The entire restaurant sector has not been kind to short sellers this year with only one stock in the top ten, The Cheesecake Factory, profitable in 2017," said Ihor Dusaniwsky, the head of research at the financial-analytics firm S3, in a note on Thursday. 

This year, investors placed the most bearish bets on Chipotle, the fast-casual restaurant chain that saw an exodus of customers after E-coli outbreaks in 14 states were linked to its food in late-2015. 

Betting against Chipotle in 2016 was a winning move: short sellers earned $355 million, or were up 20%, on their bet. 

This year, they have lost 71.4% on a mark-to-market basis, S3 said.

The stock's 7% drop this week, however, provided some reprieve, as short sellers made back $157 million of their total $404 million losses before the slide. Chipotle said on Monday June 19 that it expected to spend more on marketing in the second quarter than the first.  

Year-to-date, Chipotle's shares have gained 11%, a performance that's not dissimilar to other restaurant chains that Wall Street is betting against. Starbucks, with almost $1.6 billion in short interest — ranking second — is up 7%, while McDonald's has soared 27%. 

The table below shows the most shorted restaurant stocks, and the losses that short sellers have incurred year-to-date: 

Screen Shot 2017 06 22 at 1.46.18 PM

And the chart below shows that most of the most shorted restaurant stocks have traded the other way:


SEE ALSO: PRESENTING: The most important charts in the world from the brightest minds on Wall Street

Join the conversation about this story »

NOW WATCH: An economist explains the key issues that Trump needs to address to boost the economy

14:10 4 GOP senators, including Rand Paul and Ted Cruz, come out against Senate healthcare bill — enough to kill it» Markets

rand paul

Hours after the release of the Better Care Reconciliation Act (BCRA), the Senate Republican vehicle to repeal and replace Obamacare, four Republican senators signaled they opposed it in its current form.

Sens. Rand Paul, Ted Cruz, Mike Lee, and Ron Johnson said they will not support the current version of the bill, enough defections to prevent the legislation from passing the Senate.

"Currently, for a variety of reasons, we are not ready to vote for this bill, but we are open to negotiation and obtaining more information before it is brought to the floor," the joint statement said. "There are provisions in this draft that represent an improvement to our current health care system, but it does not appear this draft as written will accomplish the most important promise that we made to Americans: to repeal Obamacare and lower their health care costs."

"The current bill does not repeal Obamacare. It does not keep our promises to the American people," Paul said in a separate statement. "I will oppose it coming to the floor in its current form, but I remain open to negotiations."

Other Republican senators also issued tepid statements indicating they weren't ready to offer support for the bill.

One group that is skeptical is members in states that expanded the Medicaid program under the Affordable Care Act, the law better known as Obamacare. Sen. Dean Heller of Nevada, whose state expanded Medicaid and is up for reelection in 2018, said proposed cuts to Medicaid leave his support for the bill up in the air.

"At first glance, I have serious concerns about the bill’s impact on the Nevadans who depend on Medicaid," Heller said in a statement following the release. "I will read it, share it with Governor Sandoval, and continue to listen to Nevadans to determine the bill’s impact on our state. I will also post it to my website so that any Nevadans who wish to review it can do so. As I have consistently stated, if the bill is good for Nevada, I’ll vote for it and if it’s not – I won’t."

Arizona Sen. Jeff Flake, whose state also expanded Medicaid, said he had not made up his mind on the bill.

"Just got my copy of the healthcare bill and I'm going to take time to thoroughly read and review it," Flake tweeted.

Senate GOP leadership drafted the bill in closely guarded quarters over the past few weeks, and many members of the conference have not had access to the details of the plan.

A spokesperson for Sen. Susan Collins of Maine, another moderate Republicans who has expressed concern with the bill, said the senator will not pass judgment yet on the legislation.

"She has a number of concerns ans will be particularly interested in examining the forthcoming CBO analysis on the impact on insurance coverage, the effect on insurance premiums, and the changes to the Medicaid program," said the spokesperson.


Senate Majority Leader Mitch McConnell wants to vote on the bill by the end of next week.


Join the conversation about this story »

NOW WATCH: 'Do you even understand what you're asking?': Putin and Megyn Kelly have a heated exchange over Trump-Russia ties

13:50 The Senate healthcare bill will face its biggest test early next week» Markets

mitch mcconnell

The Congressional Budget Office will release its score for the Senate's healthcare bill early next week.

The report from the CBO and the Joint Committee on taxation will estimate changes to the number of people with healthcare coverage, changes to the federal deficit, and other potential effects of the Better Care Reconciliation Act released by Senate Republicans on Thursday.

"CBO and the staff of the Joint Committee on Taxation are in the process of preparing an estimate for the Senate health care plan and aim to release it early next week," read the release from the CBO. "The estimate will be published on CBO’s website."

The score for the House's healthcare bill, the American Health Care Act, projected 23 million fewer Americans would have health insurance under the AHCA than under the current system. It also estimated that the bill would cut the federal deficit by $119 billion over t10n years. The Senate bill must cut at least that much from the deficit to qualify under the reconciliation process.


Join the conversation about this story »

NOW WATCH: Listen to the leaked audio of Australia's prime minister mocking Trump

13:43 Airbnb to call out 'premium' listings» Business and financial news - CNNMoney.com
Airbnb, the short term rental startup valued at $31 billion, is quietly launching a new quality control program to do so, according to a source familiar with the matter.
13:25 Not Your Father’s NYFIX» Traders Magazine - Latest News
In this sponsored article, connectivity provider Ullink reviews the origins of FIX and examines what makes a successful network in the current market microstructure.
13:23 UBS: Oracle jumps 10% after earnings — and the gains won't stop there (ORCL)» Markets

larry ellison oracle

Oracle destroyed earnings Wednesday. 

Shares of the company gained about 10% after the better than expected results.

UBS analyst Fatima Boolani thinks this is just the beginning for Oracle and shares are only going up from here.

With a price target of $52, about 4% higher than Oracle's current price, Boolani says the cloud-computing focus and better revenue streams is what will drive the stock higher.

"With shares +10% after-hours, the durability of the margin profile and mgmt's reiteration of delivering accelerating operating income growth, margin expansion (mid-40%s), and double-digit EPS growth in FY18 is clearly taking center-stage," Boolani wrote.

The company saw earnings per share of 89 cents per share, which was well ahead of the 78 cents that Wall Street was expecting. Revenue from Oracle's growing cloud-computer business was up 5.3% to $8.88 billion in the company's fourth quarter.

Because of an already low multiple of 15 times its price-to-earnings ratio, the company has room to grow. Boolani's price target comes from an expected 17 times price-to-earnings multiple, which is only slightly above its historic range.

Other investors are mirroring Boolani's price target increase. 21 of 38 analysts tracked by the FactSet financial data service raised their price targets, according to MarketWatch. The average price target for analysts following the earnings beat is now 6.1% above the current price.

Oracle is up 30.82% this year, including Wednesday's bump. Shares currently are trading at $50.39.

Click here to watch Oracle's stock price in real time ...

oracle stock price

SEE ALSO: Oracle crushes earnings, shares spike 9%

Join the conversation about this story »

NOW WATCH: An economist explains what could happen if Trump pulls the US out of NAFTA

13:16 Analysts Say This Game Has Become the New Call of Duty» Barron's Most Viewed Today
For years, Activision relied on big sales from Call of Duty, but the latest version of the game floundered. Overwatch is picking up the slack.
13:15 Facebook has a new mission statement: 'to bring the world closer together' (FB)» Markets

Mark Zuckerberg

Facebook has a new mission statement.

Instead of making the world "more open and connected," Facebook's goal now is to "bring the world closer together," CEO Mark Zuckerberg said at a Thursday event in Chicago for Facebook group admins.

The announcement comes in the wake of a lengthy manifesto Zuckerberg wrote earlier this year about Facebook's role in "developing the social infrastructure for community."

"I used to think that if we just gave people a voice and helped people connect, that would make the world a better place by itself," Zuckerberg said on Thursday. "Now I believe we have a responsibility to do even more."

Zuckerberg announced new tools for Facebook groups at the event, including a dashboard that admins can use to see growth and membership metrics. Admins will also be able to remove "bad actors" from groups. Facebook took down thousands of so-called "revenge porn" photos in April after it was discovered that hundreds of Marines were sharing naked pictures of female service members without their permission in a private group.

On Thursday, Zuckerberg said that Facebook's goal is to make sure that "every single person has a sense of purpose and community." His increasingly globalist rhetoric is in stark contrast to the nationalistic values of President Donald Trump, whose policies Zuckerberg has criticized.

Zuckerberg himself has embarked on a 2017 tour of all 50 U.S. states, raising speculation that he's preparing for a presidential run. He has denied the rumor.

You can read Zuckerberg's full speech from Thursday's event in Chicago on his Facebook page.

SEE ALSO: Mark Zuckerberg's big Harvard speech was his most political moment yet

Join the conversation about this story »

NOW WATCH: The fabulous life and career of 33-year-old Facebook CEO Mark Zuckerberg, the fifth richest person on earth

13:05 How to Trade Amazon With Shares Near $1,000» Barron's Most Viewed Today
This options strategy may appeal to well-heeled investors who want to collect big premiums.
13:03 What you need to know on Wall Street today» Markets

Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up here to get this newsletter delivered straight to your inbox. 

Senate Republican leadership released a draft of its long-awaited healthcare bill Thursday, ending weeks of speculation and a secretive process that frustrated Democrats and even some Republicans.

The legislation — called the Better Care Reconciliation Act of 2017 — would roll back much of the Affordable Care Act, the healthcare law better known as Obamacare, including various tax provisions. Healthcare stocks are rallying.

Elsewhere in healthcare, Mylan's shareholders just voted against its executive pay, and there's frightening new data on the effects of a blockbuster drug Wall Street loves to hate.

In deal news:

On Wall Street:

In markets and economics news:

In retail:

And lastly, in tech:

SEE ALSO: The 27 most important finance books ever written

Join the conversation about this story »

NOW WATCH: THE BOTTOM LINE: A top Wall Street strategist says there's nothing to worry about and we examine bitcoin's surge

12:51 What You Learn After Driving the R8 Spyder» Yahoo News - Latest News & Headlines

What You Learn After Driving the R8 SpyderSometimes, top down is better

12:45 U.S. top court rebuffs men convicted in notorious Washington murder» Yahoo News - Latest News & Headlines

U.S. top court rebuffs men convicted in notorious Washington murderThe U.S. Supreme Court on Thursday refused to overturn the convictions of seven men in a notorious 1984 gang murder of a woman in a Washington neighborhood not far from the U.S. Capitol even though prosecutors had concealed evidence in the case. The justices, in a 6-2 ruling, said the evidence withheld by the prosecution at the time of the trial, which the men claimed would have cast doubt on their guilt in the murder of Catherine Fuller, was not material to the eventual jury verdict. The case has stayed the public eye not only because of the grisly nature of the murder that occurred during a period of high crime in the U.S. capital city in the 1980s but also because of the Supreme Court's decision to scrutinize the process that led to the convictions.

12:40 Aviation Industry Seeks to Strengthen Cybersecurity Defenses» WSJ.com: US Business
Escalating concerns about cyberthreats are prompting the aviation industry to devise an unlikely new safeguard: real-time warnings to pilots about potential hacking attempts.
12:37 Turkey's İşbank launches startup programme» Finextra Research Headlines
İşbank; the largest private bank in Turkey has made a bigger move into the startup ecosystem.
12:36 12 Bizarre Kitchen Ingredients That Get Rid Of Stains Fast» Yahoo News - Latest News & Headlines

12 Bizarre Kitchen Ingredients That Get Rid Of Stains Fast

12:23 Indian digital payments jumps post demonetisation - survey» Finextra Research Headlines
A recent study from financial services technology leader FIS (NYSE: FIS) shows a dramatic increase o...
12:19 Facebook wants to nudge you into 'meaningful' online groups» AP Top Business News at 6:48 p.m. EDT
SAN FRANCISCO (AP) -- At Facebook, mere "sharing" is getting old. Finding deeper meaning in online communities is the next big thing....
11:55 10 Reasons You Should Buy Apple Now» Most popular articles
11:53 Fed's Bullard Calls Officials' Projected Rate Path 'Unnecessarily Aggressive'» WSJ.com: US Business
St. Louis Fed President James Bullard said he doesn’t see any need for further interest-rate increases but the central bank should begin shrinking its $4.5 trillion portfolio of assets “sooner rather than later.”
11:50 It's official. Business isn't investing in Britain. » Business and financial news - CNNMoney.com
The man running Britain's economy has warned that uncertainty over Brexit is stopping businesses from investing in the country.
11:47 Man invents tsunami sensor, internet obsesses over his dog» Yahoo News - Latest News & Headlines

Man invents tsunami sensor, internet obsesses over his dogThis pensive dog upstaged his owner and wasn't even aware of it. SEE ALSO: Friendly island doggo followed a street view mapper and photobombed all his shots Inventor Jerry Paros posed for a photograph for an article in the publication Nature about his invention — an ultra precise quartz sensor that could contribute to an early-warning system designed to detect shifts in the sea floor that cause tsunamis. Tsunamis are caused primarily by earthquakes that occur in the seafloor, since rapid shifts in elevation can generate waves that cross oceans in a matter of several hours. In 2011, a massive tsunami hit northern Japan following a magnitude 9.0 earthquake off the coast, resulting in the meltdown of nuclear reactors at the Fukashima Daiichi Nuclear Power Plant. The article and the photograph were shared on Nature's Twitter page.  Meet the man hoping to transform the way we gather data from the seafloor to detect the next big earthquake: https://t.co/GmICfBMSDR pic.twitter.com/zvRlwpyADX — Nature News&Comment (@NatureNews) June 21, 2017 While many found the article interesting, most people were busy obsessing over Paros' photobombing canine companion. Yeah that's interesting and all but can we talk about the DOG ON THE DESK! — Weird Science News (@GCweirdscience) June 22, 2017 the dog looks philosophical. the dog must think about how to save this world from natural disasters. great dog. — SaveSouthKorea (@SaveSouthKorea) June 21, 2017 PLEASE PROVIDE DOG NAME. And, is he a good boy? — Bepps, The (@l_____88_____l) June 21, 2017 Wow look at the picture on the desk! pic.twitter.com/GS8cIHYvRx — Sojiro (@The_clark_Side) June 21, 2017 pic.twitter.com/f37p3lsdUt — Jon (@jonheheman) June 21, 2017 No doubt @Paroscientific #earthquake research important. But am mostly obsessed by doggo looking out the window in the pic #dogsoftwitter https://t.co/i3DJAU6D5F — Amanda Cronkhite (@abcronkhite) June 21, 2017 Please can we talk about this man's dog — Stefan (@StefanRautnbach) June 21, 2017 Ok but interview that dog. — Ashley (@ashcech) June 21, 2017 Not one word in this article about the man's dog.  — ♥️ (@LoveRunandPray) June 21, 2017 Dog is studying squirrels behavior and how subtle changes in behavior predict seismic activity. — Luminous Numinous (@LuminousNumino1) June 22, 2017 Twitter has spoken. We need to know more about that doggo. (H/T Twitter Moments) WATCH: This drone will play with your dog

11:24 Senate finally unveils secret health care bill» Business and financial news - CNNMoney.com
11:23 Leumi Card fights fraud with Feedzai AI platform» Finextra Research Headlines
Leumi Card, one of Israel’s leading consumer credit card service providers, will implement Feedzai’s...
11:14 A new platform for Whole Foods? How deal could upend grocery» AP Top Business News at 6:48 p.m. EDT
NEW YORK (AP) -- Seeing Whole Foods products first in Amazon searches? Breezing through the grocer's stores with an app that scans affordable fruits and seafood?...
10:53 Glance completes deal with cannabis industry payments provider Cannapay» Finextra Research Headlines
Glance Technolgies Inc. has announced that it has received the second payment for the $1,000,000 lic...
10:52 U.S. Jobless Claims Rose Last Week» WSJ.com: US Business
The number of Americans applying for first-time unemployment benefits rose last week, though overall numbers remain consistent with steady job gains.
10:52 Bank dividends are near all-time highs» Business and financial news - CNNMoney.com
Trump has slammed Dodd-Frank as a "disaster" that has hurt banks. But banks were healthy enough to pay out a near-record $102.8 billion of dividends last year.
10:51 I want to start a family but I have huge student loans» Business and financial news - CNNMoney.com
It's tough for students to plan for the future while wrestling with student loan debt. But with careful strategy, it's not impossible.
10:50 ECB preps eurozone-wide instant payments service» Finextra Research Headlines
The European Central Bank has outlined plans to build an instant payment settlement system that will...
10:46 Paris Air Show: Boeing vs. Airbus» Business and financial news - CNNMoney.com
Boeing has claimed bragging rights over Airbus at the Paris Air Show, winning more aircraft orders at the biennial event than its European arch-rival for the first time since 2012.
10:31 Verifone and SITA team up to streamline airport passenger payments» Finextra Research Headlines
With the goal to offer passengers seamless, secure, and convenient payment acceptance at shared chec...
10:26 Survey reveals US CFOs' thoughts on future of payments» Finextra Research Headlines
WEX Inc., a provider of corporate payment solutions, unveiled the results of a third-party survey co...
10:21 Instinet Agrees to Purchase BlockCross ATS from State Street» Traders Magazine - Latest News
Instinet Holdings Incorporated today announced that it has entered into a definitive agreement to acquire State Street's BlockCross ATS, an industry leading alternative trading system (ATS).
10:16 U.S. Attorney General Sessions hires private attorney» Yahoo News - Latest News & Headlines

U.S. Attorney General Sessions hires private attorneyU.S. Attorney General Jeff Sessions has become the latest senior Trump administration official to hire a private attorney, a Justice Department spokeswoman said on Tuesday.

10:15 T-Mobile is having network problems across the country, reports show» Yahoo News - Latest News & Headlines

T-Mobile is having network problems across the country, reports show

T-Mobile users across the country have woken up to widespread network outages. According to reports on the Down Detector and Twitter, thousands of users are having problems getting any data connectivity, even if a cell signal is still showing.

The Down Detector map shows reports across the country, with a concentration on the East Coast. It could be a problem with a regional data center, or a nationwide problem that isn't being reported yet on the West Coast, thanks to the time difference.

T-Mobile has not publicly issued a statement yet, but is responding to individual users on the official @TMobile Twitter page, saying that they're looking into the issue.

Some users say that turning LTE off can get data service working on 3G, but that's a temporary fix at best. For the time being, staying on Wi-Fi and turning your device on and off every hour or two is likely the best solution.

Assuming that the outage is related to a software issue in T-Mobile's network, you can assume that a fix is being worked on at speed. Turning your device on and off forces it to re-register on the local cell tower, which means you'll get connectivity back as soon as the problem is resolved on T-Mobile's end.

10:13 Gilead: The Conundrum» Most popular articles
10:09 Now even high earners can't afford college» Business and financial news - CNNMoney.com
Read full story for latest details.
10:00 Teekay Corporation: Our Highest Conviction Long Idea Ever» Most popular articles
09:48 Danish m-payments scheme adds lock-screen payments and Touch ID» Finextra Research Headlines
Users of the Dankort app and mobile wallets from more than 60 Danish banks can now tap-and-go for lo...
09:43 Free exchange: The Federal Reserve risks truncating a recovery with room to run» Economic Issues
Print section Print Rubric:  Janet Yellen’s productivity scepticism could prove self-fulfilling Print Headline:  Diminished expectations Print Fly Title:  Free exchange UK Only Article:  standard article Issue:  India’s prime minister is not as much of a reformer as he seems Fly Title:  Free exchange WHEN it comes to inflation, the Federal Reserve sometimes resembles a child freshly emerged from an age-inappropriate horror film. To its members, runaway price increases seem to lurk in every oddly shaped shadow. On June 14th America’s central bank raised its benchmark interest rate for the third time in six months, even as inflation lingered below its 2% target, as it has for most of the past five years. Some critics reckon the Fed’s 2% inflation target is too constraining. Indeed, in recent comments on a letter from prominent economists calling for a higher target, Janet Yellen, the chairman, signalled openness to the idea. But the ...
09:43 When the gloves come off: British business prepares for a bare-knuckle fight with the government» Economic Issues
Print section Print Rubric:  Business squares up for a bare-knuckle fight against too hard a Brexit Print Headline:  When the gloves come off Print Fly Title:  The government and business UK Only Article:  standard article Issue:  India’s prime minister is not as much of a reformer as he seems Fly Title:  When the gloves come off Main image:  20170624_BRD001_0.jpg IT HAS been a dispiriting year for many British businesspeople. Most voted to remain in the EU in last year’s referendum. They accepted defeat, but then looked on in horror as Theresa May, the new prime minister, veered towards an extreme form of hard Brexit, promising to leave the single market and customs union and to impose harsh migration restrictions. This has been accompanied by a ceaseless flow of vitriol from politicians on all sides, triggered in part by the controversial bankruptcy of BHS, a ...
09:41 ItzCash rolls out QR feature to POS terminals» Finextra Research Headlines
ItzCash, India’s leading Fintech rolls-out ‘Bharat QR code’ feature across its retail network. Now s...
09:38 How SFTR compliance creates a new vantage point for firms» Finextra Research Headlines
With the deadline for the Securities Finance Transaction Regulation (SFTR) advancing rapidly (end of...
08:44 Column: Big Social Security COLA will be offset by Medicare premiums» Reuters: Money
CHICAGO (Reuters) - Retirees can look forward to the largest Social Security cost-of-living adjustment next year since 2012 - but don’t break out the champagne just yet. For many, higher Medicare...
08:32 IS blows up Mosul mosque, latest heritage site destroyed» Yahoo News - Latest News & Headlines

IS blows up Mosul mosque, latest heritage site destroyedBAGHDAD (AP) — The Islamic State group's destruction of a 12th century mosque and its iconic leaning minaret in the Iraqi city of Mosul is only the latest in a long list of priceless archaeological and other cultural sites that the militants have ravaged.

07:53 Biotech Breaks Out: Bulls Rejoice as Stocks Surge» Barron's Most Viewed Today
Biotech joins a growing list of sectors scoring technical breakouts. Celgene, Regeneron, Amgen on fire.
07:43 Philippine banks testify to Senate over recent system glitches and scams» Finextra Research Headlines
Representatives of two of the Philippines' biggest banks, BPI and BDO Unibank, on Wednesday reassure...
07:31 5 Things to Consider When Deciding to Retire» Yahoo News - Latest News & Headlines

5 Things to Consider When Deciding to RetireWhile there is not necessarily an easy answer to the question, fully understanding the opportunities and challenges faced in retirement is a critical first step in helping to decide to retire at 55, 65, or beyond. The first and probably the most critical step in determining when to retire is to estimate how much income you will need, and how much income you will have in retirement. Take a look at potential retirement income sources including Social Security benefits.

07:29 Exclusive: China Unicom counts Alibaba, Tencent among investors in drive to raise $10 billion - sources» Yahoo News - Latest News & Headlines

Exclusive: China Unicom counts Alibaba, Tencent among investors in drive to raise $10 billion - sourcesBy Julie Zhu and Kane Wu HONG KONG (Reuters) - Chinese tech giants Alibaba Group Holdings and Tencent Holdings will be among new investors pouring a total of around $10 billion into mobile carrier China Unicom, sources said, part of efforts by Beijing to rejuvenate state behemoths with private cash. Four sources with knowledge of the matter told Reuters that Alibaba and Tencent would invest in the Shanghai-listed unit of the telecoms group - China United Network Communications Ltd - as part of the capital-raising effort. One of the sources said Alibaba and Tencent would lead the group of investors, while Baidu, the third of China's constellation of tech giants, has pulled out.

07:02 Tanger Factory Outlet: Blue Chip On Sale - Brad Thomas' Idea Of The Month» Most popular articles
07:00 Wall Street Breakfast: First Look At Senate Health Bill» Most popular articles
06:58 Conrad Roy III's Mother Sympathizes With Michelle Carter's Family» Yahoo News - Latest News & Headlines

Conrad Roy III's Mother Sympathizes With Michelle Carter's FamilyRoy's girlfriend Michelle Carter was convicted Friday after she was found guilty of involuntary manslaughter in the 2014 suicide of her boyfriend.

06:52 U.S. will take weapons from Kurds after Islamic State defeat: Turkey» Yahoo News - Latest News & Headlines

U.S. will take weapons from Kurds after Islamic State defeat: TurkeyThe United States has told Turkey it will take back weapons supplied to the Kurdish YPG militia in northern Syria after the defeat of Islamic State, Ankara said on Thursday, seeking to address Turkish concerns about arming Kurds on its border. Turkish defense ministry sources said U.S. Defense Secretary Jim Mattis also promised his Turkish counterpart to provide a monthly list of weapons handed to the YPG, saying the first inventory had already been sent to Ankara.

06:49 DBS fintech accelerator switches to 'always on' mode» Finextra Research Headlines
Hong Kong's DBS Accelerator, run by DBS Bank and early-stage VC Nest, is switching the format of the...
05:53 The EU and blockchain: taking the lead?» Finextra Research Headlines
Introduction Long time the European Union has taken a positive, but wait-and-see attitude towards bl...
05:01 How does your new car rank for quality and reliability?» Yahoo News - Latest News & Headlines

How does your new car rank for quality and reliability?Whether you've just taken delivery of a Kia or a Chrysler, the latest new-vehicle initial quality study from J.D. Power will come as good news, as quality is improving massively across all manufactures and all makes. In fact, the study, which uses a quality score calculated via the number of problems experienced during the first 90 days of ownership per 100 examples of an individual model (the PP100 score), finds that the industry average is now PP97. Hyundai's new Genesis premium sub-brand is second (77) and Porsche (78) closes out the top three.

04:01 The ERPB Highlights the Holes in PSD2» Finextra Research Headlines
A year ago, the European Retail Payments Board (ERPB) flagged that “In practice, PSD2 and the EBA RT...
03:18 German Exports to Asia Surge, Calming Nerves Over Protectionist Backlash» WSJ.com: US Business
German exports to Asia are rising strongly this year in a trend that could mitigate the risks to Europe’s largest economy should U.S. President Donald Trump make good on his protectionist promises.
02:50 Research and the Right CHOICE» Traders Magazine - Latest News
In this article, editor John D'Antona Jr. examines how one new regulation (MiFID II) and one proposed law (the CHOICE Act) could alter the market structure in a way not seen since Reg NMS.
01:18 Russians Tried To Target 21 Election Systems, DHS Official Says» Yahoo News - Latest News & Headlines

Russians Tried To Target 21 Election Systems, DHS Official SaysDepartment of Homeland Security officials testified Wednesday saying Russian hackers meddled with the U.S. election systems of 21 states last year. However, there was no evidence of the results being manipulated.

01:00 These are 4 of the world's hottest tourist destinations» Business and financial news - CNNMoney.com
Read full story for latest details.
00:58 Ethical FX via the Global Code» Traders Magazine - Latest News
With the release of the FX Global Code for the wholesale foreign exchange market last month, the FX industry is counting on a single set of guidelines to prevent bad behavior in currency trading.
00:51 Exploding whipped cream dispenser kills fitness blogger» Yahoo News - Latest News & Headlines

Exploding whipped cream dispenser kills fitness bloggerAn Instagram star and well-known fitness blogger has died in a freak accident after a pressurised cannister used for dispensing whipped cream exploded, hitting her in the chest, her family has said. Rebecca Burger, who had a large following on the social media site, where she posted regular pictures of herself promoting fitness products, was killed in eastern France in what the family said was a domestic incident. "It is with great sadness we announce the death of Rebecca who died the June 18th, 2017 in an accident in the home," read a statement on Burger's Instagram account, signed "The grieving family".

00:51 MiFID II: How Did We Get Here and What Does It Mean?» Traders Magazine - Latest News
In this contributed blog, Trading Technologies thoroughly examines MiFID II and all its implications from a technology standpoint.
00:00 Traders Gather for Golf, Guinness and Oysters» Traders Magazine - Latest News
The Golf, Guinness and Oyster Gathering (GGOG) event kicks off in New York on June 27th with proceeds go to aid The Iveagh Trust, an organization that has been providing housing for Dubliners in need for over 120 years.

Wed 21 June, 2017

23:56 Oracle profit beats as cloud shift gains steam, shares at record» Yahoo News - Latest News & Headlines

Oracle profit beats as cloud shift gains steam, shares at record(Reuters) - Oracle Corp's quarterly profit blew past Wall Street estimates and the business software maker forecast an upbeat current-quarter earnings, indicating that the company's transition to cloud is starting to pay off. As part of the efforts, the company and AT&T Inc signed in May a deal under which the U.S. telecom provider agreed to move some of its large-scale databases to Oracle's cloud platform. "In the coming year, I expect more of our big customers to migrate their Oracle databases and database applications to the Oracle Cloud," Oracle founder and Chief Technology Officer Larry Ellison said in a statement.

23:40 Buoyant Trump spouts boasts, proposals — and falsehoods — at Iowa rally» Yahoo News - Latest News & Headlines

Buoyant Trump spouts boasts, proposals — and falsehoods — at Iowa rallyPresident Trump recapped his campaign's greatest hits and offered new policy ideas as well as blatant misstatements during a rally Wednesday night in Iowa.

23:16 Bitcoin And Ethereum Crash... For A Few Minutes» Most popular articles
22:06 Milwaukee mayor urges peaceful protest after ex-cop cleared» Yahoo News - Latest News & Headlines

Milwaukee mayor urges peaceful protest after ex-cop clearedMILWAUKEE (AP) — A Milwaukee jury on Wednesday acquitted a former police officer in the on-duty shooting of a black man last year that ignited riots on the city's north side.

21:00 Asia still top dog for payments innovation but Europe gaining ground» Finextra Research Headlines
Asia remains home to most payments innovation but Europe is making a charge, leapfrogging Africa, No...
20:28 Boeing wins order dogfight at Paris Air Show» Yahoo News - Latest News & Headlines

Boeing wins order dogfight at Paris Air ShowBoeing outpaced its rival Airbus in terms of new orders at this year's Paris Air Show thanks to its new 737 MAX 10 airliner, taking in a total of 571 orders for nearly $75 billion. The 737 MAX 10 is aimed at the biggest part of the commercial airline market -- single-aisle aircraft for medium-range flights -- and scooped up 326 orders worth nearly $40 billion at list prices as the jet promises even more fuel economy thanks to improvements to aerodynamics and engine performance. "This wide market acceptance endorsed the 737 MAX 10 as the industry's most efficient and profitable single-aisle airplane," Boeing said in a statement.

19:06 U.S. Existing-Home Sales Rise in May» WSJ.com: US Business
Sales of previously owned U.S. homes increased in May, a sign of solid demand during the housing market’s spring selling season in the face of fast-rising prices and tight inventory.