Mark Zuckerberg survived Congress. Now he has to face Wall Street
by Seth Fiegerman, Danielle Wiener-Bronner and Nathaniel Meyersohn @CNNMoneyInvest
April 22, 2018: 6:47 AM ET
These are the most confusing questions Congress asked Zuckerberg
1. Facebook faces Wall Street: Mark Zuckerberg survived 10 hours of grilling by nearly 100 members of Congress this month. Now, Facebook's CEO must confront a group that could actually punish his company in the short-term: investors.
Facebook (FB) is set to report its first-quarter earnings after the bell on Wednesday. Zuckerberg will then field questions on a conference call with analysts for the first time since the Cambridge Analytica data scandal upended the company and shaved tens of billions of dollars off its market value.
Much is at stake. GBH Insights analyst Daniel Ives called this earnings report a "pivotal barometer" for investors in a research note Friday. It will be a "key step for investors to either boost their confidence in the Facebook story going forward or raise further red flags," he wrote.
The consensus estimate among analysts is for Facebook's sales for the first three months of 2017 to hit $11.4 billion, up more than 40% from the same period a year earlier. But that only tells part of the story.
Analysts are concerned about how much an ongoing backlash among users, advertisers and politicians on both sides of the Atlantic could slow down a company once viewed as unstoppable.
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Cambridge Analytica, a data firm with ties to President Donald Trump's campaign, accessed information from as many as 87 million Facebook users without their knowledge. The data debacle came to light late in the quarter, meaning the impact may be felt more in the quarters to come.
Brian Wieser, an analyst with Pivotal Research, predicts there will be "an ongoing erosion of usage throughout 2018" due to "reduced trust" and "increasing awareness of toxicity of the platform," among other factors. He also expects marketers to rethink the upsides of advertising on Facebook because of the potential privacy concerns from consumers.
Ives thinks the "worst case scenario" is that as much as $2 billion in ad sales could be "at risk" for the company this year.
So far, Facebook executives have played down concerns. Zuckerberg said an online campaign to delete Facebook has not had a "material impact" on the company. Facebook chief operating officer Sheryl Sandberg said only a "few" marketers have paused their advertising on the platform.
Expect them to be grilled about both points on the earnings call — as well as how much Facebook is spending to make things right.
Zuckerberg has said Facebook will conduct a costly audit of thousands of third-party applications and hire more security and content review staff. The cure could end up being worse than the disease — at least for Facebook's bottom line.
2. Starbucks fallout: Facebook isn't the only company that will have to answer for a major scandal when it reports earnings this week. Starbucks (SBUX) will probably face questions about the uproar around the arrest of two black men who were waiting for a third person at one of the coffee chain's Philadelphia stores. CEO Kevin Johnson said the arrest "should not have happened," and the company has planned racial-bias training for 175,000 employees next month.
Related: Starbucks has a bold plan to address racial bias. Will it work?
3. First quarter US growth: The Commerce Department will release its initial estimates for first-quarter economic growth on Friday, and expectations are pretty low. Analysts surveyed by FactSet are expecting just 2.2%, down from 2.9% at the end of last year. Barclays (BCS) last week cut its forecast to just 1.5%.
This may have something to do with what the San Francisco Fed once called the "puzzle of weak first-quarter GDP growth," suggesting a statistical problem with how the government measures growth early in the year. The problem leads experts to believe that growth could rebound in the following quarters.
But Barclays and others are also predicting low growth because Americans just haven't been spending as much. Consumer confidence hit a 17-year high in February, but retail sales were disappointing in January and February. They picked up a bit in March.
Related: What boom? The economy is off to a 'meh' start to 2018
4. Market calm: The stock market has settled back down.
Wall Street's anxiety about a trade war with China has faded for the moment, allowing investors to focus on healthy corporate profits and the boost from corporate tax cuts.
"It's one of the gifts we get from earnings season," said Art Hogan, chief market strategist at B. Riley FBR.
The Dow gained 0.4% last week, its smallest move in either direction in two months. The S&P had its quietest week since the end of last year. But the market may soon have to worry about an old nemesis: inflation.
Commodities, including oil and aluminum, are spiking, putting pressure on business' costs. Tariffs may be playing a role, too. The yield on the 10-year US Treasury bond, which had been falling as expectations of inflation eased, is back up to a three-year-high of 2.96%.
Related: Fed official worried about recession indicator
5. Tariff and tax impact: Two big trends to watch this earnings season are tariffs and taxes. As first-quarter earnings roll in, watch for what companies have to say about President Trump's tariffs and about the benefits of the corporate tax cut enacted late last year.
A slew of large companies should give us some idea when they report this week: Alphabet (GOOG) and Whirlpool (WHR) are coming on Monday. Caterpillar (CAT), Coca-Cola (KO), Lockheed Martin (LMT) and Verizon (VZ) follow on Tuesday. AT&T (T), Boeing (BA), Facebook (FB) and Twitter (TWTR) report on Wednesday. American Airlines (AAL), General Motors (GM) and PepsiCo (PEP) are on Thursday. And ExxonMobil (XOM) is reporting on Friday.
6. Coming this week:
Monday — Alphabet, Hasbro, Kimberly-Clark and Whirlpool earnings
Tuesday — Caterpillar, Coca-Cola, Jetblue (JBLU), Lockheed Martin, Restaurant Brands (QSR), Southwest, Verizon and Wynn Resorts earnings; Conference Board's consumer confidence index
Wednesday — Boeing, Chipotle, Comcast, Dr Pepper Snapple, Facebook and Twitter earnings
Thursday — American Airlines, Dunkin' Brands, General Motors, PepsiCo, Starbucks and Southwest earnings
Friday — Exxon earnings; Q1 GDP
Monday, April 23, 2018
Palestine files complaint against Israel under anti-racism treaty - Guardian
April 23, 2018
Palestine files complaint against Israel under anti-racism treaty
Exclusive: complaint claims Israel maintains ‘system of discriminatory measures’
Oliver Holmes in Jerusalem
Mon 23 Apr 2018 20.00 AEST Last modified on Mon 23 Apr 2018 20.21 AEST
Palestinian diplomats in Geneva have filed a complaint against Israel for what they say are breaches of its obligations under a UN anti-racism treaty, triggering what may be a lengthy and high-profile investigation.
The complaint, handed in by the Palestinian ambassador to the UN, Ibrahim Khraishi, to the body that monitors the implementation of the UN convention, accuses Israel of policies and practices that have “the common aim of displacing and replacing the Palestinian people, for the purpose of maintaining a colonial occupation”.
Violations in the occupied territories, which the complaint defined as the West Bank, Gaza and East Jerusalem, sought to maintain “a Jewish demographic majority in the entirety of historic Palestine”, claims the 350-page document, of which the Guardian has seen a summary.
“Not only is the purpose of the settlement regime discriminatory in itself, it is further maintained by a system of discriminatory measures, severely depriving Palestinians of their fundamental rights,” it adds.
Israel ratified the Convention on the Elimination of All Forms of Racial Discrimination in 1979 and, Palestine, which gained UN observer state status five years ago, signed in 2014. The submission is believed to be the first interstate complaint filed under the treaty.
The convention is monitored by the Committee on the Elimination of Racial Discrimination, a body of 18 independent experts that is now tasked with assessing the complaint.
Although the committee has no enforcement mechanisms, Israel will now be required to submit written explanations within three months, including any remedies it has taken. The committee could then move to investigate the claims.
“It does not reach the level of a court order,” said Ammar Hijazi, from the Palestinian ministry of foreign affairs. But he said a finding that Israel had breached the treaty would oblige other signatories to the convention, which include the US, to “ensure that such practices are not continued”.
The complaint claims Palestinians are severely limited in their freedom of movement compared to Israeli settlers and are subject to “confiscation and seizure” of their land, including home demolitions.
It says Israel violates the right to equal treatment before tribunals by using separate legal systems for Palestinians and settlers, and points to higher maximum sentences for Palestinian defendants.
It claims Israel has violated article 3 of the convention, which prohibits racial segregation and apartheid. “It is clear that Israel’s acts are part of a widespread and oppressive regime that is institutionalised and systematic; that accords separate and unequal treatment to Palestinians,” the summary says, calling for the dismantling of all existing Israeli settlements.
The Guardian has contacted Israel’s ministry of foreign affairs for comment.
All countries are required to submit regular reports to the committee on how rights are being upheld. Israel’s most recent report, presented in 2017, said it condemned all forms of racism and “maintained a consistent policy prohibiting such discrimination”.
Palestine files complaint against Israel under anti-racism treaty
Exclusive: complaint claims Israel maintains ‘system of discriminatory measures’
Oliver Holmes in Jerusalem
Mon 23 Apr 2018 20.00 AEST Last modified on Mon 23 Apr 2018 20.21 AEST
Palestinian diplomats in Geneva have filed a complaint against Israel for what they say are breaches of its obligations under a UN anti-racism treaty, triggering what may be a lengthy and high-profile investigation.
The complaint, handed in by the Palestinian ambassador to the UN, Ibrahim Khraishi, to the body that monitors the implementation of the UN convention, accuses Israel of policies and practices that have “the common aim of displacing and replacing the Palestinian people, for the purpose of maintaining a colonial occupation”.
Violations in the occupied territories, which the complaint defined as the West Bank, Gaza and East Jerusalem, sought to maintain “a Jewish demographic majority in the entirety of historic Palestine”, claims the 350-page document, of which the Guardian has seen a summary.
“Not only is the purpose of the settlement regime discriminatory in itself, it is further maintained by a system of discriminatory measures, severely depriving Palestinians of their fundamental rights,” it adds.
Israel ratified the Convention on the Elimination of All Forms of Racial Discrimination in 1979 and, Palestine, which gained UN observer state status five years ago, signed in 2014. The submission is believed to be the first interstate complaint filed under the treaty.
The convention is monitored by the Committee on the Elimination of Racial Discrimination, a body of 18 independent experts that is now tasked with assessing the complaint.
Although the committee has no enforcement mechanisms, Israel will now be required to submit written explanations within three months, including any remedies it has taken. The committee could then move to investigate the claims.
“It does not reach the level of a court order,” said Ammar Hijazi, from the Palestinian ministry of foreign affairs. But he said a finding that Israel had breached the treaty would oblige other signatories to the convention, which include the US, to “ensure that such practices are not continued”.
The complaint claims Palestinians are severely limited in their freedom of movement compared to Israeli settlers and are subject to “confiscation and seizure” of their land, including home demolitions.
It says Israel violates the right to equal treatment before tribunals by using separate legal systems for Palestinians and settlers, and points to higher maximum sentences for Palestinian defendants.
It claims Israel has violated article 3 of the convention, which prohibits racial segregation and apartheid. “It is clear that Israel’s acts are part of a widespread and oppressive regime that is institutionalised and systematic; that accords separate and unequal treatment to Palestinians,” the summary says, calling for the dismantling of all existing Israeli settlements.
The Guardian has contacted Israel’s ministry of foreign affairs for comment.
All countries are required to submit regular reports to the committee on how rights are being upheld. Israel’s most recent report, presented in 2017, said it condemned all forms of racism and “maintained a consistent policy prohibiting such discrimination”.
John Oliver is getting the ultimate revenge on Sean Hannity - Independent
April 23, 2018
John Oliver is getting the ultimate revenge on Sean Hannity
Posted about an hour ago by Greg Evans in news
UPVOTE
Talk show host and political commentator John Oliver have been firmly on the offensive for the past few months.
The 40-year-old has been using his show Last Week Tonight to take very elaborate shots at the Trump administration.
This includes writing and publishing a children's book about a gay rabbit just to troll Mike Pence's book about his family's heterosexual rabbit.
Now he's turned his attention to Donald Trump and his new best friend Sean Hannity, who last week was revealed as the 'mystery client' of Trump's personal attorney Michael Cohen.
It was also revealed that Hannity is almost in constant contact with the president and is practically considered to be a White House staff member.
This is problematic for numerous reasons that we won't list in their entirety, but the fact that Trump is potentially getting a lot of his advise from a Fox News journalist is worrying.
Now to the point. Trump has a big decision to make in the next few weeks as by 12 May he will have to rectify the Iran Nuclear Deal.
The deal was struck by the Obama administration in 2015 along with the British, Chinese, Russian, French and German governments and allowed Iran to trade on the open market. In exchange, they would not enrich their uranium to weapons for 15 years.
However, Trump is famously not a fan of the deal and has tweeted about it on more than one occasion.
Donald J. Trump
✔
@realDonaldTrump
Iran was on its last legs and ready to collapse until the U.S. came along and gave it a life-line in the form of the Iran Deal: $150 billion
21:39 - 2 Feb 2017
Donald J. Trump
✔
@realDonaldTrump
not anymore. The beginning of the end was the horrible Iran deal, and now this (U.N.)! Stay strong Israel, January 20th is fast approaching!
00:25 - 29 Dec 2016
Donald J. Trump
✔
@realDonaldTrump
Never gotten over the fact that Obama was able to send $1.7 Billion Dollars in CASH to Iran and nobody in Congress, the FBI or Justice called for an investigation!
22:02 - 18 Feb 2018
Needless to say, it doesn't look like Trump will be attempting to improve this deal. Furthermore, some of his top advisers, CIA Director Mike Pompeo, National Security Advisor John Bolton and - you guessed it - Sean Hannity aren't supporters of it either.
Noticing that there could be a problem here, Oliver has stepped in and is attempting to sway Trump's decision with an advert that will run during Hannity's show in the DC area, which Trump watches religiously.
Oliver said:
Two of Trump’s top advisers are, like him, dead set against this deal, and they’re getting backup from Sean Hannity, whose show the president watches so much, advisers refer to him as the ‘shadow chief of staff'.
Hannity hates this deal too, so there is not really a way for us to get a moderating voice into this conversation short of buying time on Hannity’s show this week and running an ad like this.
Cut to an ad of Catheter Cowboy, a recurring character on the show, interrupting a family meal to explain why protecting the Iran deal is actually a pretty good idea for most of mankind.
John Oliver is getting the ultimate revenge on Sean Hannity
Posted about an hour ago by Greg Evans in news
UPVOTE
Talk show host and political commentator John Oliver have been firmly on the offensive for the past few months.
The 40-year-old has been using his show Last Week Tonight to take very elaborate shots at the Trump administration.
This includes writing and publishing a children's book about a gay rabbit just to troll Mike Pence's book about his family's heterosexual rabbit.
Now he's turned his attention to Donald Trump and his new best friend Sean Hannity, who last week was revealed as the 'mystery client' of Trump's personal attorney Michael Cohen.
It was also revealed that Hannity is almost in constant contact with the president and is practically considered to be a White House staff member.
This is problematic for numerous reasons that we won't list in their entirety, but the fact that Trump is potentially getting a lot of his advise from a Fox News journalist is worrying.
Now to the point. Trump has a big decision to make in the next few weeks as by 12 May he will have to rectify the Iran Nuclear Deal.
The deal was struck by the Obama administration in 2015 along with the British, Chinese, Russian, French and German governments and allowed Iran to trade on the open market. In exchange, they would not enrich their uranium to weapons for 15 years.
However, Trump is famously not a fan of the deal and has tweeted about it on more than one occasion.
Donald J. Trump
✔
@realDonaldTrump
Iran was on its last legs and ready to collapse until the U.S. came along and gave it a life-line in the form of the Iran Deal: $150 billion
21:39 - 2 Feb 2017
Donald J. Trump
✔
@realDonaldTrump
not anymore. The beginning of the end was the horrible Iran deal, and now this (U.N.)! Stay strong Israel, January 20th is fast approaching!
00:25 - 29 Dec 2016
Donald J. Trump
✔
@realDonaldTrump
Never gotten over the fact that Obama was able to send $1.7 Billion Dollars in CASH to Iran and nobody in Congress, the FBI or Justice called for an investigation!
22:02 - 18 Feb 2018
Needless to say, it doesn't look like Trump will be attempting to improve this deal. Furthermore, some of his top advisers, CIA Director Mike Pompeo, National Security Advisor John Bolton and - you guessed it - Sean Hannity aren't supporters of it either.
Noticing that there could be a problem here, Oliver has stepped in and is attempting to sway Trump's decision with an advert that will run during Hannity's show in the DC area, which Trump watches religiously.
Oliver said:
Two of Trump’s top advisers are, like him, dead set against this deal, and they’re getting backup from Sean Hannity, whose show the president watches so much, advisers refer to him as the ‘shadow chief of staff'.
Hannity hates this deal too, so there is not really a way for us to get a moderating voice into this conversation short of buying time on Hannity’s show this week and running an ad like this.
Cut to an ad of Catheter Cowboy, a recurring character on the show, interrupting a family meal to explain why protecting the Iran deal is actually a pretty good idea for most of mankind.
Nikki Haley's "I don't get confused" comment captures attention- CBS News
April 21, 2018, 11:41 AM
Nikki Haley's "I don't get confused" comment captures attention
NEW YORK — The public split between the White House and U.N. Ambassador Nikki Haley this week over Russia sanctions threw a spotlight on her at-times uneasy relationship with President Donald Trump, even as her deft rebuttal bolstered talk about her own future political fortunes.
Haley's rejoinder to a putdown from a close Trump adviser about message confusion — she declared that "I don't get confused" — was seized as a rallying cry among some women and echoed the audacity the former governor displayed while upending the old boys' club in the South Carolina Statehouse. But the episode also called into question her standing on Mr. Trump's national security team ahead of tough decisions on North Korea, Iran and other fronts.
"What distinguishes her from the star-struck sycophants in the White House is that she understands the intersection of strong leadership and public service, where great things happen," said Rob Godfrey, a spokesman for Haley when she was governor.
Haley, now considered to be on the shortlist of future presidential candidates, has consistently taken a harder line than Mr. Trump on Russia. While that, at times, has drawn Trump's ire, her hawkishness on other occasions has been appreciated by the president, who has allowed her to reprimand Moscow while he works toward a friendship with Russian President Vladimir Putin.
That dynamic broke down this week. Trump was angry Sunday when he saw Haley on television discussing new Russia sanctions that she said would be announced the next day. He blasted her for being out of step with the rest of the administration, according to two White House officials. They were not authorized to discuss private conversations and commented only on condition of anonymity.
Despite Haley's comments, which she made on CBS News' "Face the Nation," no new sanctions were imposed.
Asked for an explanation, Larry Kudlow, the president's new economic adviser, told reporters that Haley "got ahead of the curve" and he added, "She's a very effective ambassador, but there might have been some momentary confusion about that."
The next day, Haley hit back, releasing a statement to Fox News that read: "With all due respect, I don't get confused."
Kudlow apologized but Haley's differences with the White House had already pushed into the open.
At the United Nations, responding to a shouted question about her relationship with the president, she simply said, "It's perfect." But the White House was left scrambling to explain.
Haley's allies insist she always consults with the West Wing, and sometimes the president personally, before speaking publicly. White House officials said the plan about the sanctions changed after she was briefed and she wasn't told before she went on television. Treasury Secretary Steve Mnuchin further muddled the narrative Thursday when he told Fox Business Network that the administration "refined the strategy after Nikki made that announcement."
He said, "She wasn't left twisting in the wind, this was a fluid situation, the decision changed."
Haley's pushback struck a chord, becoming something of an instant feminist motto in the way it rebelled against what some saw as a patronizing comment from a powerful man. The words carried additional resonance considering Haley's place as one of the few prominent women in Mr. Trump's inner circle. Her comment was compared in some quarters to the way Sen. Elizabeth Warren had appropriated "Nevertheless, she persisted" as a rallying cry after the remark was delivered by Senate Majority Leader Mitch McConnell after he tried to silence Warren on the Senate floor last year.
"I feel sorry for Nikki Haley," said former Secretary of State Madeline Albright. "She has been very tough up there making points. She makes very clear that she's representing the president. And all of a sudden she's put into this ridiculous situation of looking as though she is out there by herself on something."
Mr. Trump has vented to confidants about the media attention the dustup has received, but he hasn't given any signal that he wants to dismiss his ambassador, according to White House officials and outside advisers. Her footing on Mr. Trump's revamped national security team remains unclear: She is tight with Vice President Mike Pence and Secretary of State nominee Mike Pompeo, but lost an ally when H.R. McMaster was replaced by John Bolton as national security adviser.
All the attention has restarted some wary West Wing whispers about Haley's ultimate goals.
Her rebuttal stood in stark contrast to the conduct of Attorney General Jeff Sessions and former Secretary of State Rex Tillerson, who largely remained silent when they were undermined by Trump. She did not support Mr. Trump in her state's primary election, was viewed by many as gunning for Tillerson's job last fall, and has been floated by some Republicans as a possible running mate for Pence if he makes his own White House run.
One West Wing aide joked recently that the only question was if Haley's name would appear on a ballot in 2020 or 2024.
And on Tuesday, her office mistakenly blasted an email containing a series of press clippings that mention Haley — a message meant for the ambassador herself — to a number of journalists. Among the headlines highlighted, one cited MSNBC "Morning Joe" host Joe Scarborough and read, "Scarborough: Nikki Haley would beat Donald Trump if she ran in 2020 GOP primary."
"She has an incredibly bright future and will be a major player for the Republican Party in the years ahead," said Newt Gingrich, former House speaker and informal Trump ally. "I think she's a future secretary of state and vice president. And remember: this president learns a lot from television. She is a remarkably effective presence for the United States of America on television and the president likes that."
Haley, the daughter of Indian immigrants, grew up enduring racist taunts during her childhood in a small South Carolina town. She is accustomed to defying political expectations.
In her first campaign in 2004, she defeated the longest-serving member of South Carolina's House. One of only a handful of women in the Legislature, she showed the tough political skin she said was needed to make political progress.
"I don't know how to be intimidated," she declared.
She faced her biggest challenge in 2015, when a self-avowed white supremacist gunned down nine black worshippers in a Charleston church. Haley sat front-and-center for weeks at the funerals and later backed removing the Confederate flag from the South Carolina Statehouse grounds, where it had flown for more than 50 years.
Says former spokesman Godfrey: "She's not afraid to stand up to people who are bullies, whether it's a thug dictator on the next continent, or it's a thug state senator in the next county."
___
Kinnard reported from Columbia, South Carolina. Additional reporting by Associated Press writers Matthew Lee and Catherine Lucey in Washington and Edith Lederer at the United Nations.
Nikki Haley's "I don't get confused" comment captures attention
NEW YORK — The public split between the White House and U.N. Ambassador Nikki Haley this week over Russia sanctions threw a spotlight on her at-times uneasy relationship with President Donald Trump, even as her deft rebuttal bolstered talk about her own future political fortunes.
Haley's rejoinder to a putdown from a close Trump adviser about message confusion — she declared that "I don't get confused" — was seized as a rallying cry among some women and echoed the audacity the former governor displayed while upending the old boys' club in the South Carolina Statehouse. But the episode also called into question her standing on Mr. Trump's national security team ahead of tough decisions on North Korea, Iran and other fronts.
"What distinguishes her from the star-struck sycophants in the White House is that she understands the intersection of strong leadership and public service, where great things happen," said Rob Godfrey, a spokesman for Haley when she was governor.
Haley, now considered to be on the shortlist of future presidential candidates, has consistently taken a harder line than Mr. Trump on Russia. While that, at times, has drawn Trump's ire, her hawkishness on other occasions has been appreciated by the president, who has allowed her to reprimand Moscow while he works toward a friendship with Russian President Vladimir Putin.
That dynamic broke down this week. Trump was angry Sunday when he saw Haley on television discussing new Russia sanctions that she said would be announced the next day. He blasted her for being out of step with the rest of the administration, according to two White House officials. They were not authorized to discuss private conversations and commented only on condition of anonymity.
Despite Haley's comments, which she made on CBS News' "Face the Nation," no new sanctions were imposed.
Asked for an explanation, Larry Kudlow, the president's new economic adviser, told reporters that Haley "got ahead of the curve" and he added, "She's a very effective ambassador, but there might have been some momentary confusion about that."
The next day, Haley hit back, releasing a statement to Fox News that read: "With all due respect, I don't get confused."
Kudlow apologized but Haley's differences with the White House had already pushed into the open.
At the United Nations, responding to a shouted question about her relationship with the president, she simply said, "It's perfect." But the White House was left scrambling to explain.
Haley's allies insist she always consults with the West Wing, and sometimes the president personally, before speaking publicly. White House officials said the plan about the sanctions changed after she was briefed and she wasn't told before she went on television. Treasury Secretary Steve Mnuchin further muddled the narrative Thursday when he told Fox Business Network that the administration "refined the strategy after Nikki made that announcement."
He said, "She wasn't left twisting in the wind, this was a fluid situation, the decision changed."
Haley's pushback struck a chord, becoming something of an instant feminist motto in the way it rebelled against what some saw as a patronizing comment from a powerful man. The words carried additional resonance considering Haley's place as one of the few prominent women in Mr. Trump's inner circle. Her comment was compared in some quarters to the way Sen. Elizabeth Warren had appropriated "Nevertheless, she persisted" as a rallying cry after the remark was delivered by Senate Majority Leader Mitch McConnell after he tried to silence Warren on the Senate floor last year.
"I feel sorry for Nikki Haley," said former Secretary of State Madeline Albright. "She has been very tough up there making points. She makes very clear that she's representing the president. And all of a sudden she's put into this ridiculous situation of looking as though she is out there by herself on something."
Mr. Trump has vented to confidants about the media attention the dustup has received, but he hasn't given any signal that he wants to dismiss his ambassador, according to White House officials and outside advisers. Her footing on Mr. Trump's revamped national security team remains unclear: She is tight with Vice President Mike Pence and Secretary of State nominee Mike Pompeo, but lost an ally when H.R. McMaster was replaced by John Bolton as national security adviser.
All the attention has restarted some wary West Wing whispers about Haley's ultimate goals.
Her rebuttal stood in stark contrast to the conduct of Attorney General Jeff Sessions and former Secretary of State Rex Tillerson, who largely remained silent when they were undermined by Trump. She did not support Mr. Trump in her state's primary election, was viewed by many as gunning for Tillerson's job last fall, and has been floated by some Republicans as a possible running mate for Pence if he makes his own White House run.
One West Wing aide joked recently that the only question was if Haley's name would appear on a ballot in 2020 or 2024.
And on Tuesday, her office mistakenly blasted an email containing a series of press clippings that mention Haley — a message meant for the ambassador herself — to a number of journalists. Among the headlines highlighted, one cited MSNBC "Morning Joe" host Joe Scarborough and read, "Scarborough: Nikki Haley would beat Donald Trump if she ran in 2020 GOP primary."
"She has an incredibly bright future and will be a major player for the Republican Party in the years ahead," said Newt Gingrich, former House speaker and informal Trump ally. "I think she's a future secretary of state and vice president. And remember: this president learns a lot from television. She is a remarkably effective presence for the United States of America on television and the president likes that."
Haley, the daughter of Indian immigrants, grew up enduring racist taunts during her childhood in a small South Carolina town. She is accustomed to defying political expectations.
In her first campaign in 2004, she defeated the longest-serving member of South Carolina's House. One of only a handful of women in the Legislature, she showed the tough political skin she said was needed to make political progress.
"I don't know how to be intimidated," she declared.
She faced her biggest challenge in 2015, when a self-avowed white supremacist gunned down nine black worshippers in a Charleston church. Haley sat front-and-center for weeks at the funerals and later backed removing the Confederate flag from the South Carolina Statehouse grounds, where it had flown for more than 50 years.
Says former spokesman Godfrey: "She's not afraid to stand up to people who are bullies, whether it's a thug dictator on the next continent, or it's a thug state senator in the next county."
___
Kinnard reported from Columbia, South Carolina. Additional reporting by Associated Press writers Matthew Lee and Catherine Lucey in Washington and Edith Lederer at the United Nations.
Michael Bloomberg Pledged $4.5 Million to Uphold U.S. Commitment to the Paris Agreement - TIME
Michael Bloomberg Pledged $4.5 Million to Uphold U.S. Commitment to the Paris Agreement
Michael Bloomberg in Washington, D.C. on April 19, 2018.
By ELI MEIXLER 5:48 AM EDT
Michael Bloomberg has pledged $4.5 million to support the Paris climate agreement, as the administration of President Donald Trump retreats from the landmark accord.
The billionaire philanthropist and former New York City mayor announced on CBS’ Face the Nation Sunday that his personal donation would contribute to meeting America’s commitment to the pact.
“America made a commitment and as an American if the government’s not going to do it we all have responsibility,” Bloomberg said.
Bloomberg, who has been a vocal critic of President Trump’s climate policy, said that the U.S. was currently acting as “part of the problem” under the Trump administration. “America is a big part of the solution and we should go in and help the world stop a potential disaster,” he added.
Last year, the Trump administration announced its intention to withdraw from the pact, but hinted that the U.S. could honor its pledge if the agreement was renegotiated to better benefit American workers.
Michael Bloomberg in Washington, D.C. on April 19, 2018.
By ELI MEIXLER 5:48 AM EDT
Michael Bloomberg has pledged $4.5 million to support the Paris climate agreement, as the administration of President Donald Trump retreats from the landmark accord.
The billionaire philanthropist and former New York City mayor announced on CBS’ Face the Nation Sunday that his personal donation would contribute to meeting America’s commitment to the pact.
“America made a commitment and as an American if the government’s not going to do it we all have responsibility,” Bloomberg said.
Bloomberg, who has been a vocal critic of President Trump’s climate policy, said that the U.S. was currently acting as “part of the problem” under the Trump administration. “America is a big part of the solution and we should go in and help the world stop a potential disaster,” he added.
Last year, the Trump administration announced its intention to withdraw from the pact, but hinted that the U.S. could honor its pledge if the agreement was renegotiated to better benefit American workers.
The US is losing an unassailable $600 billion trade case - CNBC News
April 22, 2018
The US is losing an unassailable $600 billion trade case
With their growing surpluses on American trades, China, Japan and the European Union are defying U.S. trade policies — and getting away with it.
China says it is "locked and loaded" to "fight to the end" on its trade issues with the U.S.
German Chancellor Angela Merkel's upcoming visit to Washington should be used to make an example-setting deal for a new architecture of fair and reciprocal trade.
Dr. Michael Ivanovitch | @msiglobal9
CNBC.com
Before coming to Florida last week to talk trade, plan out East Asian security and play a round of golf, Japan's Prime Minister Shinzo Abe kicked off in Tokyo a series of meetings with China's visiting State Councillor Wang Yi.
The meetings were set to strengthen the Sino-Japanese "strategic relationship of mutual benefit," to expand a $300 billion bilateral trade and to increase further the flow of 7.3 million Chinese visitors to Japan.
Abe also welcomed the impending visit to Japan of China's Premier Li Keqiang to (a) set up a trilateral free trade area with China and South Korea, (b) conclude the agreement on an East Asian Regional Comprehensive Economic Partnership, (c) join China's erstwhile shunned Belt and Road infrastructure projects, (d) promote multilateral trade and (e) fight trade protectionism.
Clear messages, aren't they?
And then, while in Florida, Abe insisted on keeping the U.S.-Japan trade in a broad multilateral framework, fearing that President Donald Trump's preference for a bilateral deal would make a big dent in Japan's $68.8 billion trade surplus on American trades.
China should golf instead of spoiling for a fight
Promising to Trump an "honest trade relationship," Abe asked him to include Pyongyang's short- and medium-range missiles in the forthcoming disarmament negotiations, and to get back to Japan the people North Koreans allegedly abducted.
I wonder whether he also told Trump that Japan's high-ranking officials from foreign, defense and other government agencies were conducting consultations in Sendai, Japan last Thursday and Friday with their Chinese counterparts on contested maritime borders in the South China Sea. That comes close on the heels of a similar meeting in Shanghai last December, showing that a Sino-Japanese "strategic relationship of mutual benefit" may be heating up while Tokyo feels secure under the U.S. defense umbrella and enjoys full access to American markets.
China is not interested in the bourgeois game of golfing. No, Beijing says it is "locked and loaded" to retaliate and "fight to the end" in what it sees as an unfolding "trade war" with America.
That is an interesting negotiating posture for a country that ran a $375 billion trade surplus with the U.S. last year. And this year could be much worse. The American trade deficit with China in January and February was running at an annual rate of $391.2 billion — a 20 percent increase over the same period of 2017.
In spite of that, there is nothing in China's official statements to indicate that Beijing intends to bring those surpluses down. One can only see a belligerent defiance, promises to open up, to cling to multilateral trade and to pursue a "win-win cooperation."
Will Washington settle for that? Or is Trump ready to make good on his promise to give China a pass on trade for help with North Korean nukes?
Merkel for a Mar-a-Lago weekend
If true, that would be a huge mistake. There are no trade offs here. Beijing will not sell North Korea down the river in exchange for Trump's leniency on large, and growing, trade deficits with China. And neither will China suffocate Pyongyang for Washington's favors, whatever those might be.
Pyongyang said it is suspending nuclear and ballistic missile tests on a site that had reportedly become unusable. It also claims that no further tests are necessary — presumably for now. What will follow — if all goes well — is a long negotiating process where China will support North Korea's demands for iron-clad security guarantees and the dismantling of the sanctions regime in exchange for gradual measures of nuclear disarmament.
There are no ultimatums for quick fixes here. There is only a devilishly difficult, long and uncertain high-stakes bargaining among actors deeply suspicious of each other's sincerity and intentions.
But let's get back to the trade issue. Even on a heroic assumption that the expected U.S.-North Korean summit, midwifed by China, is a resounding success, Washington still could not ignore the size and the pace of increase of its trade deficit with Beijing.
The European Union, for its part, is also threatening retaliations in spite of a $151.4 billion trade surplus with the U.S. last year.
The silver lining is that German Chancellor Angela Merkel knows better. She dispatched her vice chancellor to Washington last week to talk trade and prepare the ground for her one-day visit to the White House on Friday, April 27.
Trump would do well to show more understanding for EU trades and more warmth for Merkel. About one-fifth of American exports go to the EU. In January and February, the U.S. sales to the EU were growing at an annual rate of 9 percent — while falling 1.5 percent to China. Over the same period, American exports to Germany soared 12 percent.
Germany may not oblige its estranged cousin Trump with Chevys on its autobahns, but show more courtesy and extend Merkel's Friday visit for a Mar-a-Lago weekend, and you might see a flood of sun-starved Germans to Florida. Also, keep in mind that Germans believe "alte Liebe rostet nicht" – old love does not rust.
Investment thoughts
China, Japan and the EU are defying Trump's trade policies — and are getting away with it. Last year, on Trump's watch, they ran a combined $595.4 billion surplus on their American trades — a 5.8 percent increase from 2016.
And things are now getting worse. With the U.S. domestic demand revving up a bit, America's trade gap this year could be much wider. In January and February, the U.S. trade deficit with those three large economic systems, accounting for about 40 percent of world's demand and output, was running at an annual rate of $612.3 billion, a 3 percent increase from the same period of 2017.
What can Washington do?
First, stop threatening. But do make sure that everybody understands the U.S. won't be the dumping ground of the world, with systematic losses of wealth, jobs and proprietary technology.
Second, make a deal with Germany to cut U.S. trade deficits by boosting American exports to the EU while replacing a significant part of imports with products generated by European companies in their U.S. production facilities.
Japan would follow suit by stepping up supplies from its U.S.-based manufacturing outlets. But whether Tokyo will open up its markets to American goods and services will depend on Washington's implementation of rules of reciprocity.
Third, watching all this, China would understand that it has to cooperate, provided Washington stops linking strategic security issues with what Beijing should normally do as a responsible world trader.
Remember, the Chinese realize that no trade concession on their part can wish away acute U.S.-China questions, such as Taiwan, contested maritime borders in the South China Sea, the sequels to the Korean War and "strategically competitive" issues in the Indo-Pacific region and beyond.
Talk reciprocal nickels and dimes with Beijing, and make sure that the people we call our friends and allies are following the same approach. The U.S. can't have monumental trade issues with China while its closest allies are flocking to Beijing for lucrative "golden era" relationships. If that continues, Washington will be left holding the bag.
The Chinese are in an untenable situation where they live off their main trade partners while advocating globalization, multilateralism and the empty shell of "win-win cooperation." If they continue on that path, they will discredit China's remarkable achievements accomplished over decades of hard and smart work to save, produce and sell to willing buyers around the world.
Commentary by Michael Ivanovitch, an independent analyst focusing on world economy, geopolitics and investment strategy. He served as a senior economist at the OECD in Paris, international economist at the Federal Reserve Bank of New York, and taught economics at Columbia Business School.
The US is losing an unassailable $600 billion trade case
With their growing surpluses on American trades, China, Japan and the European Union are defying U.S. trade policies — and getting away with it.
China says it is "locked and loaded" to "fight to the end" on its trade issues with the U.S.
German Chancellor Angela Merkel's upcoming visit to Washington should be used to make an example-setting deal for a new architecture of fair and reciprocal trade.
Dr. Michael Ivanovitch | @msiglobal9
CNBC.com
Before coming to Florida last week to talk trade, plan out East Asian security and play a round of golf, Japan's Prime Minister Shinzo Abe kicked off in Tokyo a series of meetings with China's visiting State Councillor Wang Yi.
The meetings were set to strengthen the Sino-Japanese "strategic relationship of mutual benefit," to expand a $300 billion bilateral trade and to increase further the flow of 7.3 million Chinese visitors to Japan.
Abe also welcomed the impending visit to Japan of China's Premier Li Keqiang to (a) set up a trilateral free trade area with China and South Korea, (b) conclude the agreement on an East Asian Regional Comprehensive Economic Partnership, (c) join China's erstwhile shunned Belt and Road infrastructure projects, (d) promote multilateral trade and (e) fight trade protectionism.
Clear messages, aren't they?
And then, while in Florida, Abe insisted on keeping the U.S.-Japan trade in a broad multilateral framework, fearing that President Donald Trump's preference for a bilateral deal would make a big dent in Japan's $68.8 billion trade surplus on American trades.
China should golf instead of spoiling for a fight
Promising to Trump an "honest trade relationship," Abe asked him to include Pyongyang's short- and medium-range missiles in the forthcoming disarmament negotiations, and to get back to Japan the people North Koreans allegedly abducted.
I wonder whether he also told Trump that Japan's high-ranking officials from foreign, defense and other government agencies were conducting consultations in Sendai, Japan last Thursday and Friday with their Chinese counterparts on contested maritime borders in the South China Sea. That comes close on the heels of a similar meeting in Shanghai last December, showing that a Sino-Japanese "strategic relationship of mutual benefit" may be heating up while Tokyo feels secure under the U.S. defense umbrella and enjoys full access to American markets.
China is not interested in the bourgeois game of golfing. No, Beijing says it is "locked and loaded" to retaliate and "fight to the end" in what it sees as an unfolding "trade war" with America.
That is an interesting negotiating posture for a country that ran a $375 billion trade surplus with the U.S. last year. And this year could be much worse. The American trade deficit with China in January and February was running at an annual rate of $391.2 billion — a 20 percent increase over the same period of 2017.
In spite of that, there is nothing in China's official statements to indicate that Beijing intends to bring those surpluses down. One can only see a belligerent defiance, promises to open up, to cling to multilateral trade and to pursue a "win-win cooperation."
Will Washington settle for that? Or is Trump ready to make good on his promise to give China a pass on trade for help with North Korean nukes?
Merkel for a Mar-a-Lago weekend
If true, that would be a huge mistake. There are no trade offs here. Beijing will not sell North Korea down the river in exchange for Trump's leniency on large, and growing, trade deficits with China. And neither will China suffocate Pyongyang for Washington's favors, whatever those might be.
Pyongyang said it is suspending nuclear and ballistic missile tests on a site that had reportedly become unusable. It also claims that no further tests are necessary — presumably for now. What will follow — if all goes well — is a long negotiating process where China will support North Korea's demands for iron-clad security guarantees and the dismantling of the sanctions regime in exchange for gradual measures of nuclear disarmament.
There are no ultimatums for quick fixes here. There is only a devilishly difficult, long and uncertain high-stakes bargaining among actors deeply suspicious of each other's sincerity and intentions.
But let's get back to the trade issue. Even on a heroic assumption that the expected U.S.-North Korean summit, midwifed by China, is a resounding success, Washington still could not ignore the size and the pace of increase of its trade deficit with Beijing.
The European Union, for its part, is also threatening retaliations in spite of a $151.4 billion trade surplus with the U.S. last year.
The silver lining is that German Chancellor Angela Merkel knows better. She dispatched her vice chancellor to Washington last week to talk trade and prepare the ground for her one-day visit to the White House on Friday, April 27.
Trump would do well to show more understanding for EU trades and more warmth for Merkel. About one-fifth of American exports go to the EU. In January and February, the U.S. sales to the EU were growing at an annual rate of 9 percent — while falling 1.5 percent to China. Over the same period, American exports to Germany soared 12 percent.
Germany may not oblige its estranged cousin Trump with Chevys on its autobahns, but show more courtesy and extend Merkel's Friday visit for a Mar-a-Lago weekend, and you might see a flood of sun-starved Germans to Florida. Also, keep in mind that Germans believe "alte Liebe rostet nicht" – old love does not rust.
Investment thoughts
China, Japan and the EU are defying Trump's trade policies — and are getting away with it. Last year, on Trump's watch, they ran a combined $595.4 billion surplus on their American trades — a 5.8 percent increase from 2016.
And things are now getting worse. With the U.S. domestic demand revving up a bit, America's trade gap this year could be much wider. In January and February, the U.S. trade deficit with those three large economic systems, accounting for about 40 percent of world's demand and output, was running at an annual rate of $612.3 billion, a 3 percent increase from the same period of 2017.
What can Washington do?
First, stop threatening. But do make sure that everybody understands the U.S. won't be the dumping ground of the world, with systematic losses of wealth, jobs and proprietary technology.
Second, make a deal with Germany to cut U.S. trade deficits by boosting American exports to the EU while replacing a significant part of imports with products generated by European companies in their U.S. production facilities.
Japan would follow suit by stepping up supplies from its U.S.-based manufacturing outlets. But whether Tokyo will open up its markets to American goods and services will depend on Washington's implementation of rules of reciprocity.
Third, watching all this, China would understand that it has to cooperate, provided Washington stops linking strategic security issues with what Beijing should normally do as a responsible world trader.
Remember, the Chinese realize that no trade concession on their part can wish away acute U.S.-China questions, such as Taiwan, contested maritime borders in the South China Sea, the sequels to the Korean War and "strategically competitive" issues in the Indo-Pacific region and beyond.
Talk reciprocal nickels and dimes with Beijing, and make sure that the people we call our friends and allies are following the same approach. The U.S. can't have monumental trade issues with China while its closest allies are flocking to Beijing for lucrative "golden era" relationships. If that continues, Washington will be left holding the bag.
The Chinese are in an untenable situation where they live off their main trade partners while advocating globalization, multilateralism and the empty shell of "win-win cooperation." If they continue on that path, they will discredit China's remarkable achievements accomplished over decades of hard and smart work to save, produce and sell to willing buyers around the world.
Commentary by Michael Ivanovitch, an independent analyst focusing on world economy, geopolitics and investment strategy. He served as a senior economist at the OECD in Paris, international economist at the Federal Reserve Bank of New York, and taught economics at Columbia Business School.
TSB apologises after customers complain of online banking 'data breach' Some customers say they can view other people’s accounts through app after bank completes technology upgrade - Independent
April 23, 2018
TSB apologises after customers complain of online banking 'data breach'
Some customers say they can view other people’s accounts through app after bank completes technology upgrade
Ben Chapman @b_c_chapman
The bank said it was 'working as hard and as fast as we can to get these up and running' PA
TSB has apologised to customers who could not access their accounts through the company’s app and online banking service on Sunday night and Monday morning.
A number of customers complained of a "data breach" and said that they were able to view other people’s account information through the app.
The problems came after TSB carried out planned upgrade work to its technology over the weekend. The bank had warned that some services would not be available from 4pm on Friday to 6pm on Sunday but customers found that problems persisted beyond this, leaving them locked out of their accounts.
Major companies pull advertising from Facebook over data breach
One customer told the BBC that he had been credited with a large sum of money that was not his once he managed to get back into the app.
“My balance, because of my overdraft, is in minus, but my balance was showing at £13,000,” said Laim McKenzie, from Paisley in Scotland.
In a statement on Monday morning, TSB said that there were still “intermittent issues” with its mobile and online banking services and that it was “working as hard and as fast as we can to get these up and running”.
TSB customers will be able to access accounts using an eye scanner
UK retail banks’ reputation improves but RBS, TSB and HSBC lag
Questions of Cash: 'Our TSB dividends seem to have disappeared'
Don't blunt our sharp teeth, warns TSB boss Paul Pester
The announcement came after TSB's social media team faced a series of complaints from customers on Sunday evening.
Craig Malcom tweeted: “TSB I currently have access to £20k+ of other peoples money.
“I suggest somebody answers the phones as iv been on hold for 45 minutes!
“This is a MASSIVE breach of data protection! If i have access to their account they could have to mine as well!”
bex
@Bec_701
.@TSB so go to my app and have someone else’s accounts there!!!! Serious dpa breach! Want to speak to someone now and a half an hour wait!! What would the FCA say about this!!! Might just inform them a bank is giving away other people’s account numbers
4:06 AM - Apr 23, 2018
Another Twitter user called Bex wrote: “@TSB so go to my app and have someone else's accounts there!!!! Serious dpa (Data Protection Act) breach!”
“Want to speak to someone now and a half an hour wait!! What would the FCA (Financial Conduct Authority) say about this!!! Might just inform them a bank is giving away other people's account numbers.”
The problems apparently stemmed from a switch to a new online banking system. TSB had rented the technology behind its app and online banking from Lloyds Banking Group since the two companies split. Over the weekend, TSB moved customers to a new platform which experienced some teething problems.
TSB apologises after customers complain of online banking 'data breach'
Some customers say they can view other people’s accounts through app after bank completes technology upgrade
Ben Chapman @b_c_chapman
The bank said it was 'working as hard and as fast as we can to get these up and running' PA
TSB has apologised to customers who could not access their accounts through the company’s app and online banking service on Sunday night and Monday morning.
A number of customers complained of a "data breach" and said that they were able to view other people’s account information through the app.
The problems came after TSB carried out planned upgrade work to its technology over the weekend. The bank had warned that some services would not be available from 4pm on Friday to 6pm on Sunday but customers found that problems persisted beyond this, leaving them locked out of their accounts.
Major companies pull advertising from Facebook over data breach
One customer told the BBC that he had been credited with a large sum of money that was not his once he managed to get back into the app.
“My balance, because of my overdraft, is in minus, but my balance was showing at £13,000,” said Laim McKenzie, from Paisley in Scotland.
In a statement on Monday morning, TSB said that there were still “intermittent issues” with its mobile and online banking services and that it was “working as hard and as fast as we can to get these up and running”.
TSB customers will be able to access accounts using an eye scanner
UK retail banks’ reputation improves but RBS, TSB and HSBC lag
Questions of Cash: 'Our TSB dividends seem to have disappeared'
Don't blunt our sharp teeth, warns TSB boss Paul Pester
The announcement came after TSB's social media team faced a series of complaints from customers on Sunday evening.
Craig Malcom tweeted: “TSB I currently have access to £20k+ of other peoples money.
“I suggest somebody answers the phones as iv been on hold for 45 minutes!
“This is a MASSIVE breach of data protection! If i have access to their account they could have to mine as well!”
bex
@Bec_701
.@TSB so go to my app and have someone else’s accounts there!!!! Serious dpa breach! Want to speak to someone now and a half an hour wait!! What would the FCA say about this!!! Might just inform them a bank is giving away other people’s account numbers
4:06 AM - Apr 23, 2018
Another Twitter user called Bex wrote: “@TSB so go to my app and have someone else's accounts there!!!! Serious dpa (Data Protection Act) breach!”
“Want to speak to someone now and a half an hour wait!! What would the FCA (Financial Conduct Authority) say about this!!! Might just inform them a bank is giving away other people's account numbers.”
The problems apparently stemmed from a switch to a new online banking system. TSB had rented the technology behind its app and online banking from Lloyds Banking Group since the two companies split. Over the weekend, TSB moved customers to a new platform which experienced some teething problems.
Millennial millionaire: The 8 steps I took to make my first million - CNBC News
Millennial millionaire: The 8 steps I took to make my first million
Bryan M. Kuderna, Contributor 4:12 PM ET Fri, 16 Feb 2018
Since releasing my 2015 book "Millennial Millionaire," I have enjoyed speaking alongside icons of the business world and sharing my advice on all things related to money. As fun as this journey has been, I realized there never was a chance to look in the rear-view mirror, a habit this usually forward-thinking millennial happens to frown upon.
Then, during a recent radio interview with Forbes host Gregg Stebben, he put me on the spot by simply asking, "How did you do it?"
So enough of the grandiose wisdom of macroeconomics and high-flying business heroes. Here are the eight steps a twenty-something took to make his first million!
Graduate college fast
I entered college in 2005 at The University of Tampa. Despite attending four different colleges, I met my goal of graduating in four years from The College of New Jersey in 2009 with a BS in Finance and a minor in Economics.
Walking into a career in insurance and investment advising three days after graduation gave me a huge head start on my peers and, of course, it eliminated the need for more student loans.
Be an entrepreneur
The subtitle to my book, "A Guide to Becoming a Millionaire by 30," has provoked the hardest question I've been asked over the past two years: Is there a prerequisite? The honest truth is yes, and the prerequisite is capital. Without an advanced degree, the most common way I've seen to generate a high early income is sales and/or entrepreneurship.
Only three days after graduating from college, I jumped headlong into a position as a financial sales representative. The first two years were a real struggle, long hours and low income based 100 percent on commission. Coming from a family that relied on a steady paycheck (my dad worked for the army and my mom was a paralegal), this volatility caused a lot of friction on the home front. My parents couldn't understand my working crazy hours, studying for so many licenses, and then hardly getting by.
But I believed the hard work would pay off and began building my own practice right out of the gate.
Here's how this college grad saved $47,000 Here's how this college grad saved $47,000
Live at home
Recognizing that capital is the precursor to wealth, a financial plan becomes feasible by either earning more or saving more. A combination of the two provides the best odds. You might land a great job out of school only to watch much of your early earnings go to rent and living expenses. I lived at home until age 25, which made a nice income seem enormous.
For the first six months of my career I did nothing but put money in the bank. This allowed me to zero out my credit cards every single month. One of my proudest achievements is never paying a penny of interest while collecting some nice rewards along the way.
By age 24, my income, generated by financial advising, began to surpass that of most of my peers. From there it snowballed almost month by month as I accumulated more clients and bigger accounts. I parlayed these earnings into the same investments and financial planning strategies I teach my clients and watched my wealth grow. I added book royalties and speaking gigs on top of my day-to-day job as a CFP.
With some real estate thrown in during the second half of my 20's, I made my million during my 29th year!
The definitive guide to retirement savings plans The definitive guide to retirement savings plans
Fund the 401(k) to the match
After my first year of employment, I was eligible for a 3 percent company match on my 401(k) contributions. I immediately began investing 3 percent of my compensation to the Roth 401(k) option, allocated to 100 percent equities. This quickly went from 3 percent to the IRS maximum after the next three steps were met.
Buy individual disability insurance
Knowing that income is the engine which makes any financial plan run, I purchased the maximum amount of "True Own Occupation" disability insurance with options to increase throughout my career. I've since added a second individual policy and maxed out our Group Long-Term Disability. This makes me feel invincible.
Tony Robbins shares why being a millennial homeowner isn't the smartest move Here's how Tony Robbins suggests millennials approach buying homes
Buy real estate
With capital at my disposal and the leverage of a conventional mortgage, I bought my first property at age 25. Such a large purchase was a frightening progression, but, like anything else in life, you adapt and continue moving forward. Two more properties have since been added, which yield additional rental cash flow while paying off my mortgages.
Open a brokerage account
Once I settled into home ownership and restored my "rainy day fund" to adequate levels, I searched for greater return on my money. A moderately allocated, tax-sensitive ETF account allowed for growth opportunity without sacrificing much liquidity. Any extra, un-earmarked funds quickly find their way here.
By no means are these steps direct recommendations for the masses; they're a biographical sketch of my 20's. Your goal might be $100k, $1 million, or even $1 billion. But I hope a look behind the curtain at a CFP and fellow millennial might help you make the most of your early years.
Bryan M. Kuderna is a CFP, Life Underwriter Training Council Fellow, and Investment Adviser Representative with Kuderna Financial Team, a New Jersey based financial services firm. He is the author of the best-selling book, "Millennial Millionaire: A Guide to Become a Millionaire by 30."
Bryan M. Kuderna, Contributor 4:12 PM ET Fri, 16 Feb 2018
Since releasing my 2015 book "Millennial Millionaire," I have enjoyed speaking alongside icons of the business world and sharing my advice on all things related to money. As fun as this journey has been, I realized there never was a chance to look in the rear-view mirror, a habit this usually forward-thinking millennial happens to frown upon.
Then, during a recent radio interview with Forbes host Gregg Stebben, he put me on the spot by simply asking, "How did you do it?"
So enough of the grandiose wisdom of macroeconomics and high-flying business heroes. Here are the eight steps a twenty-something took to make his first million!
Graduate college fast
I entered college in 2005 at The University of Tampa. Despite attending four different colleges, I met my goal of graduating in four years from The College of New Jersey in 2009 with a BS in Finance and a minor in Economics.
Walking into a career in insurance and investment advising three days after graduation gave me a huge head start on my peers and, of course, it eliminated the need for more student loans.
Be an entrepreneur
The subtitle to my book, "A Guide to Becoming a Millionaire by 30," has provoked the hardest question I've been asked over the past two years: Is there a prerequisite? The honest truth is yes, and the prerequisite is capital. Without an advanced degree, the most common way I've seen to generate a high early income is sales and/or entrepreneurship.
Only three days after graduating from college, I jumped headlong into a position as a financial sales representative. The first two years were a real struggle, long hours and low income based 100 percent on commission. Coming from a family that relied on a steady paycheck (my dad worked for the army and my mom was a paralegal), this volatility caused a lot of friction on the home front. My parents couldn't understand my working crazy hours, studying for so many licenses, and then hardly getting by.
But I believed the hard work would pay off and began building my own practice right out of the gate.
Here's how this college grad saved $47,000 Here's how this college grad saved $47,000
Live at home
Recognizing that capital is the precursor to wealth, a financial plan becomes feasible by either earning more or saving more. A combination of the two provides the best odds. You might land a great job out of school only to watch much of your early earnings go to rent and living expenses. I lived at home until age 25, which made a nice income seem enormous.
For the first six months of my career I did nothing but put money in the bank. This allowed me to zero out my credit cards every single month. One of my proudest achievements is never paying a penny of interest while collecting some nice rewards along the way.
By age 24, my income, generated by financial advising, began to surpass that of most of my peers. From there it snowballed almost month by month as I accumulated more clients and bigger accounts. I parlayed these earnings into the same investments and financial planning strategies I teach my clients and watched my wealth grow. I added book royalties and speaking gigs on top of my day-to-day job as a CFP.
With some real estate thrown in during the second half of my 20's, I made my million during my 29th year!
The definitive guide to retirement savings plans The definitive guide to retirement savings plans
Fund the 401(k) to the match
After my first year of employment, I was eligible for a 3 percent company match on my 401(k) contributions. I immediately began investing 3 percent of my compensation to the Roth 401(k) option, allocated to 100 percent equities. This quickly went from 3 percent to the IRS maximum after the next three steps were met.
Buy individual disability insurance
Knowing that income is the engine which makes any financial plan run, I purchased the maximum amount of "True Own Occupation" disability insurance with options to increase throughout my career. I've since added a second individual policy and maxed out our Group Long-Term Disability. This makes me feel invincible.
Tony Robbins shares why being a millennial homeowner isn't the smartest move Here's how Tony Robbins suggests millennials approach buying homes
Buy real estate
With capital at my disposal and the leverage of a conventional mortgage, I bought my first property at age 25. Such a large purchase was a frightening progression, but, like anything else in life, you adapt and continue moving forward. Two more properties have since been added, which yield additional rental cash flow while paying off my mortgages.
Open a brokerage account
Once I settled into home ownership and restored my "rainy day fund" to adequate levels, I searched for greater return on my money. A moderately allocated, tax-sensitive ETF account allowed for growth opportunity without sacrificing much liquidity. Any extra, un-earmarked funds quickly find their way here.
By no means are these steps direct recommendations for the masses; they're a biographical sketch of my 20's. Your goal might be $100k, $1 million, or even $1 billion. But I hope a look behind the curtain at a CFP and fellow millennial might help you make the most of your early years.
Bryan M. Kuderna is a CFP, Life Underwriter Training Council Fellow, and Investment Adviser Representative with Kuderna Financial Team, a New Jersey based financial services firm. He is the author of the best-selling book, "Millennial Millionaire: A Guide to Become a Millionaire by 30."
Banking royal commission: AMP advice led to loss of quarter of super account - Guardian ( source : Australian Associated Press )
Banking royal commission: AMP advice led to loss of quarter of super account
AMP says advice at odds with customer’s interests and man has not been compensated
Gareth Hutchens and Michael McGowan
Mon 23 Apr 2018 16.38 AEST Last modified on Mon 23 Apr 2018 17.38 AEST
An AMP financial adviser told a man to consolidate his superannuation benefits into a single fund, which caused the loss of 25% of his super. Photograph: Scott Barbour/Getty Images
A man lost 25% of the balance of a superannuation account after being advised by an AMP financial adviser to consolidate his super benefits into a single AMP-owned fund.
AMP admits the advice was detrimental to the man’s financial interests but says he has not been compensated, nor even contacted about the issue.
The fourth week of public hearings for the banking royal commission began on Monday, with AMP back in the witness box.
• Sign up to receive the top stories in Australia every day at noon
AMP’s former chief executive Craig Meller was stood down immediately after a company executive admitted in the royal commission last week that the company had repeatedly lied to the regulator about charging customers fees for no service.
On Monday the law firm Quinn Emanuel Urquhart & Sullivan said it was considering a possible class action against AMP, looking to hear from shareholders who have seen the company’s stock plummet in the last week.
AMP shares lost more than $1bn in market value last week after the damning evidence presented to the financial services royal commission.
On Monday, AMP’s head of compliance, Sarah Britt, appeared as a witness at the royal commission to respond to questions about the behaviour of a former AMP financial planner.
Rowena Orr, the senior counsel assisting the royal commission, asked Britt about a financial adviser called “Mr E”, for legal reasons, who advised a husband and wife couple to rollover their non-AMP super accounts into a single AMP-owned fund, My North Super, in 2016.
The husband was advised to rollover and consolidate his super benefits from two non-AMP funds, TAL Super and MLC MasterKey Superannuation.
The husband had $68,000 in TAL Super and $73,000 in MLC Super, and was advised to put the balance into My North Super.
In doing so, he had to pay TAL Super an exit fee of $16,189, meaning he lost roughly 25% of his TAL Super balance ($68,000).
A document tendered to the royal commission showed the husband was informed he would lose $16,000 in exit fees because he had not met certain TAL Super conditions but he was told his super benefits would be invested in My North Super’s “Xenith Model portfolio”, which would “provide you better performance so that you could earn more”.
But the financial adviser made no attempt to compare the likely returns from remaining in the TAL Super with the likely returns from moving to My North Super.
Orr asked Britt: “So the advice to the husband from Mr E was to sacrifice close to 25% of the balance of the fund so it could be transferred to My North Super?”
Britt replied: “Yes”
Orr said: “Would you agree that unless the TAL’s funds returns had been, or were likely to remain very significantly lower than the likely My North Super returns, it could not have been in this client’s interest to lose a quarter of their superannuation fund?”
Britt replied: “Yes, that’s right. So unless there were significant benefits that would outweigh the exit fee, um, then yes, correct.”
Orr then asked: “And were there significant benefits that outweighed the exit fee?”
Britt said: “Based on the documents I’ve seen … I couldn’t identify what those benefits were.”
The royal commission heard Mr E was first audited by AMP in September 2016, two months before he advised the husband and wife couple.
Australia was conned by financial regulators. And now we'll pay the price
Lindsay David
Read more
That audit resulted in a C rating, meaning the adviser met all of AMP’s major quality advice principles while some areas of improvement were identified.
He was audited again in March 2017 and given an “E” rating – the worst rating possible – because he failed to meet the minimum standards required for providing advice, but he was not sacked.
The licensee that employed the adviser did not want to sack him, saying he was relatively new and junior. AMP agreed to continue using him, with some restrictions in place. But the adviser’s employer sacked him in August 2017.
The husband and wife client of Mr E have still not received compensation, nor been contacted by AMP to be told they received bad advice.
Britt said that was because the case has been moved into their “remediation program” with every other client on Mr E’s book, along with clients from other advisers.
Britt said AMP had remediated clients of 14 advisers so far. She said she didn’t know how many advisers were subject to AMP’s remediation program.
Britt said AMP blamed Mr E and his employer for giving bad advice.
Orr asked: “Does AMP accept any responsibility for the provision of inappropriate advice by Mr E, its authorised representative?”
Britt did not answer the question directly, saying the adviser had been picked up by AMP’s risk controls.
“In that sense, we would say that we’ve discharged our monitoring and supervision obligations with respect to this adviser,” she said.
Orr asked: “So do you maintain that there was no failing in AMP’s systems and processes?”
Britt replied: “We would maintain that we have a robust system of detecting and if necessary terminating advisers who are providing deficient advice.”
She admitted AMP had made no changes to its processes as a result of Mr E’s conduct.
With Australian Associated Press
AMP says advice at odds with customer’s interests and man has not been compensated
Gareth Hutchens and Michael McGowan
Mon 23 Apr 2018 16.38 AEST Last modified on Mon 23 Apr 2018 17.38 AEST
An AMP financial adviser told a man to consolidate his superannuation benefits into a single fund, which caused the loss of 25% of his super. Photograph: Scott Barbour/Getty Images
A man lost 25% of the balance of a superannuation account after being advised by an AMP financial adviser to consolidate his super benefits into a single AMP-owned fund.
AMP admits the advice was detrimental to the man’s financial interests but says he has not been compensated, nor even contacted about the issue.
The fourth week of public hearings for the banking royal commission began on Monday, with AMP back in the witness box.
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AMP’s former chief executive Craig Meller was stood down immediately after a company executive admitted in the royal commission last week that the company had repeatedly lied to the regulator about charging customers fees for no service.
On Monday the law firm Quinn Emanuel Urquhart & Sullivan said it was considering a possible class action against AMP, looking to hear from shareholders who have seen the company’s stock plummet in the last week.
AMP shares lost more than $1bn in market value last week after the damning evidence presented to the financial services royal commission.
On Monday, AMP’s head of compliance, Sarah Britt, appeared as a witness at the royal commission to respond to questions about the behaviour of a former AMP financial planner.
Rowena Orr, the senior counsel assisting the royal commission, asked Britt about a financial adviser called “Mr E”, for legal reasons, who advised a husband and wife couple to rollover their non-AMP super accounts into a single AMP-owned fund, My North Super, in 2016.
The husband was advised to rollover and consolidate his super benefits from two non-AMP funds, TAL Super and MLC MasterKey Superannuation.
The husband had $68,000 in TAL Super and $73,000 in MLC Super, and was advised to put the balance into My North Super.
In doing so, he had to pay TAL Super an exit fee of $16,189, meaning he lost roughly 25% of his TAL Super balance ($68,000).
A document tendered to the royal commission showed the husband was informed he would lose $16,000 in exit fees because he had not met certain TAL Super conditions but he was told his super benefits would be invested in My North Super’s “Xenith Model portfolio”, which would “provide you better performance so that you could earn more”.
But the financial adviser made no attempt to compare the likely returns from remaining in the TAL Super with the likely returns from moving to My North Super.
Orr asked Britt: “So the advice to the husband from Mr E was to sacrifice close to 25% of the balance of the fund so it could be transferred to My North Super?”
Britt replied: “Yes”
Orr said: “Would you agree that unless the TAL’s funds returns had been, or were likely to remain very significantly lower than the likely My North Super returns, it could not have been in this client’s interest to lose a quarter of their superannuation fund?”
Britt replied: “Yes, that’s right. So unless there were significant benefits that would outweigh the exit fee, um, then yes, correct.”
Orr then asked: “And were there significant benefits that outweighed the exit fee?”
Britt said: “Based on the documents I’ve seen … I couldn’t identify what those benefits were.”
The royal commission heard Mr E was first audited by AMP in September 2016, two months before he advised the husband and wife couple.
Australia was conned by financial regulators. And now we'll pay the price
Lindsay David
Read more
That audit resulted in a C rating, meaning the adviser met all of AMP’s major quality advice principles while some areas of improvement were identified.
He was audited again in March 2017 and given an “E” rating – the worst rating possible – because he failed to meet the minimum standards required for providing advice, but he was not sacked.
The licensee that employed the adviser did not want to sack him, saying he was relatively new and junior. AMP agreed to continue using him, with some restrictions in place. But the adviser’s employer sacked him in August 2017.
The husband and wife client of Mr E have still not received compensation, nor been contacted by AMP to be told they received bad advice.
Britt said that was because the case has been moved into their “remediation program” with every other client on Mr E’s book, along with clients from other advisers.
Britt said AMP had remediated clients of 14 advisers so far. She said she didn’t know how many advisers were subject to AMP’s remediation program.
Britt said AMP blamed Mr E and his employer for giving bad advice.
Orr asked: “Does AMP accept any responsibility for the provision of inappropriate advice by Mr E, its authorised representative?”
Britt did not answer the question directly, saying the adviser had been picked up by AMP’s risk controls.
“In that sense, we would say that we’ve discharged our monitoring and supervision obligations with respect to this adviser,” she said.
Orr asked: “So do you maintain that there was no failing in AMP’s systems and processes?”
Britt replied: “We would maintain that we have a robust system of detecting and if necessary terminating advisers who are providing deficient advice.”
She admitted AMP had made no changes to its processes as a result of Mr E’s conduct.
With Australian Associated Press
Maverick to Maverick, Macron Seeks Common Ground With Trump - Bloomberg
Maverick to Maverick, Macron Seeks Common Ground With Trump
By Helene Fouquet
April 23, 2018, 5:28 PM GMT+10
Europe looks to Macron to sway Trump on trade, Iran deal
French leader plotted tactics with Merkel before visit
French President Emmanuel Macron lands in Washington Monday aiming to use his rapport with Donald Trump to take the edge off the latter’s “America First” foreign policy, for Europe at least.
As 40-year-old Macron arrives for the first state visit of Trump’s presidency, the U.S. leader is threatening to upend the global trading system with tariffs on China, maybe Europe too, and to ditch the Iran nuclear accord, a key plank of western policy for containing military tensions in the Middle East.
Macron has been building bridges with Trump for a year. Now he’s looking for something in return.
“Both of us are probably mavericks,” the French president said in a Fox News interview taped in Paris on Friday and broadcast Sunday. “We have a very special relationship.”
While Macron has had more success than most in getting through to Trump, his record of securing policy concessions is patchy. He pointed to this month’s missile strikes against Syria as a victory for French diplomacy, but he failed to keep the U.S. in the Paris climate accord and his aides last week played down expectations that he might persuade Trump to change course on other issues.
“This visit will promote the narrative that the two men have a good relationship, but it may not make much of a difference,” said Jeremy Shapiro, research director at the European Council on Foreign Relations in London. “A personal relationship is great, but Trump doesn’t remember it once you’ve left the room.”
State Dinner
On the first night, the two leaders will have dinner with their wives at George Washington’s estate in Mount Vernon, Virginia, overlooking the Potomac River. Macron will present his host with an oak tree from a forest where U.S. troops fought to defend France during World War I.
Tuesday night will be a state dinner at the White House at which Brigitte Macron may wear a gown by Louis Vuitton, her designer of choice. The rest of the guest list has been closely guarded so far, though LVMH Chairman Bernard Arnault may make the cut as the only French business leader to have shaken Trump’s hand. On the final day of his trip Macron will address a joint session of Congress -- in English -- and meet students at George Washington University.
“He has been one of the few Europeans who has pulled off the trick of building a close and strong working relationship with President Trump while also not shying away from criticism,” said Jeff Rathke, deputy director of the Europe Program at the Center for Strategic and International Studies in Washington and a former State Department official. “We’ll probably see some of that.”
Doing Business
Macron’s chance to turn the bonhomie into policy substance comes during extended talks on Tuesday.
French officials say they’ve been briefed by their White House counterparts that Trump still hasn’t decided whether he’ll stick with the Iran nuclear deal. The agreement was the signature foreign-policy achievement of Barack Obama’s presidency and perhaps the most intense U.S. diplomatic push since the aftermath of World War I. Trump, 71, is a long-time critic of the accord.
Macron said he hopes Trump upholds the agreement because it serves as a hedge against a “North Korean type of situation,” of prolonged threats between nuclear powers.
“I think the U.S. today has a very strong role to play for peace in different regions of the world, and especially the Mideast,” Macron said in his Fox News interview.
Read more about how Trump wants to reshape the Iran Nuclear deal here
Trump’s experience sending his forces into combat alongside their French allies this month may strengthen Macron’s chances of making progress on other issues, analysts said. France’s position as the EU’s foremost military power gives Macron an advantage over Chancellor Angela Merkel, who’s derided by the Trump administration for Germany’s reluctance to join military action, its low defense spending, and its trade surplus with the U.S.
Read more about Trump’s relationship with Macron here
Trade will be Macron’s other challenge. He was in Berlin last week to coordinate his arguments with Merkel before the German leader visits the White House on Friday.
European manufacturers are already worried about the knock-on effects of Trump’s trade policy, with the blacklisting of Russian aluminum producer Rusal threatening to crimp supplies to companies such as carmakers further down the production chain. On the broader concern of China’s trade surplus, Treasury Secretary Steven Mnuchin hinted Saturday that he sees a chance for the U.S. to reach a settlement and said he’s considering a trip to Beijing.
Macron and Merkel will both argue that unilateral moves on trade policy are destructive, as they try to persuade Trump not to sabotage the World Trade Organization’s rules-based trading system. Trump wants the Europeans to ease the barriers to U.S. exporters seeking access to their markets.
“I hope he will not implement these new tariffs and he will decide for an exemption for the European Union,” Macron said on Fox. “You cannot make a trade war with your ally.”
— With assistance by Toluse Olorunnipa, Jonathan Tirone, and Ben Brody
By Helene Fouquet
April 23, 2018, 5:28 PM GMT+10
Europe looks to Macron to sway Trump on trade, Iran deal
French leader plotted tactics with Merkel before visit
French President Emmanuel Macron lands in Washington Monday aiming to use his rapport with Donald Trump to take the edge off the latter’s “America First” foreign policy, for Europe at least.
As 40-year-old Macron arrives for the first state visit of Trump’s presidency, the U.S. leader is threatening to upend the global trading system with tariffs on China, maybe Europe too, and to ditch the Iran nuclear accord, a key plank of western policy for containing military tensions in the Middle East.
Macron has been building bridges with Trump for a year. Now he’s looking for something in return.
“Both of us are probably mavericks,” the French president said in a Fox News interview taped in Paris on Friday and broadcast Sunday. “We have a very special relationship.”
While Macron has had more success than most in getting through to Trump, his record of securing policy concessions is patchy. He pointed to this month’s missile strikes against Syria as a victory for French diplomacy, but he failed to keep the U.S. in the Paris climate accord and his aides last week played down expectations that he might persuade Trump to change course on other issues.
“This visit will promote the narrative that the two men have a good relationship, but it may not make much of a difference,” said Jeremy Shapiro, research director at the European Council on Foreign Relations in London. “A personal relationship is great, but Trump doesn’t remember it once you’ve left the room.”
State Dinner
On the first night, the two leaders will have dinner with their wives at George Washington’s estate in Mount Vernon, Virginia, overlooking the Potomac River. Macron will present his host with an oak tree from a forest where U.S. troops fought to defend France during World War I.
Tuesday night will be a state dinner at the White House at which Brigitte Macron may wear a gown by Louis Vuitton, her designer of choice. The rest of the guest list has been closely guarded so far, though LVMH Chairman Bernard Arnault may make the cut as the only French business leader to have shaken Trump’s hand. On the final day of his trip Macron will address a joint session of Congress -- in English -- and meet students at George Washington University.
“He has been one of the few Europeans who has pulled off the trick of building a close and strong working relationship with President Trump while also not shying away from criticism,” said Jeff Rathke, deputy director of the Europe Program at the Center for Strategic and International Studies in Washington and a former State Department official. “We’ll probably see some of that.”
Doing Business
Macron’s chance to turn the bonhomie into policy substance comes during extended talks on Tuesday.
French officials say they’ve been briefed by their White House counterparts that Trump still hasn’t decided whether he’ll stick with the Iran nuclear deal. The agreement was the signature foreign-policy achievement of Barack Obama’s presidency and perhaps the most intense U.S. diplomatic push since the aftermath of World War I. Trump, 71, is a long-time critic of the accord.
Macron said he hopes Trump upholds the agreement because it serves as a hedge against a “North Korean type of situation,” of prolonged threats between nuclear powers.
“I think the U.S. today has a very strong role to play for peace in different regions of the world, and especially the Mideast,” Macron said in his Fox News interview.
Read more about how Trump wants to reshape the Iran Nuclear deal here
Trump’s experience sending his forces into combat alongside their French allies this month may strengthen Macron’s chances of making progress on other issues, analysts said. France’s position as the EU’s foremost military power gives Macron an advantage over Chancellor Angela Merkel, who’s derided by the Trump administration for Germany’s reluctance to join military action, its low defense spending, and its trade surplus with the U.S.
Read more about Trump’s relationship with Macron here
Trade will be Macron’s other challenge. He was in Berlin last week to coordinate his arguments with Merkel before the German leader visits the White House on Friday.
European manufacturers are already worried about the knock-on effects of Trump’s trade policy, with the blacklisting of Russian aluminum producer Rusal threatening to crimp supplies to companies such as carmakers further down the production chain. On the broader concern of China’s trade surplus, Treasury Secretary Steven Mnuchin hinted Saturday that he sees a chance for the U.S. to reach a settlement and said he’s considering a trip to Beijing.
Macron and Merkel will both argue that unilateral moves on trade policy are destructive, as they try to persuade Trump not to sabotage the World Trade Organization’s rules-based trading system. Trump wants the Europeans to ease the barriers to U.S. exporters seeking access to their markets.
“I hope he will not implement these new tariffs and he will decide for an exemption for the European Union,” Macron said on Fox. “You cannot make a trade war with your ally.”
— With assistance by Toluse Olorunnipa, Jonathan Tirone, and Ben Brody
Coca-Cola announces its first-ever alcoholic drink - CNBC News
Coca-Cola announces its first-ever alcoholic drink
3:50 PM ET Wed, 7 March 2018 | 01:22
Coca-Cola is launching the first alcoholic drink in its history with a canned liquor product in Japan.
The drinks giant will experiment with a canned beverage called Chu-Hi, made up of distilled Japanese drink shochu, sparkling water and flavoring.
"This is unique in our history. Coca-Cola has always focused entirely on non-alcoholic beverages, and this is a modest experiment for a specific slice of our market," said Jorge Garduno, president of Coca-Cola's Japan business unit, in a post on the company's website.
Japan is a fiercely competitive market, Garduno added, with Coca-Cola launching 100 products a year in the country. "Experimentation is almost like a day-to-day ritual here. You can't fall behind the rapid product cycle in Japan," he said.
The Coke ON app being used in Japan. The app allows consumers to collect points and exchange them for drinks.
Bloomberg | Getty Images
The Coke ON app being used in Japan. The app allows consumers to collect points and exchange them for drinks.
The company's sodas only made up about 25 percent of product sales by volume in Japan in 2016, while tea made up 27 percent of Japan's overall beverage consumption in the same year.
Coca-Cola also owns Georgia Coffee in Japan, which it claims is the world's highest-grossing canned coffee drink, making more than $1 billion in annual sales. The country has a Food for Specified Health Uses (FOSHU) government certification, in light of its ageing population and fiber-fortified drink Coca-Cola Plus was FOSHU-approved in 2017.
Having certain drinks at particular times of day is more of an entrenched ritual in Japan than in other part of the world, said Khalil Younes, EVP of marketing and new businesses for Coca-Cola Japan, in a blog post. People might drink green tea with sushi, but opt for oolong tea with fattier Chinese food, for example.
Because of the nature of the Japanese drinks market, it's unlikely Chu-Hi drinks will launch in other countries, Garduno said. "While many markets are becoming more like Japan, I think the culture here is still very unique and special, so many products that are born here will stay here."
3:50 PM ET Wed, 7 March 2018 | 01:22
Coca-Cola is launching the first alcoholic drink in its history with a canned liquor product in Japan.
The drinks giant will experiment with a canned beverage called Chu-Hi, made up of distilled Japanese drink shochu, sparkling water and flavoring.
"This is unique in our history. Coca-Cola has always focused entirely on non-alcoholic beverages, and this is a modest experiment for a specific slice of our market," said Jorge Garduno, president of Coca-Cola's Japan business unit, in a post on the company's website.
Japan is a fiercely competitive market, Garduno added, with Coca-Cola launching 100 products a year in the country. "Experimentation is almost like a day-to-day ritual here. You can't fall behind the rapid product cycle in Japan," he said.
The Coke ON app being used in Japan. The app allows consumers to collect points and exchange them for drinks.
Bloomberg | Getty Images
The Coke ON app being used in Japan. The app allows consumers to collect points and exchange them for drinks.
The company's sodas only made up about 25 percent of product sales by volume in Japan in 2016, while tea made up 27 percent of Japan's overall beverage consumption in the same year.
Coca-Cola also owns Georgia Coffee in Japan, which it claims is the world's highest-grossing canned coffee drink, making more than $1 billion in annual sales. The country has a Food for Specified Health Uses (FOSHU) government certification, in light of its ageing population and fiber-fortified drink Coca-Cola Plus was FOSHU-approved in 2017.
Having certain drinks at particular times of day is more of an entrenched ritual in Japan than in other part of the world, said Khalil Younes, EVP of marketing and new businesses for Coca-Cola Japan, in a blog post. People might drink green tea with sushi, but opt for oolong tea with fattier Chinese food, for example.
Because of the nature of the Japanese drinks market, it's unlikely Chu-Hi drinks will launch in other countries, Garduno said. "While many markets are becoming more like Japan, I think the culture here is still very unique and special, so many products that are born here will stay here."
South Korea turns off loudspeaker broadcasts into North - BBC News
April 23, 2018
South Korea turns off loudspeaker broadcasts into North
South Korea's speakers were blasting pop music and propaganda over the border
South Korea has stopped broadcasting propaganda via loudspeakers along the border with North Korea, ahead of top-level talks later this week.
The South has dozens of loudspeakers along the border area, which blast everything from K-pop music to critical news reports of the North.
The broadcasts can be heard by the North's troops stationed along the border and civilians in the area.
Seoul said turning them off would help set the tone for Friday's talks.
North Korea has its own system of speakers along the border, playing reports critical of Seoul and its allies.
It's not yet known whether it will follow suit and silence them too.
What do North and South Korea shout across the border?
South Korea said the speakers, which play propaganda over the border at high volume, were turned off in the early hours of Monday morning.
The broadcasts are designed to sow doubt among North Korean soldiers about the official message on the South
The move aimed to "ease the military tension between the two Koreas and develop a peaceful summit atmosphere," spokesman Choi Hoi-hyun told reporters.
"We hope this decision will lead both Koreas to stop mutual criticism and propaganda against each other and also contribute in creating peace and a new beginning."
North Korea announced at the weekend that it was suspending nuclear tests and closing an atomic test site. The surprise announcement came as the country prepares for historic talks with South Korea and the US.
South Korea's President Moon Jae-in has called it "a significant decision towards total denuclearisation of the Korean peninsula".
Pyongyang's leader Kim Jong-un is due to meet Mr Moon next Friday at the truce village of Panmunjom, marking the first inter-Korean summit in over a decade.
Mr Kim is also due to meet US President Donald Trump by June. It will be the first ever meeting between two sitting leaders of North Korea and the US.
South Korea's propaganda broadcasts have been running on and off since the Korean War. The idea is to persuade North Korean soldiers to doubt what they are told by their leaders.
Their use has been increased and decreased over the years, following the diplomatic mood on the peninsula.
In 2004, the broadcasts were stopped as part of a deal negotiated between both countries.
But in 2015, after two South Korean soldiers were severely injured by North Korean-planted mines in the demilitarised zone (DMZ), the South turned its speakers back on. It was later halted again in 2015 and re-started in 2016 in response to the North testing a hydrogen bomb.
South Korea did not say whether it planned to restart the broadcasts once the summits are over.
South Korea turns off loudspeaker broadcasts into North
South Korea's speakers were blasting pop music and propaganda over the border
South Korea has stopped broadcasting propaganda via loudspeakers along the border with North Korea, ahead of top-level talks later this week.
The South has dozens of loudspeakers along the border area, which blast everything from K-pop music to critical news reports of the North.
The broadcasts can be heard by the North's troops stationed along the border and civilians in the area.
Seoul said turning them off would help set the tone for Friday's talks.
North Korea has its own system of speakers along the border, playing reports critical of Seoul and its allies.
It's not yet known whether it will follow suit and silence them too.
What do North and South Korea shout across the border?
South Korea said the speakers, which play propaganda over the border at high volume, were turned off in the early hours of Monday morning.
The broadcasts are designed to sow doubt among North Korean soldiers about the official message on the South
The move aimed to "ease the military tension between the two Koreas and develop a peaceful summit atmosphere," spokesman Choi Hoi-hyun told reporters.
"We hope this decision will lead both Koreas to stop mutual criticism and propaganda against each other and also contribute in creating peace and a new beginning."
North Korea announced at the weekend that it was suspending nuclear tests and closing an atomic test site. The surprise announcement came as the country prepares for historic talks with South Korea and the US.
South Korea's President Moon Jae-in has called it "a significant decision towards total denuclearisation of the Korean peninsula".
Pyongyang's leader Kim Jong-un is due to meet Mr Moon next Friday at the truce village of Panmunjom, marking the first inter-Korean summit in over a decade.
Mr Kim is also due to meet US President Donald Trump by June. It will be the first ever meeting between two sitting leaders of North Korea and the US.
South Korea's propaganda broadcasts have been running on and off since the Korean War. The idea is to persuade North Korean soldiers to doubt what they are told by their leaders.
Their use has been increased and decreased over the years, following the diplomatic mood on the peninsula.
In 2004, the broadcasts were stopped as part of a deal negotiated between both countries.
But in 2015, after two South Korean soldiers were severely injured by North Korean-planted mines in the demilitarised zone (DMZ), the South turned its speakers back on. It was later halted again in 2015 and re-started in 2016 in response to the North testing a hydrogen bomb.
South Korea did not say whether it planned to restart the broadcasts once the summits are over.
North Korea bus crash kills 32 Chinese tourists - BBC News
April 23, 2018
North Korea bus crash kills 32 Chinese tourists
The bus crash killed 32 Chinese people and four North Koreans
A tour bus has crashed in North Korea, killing 36 people including 32 Chinese nationals, Chinese officials say.
The crash, which also killed four North Koreans, happened in North Hwanghae province on Sunday night.
Chinese state media footage showed the blue tour bus completely flipped over, with part of its body broken.
Experts estimate that Chinese tourists make up 80% of foreign tourists to North Korea - providing an important source of currency for Pyongyang.
China is also the secretive regime's main political ally and largest trading partner.
Earlier, Chinese state broadcaster CGTN tweeted that more than 30 Chinese nationals had been killed after the bus plunged off a bridge - however, the post was later deleted.
There are no official tourist numbers for North Korea, but it is estimated that about 100,000 foreigners visit the country each year.
Tourists are subjected to tight restrictions - most visitors must be escorted at all times outside their hotels by guides employed by the government.
North Korea bus crash kills 32 Chinese tourists
The bus crash killed 32 Chinese people and four North Koreans
A tour bus has crashed in North Korea, killing 36 people including 32 Chinese nationals, Chinese officials say.
The crash, which also killed four North Koreans, happened in North Hwanghae province on Sunday night.
Chinese state media footage showed the blue tour bus completely flipped over, with part of its body broken.
Experts estimate that Chinese tourists make up 80% of foreign tourists to North Korea - providing an important source of currency for Pyongyang.
China is also the secretive regime's main political ally and largest trading partner.
Earlier, Chinese state broadcaster CGTN tweeted that more than 30 Chinese nationals had been killed after the bus plunged off a bridge - however, the post was later deleted.
There are no official tourist numbers for North Korea, but it is estimated that about 100,000 foreigners visit the country each year.
Tourists are subjected to tight restrictions - most visitors must be escorted at all times outside their hotels by guides employed by the government.
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