Other News

Shareholders won’t force Zuckerberg’s hand in Facebook management

If you’re hopeful that Facebook‘s shareholders will rise up and force change in the way the social media company manages itself, or even force change in management, forget about it. Founder Mark Zuckerberg has assured that won’t happen. That’s because Zuckerberg owns the majority of the voting rights to the company. Facebook’s Class B shares, controlled by Zuckerberg and a small group of insiders, has about 18 percent of the shares. But their Class B shares have 10 votes per share while the Class A shares that trade have only one vote per share. The net effect: Zuckerberg and a small group of insiders control almost 70 percent of the voting shares in Facebook. Zuckerberg himself controls nearly 60 percent of the stock. Surprisingly, it’s not that uncommo...

Total American net worth ratio reaches new high — which in the past signaled a recession was not far away

Nine years into the second-longest bull market run in history, the level of total net worth compared with income has reached a record, according to Joe LaVorgna, chief economist for the Americas at Natixis, citing Federal Reserve data. Since the Great Recession ended in June 2009, the disparity between net worth and income has soared, attributable in large part to the growth in financial assets, which have increased by $33.9 trillion, compared with $10.4 trillion in nonfinancial assets. Essentially, that means that American wallets have grown fatter from the accumulation of financial assets like stocks and mutual fund holdings than they have from gains in their homes and other physical assets like autos. In all, total net worth of $98.75 trillion is now 6.79 times the $14.55 trillion in di...

Africa is on the verge of forming the largest free trade area since the World Trade Organization

African heads of state have gathered in Kigali, Rwanda, to sign a free trade agreement that would result in the largest free trade area in terms of participating countries since the formation of the World Trade Organization. Leaders are poised to approve the African Continental Free Trade Area, a deal that will unite the 55 member countries of the African Union in tariff-free trade. The agreement is touted by the African Union as encompassing a market of 1.2 billion people, and a gross domestic product of $2.5 trillion. It is hoped that it will encourage Africa’s trade to diversify away from its traditional commodity exports outside of the continent, the volatile prices of which have hurt the economies of many countries. “Less than 20 percent of Africa’s trade is internal...

Six months since Maria hit, frustrating progress on restoring Puerto Rico’s power

Six months after Hurricane Maria slammed into Puerto Rico, approximately 121,000 residents remain without power. Progress has been slow and frustrating for those who live in Maria’s path. Throughout the island, the nearly Category 5 hurricane caused widespread destruction, flooding and mudslides that destroyed crops, wiped out telecommunications systems and decimated the island’s antiquated power grid. On some fronts, there has been improvement. Power has been restored to nearly 92 percent of customers, and about 95 percent of cell sites are back in service, according to the most recent Department of Energy and FCC reports. However, some areas are just now seeing signs of hope. Aida Alicea, 71, lives in the southeastern coastal resort town of Humacao, Puerto Rico, after moving ...

Cigna CEO: Express Scripts deal ‘a broadening of capabilities’

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Cramer Remix: It’s not too late to sell and raise cash

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Facebook could come under fire from large investors like BlackRock for its negative societal impact

On the surface, it’s easy to blame Monday’s market woes on Facebook. It’s a big name, with a big valuation, and a lot of momentum behind it, and when it reverses like it did today, it gives a lot of investors — particularly momentum investors — pause. But the story is bigger than Facebook. It’s not just about the Cambridge Analytica story. Social media in general has been under assault for a over a year. Many now realize that services that companies like Facebook and Google or Snap claim they provide to them for free in fact come with a heavy cost: their privacy. And their customers are now coming to understand that in many cases they are not customers, they are the product. For stocks like Facebook, Google, Pandora, Groupon, Snap, and other social media stocks, the...

Southwest Airlines CEO and CFO share their secrets on innovation

12:55 PM ET Mon, 19 March 2018 Southwest Airlines CEO Gary Kelly and CFO Tammy Romo sit down with CNBC’s Brian Sullivan at our Net/Net Houston event to talk everything from the CEO and CFO relationship, what they look for when they fly, and how the company sees and invests in innovation.

A look inside HP Inc.’s Silicon Valley headquarters with CEO Dion Weisler

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Zimbabwe vows to name and shame offshore cash holders as it struggles to repatriate $1.4 billion

Zimbabwean President Emmerson Mnangagwa said that less than half of the country’s estimated $1.42 billion believed to be illegally kept abroad has been brought back onshore, as a 90-day amnesty period ended. Mnangagwa announced shortly after his swearing in as president in November that the money was to be repatriated. On Monday, he said that only $591 million had returned to Zimbabwe, adding that the individuals and companies who had ignored the amnesty would be named, and he would “ensure that those responsible for such illicit financial flows are brought to justice,” Reuters reported. But despite the difficulty in repatriating cash, Zimbabwe’s latest economic and political developments indicate renewal. Mnangagwa announced on Saturday that former British colony i...