20 Episode results for "Napa Valley California"
Closing Bell Brief for Tuesday, July 30th
"Taste your way through Napa Valley California with W._S._J.. Magazine and into Gari Book this exclusive trip at Indy Gory Dot com slash W._S._J.. Jay Magazine or call six four six seven eight zero eight three eight three the major U._S. averages edged lower though gainers top losers overall stocks were pressured after President Trump warned of difficulties in trade talks with China talks between the two nations restarted Tuesday the Dow Jones Industrials fell twenty three points to twenty seven thousand one ninety eight the Nasdaq composite lost nineteen the S. and P. Five hundred dropped seven apple
Midday News Brief for Wednesday, July 31st
"Taste your way through Napa Valley California with W._S._J.. Magazine and into Gari Book this exclusive trip at Indy Gory Dot com slash W._S._J.. Jay Magazine or call six four six seven eight zero eight three eight three. I'm J._R. Waylon and the newsroom at the Wall Street Journal in in New York an F._A._A.. Analysis shows the agency determined the likelihood was high of a similar cockpit emergency within months following the first two crashes involving elving Boeing seven thirty-seven Max jetliners the analysis show that quote didn't take that much from L. function like the one confronted by the pilots of the
Morning Brief for Tuesday, July 30th
"Explore Napa Valley California with W._S._J.. Magazine and into Garay Join W._S._J.. Magazine on intimate winery visits with globally acclaimed winemakers and celebrated shafts enjoy stunning views Michelin starred restaurants private sellers and much more book this exclusive trip <unk> at indeed dot com slash W._S._J.. Magazine or call six four six seven eight zero eight three eight three. I'm Henry for totally for the Wall Street. Journal capital one has reported a data breach affecting more than one hundred million customers. The bank says the alleged hacker is a former employee of Amazon Amazon web services who was accused of breaking through a bank firewall to access customer data the banks stored on Amazon's cloud service including addresses birthdates and the income and one of the largest ever data breaches of a large bank the trump administration is proposing a rule that would require hospitals to disclose discounted rates. They negotiate with insurance companies. Those who fail to comply could be fined up to three hundred dollars a day public comments on the proposal are being sought it would take take effect in January and the Federal Reserve
Closing Bell Brief for Monday, July 29th
"Taste your way through Napa Valley California with W._S._J.. Magazine and into Garay Book this exclusive trip at into Garay Dot com slash W._S._J.. Magazine or call six four six seven eight zero eight three eight eight three U._S. stocks ended mostly lower Monday. Though the Dow Jones Industrial Average squeezed out a small gain the Dow ended up twenty eight points at twenty seven thousand two twenty one the Nasdaq composite fell thirty six the S&P five hundred dropped four investors look ahead to a key Federal Reserve meeting that many anticipate will result in the first interest rate cuts since two thousand eight the two day meeting begins on Tuesday mylan shares jumped twelve percent Monday after Pfizer agreed to merge. It's off patent drugs business with the generic drug maker it creates a global seller of lower priced medicines in an increasingly competitive business visor makes lipitor in Viagra while mile and makes the EPI pen allergy shot police say a suspected shooter.
Closing Bell Brief for Wednesday, July 31st
"Explore Napa Valley California with W._S._J.. Magazine and into Garay Join W._S._J.. Magazine on intimate winery visits with globally acclaimed winemakers and celebrated shafts enjoy stunning views Michelin starred restaurants private sellers and much more book this exclusive trip at integrating dot com slash W._f._A._N.. Magazine or call six four six seven eight zero eight three eight three. Here's your closing zing bill brief for Wednesday July thirty first J._R. Whalen at the Wall Street Journal in New York comments by Federal Reserve Chairman Jerome Powell sent stocks downturn. The Dow Jones industrials fell three hundred and thirty three points closing at twenty six thousand eight sixty four the S. and P. Five hundred dropped about thirty three points and the Nasdaq was off ninety ninety eight all three indexes fell about one percent piece as expected the Fed announced a quarter percentage point interest rate cut the I cut since two thousand eight but Powell indicated a second rate cut in two thousand nineteen is not a done deal and Wall Street and the selling mood and those losses deepen when Powell told reporters Wednesdays rate-cut was in his words a mid cycle adjustment to policy elsewhere Wednesday apple shares rose almost two and a quarter percent after the company
Minute Briefing for Monday, July 29th
"Taste your way through Napa Valley California with W._S._J.. Magazine and into Garay Book this exclusive trip at into gory dot com slash W._S._J.. Magazine or call six four six seven eight zero eight three eight eight three. I'm Anne Marie for totally for the Wall Street. Journal Director of National Intelligence Dan Coats is stepping down next month. President trump made the announcement on twitter and says he'll nominate Texas representative John Ratcliffe to replace him coats had disagreed with the president over how to deal with the threat posed by Russia the U._S. and China resumed trade talks in Shanghai this week. The Wall Street Journal reports that expectations are lower this time around after talks collapsed.
Pfizer Will Merge Off-Patent Unit With Mylan
"Explore Napa Valley California with W._S._J.. Magazine and into Garay Join W._S._J.. Magazine on intimate winery visits with globally acclaimed winemakers and celebrated shafts enjoy stunning views Michelin starred restaurants private sellers and much more book this exclusive trip at into gory dot com slash W._S._J.. Magazine or call six four six seven eight zero eight three eight three a merger and the drug sector could remake the generic industry they see these drugs adviser and they think they can boost their margins and cash flow and sales growth by taking these from Pfizer and <music> adding them into my island and more diabetics are using digital devices instead of pricking their fingers to measure their blood sugar levels. This is what's news from the Wall Street Journal. I'm Charlie Turner in New York before we get to our main story about drug consolidation. Here are some other stories we're following president. Trump signed legislation Monday that funds medical claims from victims of the September eleventh two thousand one terrorist attacks for the rest of their lives. The legislation appropriates funds for all current aren't and future approved claims made through the September Eleventh Victim Compensation Fund until the year two thousand ninety at an estimated cost of ten point two billion dollars over the next ten years. The fund was established to compensate the nine eleven victims as well as relatives lives of those who were killed in first responders who suffered health consequences from exposure to debris at the sites. The Labor Department released a final rule to make it easier for small businesses to band together to create joint 4. Retirement plans. It's for workers. The rule which takes effect September thirtieth broadens the ways companies could join together to offer retirement accounts according to a department official under the rule released Monday companies in different industries for example landscaping companies and real estate firms could create a joint plan as long as they're located in the same state or metropolitan area United Airlines plans to use biometrics to help its passengers get through security faster united is taking an equity stake in clear a technology company that uses fingerprints and Iris Scans to verify travelers identity at security checks clear operates at thirty one airports in addition to stadiums arenas and some hertz rental car locations United's investment will help clear expand into some of the airlines largest hubs clear charges most members one hundred seventy nine dollars annually but united said it would enroll its top tier frequent flyers free of charge and offer a discount to other members of its loyalty program. The capital one knows life doesn't alert you about your credit card. That's why they've created E-e-e-e-no the capital one assistant that catches things that might look wrong with your credit card. He no catches over tipping duplicate charges is or potential fraud and then send alerts earphone helps you fix it. It's another way capital. One is watching for your money when we're not capital one. What's in your Wallet See Capital One dot Com for details in a deal announced announced on Monday Pfizer agreed to merge? It's off Patent Drugs Business Upjohn with generic drug maker mylan The Wall Street Journal says the merger would create a global seller of lower priced medicines in an increasingly competitive business. Let's get more on this new combination from the Wall Street Journal Jonathan Rockoff Quick Question John who would be the majority owner of this company so the the shareholders from Pfizer would be the majority owners of the company they would have fifty. Eighty seven percent ownership of the new company and the mylan shareholders would own the rest. Why are the two companies doing this deal all the sort of drugs that were household names not that long ago year five years ten years ago all all the drugs that adviser what it is are the drugs that are at the heart of this deal these are drugs like Lipa Tor which is a cholesterol drug Viagra erectile dysfunction drug a widely used painkiller call lyrica coca? What happened is all these drugs? Even though they generated billions of dollars in sales for Pfizer they lost their patent protection and so their sales began to plummet and Pfizer kept making and selling these drugs but they weren't generating the kinds of sales at Pfizer was used to or that Pfizer wanted to have and so they were kind of weighing down the company and Pfizer was trying to figure out what to do with them now the the drugs even though they're not making a lot of as as much money as they used to the are generating incredible margins for Pfizer and those margins are very attractive for a company like mylan which sells generics generic versions of off patent drugs like lipitor in Viagra Agra Celebrex and generics don't make the kinds of margins that <hes> that these drugs were making for Pfizer mylan has <hes> has been in the doldrums in recent years they've been struggling with their own issues and pricing pressures on generic SOC- they see these drugs adviser and they think they can boost their margins and cash flow and sales growth by taking these from Pfizer and adding them into Mylan. Tell us how competition has hurt the generic drug industry so the generic drug industry has been under incredible pressure the last several years for a while it was going gangbusters and then everything came crashing to a halt and there was a couple of factors that played a role in this one was just the competition within the sector really intensified there were all these companies in India in particular that cropped up and began competing on price and so they would undercut companies companies like Mylan <hes> that were selling generics at a much lower price in the brands ever sold for but more than what the generic companies in India. We're going to sell them for so that was one thing another thing is sort of the way that generic drugs wind up open your medicine chest. There are these groups of buyers who negotiate with companies like mile and to buy generic drugs these groups of buyers sort of consolidated into <hes> just a few buying groups groups and these buying groups because they were so big and held so much market share were able to squeeze companies like Mylan on price even further so that pricing pressure reduced the the the revenue that companies companies like mylan could generate how would this merger trigger further changes in the industry so these fundamental factors that are have been hurting and reshaping the generic drug industry and that led to the steal deal. Don't go away with the steel. The deal is in effect a symptom of these pressures and what we think is going to happen or what could happen. Is that other companies in the sector going to want to consolidate to deal with the same issues that mile and is trying Nydia with. I suppose this deal would enable visor to concentrate more on medications that are patent protected. That's right so for Pfizer. They lose like a really nice contributor of cash flow but what this steel allows them to do by offloading these drugs which are who sales are declining rather than growing is to become a smaller company and one that can grow more significantly as they launch more new patent. Unprotected drugs so Pfizer has all these drugs in their pipeline that they say each of which could have a billion dollars in sales more drugs for conditions like cancer rare heart condition vaccines for Staph Aureus and other infectious diseases visas when they launched these drugs they think that their sales are going to really start accelerating and by getting rid of these declining products they feel like they can increase their earnings per share air by mid single digit percentages Milen biggest-selling and most well known product is the EPI pen allergy shot has mile and basically been on the downside ever since it drew widespread criticism for raising the price of EPI spend more than five hundred percent between two thousand seven and two thousand sixteen so this is the thing mylan has been declining since it got <hes> all that attention and criticism for how much it was pricing EPI pen the price of Epi pennant food had gone up by like almost five hundred and fifty percent <hes> at that time since two thousand seven but the the controversy isn't what drove Mylan down what sort of hurt Milen it was just sort of a coincidence of timing. What what happened was part of the reason why Mylan was raising the price of EPI pen so much in recent years was because it Epi pen was facing the end of its patent life and there's this traditional drug industry tactic is when you're big selling product near the end you raise the price a considerable amount and generate as many sales as you can and then you try and find a new product to replace it so part of the reason why there was the controversy was because EPI pen was nearing the end of its patent life as it near the end of its patent life it began to face more competition and because the price was high that it also attracted other newcomers who thought that they could undercut it on price and take advantage of the the controversy is that competition and the lower prices of some other products that hurt Mylan because mile and even though it's generic Eric Company to a large extent it relied on this branded product for a lot of its sales and profit analysts estimated that my forty percent of Milen prophets came from EPI pen and so as Epi pen sales eroded voted that really hurt my land and that was part of the reason why its stock was hurt so much in its sales slowed considerably during the last few Years Wall Street Journal reporter Jonathan Rockoff? Thanks a lot thank you. There's been a big jump in the number of diabetes patients using digital devices to measure their blood sugar levels the Wall Street Journal Peter Loftus talks about how improvements in the devices have helped users better manage their disease pete. These devices are known as continuous glucose monitors. What exactly are they and how do they work? Continuous Glucose monitors are basically these coin-sized <hes> patches that can stick to your skin and they can go on the back of the arm or on your abdomen and they have a tiny needle that inserts just under the skin to monitor blood sugar levels and then the sensor this thing that sticks to your skin can then transmit that data wirelessly to either especial monitor <hes> or now more and more <hes> people's smartphones the they can have an APP on their smartphone that takes in the data and will display your blood sugar levels. Calls in a way that just hasn't really been possible before it's really just in the past few years the past several years I would say where the products have just improved to the point where they've become much more appealing to patients than the <music> older way of of using finger sticks to sort of manually check your blood sugar multiple times during the day. That's meant big sales for the device. Makers hasn't it it has there's a few big players here and there combined and sales have topped three billion or expected to top three billion this year and that's that's roughly triple what it was just a few years ago but having some of the device has been associated with cybersecurity risks meaning that hackers could gain access and that's led to some recalls calls yeah well what I should be clear about. Is that what another way that these continuous glucose monitors work <hes> so first of all for many patients. They're mainly using them just to look at the blood sugar levels say on their phone or on an APP and then and the patient uses that information to make sort of manual adjustments to delivering insulin to to either taking insulin injections or even to making changes in diet so that they're adjusting you know how many carbs they take but another other aspect of this in in sort of a subset of all these users of continuous glucose monitors some people are using them to communicate directly wirelessly with an insulin pump an insulin insulin pump meaning like a wearable device that separate from the continuous glucose monitor but it's a wearable device that contains insulin and it has a tube and a needle and conserve deliver insulin to the patient throughout the day rather than have the sort of discrete injections and so the the cyber security angle has more been on some of the pumps there was there was recently in alert from medtronic that some of their older insulin pumps because they have this that people discovered there were security flaws where theoretically a hacker could gain unauthorized access to a device and alter the level of insulin. That's that's that's going in Kent the data that's generated be overwhelming to some patients it can and that was an interesting aspect of this because I think many of the people spoke to are clearly on in the camp that that that this has helped them that these devices have helped them because it's it's a complicated disease to manage and the the finger pricks are not much fun. If you have to do it like ten times a day people get bruises and so a lot of people like what these continuous glucose monitors too but the sort of what you might call up front side effect is that especially for new users when they start using these feels like a deluge of data because they're potentially getting readings every five minutes on their blood sugar and so you know you can imagine if if they're looking at their phone and they see a a change one way or the other every five minutes than they might feel like they have to react to that and say adjust their insulin and in a certain way or do something in their diet and so I think people feel overwhelmed in that way and also that it's say sort of reminder that they have this chronic disease but from what I've been told you know eventually people adjust and they learn not to say overreact to every single change in their blood sugar levels is the cost of these devices another concern or can insurance sort of help defray the cost. I think the costs can be a concern for some people because it can add up to more than three thousand a year. Now more recently there have been and <hes> less expensive versions that have come out and that's been an interesting part of the Industry Competition Because Company Abbott Labs came out with a lower costs version a couple years ago compared with the other main.
U.S. Public Pensions: Victims of Rosy Future Predictions?
"Taste your way through Napa Valley California with W._S._J.. Magazine and into Garay Book this exclusive trip at into gory dot com slash W._S._J.. Magazine or call six four six seven eight zero eight three eight eight three. Here's your money briefing. Im Chair whalen at the Wall Street Journal in New York. Pensions aren't the most exciting thing to talk about unless the money isn't there the supposed supposed to be coming to you and that's a real problem facing public pensions in a moment we'll examine how the system got their first money and market news. You should know the journals heard on the street team says the second quarter economic growth rate of two point one percents maybe seen as a slowdown but the economy may be doing just well enough to ward off a second interest rate cut by the Federal Reserve heard on the streets justin lay heart says the economic report highlighted the divide that has opened up between confident consumers and. Worried businesses and while the Fed is worried that business jitters could bleed into other areas of the economy most notably the job market as long as the labor market stays strong and consumers keep spending those factors will outweigh potential second rate cut that would ease fears that a slowdown overseas is becoming contagious and more than ten thousand people who hold crypto currency started getting letters from the I._R._S.. Late last week the being warned about penalties for failing to report income or pay tax on transactions transactions involving virtual currencies in March of two thousand eighteen digital currency platform coin base provided data under a federal court order to the I._R._S.. On about thirteen thousand accounts though the I._R._S. won't confirm the letters being sent tout stemmed from information supplied by coin base for federal tax purposes crypto currencies such as Bitcoin are treated as investment properties similar to stock shares or real estate capital. One knows was life doesn't alert you about your credit card. That's why they've created. You know the capital one assistant that catches things that might look wrong with your credit card. You know catches over tipping duplicate charges or potential fraud and then sends an alert sheer. Phone and helps you fix it. It's another way capital. One is watching after your money when we're not capital one. What's in your Wallet See Capital One dot Com for details what do American state and local pensions have to do with the finest crystal around while pension funds may have had a tint of rose in their crystal balls when predicting the future and that could be why on average they have less than seventy five percent attentive assets on hand to fund future obligations and heard on the street editor Spencer? Jacob is here to explain suspense her. We're talking about pensions for public workers and this shortfall could be the result of rosy economic predictions of the pension and funds managers make themselves. That's right so seventy. Five percent doesn't sound that great but seventy five percent is what's based on their projections of how well they'll do so there are a lot of people who have <hes> not a lot of people anymore. They used to be a lot of people who have pensions through companies companies where a pension basically means that you know <hes> what you're going to get you have a specific promise of what you're going to get. Most Americans have the reverse. You know what you contribute today. You might not contribute anything or not very much or not enough. And you count on that growing to some amounts in the future that you can live on if you are public employees there so amount that might be taken out of your paycheck or might be nothing <hes> your employer contributes and that's supposed to grow and they show you an account. Every Year of how well funded is on average seventy five percent but that's based on how well they think it's going to do they apply a discount rate to the future and those discount aren't rates are <hes> basically provided by a bunch of consultants they hire the column that today points out how incredibly Rosie those assumptions are in by Miss Gauging the future that could put pension funds in a position into more risky and hopes of registering higher returns and by taking on more risk than you're. You're clouding your future. Even more that's right and you you see that more and more where they are saying. Oh We'd like to invest more in private equity would like to invest more in hedge funds and things like that well over the last ten years private equities had a really nice run <hes> that's something that is more and more appealing to head Shawn's they see something that's done well and they say we'd like to put more cash into this thing because it's done so well. <hes> I think you know. Komo people know that past performance not only isn't indicator of future performance but past performance is an indicator that maybe some of the best returns are behind you. Especially when lots of people are piling into something that's the real danger with piling deprived equities. They're they're going to compound their problems like gambler. who sort of doubles down where you sort of you lost enough and you're looking rooms instead of doing that? You you make a very risky bet in the casino. I'm not saying that they're going to lose all their money but the <hes> the the likelihood that private equity is going to be there's no free lunches and investing likelihood that the private equity is going to be as good. It wasn't the last decade given all the money all the idol cash. That's that sitting there waiting to be spent <hes> is not that good so that's Ah I you know not a great thing to hear <hes> pension manager saying and some are and regarding the future as you point out in your column a lesson here the for public pension managers. It's okay to admit that you were wrong. It isn't it isn't right if it's okay to admit you're wrong any other endeavour in life. It's okay to admit you're wrong the problem with some not all pension fund managers. Is that admitting you're wrong. They have to admit it very very slowly. <hes> take calpers which I spoke with for the column Calpers is <hes> a huge California. California Pension Fund that has California municipalities as its clients now unlike some pension funds where you can have just a huge deficit and it's all okay they have a deficit but those I if the deficit widens than those those municipalities have to actually pony up more cash you can't say Sacramento you have to pay us and <hes> you know <hes> San San Francisco you don't have to they all have to to keep up otherwise they're they're kinda short changing all the other municipalities in there now now if they were to suddenly say you know what the discount rate that we've been using and they are among the more conservative ones. I have to say but the discount rate we've been using is a little too rosy. We're GONNA knock that down by percentage point. You'd basically have to have them. Pony up the equivalent of of <hes> <music> over two thousand dollars per California household if that were to happen. I mean so you know it. A little difference in their assumptions makes a big difference. So what do they do. <hes> if there's a year where they've kind of fallen short of of where or they wanna be <hes> then they tell those municipalities and they smooth out that difference over multiple years <hes> which on some level makes sense because you can't just go to cities that have you know all potholes to fill and at least one to pay.
Can the U.S. and China Make Progress on Trade?
"Taste your way through Napa Valley California with W._S._J.. Magazine and into Gari Book this exclusive trip at Indy Gory Dot com slash W._S._J.. Jay Magazine or call six four six seven eight zero eight three eight three the U._S. and China restart our trade talks. What can we expect the really trying to figure out where they are can the achieve a major deal? Can they achieve a minor deal or breakthrough and sort of look at how long it might take to get to something that could roll back tariffs on either side plus lawsuits and bad weather or putting pressure on bear. This is what's news from the Wall Street Journal. I'm Charlie Charlie Turner in New York before we get to our main story on trade negotiations. Here are some other stories we're following shares of capital. One financial fell sharply Tuesday a day after the credit card issuer revealed an enormous data breach capital one set a hacker access the personal information of approximately one hundred six million card customers and applicants against one of the largest ever data breaches of a big bank the breach compromised approximately one hundred forty thousand social security numbers and eighty thousand bank account numbers as as well as some customers credit scores payment histories and credit limits page Thompson thirty three years old was arrested in connection with a hack Monday by federal agents in Seattle title. She's accused of breaking through a capital one firewall to access customer data that the bank had stored on Amazon Dot Com's cloud service MS Thompson is a former employee Oy of Amazon Web Services President Trump Tuesday called for laws requiring valid identification to vote arguing that such a move would ensure the safety safety and sanctity of our voting system. Mr Trump also called for using paper ballots as a backup tweeting that the method is old fashioned but true he sent the tweet after giving a speech in Virginia. The president has repeatedly claimed without evidence that large numbers of people have voted illegally in U._S. elections. There's no indication that voter fraud has occurred on a broadscale and opponents of voter I._D.. Measures say efforts to enact identification requirements represent availed effort to suppress votes by creating hurdles for people who lack sky dis many of whom advocates say are disproportionately lower income and people of Color Amazon Dot Com is pressuring brands to make their packaging more efficient which has prompted vendors to make costly changes to their businesses or face fines since last fall Amazon is told companies they must make packaging for thousands of larger products more more compact and easier to open eventually Amazon wants every product ships to meet similar standards Amazon offered a one dollars credit to producers for each item sold olden packaging that met the new standard Walden covers U._S. trade policy for the Wall Street Journal and joins us from Washington will treasury secretary Steven Mnuchin and Trade Rep Robert Lighthizer are in China after trade talks collapsed mate note breakthrough is expected this time around so what does the U._S.. Delegation hoped to achieve well. They're hoping to WHO <hes> figure out how to resume serious talks where they left off and they're they're having face to face negotiations. That's the first time that's happened while they did it briefly at the g twenty Andy in Osaka Japan but it's the first time it's really happened <hes> with intense set of talks since May and so they're they're talking about what are they can resume talking on the basis of the draft agreement text that they had back in the end of April early May or whether they need to do something new with all the new things that have that have come to the forefront such as trump up administration taking steps to blacklist while way the Chinese telecommunication giant so they're really trying to figure out where they are can the achieve a major deal. Can they achieve a minor deal. You're a breakthrough and <hes> you know sort of look at how long it might take to get to something that could that could roll back tariffs on either side well don't they hope to achieve incremental Kerr mental steps such as China buying more of the U._S.'s farm products and also maybe relaxed restrictions on Wa wa. That's exactly right. That's what <hes> president trump mentioned <hes> in this press conference that I attended right after the Osaka G. Twenty summit and China has never been very clear on whether it feels committed the to buying U._S.. Agricultural products in any meaningful way but trump definitely said he would be willing to back off a little bit on Hallway <hes> that is there might be exceptions that that would allow U._S.. Companies to sell products to alway in exchange for significant agricultural purchases because that's where he's being hit politically in these rural states is is <hes> because they <hes> tariffs that the trump administration has imposed on China has generated retaliation China has either declined to by U._S.. Agricultural Products or put a large tariffs on those products well again the expectations are low but don't the stakes remain high couldn't the trump administration go ahead and impose tariffs on the rest of China's imports. That haven't haven't already been targeted. That's exactly right there about three hundred billion dollars in products <hes> that the U._S. imports from China every year the don't have tariffs including most <hes> textiles textiles and apparel cleaning most electronics including apple iphones and computers something that the trump administered something that president trump is said would not be given an exception would would not be given an exclusion as many other products have been so yeah that that's that's <hes> that's back there. That's a way that that trump could sort of accelerate <hes> his confrontation but on on the other hand in most recently he's been sort of pulling back from confrontation trying to get back to the table but it's been a little bit all around the map. Today there was some tweets from the president wouldn't that suggested there might not even be a deal during his first term right he Who Wins but that's starting to to become into play <hes> certainly other countries negotiating with the trump administration in struggling to reach a deal and struggling with the threat of tariffs are probably trying to think well? What's going to be in place in in twenty twenty one after the election so that's GonNa be a big deal of course not everyone you know even in the Republican Party <hes> subscribes Absa President Trump's point of view Senator Chuck Grassley told us an briefing not long after that this morning that <hes> I don't think you ought to make anything out of it except forget the tweet eight that's what he said and he went on to say just forget the tweet and say what a blessing it is that in Shanghai lighthizer Mnuchin or sitting down with their negotiators now and when they're talking there's a chance of getting something done so there is still a bit of optimism that tariffs could be reduced <hes> a lot of a lot of lawmakers and a lot of companies? Don't like these tariffs. Let's roll back a little bit. What exactly happened will in May two 'cause the negotiations to break down? Does it concern this draft that the U._S. tried to get China to accept. That's that's exactly right. <hes> different sides blamed different issues for for bringing the talks to a halt but we know publicly is that President Trump accused China of backtracking at the negotiating table and <hes> in many people close to the talks told me that it seems like as they were getting close to a deal some hardliners in in Beijing <hes> we're a little bit worried that they were giving away too much too easily and there was some efforts to sort of reduce. Perhaps reduce some of the commitments minutes in terms of CIA changing Chinese law because the U._S. was asking so many legal changes in regards to intellectual property protection in China etc the seemed to be too much for China to swallow so as a as a proud sovereign nation in the second biggest economy so that led to a little bit of friction and rather than working through that the trump administration criticized Beijing officials sales and then that led to a falling out led the trump administration to impose restrictions on hallway essentially putting them on a blacklist that could cripple the company if <hes> they're not granted certain exemptions to continue to buy U._S. products so that's where that <hes> fell apart and they're trying to put the pieces back together very few observers. Things are going to be able to do that quickly. Nuclear Very few observers think that the tariffs that are already exist on Chinese products imported into the U._S.. are going to go away Anytime Soon Wall Street Journal reporter her will Maldon joining us from Washington. Thanks we'll thank you dare has warned that it may have trouble hitting its full year financial targets because of severe weather impacting. It's crop science division bad weather in the U._S.. Canada and Europe dented the crop science unit and lead to a forty nine percent drop in net income for its latest quarter Bayer added that the number of plaintiffs suing over its roundup herbicide has shot up over the last three months. We get more on this from the Wall Street Journal's Surger Mono who spoke with Ameri for tolley Sarah before we get to the problems with the crops. Let's recap where we are regarding lawsuits against the company that number has recently gently risen hasn't it yes buyer has been updating the number of plaintiffs it is facing in the litigation regarding the roundup weed killer and most recent number birthday lease on Tuesday says there are eighteen thousand four hundred plaintiffs who have registered litigation against as Three recent trials jury trials about this issue in California and that's creating a lot of pressure for the company particularly because his buyer acquired round up through its acquisition of Monsanto last year and now that more and more plaintiffs are filing suits against the company has this issue is being evaluated in the United States buyers facing more scrutiny from shareholders and even within its it's government about how they're going to tackle this problem. You mentioned those first three jury verdicts in the United States which Bayer is appealing but how much are these legal bill battles costing the company that is something that analysts and shareholders are trying to determine one reason that that number isn't quite clear is because because the initial penalties that buyer faces in these cases can be reduced and we saw that last week and initial two billion dollar her penalty that a judge awarded in one of these cases was reduced to eighty six million and one of the there's a lot of moving parts in the in these cases because of the sheer volume of plaintiff's taking their case against buyer. It's still not quite clear how much the penalties may end up costing fire in the long run. One thing that shareholders analysts have been listening out four and we may get more clarity on or they're hoping for more clarity on this afternoon is whether or not by our indicates it would settle any of these cases so far. That's an open open question but it is something that people in the investing community are wondering let's talk about those issues with severe weather the Wall Street Journal has been reporting on those impacts x in the U._S.. Farm Belt so how bad weather in the United States and elsewhere impacting bear so the other component of the buyer story now. Is You know they've acquired Monsanto. They now have this tremendous croplands division which the market tends to understand that can be cyclical but unfortunately shortly this year has been analysts call one of the worst planting seasons ever in the U._S.. There was basically a long winter along wet would turn that delayed the planting season and that has had a cascading effect on orders and just the ability to the foul in in their crop sciences division and it's not restricted only to the U._S.. I think the company said that the weather problems were primarily early concentrated in the Midwest but also in Canada and in Europe we've spoken with some analysts who say you know early indicators in in the Southern Hemisphere which is now going from winter to spring that they should be having a slightly better plant season than we saw in the northern hemisphere this year but it's too early really to tell if that's going to be enough to offset some of these headaches today by our said that they you know the reaffirm their sales outlook for the year but then he said it would beat something that's increasingly ambitious for them so it's sort of an open question whether they will be able to their sales targets because of this crop science and that's Wall Street Journal reporter Sara Your Mono joining us from Berlin. Thank you so much Sarah thank you that's Ameri for totally speaking with
How Robots Will Feed Our On-Demand Culture
"Explore Napa Valley California with W._S._J.. Magazine and into Garay Join W._S._J.. Magazine on intimate winery visits with globally acclaimed winemakers and celebrated shafts enjoy stunning views Michelin starred restaurants private sellers and much more book this exclusive trip at indeed dot com slash W._S._J.. Magazine or call six four six seven eight zero eight three eight three. If you think about all the tasks that you do in each one of them is pretty small. If you had a robot that can do all of them like Rosie from the jetsons that that would be useful when we want that but to build a robot can do all of those things right now as many really hot. It's also expensive passive this episode we Meet Day Ferguson. He's the CO founder of neuro. It's a self driving vehicle company trying to shuttle goods instead of people neuro earliest positioning. It's golf-cart-sized vehicles first step towards the robotic butlers that have so far only existed in science fiction. Our mission is to accelerate the benefits of robotics botox. Everyday life backed by near one billion dollar investment by Japanese conglomerate Softbank Neuro has partnered with supermarket giant Kroger to begin testing Nia driverless grocery delivery service Texas and Arizona. It's one of several companies including Amazon that wants to take humans our of home delivery from the Wall Street Journal. This is the future of everything I'm Anthony Green. What brought you into this field? What stoked your interest? Yes so I've been working in autonomy for about twenty years and it started my undergrad which I did in New Zealand in New Zealand you you tend to specialize early basically major in whatever you want from your first year. I thought I was going to be a lawyer. Actually so first year I took law I took physics I took maths and I took computer science and there was a little red trash cans style robot that the department had just gotten and I basically fell in love with it I wasn't expecting to but the process of being able to give a machine intelligence to do things on its own and it was not very intelligent but nonetheless giving it the skills to then go and explore and and do stuff without you having to physically tell it what to do with something that was incredibly compelling to me and so from there I went on and did a p._H._d.. In robotics I got involved served in the Darpa urban challenge which was like the Olympics of self-driving research at the time and then joined Google self driving car if it and have been working on this ever since I think a lot of people don't understand what exactly it's hard about building an autonomous vehicle right so I'd love to hear your thoughts on that and what sort of perhaps technological advances that we haven't really seen yet are needed in order to push innovation in the space. Yeah it's a great question and it's one of the reasons why we are so excited to be focused on goods delivery if you think about self driving and particularly driving passengers around with a self driving car the reason it's so oh so hard is that the vehicle basically has to be perfect so think about the problem of detecting Brick when there's not a brick because the result then would be you slow down or you hit the brakes a little bit and if you have a passenger inside the car that's a completely unacceptable double experience right imagine driving around in Uber and they start slowing down and there's nothing in the road you probably GonNa ride that service again and so that places a really really difficult constraint on the self-driving system because it has to navigate it wrong either from false negatives like missing things things and never get it wrong from false positives where it thinks something's there and it's not and that just becomes incredibly hot machine learning problem. One of the reasons we're excited about goods is that we can relax one side of that in other words we can afford for vehicles to be a little bit more conservative to go a little slower if they're not sure they can be more cautious just drivers on the roads if you're sitting in one of our vehicles which we hope no one ever will do it wouldn't be a an amazing experience at least not for a human narrows narrows boxy delivery vehicle is about half as wide as a compact sedan and shorter than most compact cars. It has no side windows or room for people instead. It's two side doors open to reveal compartments for groceries and other items using a combo of software sensors and lasers it navigates roads at a Max speed of up twenty five miles per hour. You'd be frustrated that it's going a little bit too slow as being too cautious but as a road user for other participants on the road it's really advantageous to be able to focus exclusively on safety and being conservative and that also constrains the problem in a way that is much more feasible to solve. You've can you describe how the role of the human delivery service has kind of evolved over time and how you see it being positioned to the future the way the we see delivery of as a technical challenge but also as an economic challenges that very much a spectrum on one end of that spectrum term are scheduled deliveries for which there isn't as much urgency and so these are effectively. You'll packages you get them overnight next stay today. We don't really mind too much exactly when they arrive as long as they sorta there when we get home which in itself can be a little bit of a challenge but we're not waiting at home disparate it for that package to arrive today. Those performed actually very efficiently in terms of economics by delivery services as a big U._p._S.. Truck that's dropping off a couple all hundred packages so the incremental cost of each package that dropping off as very small in terms of the drive time in terms of the F. it and even the distance traveled at the other. The end of the spectrum are truly on demand delivery services so this is when you're sitting at home you really hungry you want some food you order from ubereats or door dash. You want it to come as quickly as possibly can and that end of the spectrum. It's very very difficult and very expensive to execute it because that delivery driver arrive her is basically your personal chauffeur. They're doing one delivery typically they driving from the store to your house and then perhaps back to the store so in order order to do that for you. It is very time consuming and very hard for Emmanuel delivery. Where Neuro is positioned is that we think that by a using self driving vehicles we can create a really efficient really high quality service for doing delivery but because of some of the limitations of self driving vehicles such as there's there's no way to get out and take it to your door and drop it on your doorstep? We think it's also very much better suited to the on demand side of the spectrum right What we see happening is we will. I solve a lot of those on demand use cases where the people are home or at their office and they're ready to Mehta vehicle go to get their goods from it and over time I think the package delivery pot will be solved probably with additional technology to figure out a way to get it from vehicle to your doorstep dip. If we step outside of the street and into the home or do you see robotics fitting in there. What are the robots can look like that will own that will live with breath yeah great question and this is pretty dear to us as a company right you'll notice in in our mission statement. We have nothing about self driving. We have nothing about delivery with. We're very excited about that as an initial application but we certainly see it as an initial application from which we will launch others and I think one of the ways to look at it as his self driving is in many ways one of the most difficult robotics problems to solve and so if you've gone through the effort of building out the infrastructure all of the technology to be able to do that so must've shame not to use that technology and other application areas as well so specifically around the home I think one of the challenges for why we haven't seen really general purpose home robotics or in general robots other than vacuum cleaners that people are really excited about is that if you think about all the tasks that you do in the hon each one of them is pretty small ride and so if if you had a robot that could do all of them like Rosie from the jetsons that would be incredibly useful and I think we all want that but to build a robot can do all of those things right now is really really hot and so it was sort of living in this world where you I can probably build a robot that could do any one of them pretty effectively but the cost associated with that robot is probably too high for people to want to pay for it and so we're kind of in this limbo where we may have to take the step to building the general purpose robot that can be rosy that can do dishes that can make you dinner that can clean the bathroom for you all all in one system and that is a very difficult general and hardware challenge. I do see us having that at some point but there's where is this tough interim stage where we sort of left with these very specific devices to do little bits of the chores that we have at home and it's hard to make those cost effective enough to be worth it to the consumer backed autonomous vehicles. How do you see yourself navigating the regulatory hurdles that these kinds of vehicles face before their street legal. We've tried to really explain how this sort of vehicle could drastically improve the safety safety of roads because it doesn't have passages it can really focus all of its efforts on making the roads safer for other road users so one sort of concrete example and this is some work that published recently one of our mechanical engineers has designed a system to stop our vehicle win driving thirty five miles per hour in one to two meters right now. If you think about a normal vehicle takes about thirty five to forty meters to stop at that speed and obviously so you can imagine how valuable that is in the case of potential emergency avoidance maneuver right now if you have someone inside the vehicle. You can't really do that because the G. forces associated with stopping that quickly are they gonna put someone through the windshield or there's going to be massive whiplash. If it's just eggs you can do stuff like this <hes> which which we find a pretty amazing entire green space that we can explore to try to build vehicles that he just fundamentally much much safer for everyone else. D._C. potential plot effect of sorts of autonomous vehicles being more prevalent on the road in the future. Do you think the R._V. could be cool again. If there's no driver does the car essentially become mobile living space. I think we will see a lot of that and it's interesting when you talk to people in different parts pots of the economy about how they're planning for the self-driving future ride this and give it to be made that if you make commuting better much more enjoyable right you're sitting in your living room while you're commuting to work as opposed to sitting in traffic and being exhausted that that people may end up commuting more ride the distances may increase these people may end up living in vehicles of time. I think that we're GONNA see some shifts and some transformations as we as we enable the technology that can facilitate facilitate this stuff. I think it's not dissimilar to me in comparison to what we're going to see with augmented reality and virtual reality ride like at some point if we build these systems to be really really amazing so in some ways sort of competing force right autonomous vehicles get super comfortable and your fine commuting three hours to and from work each day because he was just hanging out in your living room meanwhile virtual reality of minted reality teleconferencing get so good that you don't even the need to go into a building to work so you don't need to travel at all and is sort of these competing factions. It's obviously always hard to predict the future but having a technology edgy that enables you to truly relax and not have to be present during the driving task I think is going to fundamentally shift how we behave and how we how we slot commuting and driving into our daily lots going to be on a conference call on magic leap and have my boss sitting on the couch in my living room that is also on. I Ninety Five Ryan two hundred miles an hour. Whatever I can get into that future? I'm curious how you see autonomous vehicles augmenting traffic management systems. I think the this is this is sort of one of the questions that's related to the overall question of war how how will all autonomous vehicles being deployed and frankly if you could overnight stop having all humans behind the wheel and we sort of flicked a switch and today Manhattan Hatton is as it is the beautiful chaos that we have and tomorrow it's all self driving vehicles that would make the lives of self driving vehicle developers much much easier. I think the reality is that we're GONNA have humans and robots navigating the same roads for a long long time and that also means that some of the other potential show benefits or innovations that we can make around traffic management are going to have to take longer right so you've probably seen a bunch of these cool simulations. Where were you say well? Look we don't any traffic lights. If we have all autonomous vehicles they can never get into sections at fifty miles per hour and it's all safe I think in the future that's amazing and yes makes a lot of sense. It's in order to do that. You can't ever have one human person driving a vehicle through that area and I think that realistically that's going to take quite a lot of time before towards a reality for more on how companies are fighting to dominate the delivery market. Check out our delivery wars reporting series at W._S._J.. Dot Com the future of everything is a production of the Wall Street Journal. This episode was produced with help from Daniella Hernandez. Our technical director is Jake Gorski. If you like what you hear be sure
Midday Brief for Tuesday, July 30th
"Taste your way through Napa Valley California with W._S._J.. Magazine and into Gari Book this exclusive trip at Indy Gory Dot com slash W._S._J.. Jay Magazine or call six four six seven eight zero eight three eight three. I'm Tanya Bustos in the newsroom at the Wall Street Journal. The British pound slipped closer assert to its lowest sustained level against the dollar and more than thirty four years on rising investor fears of economic disruption if the U._K.. Quits the European Union without a deal to smooth it's exit. Those worries have grown in recent days as members of the new U._k.. Government led by Prime Minister Boris Johnson suggests that a departure without an agreement is the most likely option follow the very latest as it unfolds at wsj.com president trump called on the House Oversight Committee to investigate quote Unquote Corrupt Government in Baltimore and said he would personally get involved if asked by the city's residents speaking to reporters on Tuesday Mr Trump against singled out the
Morning Brief for Wednesday, July 31st
"Taste your way through Napa Valley California with W._S._J.. Magazine and into Garay Book this exclusive trip at into gory dot com slash W._S._J.. Jay Magazine or call six four six seven eight zero eight three eight three. I'm Marie for totally for the Wall Street. Journal the Verse Group of Democratic Craddock Presidential Hopefuls took the stage in Detroit on Tuesday taking president trump to task over his recent comments on Baltimore and sparring over issues including healthcare for student loans and gun violence the debate also saw a split between Progressive Candidates Senators Elizabeth Warren and Bernie Sanders and more moderate members of the party on Thursday candidates taking the stage include front runner and former Vice President Joe Biden along with California Senator Kamala Harris Apple saw a twelve percent drop robin iphone sales in the latest quarter but posted a one percent rise in revenue. Thanks to growth in other areas including services and MAC and IPAD sales shares rose more more than four percent in after hours trading the Wall Street Journal has a partnership with apple to distribute content and the Federal Reserve concludes its policy meeting on Wednesday where it's expected affected to cut short term interest
Morning Brief for Thursday, August 1st
"Taste your way through Napa Valley California with W._S._J.. Magazine and into Garay Book this exclusive trip at into gory dot com slash W._S._J.. Jay Magazine or call six four six seven eight zero eight three eight three. I'm Anne Marie for totally in the newsroom. At The Wall Street Journal California a Senator Kamala Harris and former vice president Joe Biden were frequent targets of the democratic debates on Wednesday night where candidates challenged each other on their past records the second group to take the stage in Detroit this week also debated healthcare immigration and racial justice among other issues U._S. stocks fell on Wednesday after the Federal Federal Reserve moved to cut rates with Fed Chair Jerome Powell signaling this week's cut doesn't indicate the start of a long cycle of rate cuts. The Central Bank lowered its benchmark short-term short-term rate to a range between two and two and a quarter percent in what Powell calls a mid cycle adjustment and the U._S. and China plans to continue trade negotiations next month after wrapping a current round of talks in Shanghai this week the White House says China has agreed to buy more agricultural products from
Midday Brief for Monday, July 29th
"Taste your way through Napa Valley California with W._S._J.. Magazine and into Garay Book this exclusive trip at Indy Gory Dot com slash W._S._J.. Magazine or call six four six seven eight zero eight three eight eight three. I'm Tanya Bustos in the newsroom at the Wall Street. Journal Pfizer agreed to merge IT'S OFF PAT and drug business with generic drug maker mylan creating a global seller of lower price medicines and increasingly competitive business shareholders advisor will own fifty seven percent of the new business and the rest of it will be owned by shareholders of mylan Pfizer shares fell two point nine percent in morning trading Monday while mile and gained thirteen percent talks of the deal were first reported by the Wall Street Journal on Saturday Saturday lenders made five hundred sixty five billion dollars of mortgage loans in the second quarter. The most in more than two years is as falling rates encouraged homeowners to refinance at that pace origination could exceed two trillion dollars for only the third year since the financial crisis. The rebound provided a boost to big banks including J.. P. Morgan Chase Wells Fargo and Citigroup which all reported higher mortgage or donations and the Journal reports that corporate profits are proving to be more resilient than expected.
Mapping App Mishaps and the Drivers Misled by GPS
"Explore Napa Valley California with W._S._J.. Magazine and into Garay Join W._S._J.. Magazine on intimate winery visits with globally acclaimed winemakers and celebrated shafts enjoy stunning views Michelin starred restaurants private sellers and much more book this exclusive trip at indeed dot com slash W._S._J.. Magazine or call six four six seven eight zero eight three eight three. This is tech news briefing. I'm Tanya Bustos reporting from the newsroom in New York coming up when navigation APPs go terribly terribly wrong and how homeowners are encountering loss drivers in yards everywhere. It's a thing the deal with mapping APP mishaps after these tech headlines. Let's check in on earnings. Apple encountered another quarter of week iphone sales with strong wrong revenue growth from its supporting business. The latest in a series of positive results from Silicon Valley's tech giant's revenue rose one percent to fifty three point eighty one a billion dollars in improvement from back toback revenue declines in the previous quarter's profit slid for the third straight quarter dropping thirteen percent to ten point zero four billion dollars apple offset a twelve percent decline in iphone sales during the period with revenue growth in every other area of its business including IPAD and MAC sales from services. A closely watched business rose thirteen percent be smallest quarterly increase since twenty fifteen net flicks is spending hundreds of millions of dollars to produce big budget films as it tries to shore up its subscriber base and push further into territory once controlled by major Hollywood studios. The streaming giant is investing over Total viewership with TV series accounting for the rest and is betting new productions will help retain. It's more than one hundred fifty million subscribers and attract new ones Sony says it will still need to raise U._S.. Retail prices of its playstation consoles that is if the trump administration goes ahead with a higher tariff on Chinese made video game machines it also warns that such a move would hurt consumers contract manufacturers in China account for most playstation production the U._S. and China are resuming talks this week to resolve resolve their trade conflict. The playstation business constitutes Sony's biggest unit by profit with Sony planning to introduce a next generation console as soon as twenty twenty coming up hatchback in your front yard again. You're not alone the new occurrence in everyday tech life and the homeowners that are warding off drivers misled by Rather G._p._S. when it comes to parenting. There are no perfect answers but that's okay because you don't have to be perfect to be a perfect parent teens in foster care will love you just the same for more information mation on adoption visit adoptuskids dot org a message from the U._S. Department of Health and Human Services adoptuskids and the Ad Council W._S._J.. Tech reporter Katie Finley is giving victims of the new navigation world their piece appears those living on the receiving end of ill-conceived navigational directions once given by faulty algorithms do not see this problem solving anytime soon the Wall Street Journal's Charlie Turner has more drivers drivers who rely on G._P._S. for directions Rather he started to see cars just pulling up onto his property <hes> and he lives at the end of a dead end road and these cars he has narrowed driveway and so in many cases they would be turning around on his front lawn <hes> and he found out from the neighbors that Google maps <hes> had been incorrectly routing people bowl to their neighborhood into the end of this road <hes> so he went and did some research and figured out that <hes> that basically there's a there's a naval base nearby and Google maps was rooting many of the people who were trying to get to streets on the naval base to this man's house <hes> so he would get you know up up to eight visitors a day. He said Yeah then you know many of them doing u-turns on his front lawn and I think homeowners have also tried to correct this for instance putting up signs saying G._P._S. A._P._S.. Doesn't work turnaround. Yes people have mixed luck with signs. That seems so one gentleman I spoke with <hes> who lives outside of Littleton Colorado. He's had an an issue for a long time with Google maps and apple maps sending people <hes> through his property and there is a private dirt road. That's really just meant for offroad vehicles vehicles and it's not a public road but G._P._S. telling people to go that way so they're doing that and then they're getting stuck because their cars aren't <hes> you know aren't equipped for that kind of terrain so what he <hes> he put up a sign that said your. G._P._S. is wrong back up now. Go Up elk known because mountain trail is the road that they're supposed to be taking <hes> uh so he had that up for a while and then it ended up blowing over one day and he did not bother putting it back up because nobody had been paying attention to it anyway and then in in in Muir Woods are near your words rather in Mill Valley California not far from where I live. There is a sign along panoramic highway. That says says no Muir Woods Access G._P._S. is wrong. Turn around and it's at the end of a of a small and rather narrow road and basically what had been happening. INNING is some kind of navigation systems were sending people who were trying to get to Muir woods to this road and so the neighbors chipped in and got a sign and. Cut It up and apparently it's been effective and they don't really get a surprised deserves anymore. Oh that's good the APPS. We're mostly talking about are Google maps and apple maps drivers rely on them. Get Lost Wind up on somebody's property and in most cases. I guess it's the homeowner that calls Google or apple to complain usually not the drivers well. Yes what what you can do is within the APP you can suggest an edit to <hes> to a specific route so the guy in Colorado for example. He says every time somebody comes up. He's like okay. Could you please report this to them because he wasn't having luck getting changes made so he's. He's asked drivers to do this. He he is not entirely convinced that many of them have done it. However what is the problem. Is it a faulty algorithm in the APP or our drivers not adept at using them well I mean in the told apple and Google about these cases and they got back to me and said that <hes> that these issues were being fixed <hes> so there must. I have been some kind of problem on their end. That was making this happen. I would imagine given they've agreed to fix it <hes> but then in other cases like there's a there's kind of a funny the situation in New Jersey <hes> there's a woman who lives on a road that is in Montclair New Jersey and she's you know obviously got a numbered street address but on the same mm street is another house that has the same numbered address but it happens to be across the town line in Glen Ridge New Jersey. So you've literally got two two houses with the exact same address you know saved the town name and they're only like I don't know one hundred fifty yards apart maybe and so these neighbors get each other's visitors visitors to get one of those packages and in this case you know this woman doesn't necessarily think that you know the Matt. The mapping APPS are sending finding people the wrong way but she thinks she's she's kind of just assuming that when the AP says like okay your donations on your left in two hundred feet that people just ignore that and that they look up and you know turn into whichever driveway comes first <hes> so in that case she kind of thinks human error seems to be playing more of a role than the Algorithms Wall Wall Street Journal reporter Katie Finley joining us via skype from San Francisco. Thanks Katie thanks for having me and that's it for the tech news briefing from the newsroom in New York. I'm Tanya Bustos. Thanks for listening.
Tapping Your Mortgage for Cash Faces New Restrictions
"Explore Napa Valley California with W._S._J.. Magazine and into Garay Join W._S._J.. Magazine on intimate winery visits with globally acclaimed winemakers and celebrated shafts enjoy stunning views Michelin starred restaurants private sellers and much more book this exclusive trip at indeed dot com slash W._S._J.. Magazine or call six four six seven eight zero eight three eight three. Here's your money briefing. Im J._R.. Waylon at the Wall Street Journal in New York the government is about to put some restrictions on the amount of cash that borrowers can withdraw when refinancing their mortgage will explain in a moment for some money and market news. You should know data from the Experience Credit Credit Reporting Company that was reviewed by the Wall Street Journal indicates the American middle class is falling deeper into debt to maintain a middle class lifestyle while incomes have remained stagnant. The cost of cars college houses and medical care have steadily increased and consumer debt has climbed to four trillion dollars. That's not including And businesses aiming to hire talent for artificial intelligence jobs have found success among an unexpected resource. That's people with autism companies like Ernst Austin Young Dell and credit sweetser hiring autistic applicants for A._I.. Jobs through neuro diversity programs that they've established as the journals Jon Morosi rights. It's autistic workers are often hyperfocused highly analytical thinkers with an exceptional proficiency for technology. Many are capable of working long hours on repetitive A._I.. Tasks without losing interest such as labelling photos and videos for computer vision systems others have a high capacity for logical reasoning and pattern recognition enabling them to systematically develop and test A._i.. Models and the talent is out there a study by Drexel University shows that about forty two percent of autistic students who had special education in high school had no pay job in the first six years after leaving high school. I'm Danny Fortson from the Sunday Times times and this is a podcast about Silicon Valley in eight parts can't take something interesting about San Francisco. Yes please four tech's. I think she's a sociopathic liar and a narcissist which is more Jesus like we're going Homeowners have long been able to withdraw cash when refinancing their mortgages but that's likely to a change under new rules coming from the trump administration and Wall Street Journal reporter Ben Aisin is here with some details so ben. This was much more common before the recession but just refresh our listeners have this work where borrowers could withdraw cash so when you think about a refinance usually what you're doing is you're taking your mortgage your trading it in for for a new one but what you can do a lot of cases is you can trade him the old mortgage and take out a new one with a bigger balance and you basically pocket that cash and you can use it for whatever you want but it's basically adding the cash that you take out to the value of your mortgage and what we're talking about here are mortgages that are tied to the Federal Housing Authority exactly yeah. This is the program mostly for first time homebuyers now. What are the restrictions that are expected to go into place in September so what's happening here is they're lowering the cap on what's allowable allowable so you used to be able to take out a cash-out refi that was equal to eighty five percent of the value of your property now? It's only eighty percent so it's it's a bit lower which means <hes> you might not be able to take out as much cash if you have if you have an F._H._a.. Skier they have slightly lower credit scores often using down payment assistance programs to get <hes> money together for a down payment. They're they're ratio of debt to their income is often higher higher so when you take all those risks together and then you add on this risk of of higher cash-out refi balances the F._H._a.. Basically decided that's a risk that we're we're not really really willing to take anymore and now the borrowers can't just take the money and run. I mean the bar withdraw cash here. They face a risk if their home value goes down right exactly so when you think about a higher balance on your mortgage <hes> it's not like that goes away if your home value goes down so if you have a mortgage equal to eighty five five percent of your property and property values dropped twenty percent all of a sudden you're underwater and that rams up the risk a lot for for you as a homeowner and the restrictions involving F._H._A.. H._A.. Loans will bring those loans more in line with Fannie Mae and Freddie Mac loans when it comes to cash withdrawals
France's Digital Tax on Tech Giants
"Taste your way through Napa Valley California with W._S._J.. Magazine and into Garay Book this exclusive trip at into guard dot com slash W._S._J.. Magazine or call six four six seven eight zero eight three eight eight three. This is tech news briefing. I'm Tanya boost dose reporting from the newsroom in New York and France will proceed with the digital tax on international tech heavy hitters ones like like a Google and facebook. We'll check in on how new taxes of the digital variety are shaking up the tech industry and international affairs. That's after these tech headlines Japan's soft group. Unveiled a second tech Mega Fund even bigger than it's nearly one hundred billion dollar vision fund. It's called Vision Fund to and expects to gather some one hundred eight billion dollars in capital for more than a dozen investors ranging ranging from Apple and Microsoft the Journal notes that the planned inauguration of the second fund is a victory for Softbank Chief Executive Masayoshi Son who started the first vision fund just two years ago amid widespread doubt about its viability twitter has now been profitable for seven consecutive quarters a contrast two years of sustained losses that the company had reported after going public in twenty thirteen twitter's revenue rose eighteen percent to eight hundred forty one million dollars colors. This was helped by strong advertising sales in the U._S.. We also learned that twitter continues with solid user growth signs that investments to improve civility may be working but the journal notes that the adjustments are coming at a cost hiring more workers. Workers in areas like tech support and sales and spending on content are eating into twitter's profit journal's Georgia wells has the full breakdown at wsj.com and companies like facebook and alphabet not to mention Google could have their secretive algorithms policed by a beefed up watchdog Australia describes this as the world's first limits to the power or report by the Australian Competition and Consumer Commission concluded that U._S. Tech giant's we'll do too much influence wince over Australia's news and add markets they say changes are an order. The recommended changes which includes strengthening privacy safeguards with steep penalties of up to ten percent are listed in the full report and comes after facebook was hit with a five billion dollar fine. Last week in the U._S. coming up a new digital tax shakes up big tech and big government on an international scale capital. One knows life doesn't alert you about your credit card. That's why they've created. We know the capital one assistant that catches things that might look wrong with your credit card info catches over tipping duplicate charges or potential fraud and then sends an alert sheer phone helps you fix it. It's another way capital. One is watching after your money when you're not capital what what's in your Wallet See Capital One dot Com for details France will proceed with the digital tax on international tech giant's. It is a monumental tax on your garden variety tech behemoths like Google and facebook. President trump in particular spoke out against this tax. He says that it discriminated against American companies in a tweet he says quote we will announce a substantial. Chill reciprocal action on macron's foolishness shortly. I've always said American wine is better than French wine and quote the tax primarily targets companies that use consumer data to sell online advertising and is intended to stop these companies needs from avoiding taxes French Finance Minister Bruno Lemaire however pushed back against claims that the measure was un-american. We are not willing to target the American companies. We are just willing to have the fair and efficient ah vaccination of digital activities you have important companies which are benefiting from the sale of data huge amount of data and the not submitted to the same level of taxation although companies this. He's not fair and this is not efficient so we want to address this issue and we want to address this issue hand in hand with our American friends as for wine question of digital taxation that our trade stories stories on American wines also traumatize on French or the European wines fact is that during the last ten years has been a very important increase of importation of American ones to Europe. That's in fact the French finance minister goes on to pinpoint the matter as based on the fair taxation of digital activities. You have many huge companies some of the biggest companies of the world having an activities in France or in in Europe without any physical prisons and without being the level of taxes and we want to address that issue and our assessment is that it is in the interest of our American friends in the interest of the United.
Interest Rates: Fed's Cut Could Mean Higher Bond Yields
"Explore Napa Valley California with W._S._J.. Magazine and into Garay Join W._S._J.. Magazine on intimate winery visits with globally acclaimed winemakers and celebrated shafts enjoy stunning views Michelin starred restaurants private sellers and much more book this exclusive trip at indeed dot com slash W._S._J.. Magazine or call six four six seven eight zero eight three eight three. Here's your money briefing. Im J._R.. Whalen at the Wall Street Journal in New York the stock market and currencies have been reacting acting to the run up to the Federal Reserve expected interest rate cut that it announced on Wednesday. Let's not forget though bond prices will examine that angle in a moment I just some money and market news. You should know if you were a victim of the Equifax data breached and signed up to be in line for one hundred twenty five dollar check as part of the settlement. The F._T._C. has some bad news. You're probably getting nowhere near that amount turns out about four and a half million people Free Credit Monitoring and compensation for U._S.. Workers grew more slowly in the second quarter and that caught economists by surprise who felt that the countries historically low unemployment would continue to boost wages and benefits the Labor Department says the full measure of wages and benefits for civilian workers rose six tenths of a percent in in April through June now wages and salaries alone actually increased by seven tenths of a percent in the second quarter but benefits payouts which includes health coverage bridge retirement benefits and paid leave or up half a percent but that was below the point seven percent rise registered in the first quarter now looking back to a year ago total compensation increased two point seven percent in the second quarter. That's a hair lower than the first quarter two point eight percent annual rise is it also reflects a decline in benefits costs the two point three percent year-over-year increase in benefits costs was the weakest since March of two thousand in seventeen one eighty over one eleven and I had a stroke. I couldn't speak walk. <hes> Wednesday before the Fed decision out of Chicago that showed some slowdown in a business activity there but just generally in recent months there has been almost is this a global economic slowdown that has really driven down government bond yields <hes> globally particularly in Europe where government bond yields are now negative in places like Germany which is something that is quite unusual and that's helped drag down U._S.. Treasury yields as well. This was a survey of purchasing managers in the Chicago area. It was significantly lower than what the Wall Street Journal <hes> A survey of economists were expecting. Is this the first time we've seen any glimmer of the slowdown overseas show up here in the U._S.. No I don't believe so. I think that that has been somewhat volatile in in a report like this Chicago. One is kind of known for its volatility on the other hand. <hes> this is the second month in a row <hes> that <hes> this this survey has shown in actual contraction and activity. This is one of several regional regional surveys. You'll have some regional surveys that come out a little bit better than expected and seem to show that like things are relatively okay in the U._S.. Others that are more negative like this one but just overall the big picture. You have <hes> signs. That economic growth in the U._S. is still will there. You know we're not you know heading towards a recession but there does definitely seem to be kind of a little bit of a slowdown from the tax cut fueled growth of last this year now there are no guarantees but if it seems the Fed winds up leaning toward no more interest rate cuts for the remainder of this year that could actually push the short-term turn bond yields higher yes so so basically The Fed and <hes> have thought that the Fed is not just going to cut rates this month but we'll do at least one more later this year. If you know any signs is that the Fed is that this was the only of the year that shows that like the expected interest rates even though the Fed is cutting interest rates now that shows that the path of future interest rates is a little bit higher than than people are expecting pushes up a short-term meals in particular but looking ahead to what treasuries may look like later on the year a lot of it depends on if investors astor's feel the need to turn away from stocks to something they see us safer right so then says there's this direct relationship between the interest rates that the Fed sets and short-term short-term Treasury yield so if you know the Fed keeps interest their interest rates that it controls at a higher level investors expect that impacts the short-term meals on the other hand hand among for for long term government bonds which may be are more important in terms of setting a borrowing costs for consumers and businesses other factors factors are at play so sure if the Fed is more hawkish <hes> than people were expecting <hes> that sort of has this natural roll upward pressure pushes APP natural upward pressure on long-term yields on the other hand. If the Fed is more hawkish than investors were were were hoping for they could also start selling stocks and looking for a safe place to put their money that could be the ten year U._S. Treasury note and if they're buying ten years ferry note that that pushes the yield on that bond lower and pretty much ensures low borrowing costs for you know home buyers and businesses all right. We'll see how the Fed reacts ax to economic conditions as we go toward the third and fourth quarters of two thousand nineteen and that's Wall Street Journal reporter Sam Goldfarb here in our Studio Sam. Thanks for coming on the show. They and that's your money briefing. Im J._R..
High-Speed Trading: NYSE Moving into the Fast Lane
"Explore napa valley california with w._s._j. Magazine and into garay join w._s._j. Magazine on intimate winery visits with globally acclaimed winemakers and celebrated shafts enjoy stunning views michelin starred restaurants private sellers and much more book this exclusive trip at indeed dot com slash w._s._j. Magazine or call six four six seven eight zero eight three eight three. Here's your money briefing. Im j._r. Whalen at the wall street journal in new york when it comes to stock trading speed commanders and the new york stock exchanges starting upgrades this week that it hopes will move it into the fast lane. We'll explain a moment why those upgrades have plenty of skeptics dick's following the exchanges every move i some money and market news you should know the new round of trade tensions and insults between the u._s. And china sent shivers down wall street's spine but also sent energy prices tumbling energy prices and the levels were trader c- prices heading in the coming months already took a dive last week when president trump hinted at new tariffs on chinese goods and then monday crude oil prices for september fell nearly two percent even crude prices for october edged lower and that was on top of last thursday's seven percents slide and september futures prices for gasoline fell three and a half percent many analysts believe mondays new round of trade rhetoric indicates the u._s. and china are digging in their heels for the long haul and it's unlikely opec we'll step in and adjust output to counterbalance the tumbling prices. When it comes to parenting. There are no perfect answers but that's okay because you don't have to be perfect to be a perfect parent. Teens in foster care will love you just the same for more information on adoption visit adoptuskids dot org a message from the u._s. department of health and human services adoptuskids and the ad council when it comes to stock trading speed counts and the the new york stock exchange and its competitors have been busy upgrading their systems before the n._y._s._e. In particular there have been plenty of speed bumps wall street journal reporter alexander aasa povich which is here with details on how the n._y._s._e. Is upgrading its core technology starting this week so alex the n._y._s._e.'s full process of replacing. It's outdated. Systems has been going on for several years but the specific upgrade going on for most of august has a lot of people keeping a watchful eye so on monday august fifth the new york stock exchange began upgrading the technology for its flagship exchange which is simply called the new york stock exchange <hes> and specifically for stocks that are listed on the n._y._s._e. So when this process is done it will include stocks like boeing or exxon mobil and many other household names in it's called pillar the overall technology overhaul called pillar and it's been going on sit for at least four years when the nicely i announced that was going to do this. The i see well best known as just being one stock exchanges actually a family of now five different equities exchanges in two options exchanges and the pillar project is designed to put all of them on the same up to date technology and what's important about these upgrades is to be able to accommodate influential groups like high speed traders exactly there are a few things going going on here but one of the most important aspects of this whole technology process to make all the exchanges faster. If you're high free concentrator you when you send the exchange in order to buy <unk> or sell a stock you want them to process that as quickly as possible and it's very important for the exchange process it in a small amount of time a tiny fraction of a second and ideally have that very consistent so it's not like sometimes i'll take fifty microseconds. Sometimes we'll take five hundred microseconds. You want it to be very predictable. Predictable and microseconds are closely watched in this group exactly microseconds millions of a second in the industry jargon they talk about mike's and the nike nice is hoping to improve the typical processing time on his main exchange to forty mics or microseconds as they would say and there was a time when the n._y._s._e. Or the nicey as you said was the the leader in trading volume and prestige but it's really been overtaken by rival exchanges who have proven to be more tech savvy over the years. Yes i would say that the new york stock exchange change does not have the best reputation technologically <hes> was able to coast for a long time on the fact that it was the big famous exchange and it was able to implement rules that essentially kind of force trading happen there but those rules of gradually gone away under pressure from the s._e._c. among others and now the n._y._s._e. Is in this free for all competition with <hes> other equities exchanges some of which are very technologically savvy like nasdaq or bats which has since since become take has been taken over by cbo global markets <hes> the n._y._s._e. Has to up. Its game to be sure to be able to get market. Share from other guys and you point out in your story in the wall street street journal that one thing that the n._y._s._e. Has to work around is the fact that it's still operates trading floor the n._y._s._e. Still operates a trading floor with human beings wearing wearing colorful jackets and this is a very big part of its brand and image and companies go and ring the bell on the floor and so on the floor is integrated with the n._y._s._e.'s wii sees operations specifically for the operations of the main exchange the one that's taking a having this big tech upgrade this month but that makes the upgrade more complicated because it means so you essentially have to integrate devices used by the floor brokers with the systems that are being upgraded. There've been a few minor glitches in the past couple of years involving the n._y._s._e. A._s._c. you're alluded to that earlier but many on wall street remember the two thousand seventeen incident involving the arca platform arca was the first of the nicey exchanges changes that was upgraded to pillar <hes> and it was a bit of a bumpy process in particular in march two thousand seventeen. There was an issue <hes> where the the article was not able to produce the four o'clock pm closing prices for several hundred idiots arcus essentially the platform at the n._y._s._e. <hes> and the four o'clock clock pm closing prices are really important. It's kind of a wonky thing but it is the price that everybody follows at the end of the day and if the exchange responsible for producing them can't produce them then it causes a lot of confusion in the marketplace they were able to basically resolve those people over but it did cause a lot of grumbling in the industry about the nicest technology now all right. We'll follow the markets team at the wall street journal to see how the upgrade goes for the n._y._s._e. During august and that's wall street journal reporter alexander awesome bovici our in our studio alex. Thanks for coming on the show. Thank you very much for having me here and that's your money briefing. Im j._r. Whalen in new york for the wall street journal.
Dow Plunges 2.9%, After Yuan Breaches Critical Level
"Explore napa valley california with w._s._j. Magazine and into garay join w._s._j. Magazine on intimate winery visits with globally acclaimed winemakers and celebrated shafts enjoy stunning views michelin starred restaurants private sellers and much more book this exclusive trip <unk> at indeed dot com slash w._s._j. Magazine or call six four six seven eight zero eight three eight three u._s. stocks plunge amid fresh trade fears as the chinese yuan falls to a record low and president trump accuses is china of currency manipulation plus president trump condemns racism and white supremacy after two deadly mass shootings over the weekend <unk> outraged and sickened by this monstrous evil the cruelty the hatred malice the bloodshed and the terror and while ways domestic sales rise despite the u._s. blacklisting. This is what's news from the wall street journal. I'm emory for totally in new york. Let's start with markets u._s. Stocks took a dive on monday following suit with benchmark indexes in europe japan and hong kong as as tensions between the u._s. and china continued to rise the dow saw its biggest one day decline since december falling seven hundred sixty seven points or two point nine percent the nasdaq and the s&p five hundred also fell three point five percent and three percent respectively the wall street journal's economy otani has is more on what led to the selloff it seemed like the back and forth regarding china's yuan and the allegations the u._s. has made that it's manipulating leading currencies sort of added some some sparks to the fire if you will i mean trade was definitely on investors minds for much of the past week if not the the past year but the fact that we saw the yuan plunged to a new record low in offshore trading i think definitely caught investor's attention and sort of renewed the question of whether other china was intentionally allowing its currency to depreciate as a form of a way to get back at the u._s. And of course then we saw president trump respond on twitter and he called him out and it all sort of i think points to the fact that the negotiations between the two countries aren't likely likely to be resolved any time soon so i think just the the last couple of hours of back and forth reminded investors of that and that's why we saw some of the selling that we did today eh earlier on monday. The dow had fallen nine hundred sixty one points. It was one of the worst days of the year for u._s. Stocks i was after china's yuan fell to a critical. Oh level of seven to the dollar last week trade talks between the u._s. and china yielded little progress raising fears of an economic slowdown. The death toll all in the fatal shooting in el paso texas on saturday has risen to at least twenty two people that brings the death toll from to mass shootings over the weekend. The second was in in dayton ohio early sunday to thirty one people president trump made his first formal remarks on the shootings from the white house on monday in one voice our nation nation was condemned racism bigotry and white supremacy these sinister ideologies must be defeated. Hey has no place in america. Saturday's shooting and el paso is being investigated as a possible hate crime. President trump also called for an overhaul of the nation's mental mental health laws among other proposals. I'm also directing the department of justice to propose legislation ensuring that those who commit hate it crimes and mass murders face the death penalty and that this capital punishment be delivered quickly decisively early and without years of needless delay the president called for restricting access to firearms for individuals deemed public safety risks but offered few specifics specifics and stopped short of calling for major legislation to restrict gun sales tyson the top meat company in the u._s. Says it received a subpoena from from the justice department for documents and information related to the chicken industry. The department is looking into allegations that major chicken producers colluded drive up prices isis tyson says it is cooperating with the justice department tyson and other chicken processors have denied the allegations saying supply and demand is responsible for higher higher prices. Despite despite blacklisting in the united states chinese telecom giant hallway is seeing a boost in china as part of what wall street journal reporter dance trump explains as a patriotic buying lang spree while we sales are surging china for a couple of different reasons first of all. I always come a kind of symbol of this broader trade battle between the u._s. And china china. You're seeing a lot of chinese consumers sort of rallying around the home team so to speak showing support for alway by buying a smartphones showing support for china buying smartphones you see it across chinese social media while ways become a kind of rallying cry among a a lot of people on the internet who are sort of angry with the united states see the u._s. is being unfair trade practices against china and so one way that they sort of decided to show support for long way is to buy smartphones while ways smartphone sales in china rose by nearly a third to a record thirty eight percent in the second quarter. That's according to market research firm catalysts but there are still challenges ahead one a huge problem. That's just around the corner from the way is why if anything it can do if it loses access to the android android operating system on which all of its phones run now android by google and under the current blacklisting applied by the the commerce department while i can't fi certain types of u._s. Origin technology that includes hardware that includes software and that includes that would include the google operating system so there's a sort of a reprieve for for <unk> away in the form of a temporary license to use google technology is set to expire spire at the end of august now in the meantime though you know there is a lot of concern among white smartphone users around whether or not ought the access to google continue and around whether or not the sort of functionality of wildlife phones will will continue as normal according to catalysts swallow as overseas shipments fell in europe the middle east and southeast asia in the second quarter domestic sales helped offset those losses and food companies are finding consumers are willing to to pay higher prices to find out more the wall street journal's charlie turner spoke with reporter heather haddon heather. These seem like good times for restaurants and food makers. They're raising using their prices and that's lead to higher sales and higher stock prices it has so there was a lot of discounting especially on the restaurant side that was that in the last the previous year that really hurt their sales and their top line now they have started to to reduce those overall reductions and and it is boosting their their revenues on the food manufacturer side they had incurred a lot of cost increases over over the last year or two so because of freight inflation commodity inflation they just said more and more of these major manufacturers that they need to increase crease prices to be able to you know have good growth and please their shareholders they did there was some trepidation i think on both sides of doing this but so far it has resulted in what they want more sales numbers to show their investors and stocks really are performing ebersol and i suppose they can afford to do that at this point. Consumer demand is strong. Even in the face of higher prices. That's probably because employees wages have risen and as a result customers are willing to spend more yeah at this point. That does seem to be the case. Obviously there is risk and doing this but at this stage it does seem gene to be that consumers are willing to pay more especially for things that they perceive as value so they're not just gonna pay more for anything but they either. There's a quality element to the service or the product or they believe they're getting a good deal or maybe one element of what the company companies offering is on promotion but something else slightly higher so mixed that they're willing to stomach and as you mentioned there's a risk to raising prices of course some companies have reported declining traffic and customer count because of price hikes you know be they restaurants or food companies and there's always a good chance the higher prices will outpace outpace wage gains. That's crash yeah. There is risk in doing this and in restaurants. We are still seeing flat to negative guest counts in and consumer companies. There's a lot of volume decreases that have happened but some it's a really tricky balance that these companies have to try to walk between you know increasing their top lines making vessels happy not scaring away consumer so they're trying to be very careful selective about how they do this strategic can can if something doesn't work moving a different direction switching up the kind of value menu. Perhaps that you offer for big festival company like donald's donald and it is it is having success so far but again this is good times for the economy if the economy turns than thinks it'd be different. That's the wall street. Journal heather hadn't speaking with charlie turner and that's what's news for this monday afternoon. I'm marie for totally for the wall street journal. Thanks for listening.