35 Burst results for "Charlie Turner"
Trump Responds to Violent Protests With New Measures
"All Americans were rightly sickened. And revolted by the brutal death of George Floyd. My administration is fully committed. That for Georgia and his family justice will be served. He will not have died in vain. The president quickly turned to unveiling new policies I am mobilising all available federal resources, civilian and military. To Stop the rioting and looting. To end the destruction and arson, and to protect the rights of law, abiding Americans including. Your Second Amendment Rights Journal White House. Correspondent Andrew Rasushi as on the story. He spoke with our Charlie Turner about the key changes. The president revealed. Well two things first. He said that he was ordering. Thousands of armed soldiers. Military personnel in law enforcement officials to Washington DC to quell the violent demonstrations. That have broken out at night here and he's also said that he will deploy the military to other cities, if necessary if governors. In his words don't defend the life and property of their residents, so there's two separate actions that he's talking about what sort of authority will invoke well. He has authority under the Insurrection Act of eighteen o seven, which basically allows him to deploy active duty military as opposed to national, guard. Troops searched two separate things. In response to civil unrest, so he could in theory used that authority. There are some legal experts that say that he would actually he can't use it on his own that he would actually need. The governor's themselves to request that he make that decision, so it will certainly be a decision. That would be challenged if he were to do it was the president responding more to what was happening around the country, or to what was happening in front of the white. House I think it's both according to advisors. They'll be spoken to. He was very much affected by what happened in Washington over the last few days. It actually required him on Friday night to go down into the White House bunker on secret service orders. Washington, like other cities has seen looting, spray, painting, and some violence from police toward protesters, so it's A. It's a difficult situation here in Washington as it is around the country. Talk about the president's video conference with the nation's governors. Yes he he spoke with the country's governors, and his message to them was basically. You need to take action to stop. These protests are not not to stop the protest themselves, but to stop the violent. Elements of these protests and ended. quickly. He told he told the governor's that they needed quote dominate. On the streets any he actually said that. Most of them are quote week. Saying that they're not taking this seriously enough and not doing enough to stop the violence that spreading in parts of the country, and at least a couple of the governor's democratic governors hit back at his comments. Yeah, I mean they countered that you know most of these protests, which is true, you know our peaceful, and there are just pockets of these protests that turned violent and resulted in looting and other sort of. Things that we've seen. And and and and and they basically said that the president isn't helping with his own rhetoric rhetoric, which has been quite divisive, both on twitter and in his public statements.
Schools Struggle to Implement Online Learning in Pandemic
"The CORONA VIRUS PANDEMIC MEANS AMERICAN. Schools are now forced into teaching more than fifty million children remotely opening up a range of new challenges. There's even disagreement among educators over one of the most basic things taking attendance are Charlie. Turner spoke with Journal Education Reporter Tunnel. Hobbs talk about why attendance is important and not just for the obvious reason. The kids need to go to class. The reason why some district still want to take attendance is because some of them will use that to determine participation they're going to use it to termine obviously grades. You know how these students are performing but they might need to use that determined. She we pass the student to the next grade or should get to graduate This is a way that districts are trying to basically to keep the students engaged. Keep them learning especially students who are already felling. They want those students to try to bring up their grades or to try to show an effort tunnel. It seems like school. Districts had to set up remote learning on the fly since the pandemic led to an abrupt shutdown of schools. So what are some of the ways? Schools take attendance for remote. Learning what school districts are doing. The ones that the school districts that already had a jump start like their students already had laptops in hot spots They are the ones that I see taking the attendance when students log into actually work. District's that art setup. All other students don't have laptops Wifi. What I noticed these district's doing is. They're handing out packages of Information. Just hard copies. They are allowing parents to call in and vouch for their children. Participate in that day. Some of them aren't taking attendance at all and some of them are basically gauging attendance. On you know progress. The student makes during that week and does it also depend on whether the school district has economically disadvantaged children in some cases that is you when you see the district that are in more affluent areas. They have an easier time with online. Learning it's not just because the school system is handing out laptops because a lot of time already have those devices at home they already have the Internet at home for instance here in Dallas in Dallas. There are a lot of low income students but that district started several years ago. Just getting laptops out there to the kids. So they were pretty advanced in their wireless program. But you have some districts that just. Aren't that far long tunnel. Why don't you go more into why? Some districts are more successful than others when it comes to getting students to log in for class. The reason why some districts are more successful than others because those districts have typically. They've already started their technology programs several years ago where they've tried to outfit all the kids with laptops or tablets or Wi fi just to start their online programs and this is before the Krahn virus showed up so these districts almost had a head start in a way whereas other districts. A lot of districts right now are kind of playing catch up. They're out there buying thousands of laptops just to try to get their online programs going. But if you haven't practiced for this or you haven't planned for. It's it's it's just not as easy as going out buying a laptop everybody has to be trained in it. The students have to not use it. The teachers have to learn how to use the programs to teach so it is very challenging but the district's that I have noticed that we're able to make easier transition into online. Learning are the ones that had already started building up their technology programs before this even happened
Decade in Review: Streaming
"We're in the final days of two thousand nineteen but also the final days of the decade. So this weekend techniques is breathing. We're taking an opportunity to look back at some of the big tack that shaped the twenty tents. Today we're talking about streaming. Our Charlie Turner is talking with entertainment reporter. John Ron Johnson. About the companies that have revolutionized the way we consume entertainment or talking net flicks Amazon prime spotify and more coming up after the break. Welcome back to the transformation minute from comcast business how the business landscape the future look different from where we are today. We asked denise hasty as VP of comcast this business. There's been a major paradigm shift across all industries in banking expect to see virtual financial experts for financial consulting and planning they'll be communicating communicating with their customers via video. At the same time authentication will likely evolved to use biometrics. Passwords may actually become a thing at the past. John Wasn't this past decade the streaming decade as far as listening to music and watching. TV and movies were concerned. Yeah it was really a seismic change from the way things had always been done in the past. I mean think about the what we listen to. Music We went from owning music. Either in the form of CDs or digital downloads to renting it. You know we collect music anymore. Now we just had out these all all access passes to music especially when things like that. Change the way you pay for it the way you use it the way you access it. that really starts to change Your relationship with it and didn't streaming revolution is not just the way we listened and watch but really how we experienced it. I mean we had so many choices regarding TV shows and music for one thing. There's a huge difference between waiting for a weekly show to arrive and binge-watching. Yeah I think what's really fascinating thing about that is As you said you know the schedule of television especially changed radically We need to wait for a weekly schedule or at time slot anymore Or even think about looking at work you might find a TV show on It became sort of a part heart this nonstop buffet that always gets replenished on the streaming services But I think along with that comes this idea of You know it's not just the timeslot I think it's also an era that gets lost a little bit. You find people going back and watching shows from years ago because of recommendation Just because because it shows brand new a lot of people WANNA keep up on it but you kind of racial time with with the streaming ecosystem so a show like the office or the wire or Gosh or friends any number of classic or friends for example you know one of the biggest hits streaming The streaming era You know it's as relevance and urgent for people who are consuming it now as it ever was. It's it's much different than kind of the rerun phenomenon which was kind of past experience Time has been kind of erased and compress all at the same time by by the by the streaming dreaming interface. So we're kind of lifting all eras of television at one time. What about music? You know as far as You know the streaming services like Pandora or spotify apple music. There's just a one hundred eighty degree difference between running sampling and owning. Yeah I think of the way. We used to build music elections I mean it's easy for me to talk about this stuff because And is many of our listeners. Live through an era of owning of owning music. So we have a comparison But there used to be a very deliberate aspect of building a collection of music whether you're for selecting LP's and other vinyl records or CDs that you're you know putting into your towers and was trying to find a room for it was very deliberate and this kind of Picking a team. Almost you know this music collection that that not only reflects like your pact. Listen and you're sort of emotional chapters but just a thing that you owned and perhaps proud of Now that whole idea is is somewhat. I don't know if thrown to the wind really and I mean that's not a bad thing the surly because what we've gained In exchange is complete and almost instant access to everything recorded so what happens to us as music listeners. In in that respect you know when that when that floodgate is open completely and there's there's no there's no obstacle to listening to anything you ever wanted to our desire. I think it's really it's an. It's an amazing way of discovering because there's no barrier. We'll try anything once because we're Alex is just washing over us I think a lot of people what what's are starting to maybe express a concern or maybe a worry about that because there's no There's no filter There's no there's no way to cut it Vam put 'em up You start to lose a grip on the stuff that you tend to love. I mean there's always those nostalgic hit that you're never gonNA forget
WeWork Rise Helped by Wall Street's Cash and Credibility
"Now our main story this morning it has to do with we work. But this time we're not going to be looking at co-founder founder of Newman's behavior or a soft bank's role in funding the company's rise. Instead we're going to turn to Wall Street reporting that part of what fueled we works. Rise was access to large loans from institutions like J. P. Morgan and Wells Fargo but even as the banks lent millions internally. They worried about the weak company. Charlie Turner are has been finding out more from David. Benoy Te David we works rise and fall was pretty dramatic. What happened to the office? Space Leasing Company. I mean it was a Wall Street Darling with major banks jockeying for a role in the company's IPO lending at hundreds of millions of dollars. Sure Yeah I mean certainly I think when a company loses forty billion dollars in valuation. There's there's a lot of blame blame to go around What what we've been looking at recently is sort of in the rise section of that of that narrative how Wall Street financing really power our this company and it was lifeblood in a lot of ways in a way that we haven't really explored before? Well what about the conflict between the banks basically building up this company and questions about its money and also its business model so what we found was that inside the banks on their lending side. They were pledging these. These large urged lines of credit to we work five hundred million and six hundred and fifty million and then they had struck this deal with the IB over six billion dollars in debt. I A huge loan really on on any scale for for a company like this but internally they were they were actually pretty concerned about we have reporting back through two thousand seventeen of banks blanche at the model that we work was doing it. It's cash flow insane. Well Horse Second. If we're going to give you money we're GONNA need one a lot of protection that you're GonNa pay this back and you know we're going to do a lot of fees so that six billion dollars came with two hundred and fifty million dollars of fees okay. Well that was the fees end of what about the money end of it on On we works day was it was chronically bleeding cash right right. Their their model was to essentially bleed cash. They willfully did not make money while they grew we works. Rises really elite. Fueled by by these bank lines of credit so the way the company works is it goes to a landlord signs a long term lease the landlords at the beginning need a bank letter. Just like when you rent engine apartment you might need a guarantee for a few months upfront. So the way we were structured this was they went to the banks and they got these big pots of money and they took parts of those and would send them out as letters and they'd come back and I was how we work was able to grow at such a rapid rate. Even though it wasn't bringing in cash it didn't actually need the cash to grow in needed. These bank financing lawyers. Why don't you talk about wells? Fargo and their role. Sure so so wells. Fargo's an interesting player in this because they're not typically known as a as a Silicon Valley type bank they're not typically the big IPO bank. They got involved in two thousand seventeen and what our reporting turned out was actually kind of a big deal inside Wells Fargo and they got pretty worried and what they they were worried. Read about the the cash flow. The company are worried about Mr Newman and his personality. Essentially and so we heard that the the loan went through several rounds of appealed field and got rejected internally by the bank and ultimately had to be signed off on by top executive and that just shows that's just one example we think of showing inside the banks there were actually the legitimate concerns about what was going to happen. We work there weren't really portrayed out externally until the IPO fell then Where did things start to go sour for for we work As it approached its IPO date or it's planned IPO date. Sure so the banks are giving all this money trying to help take it out public to investors and that's when it starts going sour they put up the perspectives that details. What we work is in all of its dealings and investors say well? We're not comfortable comfortable with that somewhat. Echoing what we had found out the banks had been internally saying. When is this company going to turn a profit? When when are we going to be able to reap some of the awards if we work in investors said? We're not buying this at the valuations. You think it's worth
Russia Increases Efforts to Shield Hackers from Extradition
"Our main story this morning. It's a complicated one that has to do with alleged. Russian hackers were reporting that Russia has stepped up. Its efforts to stop these hackers from being extradited to the United States resorting to prisoner swaps and coercion. Charlie Turner has been finding out more from Dustin Volts Waltz. Dustin Russia is basically going all out to shield its hackers from being extradited to the US. The Justice Department is charged quite a few Russian or Russia affiliated people people with cybercrimes.
President Trump Moves to End Post-Cold War Treaty
"Now our main story this morning it has to do with plans by the trump administration to withdraw from the nineteen ninety two open skies treaty its Genesis dates back to the Eisenhower Administration. The treaty was meant to lessen tensions between Russia and the West Charlie Turner has been finding out more from Michael Gordon Michael the trump administration is moving toward withdrawal coming from a nearly three decade old agreement called the Open Skies Treaty tell us what it is first of all well genesis for open skies really goes back to the Eisenhower Administration where there was a proposal in nineteen fifty five that the United States and Russia conduct surveillance mission is over each other's territory to build confidence in basically assure each side that attack wasn't being planned and nothing happen and with that but then in the wake of the after the Cold War ended in nineteen ninety two The Georgia Herbert Walker Bush administration Negoti associated a similar accord called the open skies treaty as a way to build confidence among the former Cold War adversaries but the on the part of the trump administration is twofold that the Russians are inhibiting access of some of these US flights and at the same time we're using fights to carry out Spying operations well you write that allied nations including Ukraine they're urging that the treaty be preserved in any disputes over Russian clients be resolved through negotiations so in short thirty three nations I believe WanNa stay in the treaty well the European allies d spend on these flights more so than the United States which has its own spy satellites
Additional Charges in College-Admissions Cheating Scandal
"Errands in college admissions cheating scandal are now facing additional charges it off workplace series continues with a look at who speaks in meetings women who are not remembered for what they say are often the ones who have trouble getting promoted boss I of the thought trees this is what's news from the Wall Street Journal I'm Kim Get I'll send let's get started now are we take a closer look at the new charges facing some of the parents and the college admissions cheating scheme and why they were introduced. Here's what you missed diplomat Bill Taylor the acting. US Ambassador to Ukraine said in closed door testimony on Capitol Hill yesterday that President Trump made nearly four hundred million dollars in aid contingent on the Ukraine in President Investigating Democratic presidential candidate Joe Biden White House Press Secretary Stephanie Gresham said in a statement quote president trump has done nothing wrong there was no quid pro quo and we mentioned yesterday in our afternoon edition that Boris Johnson's Brexit plan passed a key hurdle the bill was approved by British lawmakers but that victory for Mister Johnson well it was short lived just minutes later lawmakers rejected his timetable for debating and formerly approving the bill that means that his goal of leaving the European Union by October thirty first is looking unlikely from London Jason Douglas has more on what happens next the first thing that we're waiting for is what the European Union says about an extension so Boris Johnson issue member had to request one another Europeans are going to decide exactly how long extension is on whatever they come back with kind of color what actually happens next so it expect them to simply do the UK requested which is graphic extension January thirty first probably with some wriggle-room that if you pass the deal sooner you can leave sooner and then bars Johnson says a choice either he goes for an election and I and I would winning a majority so that so that he can then pass the deal or tries to pass the deal I go into an election having said I did brexit Autumn will of course keep you updated on all the brexit twists and turns and two departures for you the first is Nike's long-term Chief Executive Mark Parker sure he'll step down in two thousand twenty after nearly fourteen years in the top job he'll be replaced by John Donahue who is a former Ebay chief executive we report that Mr Parker's departure marks a strategic shift for Nike it seemed strong sales but also been beset by a string of PR crises and Boeing's Commercial clean chief Kevin mcallister is also leaving it's the first high-level ouster from Boeing since the 737 Max crisis began Boeing reports its third quarter thanks today and analysts are expecting that will take more charges as a result of the crisis now our main story this morning it has to do with a new development and the college admissions cheating scandal a little over half thirty-five parents facing charges have played guilty but a new twist came late yesterday when prosecutors introduced new charges against eleven holdouts Charlie Turner has been finding out more from Melissa corn at the hearing and Boston Melissa Eleven parents who were allegedly involved in the nationwide college admission cheating scandal are facing additional charges what do prosecutors accused them of now so prosecutors have now added a charge for most of them regarding what's called Federal Graham Bribery essentially bribing an organization or a state or something like that that accepts at least ten thousand dollars in federal funds oh it's almost A quasi arm of the federal government so they can charge them at the federal level and this is as we say in addition to the original charges which I believe include honest services on services fraud conspiracy and money laundering conspiracy so they most of them now have three charges against them know who are some of the defendants some of them obvious Really high-profile right so more than half of the parents have now pleaded guilty but there are still sixteen out there that have pleaded not guilty and they include actress Laurie Lachlan fashion designer Massimo g a newly former T G growth head bill mcglashan and so definitely still some big bold faced names here from your Article Melissa I'm kind of wondering this have prosecutors sort of struggled at times to make a case with as you write that you know they struggled Oh identified damages and victims in the case I guess with regard to William Rick Singer talk about that right so the prosecutor say there's definitely a crime here it's just kind of hard to explain why so the idea that this is based on an honest services fraud that there's you know the the these people are depriving the companies the employers of their honest of on a services of their employees of the coaches and things like that by having these bribe arrangements tough sell it's a complicated charge and the Probation Office when compiling pre sentencing reports for some of the people who pleaded guilty didn't declared that there wasn't a clear financial loss for the victims and the prosecutors say the victims are the colleges and the testing agencies so one of the reasons that they might have added this chart which is it offers kind of an alternative way of looking at the alleged crimes in a way that the public potential jurors potential judges this can better understand and wrap their heads around. I get the impression that cheating or lying on a college application is not a crime in itself no but there are elements of it that can be crimes if you're taking financial aid if you're getting benefits of some sort from the school of any value then it's fraud going forward what kind of hurdles do the defendant face in this case it's a tough battle for some of the defendants some of the defendants attorneys are saying these were just donations made to the university he's through an intermediary these were not bribes and that's the Line of defense that they're taking there are a few different defense theories that are now moving forward that's probably the most common and yes schools do accept donations and in some cases give preferential treatment to the families of those who donated but it doesn't quite explain the alley prosecutors allegations regarding these fake athletic profiles and essays that had false references to these ethnic feats so that's a bit of a tough nut to swallow against these defendants against these defendants yes there are again a number of different defense approach says here but for these defendants it's it's certainly not an easy when there's a reason why a lot of parents did plead already lawyers for many of the
An $18 Billion Proposal to Settle Opioid Litigation
"We're reporting that three big drug distributors are in talks to pay eighteen billion dollars to settle charges that they opt fuel the OPIOID epidemic the company's mckesson Amarah Spergon and cardinal health are still in negotiations but if a deal is finalized the settled that would be the first to achieve a broad resolution of the opioid lawsuits outside of bankruptcy Charlie Turner has been finding out more from Sarah Reynoso Sir what are the terms of the settlement as far as what you've been told yes so it's still a proposed deal at this point but the idea would be that the three big drug distributors would pay eight keenum billion dollars over a span of eighteen years to resolve all of this opioid litigation and this is just the latest development involving opioid litigation there have been more than two thousand lawsuits so far having their that's right yeah that's there's been tons of moving parts there has been trials underway another trial scheduled the distributors are much more financially solvent so bankruptcy isn't really on the table for them what exactly do these lawsuits seek does it volve compensating communities for the costs of the opioid crisis that's right yeah ultimately what the committees are looking for his money the opioid crisis and so things like the donation of drugs or other non monetary contributions that could help them treat opioid addiction are also welcome did stem further addiction bolster foster programs things like that that have been impacted by the OPIOID crisis and hundreds of thousands of people have died over the past one
Are Parents Obsessed With Checking Kids' Grades Online?
"In a tightening job market businesses are transitioning to a more flexible tech driven culture. What is the impact of that new technology on employee engagement and productivity Find out when we return to the transformation minute from comcast business this is tech news briefing thanks for having me and that's tech news briefing I'm Charlie Turner at the Wall Street Journal
Goldman struggles to build new income stream
"Now our main story this morning it has to do with the future future of Goldman Sachs. The Investment Bank has been trying to attract a very different type of customer lately. These are people who are looking for traditional banking services like savings accounts. It's the retail banking effort is called Marcus but it's been struggling. Charlie Turner Has Been Finding out why from Peter Ruediger Peter Goldman Sachs has been known as the bank focused on stock trading mergers. IPO's but isn't the company pinning its hopes or at least more of its hopes on Marcus. It's consumer lender always marcus done done really since it launched in two thousand sixteen so this was a big departure from Goldman and it's been an expensive one so far so since it started making its first loans and deposits about three years ago. Marcus's ACAS lost one point three billion dollars and that's gonNA things like buying a couple of other startups data can leapfrog some of the other competitors to hiring a lot of people to staff call centers to really just sending out pieces of mail to get other people to take out one of their loan so it's been an expensive proposition so far. Goldman has had to find customers in a bid to compete with other consumer banks. Isn't it doing this through acquiring or partnering with other companies. That's right biggest banks in the country think of J. P. Morgan Chase or wells Fargo. have thousands of branches is all across the country. Goldman is a much newer bank. it's a digital bank. There's a website it doesn't have any branches so rather than kind of hang shingle on the corner and hoping somebody walks by an opening savings account it kind of has to go find the customers where they are so a credit card that with apple is one good example of that apple has one hundred million iphone users in the US what better way data can tap into a a base of young tech savvy consumers who are willing to spend then kind of offer credit card through apple some other examples that we're reporting the story. Is they're actually talking into. Aarp about maybe extending some banking services to their thirty eight million senior citizens who are AARP. Are they really counting a lot on this partnership on a credit had a card with apple where do things stand right now as it had to concede a lot of the business partnership to apple so this woman's I ever credit card because of that in order to kind of get into where some of the other big banks that have issued cards for folks like Amazon and American Airlines if Gomo wants to be on that level it in new needed a partner and apple knew it needed it it kind of get to where it wants to be so because of that there was some leverage in their relationship that apple could extract over Goldman so where do things stand with Marcus right now is Goldman in some sort regret stage or is it in the toddler stage with Marcus which is only three years old. I mean what has to happen for Marcus to stop losing so much money which I believe you. Mentioned was one point three a billion dollars one point three billion they're definitely in the toddler phase right there three years old so toddler so far what do they have to do they they have to kind of get beyond the build phase as of the programs just kind of let it run for a couple years so when you're making your first loan you have to build all kinds of systems to you know send out those pieces of mail to actually collect the payments to actually early go after delinquent borrowers and once those are built you can kind of sit back and hope that you've made the right choices in Europe models and the money could come a little bit more but you know because I've never done this before before. There are some self inflicted wounds. They've made that they may be would do differently if they had to do it over again so for instance when Marcus launched its loan program one choice that they made was not to have a team of if specialists committed to the act of collecting payments from delinquent borrowers now part of that was motivated by the fact that this is Golden Sachs who famously was called the vampire squid after the financial angel crisis headlines like Goldman Sachs sues grandma to try to recover you know delinquent loans is not something that the PR department they are really wanted to see so they're. They're a a little gun shy on doing some of that otherwise there's you know in the category of rookie mistakes. I would also say that apple card was a huge build and maybe maybe they didn't anticipate the resources that it would entail so you know in order to get this thing launched on time which debuted in August they actually had kind of repurpose in hundreds of engineers all around Goldman's projects. They are working on in other parts of the firm to be put on hold. Everybody added to come to Marquess to kind of get this apple credit card launched on time we should say that apple and Goldman declined to comment
Why Thousands of Millennials are Leaving U.S. Cities
"Have you found yourself priced. Out of a city like New York are Houston latest data from the two thousand eighteen census shows. You might not be alone for the fourth straight year. People between the ages of thirty five and thirty nine have left cities with half a million people or more Charlie Turner has been finding out why from Janet Adamy me Janet in recent months the Wall Street Journal has reported on various migration trends such as young people moving out of New York City and millennials moving to the suburbs. The Journal has analyzed data on young people leaving the city's this from the census. What do the numbers show for the fourth year in a row tens of thousands thousands of young adults. This is millennials and the youngest members of Generation X. have moved out of the nation's biggest cities this was happening in New York Chicago Houston based in San Francisco Las Vegas Washington and Portland. There was of course pretty big influx of young people into cities after the recession and what this latest data data shows is that you know for a couple of years. We've had these disdain declines. There were questions about whether maybe it was just an anomaly of a couple of years or or if this millennial generation was finally starting to move into that next stage of life where they were getting married and buying houses and the big question was are living in a stay and be different than previous generations or are they going to uproot and move to suburbs for more affordable housing more space better schools and what we're seeing in this pattern suggests that as they do get older yes they are starting to act more like previous generations and lust like the kind of anomaly of urban dwellers they have been for for the much of this past decade and we're talking about numbers in the tens of thousands cities with more than half million people put together lost almost twenty seven thousand residents among the ages of twenty five to thirty nine this was last year and although this was. I guess half of the drop in two thousand seventeen and that's still a sizeable decline fine. I think the bigger story here is the pattern so a large batch of cities. Losing tens of thousands of people in the whole scheme of things is not that significant but we had in the middle of the decade. Was You know a pretty steady inflex for a couple of years and I think developers other real estate professionals schools employers to a certain extent have kind of been paying close attention to whether this remains a net inflow or a an outflow and the fact that it's four years of outflow starts to tell us that there's some different behavior going on even if the numbers aren't huge the drop laughter was driven by decline in urban residents. I guess older millennials thirty five to thirty nine. That's right among the youngest millennials in that that very oldest cohort of the Gen Z. That follows them. They are so moving into cities their numbers in the largest it just cities are are marginally positive but where the losses are really happiness. Urban residents aged thirty five to thirty nine again. That's the age at which you no. The people are oftentimes making the decision about where they're going to settle down. They are either you know well into or staring down decisions about schools and what we're finding. Is that that age. Group is a point at which people decide that they don't want to stay anymore and you mentioned schools aren't those basically the primary the reasons they don't like the schools in the big cities and also the cost of housing for the space that they're getting that's right housing costs in general appear to be the biggest factor her and that's in cities that are relatively affluent as well as ones that are struggling more interestingly the there were some research out of Boston. University that found in a study of mirrors errors that only thirteen percent said that the housing stock in their city fit the population's very well so there's a real mismatch between the kind of housing people want and the kind of housing housing that's available and said he's not it does appear to be the main
Unicorns' Pre-IPO Profits Face Increased Investor Scrutiny
"We works. IPO efforts are floundering. We reported this weekend that some board members considering asking CEO Adam Newman to step down. That's led some investors to take a closer look at other companies like Peleton who wants to go public look but don't yet make a profit Charlie. Turner has been finding out more from Jean Eagle Shem gene it seems like old times for richly valued tech companies when they go public. They claim they're profitable when the evidence indicates that they've never turned a profit we'd the parent of office based company. We work as another Unicorn it delayed its IPO about what a week ago due to investor doubts about its valuation finances and governance it has really tried to polish its financial image especially in the press. Yes exactly what we found is an investor presentation from back in two thousand fourteen where we were talking about having a profitable business model l. and the rule so articles in the press from then on from a couple of years later again just asserting without qualification that we work is profitable affordable and when we went to those media companies and said where did this come from one said internal documents another said they were told they directly it by chief executive so again as an example of the company saying we all profitable and using measures that according to them are different in in the black so we work has metrical community adjusted Ebola which is just a metric no one else uses so they all have these slightly different tailored Ed metrics that magically go from in the red to end the black okay as one example Peleton interactive is going public this week. It has a multi a billion dollar valuation but no matter how hard it pedals. It's still spilling red ink. That's exactly right I it's been running at a loss since it was formed. It says says it's not clear when it will reach profitability but then chief executive last year went on television and said we are profitable so it's a good example these companies were they say they have these metrics that they say are bad reflect how well the businesses performing coming in terms of stripping out costs related to the growth. That's their argument. That's the metric. They're using their stripping out all these costs. That's a number of these companies. He's US exactly it's not clear what Peleton based its statement on but a lot of companies lift is a good example they using measures that they say represents events what happens with the underlying business strips out all startup costs all the gross costs certainly they would say you get these massive losses because you're taking it always costs but they say things like in we were case the cost of doing business before they rent it out or the cost of advertising they they say those are not reflective of the underlying profits of the buildings once they're up and running other people would say I she you need you do need to look at these costs because because for the investors what matters is the bottom line what about lift lift is already gone public and I think it's stock has basically suffered since its public offering. Is this an example chapel of investors just getting wise to lift well. I think certainly we sing with some of these UNICORNS that once they published their financials then investors as-as do definitely have some questions about the level of losses. I mean lift says it has a clear past the profitability and they again use this metrical Michael contribution that they say again reflects the underlying profitability what can the Securities and Exchange Commission do about this aren't there fines against companies that mislead mislead the public in mislead investors regulators about their financial condition the SEC does have jurisdiction over this to the extent that they say that policing whether private companies make misleading statements and they in fact last year brought a case against a company for the way presented its metrics search for not giving the audited numbers equal prominence but in practice actually the SEC where the private companies where they're not directly selling to small investors justice in practice this is going to go after different cases you can
iPhone 11 will debut on Tuesday with launch happening next week
"Apple has its annual showcase this week while the spotlight turns toward its newer products products on Tuesday. The Star of the show will remain the IPHONE. WSJ reporter trip nickel has more with Charlie Turner trip apple's annual publicity elicited showcase is Tuesday at its headquarters in Cupertino California apple will unveil three new iphones at this event correct three new iphones and and what they're bringing to these new iphones includes some new cameras on the rear of the devices. Is that the main new feature of these phones this time around that is the Maine new feature apples. <hes> you know seems to be placing a bet that a picture's worth a thousand dollars. I guess you could say they're charging on average about nine hundred forty nine dollars dollars for their phones and they'll put one new camera lens on the rear of each of the three devices. Are they going to have faster processors to make these new iphones run on faster correct typical update includes faster processors <hes> you know improve speed as a consequence of that and <hes> some some other bells and whistles but but in large part many analysts are looking at these funds and saying well frankly I think one use a quote they're going to be boring yeah. They're going to be on uninspiring like they're treading water but they still need to sell enough iphones to avoid really the debacle from last year right. I'm apples is in this awkward period where the fence still counts for more than half of its revenues and has to sell enough devices in order to be able to continue you to deliver half of its revenue. It has to look elsewhere for for growth though and and so that's kind of what this event the subtext of this event will be we're we're in a period where apple's beginning to bolt on more new new gadgets ancillary gadgets the iphone <hes> and services to the IPHONE and selling those as a way to deliver growth speaking of the iphone still isn't everyone looking forward to next year when apple's expected to release five G. IPHONES in the investor investor and analyst community. Certainly that's the case the five G. for iphone The iphone that everyone's anticipating. They're looking past this one already looking looking forward to next year. What about other devices trip the New Smart Watch Aka? The Apple Watch is supposed to be more tricked out. We're going to get some <hes> some updates in the health sphere on the Apple Watch but again it's going to be a modest update for the Apple Watch what about services like subscriptions for TV shows video. Oh Games haven't these things already been unveiled apple announced the new services for TV and video earlier this year. It's TV plus arcade or you're going to be the names aims of those. They're due out this fall. What we still don't know is what apple charge for those how it will price them <hes> in other words? We'll bundle these together in in some ways that you could buy multiple apple services for one low price and one more thing trip are the prices for <hes> the new iphones that are coming out are they are gonna stay the same what about that. The anticipation is that the pricing will stay the same that means an average price of about nine hundred forty nine dollars low in seven hundred forty eighty nine dollars for an LCD phone hyon twelve
PG&E faces SEC investigation
"Now a story about p._g. And e. the utility responsible for causing deadly wildfires in california on wall street journal investigation instigation found the utility at times misled regulators withheld data and hindered investigations for more on the investigation. Our charlie turner spoke with reporter rebecca smith rebecca p._g. And e. the giant california utility is in bankruptcy court doodle liabilities from its role and accidentally causing forest fires. It's also under federal probation. Following felony convictions tied to a deadly gas pipeline explosion in san bruno california but this seems to be really just the tip of the iceberg it for p._g._a. You report that for more than twenty five years. The company has run afoul of regulators in the courts. Is there anything about p._g. That stands out about it's illegal or unethical. Pickle activity or is it. Just the fact that it's misconduct seem so widespread well. I think the main thing is that the misconduct is widespread and that it appears to have gone on for a very a long period of time. I think this is one of the things that's puzzling public officials now who are trying to figure out what to do with the company might mean. It's one thing if the company says well yeah we have problems and we'll fix them and it fixes them but the problem with p._g._a. Is that in many instances. It promises to do things that it never does. I mean one of the things we've seen a longstanding problem with is inspecting different kinds of inspections of its system and this is obviously extremely family important for safety but sometimes it has people do these inspections who aren't qualified to do them at other times. It's records are not reliable and may even have been falsified so this is it all boils down to a big problem of trust for the public and for public officials talk talk about the falsifying of records at p._g.
An Esports Tournament for Hackers?
"Better faster greener super micro resource-saving server and storage systems with intel zeon scalable processors reduce the cost and environmental impact of your enterprise infrastructure learn more at super micro dot com. I'm charlie turner in new york and this is tech news briefing from the wall street journal e. sports in which professional video game players compete against each other are growing in popularity. Some observers think east sports will soon can have a cybersecurity league where teams compete to hack each other systems will have the story in a moment. I hear some tech headlines dell's technology suave quarterly profit bolstered by a large tax benefit and record revenue at the division selling everything from laptops to computer workstations dell thursday reported a higher adjusted profit of two fifteen per share beating analysts projections of a dollar fifty. A share sources say china is studying technology companies companies reliance on american suppliers. It's an apparent attempt to assess their ability to withstand further trade tensions even as beijing prepares to roll out a retaliatory blacklist backlist of foreign businesses chinese official last week reiterated plans to release in the near future. An unreliable entity list of foreign businesses and individuals is that would face restrictions in their dealings with chinese counterparts. The list is an apparent planned response to washington's attempts to shut out telecommunications giant walkway technologies the survey of domestic companies as part of china's longer term goal of weaning itself off dependence on u._s. Technology divide widens between the world's two largest economies. Mace apple is launching a new product repair program in the u._s. In which outside vendors can repair apple products using the same parts and tools as the company's authorized service providers apple thursday businesses need to have an apple certified technician to apply for the company's repair program firms. The qualify can buy diagnostic equipment whitman parts and tools at the same price paid by the companies more than five thousand authorized service providers worldwide apple plans eventually to expand the program outside the u._s. After having piloted the program with businesses in north america europe and asia over the past year separately apple says it plans to host a september tenth event at the steve steve jobs theater on its corporate campus where it's widely expected to unveil products including three new iphone models better faster greener owner super micro resource-saving server and storage systems with intel zeon scalable processors reduce the cost and environmental impact of your enterprise infrastructure picture learn more at super micro dot com millions of people watch e sports in which professional video game players compete in tournaments midst of halo and call of duty. Some experts say viewers could one day be watching cybersecurity teams compete to hack one another systems could this broadened the appeal of sports among in youth and also perhaps lure them to work in the cyber security industry which is sorely in need of talent. Let's talk with wall street. Journal reporter james rundle who's part of the journals pro cybersecurity security team james. It sounds like a good idea creating an e sports category for cyber security <hes> essentially to kill two birds with one stone boosting interest in both e. sports and the overall industry yes essentially so cybersecurity has a pretty severe recruitment problem right now <hes> hundreds of thousands of vacancies in the u._s. alone millions worldwide worldwide so that areas if you can broaden the appeal attract youth through sports on maybe can help plug that gap well. The question is how interested would viewers really c._b._s. Watching sports contestants patch systems isn't this kind of a laborious process. It's a bit like watching paint dry so <hes> yeah that's the problem. You know you're watching people at the movies glorify radio watching people do the homework every competes as a there are some efforts underway to change this one gentleman who spoke to jason taylor. That's not a proof of concept where it would visualize the action going on in a game four months <hes> piece of put together something the unreal engine <hes> and it was pretty successful. There have already been cyber sports cyber sports competitions having their in the form of capture the flag contests and they're. They're more coming up on it. You talk about that yes so there was one recently in august called wicked six which pitted sixteenths from different colleges across the u._s. against each other raising money for charity. <hes> it was a bit of a test i think just to see if it could work and that kind of format with a live audience and it seemed to go pretty well that they're gonna get next year. <hes> catch the fly contest. Do you happen at most conferences throughout the world <hes> specifically defcon a blackout the the biggest ones <hes> but this is one of the first times that it's really had all the trappings of an sportswoman is a big one is scheduled to take place in the fall season featuring thousands of students discovering. What two months yes. This is the national cyber league. It's a very interesting program. That's been run since two thousand twelve. <hes> gentle daniel manson at the u. The polytechnic pomona runs it and essentially it allows high school and college students to compete individually and in teams against each other of the course of two seasons they in the spring and the full semesters and <hes> it's been pretty successful gordon <hes> just under thousand plays in two thousand twelve to around hopefully six thousand and they're they're different brackets hard medium easy. Yeah you can appeal to anybody with the super experience the security or whether a complete novus <hes> look at the practice with others of the ability types going up against prepackaged essentially couldn't student player's leverage their game experiences kind of a replacement for you know on the job bob experience when applying for cyber security position exactly yeah i mean there's a lot of people node jobs quite tough to get in specialized industries having experience already even the entry of ones and so what the n._c. L. does which is really interesting. Is they provide a scouting report for every player shows their strengths their weaknesses how did throw season <hes> and quite a few of them have polly so you're actually bringing this job interviews and getting crazy industry as a result well how many job openings are currently in the cyber security field. I imagine in their thousands of them in the u._s. There's about three hundred fifteen thousand but presence <hes> worldwide the nearly three million <hes> which is astronomical the problem being of course it's such a specialized industry can take up to ten years to train. Someone's be effective in this so you have a massive massive on ramp to what you're getting into a huge <hes> need people in the wall street journal pro cyber-security reporter james rendel. Thanks for joining us. Thank you and that's tech news briefing. I'm charlie turner in new york for the wall street journal.
National Security Concerns Threaten Undersea Cable Project
"Our reporters found that national security concerns could jeopardize a massive undersea z. cable project that would link los angeles and hong kong google facebook and a chinese partner have already sunk hundreds of millions of dollars into it for more for details. Our charlie turner spoke with reporter kate o. keith in washington kate. This project is called the pacific light cable network. What company is building it. There's a hong kong company. That similarly named called pacific late data communication company. That's building this cable and the project is majority owned by a beijing aging based telecom operator which is called dr poem telecom and media group and google and facebook are major investors in the project who is raising concerns about the project you describe it as an opaquely run group of american agencies that provides national security recommendations to the f._c._c. rate <hes>. That's a definition shen for team telekom so the concerns about this. This project are coming from that team. Which is an ad hoc inter agency group that advises the f._c._c. The federal communications commission unlicensed applications involving telecommunications matters for background. The f._c._c. has always deferred to this team telekom in group so when they make a recommendation it's a really extremely important part of the process and in this case the department of justice which is actually the lead agency for team. Telekom is the agency that's raised the staunchest objections to this particular cable project so far and some other key players on the team include the the pentagon and also the department of homeland security but we're a little bit less clear on what their views are of this project at this time. What exactly are they worried about. Is it the cables else chinese investor well. That's part of it. I mean there's basically two main concerns that we're aware of one is the chinese government links that this company called dr peng has and the other is just the fact that this cable would provide a direct link to hong kong which is a chinese territory so in terms of dr peng the the majority owner of this cable project not a household name here but it's actually china's fourth biggest telecom operator and although it's a private telecommunications company it does have many many links to china's government which is the case with many chinese companies frankly so dr punks chairman is a former shenzhen government official and its subsidiaries have worked worked on a bunch of projects with chinese government entities. One of them was building a fiber optics surveillance network for beijing's police. The other aspect of the concern here you're from team. Telekom is decreasing autonomy of the chinese territory of hong kong. Which is where the cable land so hong kong is a special administrative have region of china which has always enjoyed many more freedoms than the rest of china and pro democracy protesters there have been having huge rallies for months protesting beijing's effort to efforts to integrate hong kong more closely with the mainland so in the past linked to hong kong would have actually been viewed as more secure potentially than a link to mainland china but that distinction is actually becoming less relevant by the day in the view of these u._s. Security regulators and i would think that the backdrop for this is the trade battles that are going on between the u._s. and china including all the tariffs that have been going back and forth. I mean yeah. There's there's just such an array of interlinked conflicts going on between the u._s. And china. I mean trade and economics is one part of it. I mean there's also interlinked concerns with economics and national security where you see you know arguments over i._p.
Jeffrey Epstein's Troubled Wall Street History
"Now our main story this morning it it has to do with jeffrey epstein more than a dozen women told a federal court yesterday that they'd been sexually abused and emotionally manipulated by him and his associates shontae sean t davies was one of them <hes> it makes me sick to my stomach that there's <unk> perpetrators out there that obviously helped him in many ways for a very long time and they're still out there with no punishment. Yesterday's hearing took place less than three weeks after mr epstein was found dead in a manhattan jail where he was awaiting trial on federal sex trafficking charges. Now we report the investigation is turning to mr epsteins financial dealings and the relationship he had with some of wall street's biggest biggest banks. Charlie turner has been finding more from gregg zuckerman greg. A big question seems to have been outed. He makes his money his time at bear. Stearns earns provides a good example of his stormy relationship with the bank. Why don't you tell us about his time. At bear stearns sure it is <hes> both interesting and maybe can shed some light into how he operated so basically he's to work bear stearns he laughed the firm he actually got fired for various dealings financial dealings and there was a little bit of controversy he he left yet. He retained this unusually strong and close relationship with bear stearns somewhat surprising given that he was fired and yet there were people there who had affection for him. He was charismatic. The end of the day and had the surprisingly strong connection with people like jimmy kane jimmy kane went onto ron bear stearns and was considered among the most powerful executives on wall street for many years and jimmy kane looked out for for jeffrey epstein even though the firm fired him and for years so it suggests went to start his own financial firm he started representing a few people not many but i am particularly les wexner who ended up running the limited abercrombie abercrombie and fitch exactly exactly and basically <hes> jimmy. Kane said hey look out for jeffrey epstein as he dealt with the firm. He traded with the firm. You use is bear stearns and <hes> the court has the story is take care of jeffrey epstein so <hes> he had powerful people looking for him and you're right that mr epsteins relationship eh bear stearns came apart as the firm did as the firm. I guess collapsed. Yes like many of jeff f. hints relationships they ended poorly for those who dealt with him up sadly in many ways and in the case of bear stearns it was the fact that the editorial falling out so for while he was sort of the ideal client <hes> looking out he traded with them but he made sure that the prices were were levels were bear stearns could profit and he himself profited then he became a quite difficult client and then in the n. anti invested in the firms hedge funds they had a couple of hedge funds that ended up a blowing up and and there were losses and were lawsuits that resulted between jeffrey epstein and bear air stearns there was a lot of fighting about shares he owned of the firm and whether the firm and people like john mccain <hes> had told him to hold on and there were lawsuits that resulted there were we're also complaints and lawsuits involving city group. That's true so he went on afterwards too closely with city among the most powerful and largest banks
Nissan, J. Lonsdale And Nick Kostov discussed on WSJ What's News
"So nick. This is a complicated story. But what do we know about the funds that carlos goan used used for his investments in silicon valley startups so this story really begins in twenty fifteen and that year the the goan set up open investment vehicle in delaware who'd shotgun investments and this vehicle is to invest in startups in silicon valley so do i this work does that going son antony who was working at the time for a silicon valley investor j. lonsdale he would find investments and find stops which he thought would do well and he woods either make the investment himself. If there were swollen investments they were larger investments he would oscar's dodds for permission and for funds to invest the money in today startup so for example he wanted to make an investment in grab and so he amount his dad saying the grab was interesting investment and his dad sent over two million dollars and anthony obviously made that investment excellent so anthony who's ready to hunt going really provided the funds and obviously these funds now no we're coming from a nissan san client who is based in no man and who deposits money in a funding in lebanon and which then mr going direct rex to shogun investments okay so so what do we know about this connection with the fund in lebanon so the money which ended up at the delaware funding which was been invested into various start ups. We know that it came from an executive at a nissan distributorship co-defender kumar he's an international and he transferred the money from his bank account in switzerland to lebanon-based vehicle and then the money was transferred over to shotgun investments in the u._s. Now would japanese prosecutors allege. What nissan investigators believe is that. This money was actually siphoned-off from incentive payments that nissan were paying to the distributor in. I'm so japanese. Prosecutors specifically say that of two five million dollar payments that nissan may to the distributor twenty seventeen in two thousand eighteen five million of that they charge was diverted through the international defender cuma lebanon and over to show gun investments in the u._s. Now how tall us gun has very strongly denied these allegations yeah obsolete colors golden denies the allegations completely and forcefully and says he will fight inco and if given a federal prevail he says that this was a private investment he was providing private investment advice and that there was absolutely no link between screened the money that nissan which paints distributor and the money to defend ukraine with providing in that ended up as shogun investments yeah we'll forgetting any notion of criminality analogy. We still know that he had a personal business dealing with a client of nissan. What can we learn from this story about the broader gun saga. I think the story can paint a fuller picture of college <unk> actions. I didn't know of time the since november people who've been talk talk about this case in black and white is gonna give t's not guilty if he's not guilty then he should be allowed to go free. We we don't have anything criminal here but at least it allows houses to save more weakened <unk> very say that he started a kind of parallel business with a with a nissan client where he helps to invest forty million euros of funds coming from this person whether it's criminal or not i think it by international business standards. Many people say that that that shows somewhat questionable schnabel judgments and also decided that he didn't he didn't tell the company maybe create some sort of conflict of interest so i think it allows houses to to paint a picture of his actions in the years the japanese prosecutors and listening to the wall street journal's nick kostov and that's what's news for monday afternoon. I'm charlie turner for the wall street journal.
"charlie turner" Discussed on WSJ What's News
"Less than a month after he was released on bail Cohn has maintained his innocence. His attorneys have also appealed his detention saying it's making goals kidney condition worse. Prosecutors have been interrogating him in the hopes of a confession. Big Bank, earnings kicked off on Friday. The Wall Street Journal's Charlie Turner has more details. Several major banks reported higher quarterly profits on Friday. They were led by the largest US Bank. J P Morgan Chase which had a record profit in its first quarter. Thanks to its core. Lending business in a healthy US, economy, Wells Fargo and PNC financial also posted higher quarterly earnings. But is this as good as it gets for banks which have benefited from the feds? Now, ended interest rate hikes we chat with the Wall Street Journal's David Benoy. David investors liked what they heard from these banks. You know, the results touched off a stock market rally on Friday their lending operations benefited from higher rates, isn't that right yet? That's that's kind of the big key here the the profitability. So so the the way the fed had been raising rates had boosted the banks because they're able to charge more per loan. But people aren't really demanding more learn to posits so that just increases their profit margin. The thing was the these banks posted higher. Net interest income from earlier, but it was basically flat compared to the fourth quarter. And that was because obviously the leveling off of interest rates. Correct. So this is this is a calendar. Gimmick. Almost right now, the fed has said last last month that they're probably not gonna raise interest rates again this year, that's kind of the signal everyone has but they'd been raising them all of last year. So if you're looking at the first quarter this year compared to the first quarter of last year the rate is higher. But if you look at it compared to December that pretty much evaporated on these banks, and that's kind of the big question. So well, you mentioned that stock markets rallying today. I think there's a question of will one of the next three quarters gonna look like for prophets. Yeah. They've lowered their net interest income projections for the rest of the year. According to your story, how do they feel about their overall profit outlooks? So I it's just Wells Fargo's lowered its production, but they sort of are flat people aren't that excited? And that's why I think today the rallies because I think people already weren't excited about the first quarter J P Morgan's number was kind of hit. Out of the park. So for the rest of the year. I think the banks are sort of saying listen the economy looks good. There are these ins and outs. You know, the the rate changes cut both ways. There are other things we benefit from from the rates not going up. We're gonna see what happens the the US consumer seems pretty confident right now, the US businesses seem pretty confident right now, but their arrest Amy diamond mentioned, China, you know, they're always glow geopolitical things that can happen..
"charlie turner" Discussed on WSJ What's News
"And. With what's news? I'm Charlie Turner in New York for the Wall Street Journal. The Chrysler building is on the block, but selling the New York landmark could be a challenge for its owners more on this in a moment. I Harrison headlines minutes from the last fed policy meeting indicate the central Bank may adopt a slower pace of interest rate hikes this year than previously forecast last month's decision to raise rates by a quarter percentage point for the fifth straight quarter was unanimous, but minutes of the Fed's December policy meeting revealed how recent financial market volatility and signs of slowing global growth had made the extent and timing of further policy firming less clear than earlier the voting members did say that they didn't see the need for many more interest rate hikes. According to the minutes, the FOMC judge that are relatively limited amount of additional tightening would likely be appropriate. Sources tell the Wall Street Journal, the deputy attorney general rod Rosenstein is expected to leave the Justice department in the coming weeks after the confirmation of President Trump's attorney. General nominee William bar, Mr. Rosenstein, whose tenure is the Justice department second in command has been rocky had long planned to hold a position for about two years. The arrival of a new attorney general would be a logical time for him to depart. And the reportedly were no indications. He's being forced out Mr. bar will likely oversee the Robert Muller Russia investigation. If he is confirmed, Mr. Rosenstein, a longtime federal prosecutor had been supervising it because Mr. Trump's first attorney general Jeff Sessions recused himself from the matter. The Wall Street Journal says the government shutdown is threatening spoil. What was poised to be a banner year for I p O's the partial closure of the securities and Exchange Commission is forcing companies that were seeking to list shares in January to push back their plants, according to bankers, and lawyers it now looks likely that no major company will tap the US IPO market this month in past shutdowns. The SEC was able to draw on surplus cash to remain open while other government offices closed. The SEC this year. Didn't have enough funds. Available to ride out the entire shutdown. Still ahead of New York City landmark is going up for sale..
"charlie turner" Discussed on WSJ What's News
"And. What's news? I'm Charlie Turner in New York for the Wall Street Journal on their first day in power house. Democrats passed some spending bills aimed at reopening. The government will get an update in a moment. From the Wall Street Journal's Natalie Andrews, I hear some headlines amid global tensions and stock market volatility. The US labor market has been a sea of calm. The Labor Department said Friday that the economy added three hundred twelve thousand non-farm jobs in December with the unemployment rate rising to three point nine percent. The job growth figure was higher than expected and the rising jobless rate is an indicator that more people are looking for work and average hourly earnings rose a seasonally adjusted four tenths percent from November and three point two percent. From December two thousand seventeen the best full year gained since two thousand eight gusts fo- is chief economist at PNC financial services group. He says robust hiring indicates that despite trade issues and the government shutdown. The nation's economy will remain strong. I think there's a lot of. Geo-political uncertainty out there. But I think the economic fundamentals remain good. I would expect absent a much bigger geopolitical shock that the US economy will continue to expand in the near term and foce says the Federal Reserve will remain cautious with regard to raising interest rates in two thousand nineteen. I still think given the volatility that we're seeing in the stock market right now that I would expect it the fed is going to take its time in raising rates. We don't expect to see another increase in the fed funds rate until the second half of two thousand nineteen because I think the fed has a little more room to be cautious in respond to some of the volatility that we've seen in the stock market. Speaking of the fed chairman Jerome Powell said Friday that muted inflation will give the central Bank patients and greater flexibility to set policy in the year ahead, and that the fed wasn't on a fixed path to push benchmark interest rate hire mR, Powell's comment wasn't response to a question about the recent market volatility. The chairman was speaking on a panel with former fed leaders at a conference in Atlanta, also. So Mr Powell addressed speculation that President Trump's unhappiness over monetary policy might lead to his removal as fed chairman, Mr Powell said he would not resign. His post if Mr. Trump asked him to do so Mr. Powell's mention of patients with regard to interest rates put a charge into financial markets Friday. With stock soaring and a rebound from the previous day's massive selloff for the latest updates on. Stock markets had to wsJcom or WSJ podcasts. Ford is recalling more than nine hundred fifty three thousand vehicles worldwide to replace Takada passenger airbag inflators that can explode and hurled shrapnel..
"charlie turner" Discussed on WSJ What's News
"And. With what's news? I'm Charlie Turner in New York for the Wall Street Journal, the December jobs report is the highlight of this week's economic calendar. We've seen market volatility kind of increase in recent months. So if we're if the picture were to change because of that market volatility, I feel like this report would would be the first signs of employers. Pulling back on hiring as a result from that Wall Street Journal reporter, Sharon, none has the details. But I here's some headlines. The major US averages ended higher Monday, but they logged their biggest annual decline since two thousand eighteen and both the Dow Jones industrials S and P five hundred suffered their worst Decembers since nineteen thirty one the markets have endured amazing volatility as of late and with investors dealing with a wide range of issues market observers. Anticipate another volatile year for two thousand nineteen we've seen stocks fall dramatically over the past few months. And now the Wall Street Journal says earnings expectations are falling to in December. According. Fact, set analysts cut their earnings forecasts on more than half the companies and the S and P five hundred the first time that's happened. In more than two years, Wall Street Journal markets reporter Riva gold says analysts have really dialed back their forecasts. SNP companies still grow about close to eight percent next year. But that's down from a forecast of ten percent at the end of September. And about twenty two percent in two thousand eighteen real lists, some of the factors behind the lowered estimates on the one hand, you have rising costs for companies, whether that's rising wages or impacts from disruptions to supply chains around terrorists. You've also got at the same time expectations for growth to moderate not just in the US, but really globally, and that tends to means that you can expect revenues to be weaker than it's still too early to talk about an earnings recession unless the profit picture continues to deteriorate at the moment. That's still pretty much a tail risk. You have to be Barish to think it's going to happen. But it certainly not impossible. If you continue to downgrades at the pace were seeing now, and you can send you to see falls and things like oil prices. It could really mean that there's a chance that you'll get an earnings recession, which is where earning. Is actually declined for two more quarters. That's Wall Street Journal markets reporter Riva gold still ahead and Marie for Tolley. Previews the holiday-shortened week's economic calendar with Wall Street Journal reporter, Sharon, none..
"charlie turner" Discussed on WSJ What's News
"With what's news? I'm Charlie Turner for the Wall Street Journal and New York. Investigators are analyzing Manila envelope packages, each containing an explosive device sent a prominent Democrats and Trump opponents, we'll talk with Wall Street Journal law enforcement, reporters Zola, Keno Young's in a moment. I hear some top headlines. Sources say the US is refusing to resume trade negotiations with China until Beijing comes up with a concrete proposal to address Washington's complaints about force technology transfers and other economic issues the impasse threatens to undermine a meeting between President Trump and Xi Jinping of China scheduled for the end of November at the group of twenty leaders summit in those areas Argentina both sides at hoped the gathering would ease the trade tensions. We're continuing to track financial markets which bounce back Thursday from a nasty route the previous day, the NASDAQ composite index had fallen into correction territory for the first time in two years for the latest stock market updates click on wsJcom or. Or WSJ podcasts. The Wall Street Journal says Defense Secretary Jim Mattis is expected to approve a homeland security request for eight hundred US troops to travel to the US Mexico border to provide logistical support for border agents. The troops are expected to be in place by next week. In anticipation that a caravan of thousands of migrants currently more than a thousand miles from the US Mexican border could reach at that soon if they board buses or trains Saudi Arabia says information shared by Turkey indicates the killing of Saudi journalist Jamal has Shoji was premeditated as Riyadh backed away from an earlier assertion that the death followed a heated brawl, Mr. Shoji, a government critic was killed inside the kingdom's consulate in Istanbul on October second since then Saudi Arabia has faced mounting international pressure to offer a credible narrative of what happened amid suspicions the operation was approved from the highest level of.
"charlie turner" Discussed on WSJ What's News
"They're going to put up a fight and they can walk away from the deal and they can retaliate and impose tariffs on the United States as well. All of this presents real life constraints on his ability to impose his will on the rest of the world. Greg, this new trade deal must get congressional approval to become law. Might the US MCA go down to defeat of businesses, especially. Supporters pressure lawmakers, not to support the deal. You're not going to see businesses, pressing lawmakers, not support the deal. I think businesses are relieved that the deal that came out in the end is so similar to the old one where you might have some problems. I think with Democrats by and large, they're still the more protectionist of the two parties. They want a lot for labor rights for environmental protection. They're going to scrutinize a steel very strongly and they're not necessarily in a mood to hint President Trump any victories. So if Democrats do take the house of representatives in the midterm elections that could produce some complicating dynamics for passage of the deal, if Trump wants to sing to pass, he may have to do what other presidents have done and basically cobbled together coalition of Republicans and Democrats, which would be kind of ironic because you'd end up having Trump using the bully pulpit of the presidency to extol the virtues of a free trade agreement. Exactly the kind of agreement. He's been disparaging for the last two years. Wall Street Journal, chief economics commentator, Greg, yet joining us from Washington. Thanks, Greg. All right. Thank you. And that's what's news. I'm Charlie Turner from the Wall Street Journal..
"charlie turner" Discussed on WSJ What's News
"This is Charlie Turner in New York. Apple has become the US's first, one trillion dollar company. Apple is kind of lead the way of five, enormous tech companies that are really reshaping the American economy and the global economy. We'll talk about apple and that amazing milestone with the Wall Street Journal's trip. Mickle, I hear some top news headlines, the nation's economy continues to produce more solid job growth, albeit at a cooler pace. The government said, one hundred fifty. Seven thousand jobs are added to nonfarm payrolls in July, which was less than expected. The jobless rate ticked down to three point, nine percent from four percent in June on the wage front. Average hourly earnings, rose, three tenths percent from the prior month. Th to twenty seven, oh five slightly better than forecast. But Lizanne Sanders of Charles Schwab says wage growth is not keeping up with inflation just about every measure of inflation. Both at the headline level and at what they call the core level, excluding Navarre little food and energy components are now above on a year over year basis. The pace of wage growth, which means real wage growth has dipped back into negative territory. Wages grew a modest two point, seven percent from your earlier. China's said it would slap levies on sixty billion dollars of US products. If Washington moves ahead with its tariff threats against Beijing, in a statement issued late Friday, China's cabinet said the government is preparing to impose duties at levels of twenty five percent, twenty percent, ten percent and five percent on more than five thousand American goods. The Trump administration has threatened to more than double its own proposed tariffs on Chinese imports. The US trade deficit expanded in June at the fastest pace since November two thousand sixteen. Driven by a stronger dollar and buoyant economic growth. The Commerce Department said the trade gap in goods and services increased seven point, three percent in June from the previous month, exports fell seven tenths percent for may while imports into the US rose, six tenths percent on the month as he imposed import tariffs, President Trump has repeatedly said the trade deficits are assigned US industries are losing out to foreign rivals. Coming up apple, the trillion dollar company. This is what's news from the Wall Street Journal. Welcome back on Thursday. Apple became the first US company to top one trillion dollars in market value. The Wall Street Journal says, this underscores the iphone makers explosive growth as well as Apple's role in the tech industry is growing influence in the global economy and markets trip. Mickle covers apple for the Wall Street Journal and joins us from San Francisco trip. A one trillion dollar market cap is an amazing chievements..
"charlie turner" Discussed on WSJ What's News
"Difficulty managing the risks absolutely i talked to match group and they made it very clear that whether or not they actually think there's danger from susta foster they feel like any legal liability is something they're prepared to handle they have these gigantic legal teams and compliance divisions they're very ready for now there are a few really legitimate dating sites that have already shut down because they aren't for profit ventures or they serve niche communities and they've said look we can't risk any sort of liability we can't hire lawyers know heidi i understand that you actually talked to some people connected with these illicit activities and they say that they're having little difficulty staying on these sites wanted to talk about that yeah i talked to some sex workers who are part of advocacy organizations some of which are upset about this law now while they are saying that some people are feeling like the can't be on any websites anymore you know one woman made it very clear to me that sex workers still are finding ways to be on a range of these sites including online dating platforms wall street journal reporter heidi vote joining us from washington thanks heidi thanks a lot and that's what's news i'm charlie turner from the wall street journal enjoy the what's news podcast then try the what's news newsletter sign up at w s j dot com slash newsletters that's w dot com slash newsletters.
"charlie turner" Discussed on WSJ What's News
"What's news from the wall street journal top stories and timely insights i'm charlie turner in new york stock staged a big rally friday with the dow jones industrials nesin p 500 erasing their losses for the week the dow rose three hundred forty seven points friday to twenty five thousand three hundred nine the nasdaq composite rose one hundred twenty seven points while the s p 500 gained forty three for the week the dow and sp each rose a fraction of a percent the nasdaq was up one point four percent here to talk about the markets for the week and what we may expect next weekend beyond is the wall street journal's michael worst horn mike it strikes me this has been kind of a weird week before it started appeared the markets had settled down and then inflation jitters started up again via it's been it's really been a topsyturvy week for stocks investors have had a lot to balance alah good alah bad on the bed and begun inflation data continues to creep up and become an is major concern for a lot of investors this week we had additional data that came out to show the fed is aware of inflation rising it is rising and their comfortable with their pace of interest rate hikes um what really put the market on edge earlier in the week was win looking at that date a little more closely that in fact there's a chance the fed the growth is so optimistic that the fed might speed up its rate of interest rate hikes and if they do that there's realization amongst a lot of investors at stocks going to have a lot more resistance go higher going up ahead but is there any sign that they're going to do that because it seems to me that with today's rally those worries about both inflation and interest rates at a faster pace interest rate hikes at a faster pace they subsided that's a good point i mean as at a one investor described this period right now this period of this weekend and even next week in some ways as this muddle along zone uh we don't really have any major announcements or or or major de the points we have a lot of data coming up next week but no major data points it's really going to give him besters a clearer sign.
"charlie turner" Discussed on WSJ What's News
"Every business faces challenges whether you need more space a better location or little more curb appeal a realtor a member of the national association of realtors can help you find the right place to grow so get what your business needs get realtor what's news from the wall street journal top stories and timely insights i'm charlie turner in new york ups's warning of some delivery delays for holiday shopping more on that in a moment it's time to deliver some top stories sources say president donald trump told arab leaders and phone calls tuesday that he intends to move the us embassy from tel aviv to jerusalem it's a move that could scuttle the president's plans to launch an israeli palestinian peace plan and risks sparking violence across the middle east mr trump is expected to delay the embassy move from tel aviv but will make a speech on wednesday laying out details of the planned relocation and could also recognize jerusalem as israel's capital state department officials have warned embassies around the world a brace for potential protests palestinian authority president mock mood a boss and jordan's king abdullah ii received phone calls from mr trump on tuesday outlining his intention to move the embassy the wall street journal quotes of sourcing deutsche bank received a subpoena earlier in the fall from us special counsel robert muller's office related to the lenders business with president donald trump the subpoena requested documents and data about accounts and other dealings tied to client relationships with mr trump and people close to the bank has reportedly lent more than three hundred million dollars to entities affiliated with mr trump mr muller's investigating russian meddling in the 2016 election including flows of cash tied to russia and people and mr trump's orbit in a deepening probe that has led to charges against former advisers to president trump the international olympic committee said tuesday its banning russia from the two thousand eighteen winter olympics in peon chang south korea after uncovering a long history of doping the ioc said no russian officials we'll be accredited for the event including the minister for sport and his deputy an individual athletes will be allowed only by invitation and under strict conditions wearing a neutral uniform under the olympic flag representative john conyers the longestserving member of the house of representatives said tuesday he would leave congress immediately calling it a retirement it comes after the michigan democrat faced.
"charlie turner" Discussed on WSJ What's News
"What's news from the wall street journal top stories and timely in fact i'm charlie turner in new york the new head of an agency charged with overseeing safety and the offshore oil and gas industry is an industry veteran more on this coming up but our top story former trump campaign chairman paul manafort was arrested monday on charges he laundered through offshore accounts more than eighteen million dollars in funds from his work for a pro russia party in ukraine manafort and his longtime business associate and former trump campaign official richard gates are the first to face arrest in an investigation into russia's meddling in the two thousand sixteen election which has led by special counsel robert muller though the charges don't appear to relate to the men's work on president trump's campaign prosecutors said manafort use the funds for what they described as a lavish lifestyle including spending millions of dollars on antique rugs landscaping cars and clothing without reporting it to the internal revenue service this is according to the indictment unsealed monday gates referred to in the indictment as mr mann affords right hand man was charged with helping mr manafort transfer funds and spending more than three million dollars himself including on his mortgage and interior decorating services neither defendant reported the income according to prosecutors also as part of the muller probe of foreign policy advisor to the trump campaign pleaded guilty to lying to the fbi about his contacts with a professor who was connected to russian government officials according to court documents unsealed on monday george pompidou topless admitted he misled the fbi in a january interview by telling agents that he had only interacted with a professor before joining the trump campaign.
"charlie turner" Discussed on WSJ What's News
"charlie turner" Discussed on WSJ What's News
"charlie turner" Discussed on WSJ What's News
"charlie turner" Discussed on WSJ What's News
"In floored we have a place for you not only do we understand your aspirations we are ready for them for all the amazing things your future holds we hold the key floored the future museum what's news from the wall street journal top stories and timely insights i'm charlie turner in new york tropical storm harvey will present congress with challenges including shoring up the federal flood insurance program which is deeply in debt the wall street journal's andrew ackerman will join us but first some top stories harvey moved off the coast of texas but offered no respite for houston as flood waters continued to reach historic highs and the storm threaten another landfall farther east potentially imperilling louisiana later in the week harvey surpassed forty nine inches of rain fall in at least one location making it the largest ever tropical storm and the contiguous us the storm could be responsible for as many as ten deaths across the state president donald trump met with texas governor greg abbott and other officials at a firehouse in corpus christi close to where harvey first made landfall president trump is giving a speech in missouri wednesday calling for tax reform meantime ahead of lawmakers returned to capitol hill next week gop lawmakers still have an agreed on a strategy to get a new tax law passed they hope to do so in a bid to score a legislative victory by year's end but other matters will occupy them from the federal debt limit to hurricane relief efforts on wednesday's economic schedule is an updated estimate on secondquarter gross domestic product there's also adp's private payroll data for august next up congress and federal flood insurance this is what's news from the wall street journal.
"charlie turner" Discussed on WSJ What's News
"Support for wsj comes from comcast committed to improving your customer service experience with twohour appointment windows including nights and weekends because they should fit into your life not the other way around learn more at xfinitycomservice what's news from the wall street journal top stories and timely in fact i'm charlie turner in new york guess what bobby flares got cooking it's an ipo flay the celebrity chef on tv's food network says he's planning to offer shares to the public in his bobbies burger palace a fast casual restaurant chain fla plans to use the proceeds of the share sale which he hopes will reach fifteen million dollars to expand the chain in the us and abroad joining us to talk about flase planned initial public offering is the wall street journal's charles passi charles at this is obviously a chain of burger joints i guess what bobby fla feels he needs to do an ipo to go up against the likes of shake shack and five guys well you know bobby fla is known primarily for highend restaurants and those are individual concepts that he will have may be one or two of them um doesn't really look to expand them but he feels in um in this concept he's got something that's very replicable uh that he can really grow not just in this country but beyond a but to do that he needs some some dough and we're not talking the bakery kind um so that's where the the the money comes in and that's where the ipo comes in and uh you know it's funny to he he he mentioned that he has never looked to outside investment in any of his other restaurant adventures this visit the first time right so so this this kind of new territory for him but he decided he wanted to to go public.
"charlie turner" Discussed on WSJ What's News
"But just for instance if you created as some countries have a right for employees who are fulltime workers to request a part time schedule say you've you've become apparent and you want to work fewer hours now to have more time for child care if you create a right for workers to request that employers to grant it it could cause some employers to discriminate against a potential parents when they're hiring even though that would be illegal aid to discriminate against women when they're hiring because they don't want to have to give those requests a grant those requests down the road i think it's a huge temptation for employers to succumb to that this person is a single mother and maybe we should steer clear from hiring her yes and that that sort of discrimination is not legal uh but it's pre as you said pretty easy see that happening also view create incentives make it easier to do parttime work uh which alive parents might might prefer to fulltime schedules you you create the at the potential for women to get stuck in these jobs that don't have a real good chance of advancement was studies i looked at no that us women as opposed to women and other advanced economies are much more likely to work fulltime and to be in higher level jobs so there there may be some uh some role there uh for those policies to backfire in some ways wall street journal reporter been lubes dwarf joining us from washington ben thanks a lot of thank you for having me and thanks for listening i'm charlie turner at the news desk in new york ambition comes with airbags the wall street journal listen ambitiously.