Andrey Rudakov | Bloomberg | Getty Images Superyachts and other smaller luxury vessels sit moored in the Port de Fontvieille in Monaco, on Monday, May 18, 2015. But that does not mean that the sector will be fully automated, he said. While technology can help meet the demand for quality financial advice, high net-worth clients
Month: September 2017
South Korea‘s financial regulator on Friday said it will ban raising money through all forms of virtual currencies, a move that follows similar restrictions in China on initial coin offerings. The Financial Services Commission said all kinds of initial coin offerings (ICO) will be banned as trading of virtual currencies needs to be tightly controlled
The war over who will create the framework for next-generation artificial intelligence will likely be the biggest corporate battle in the near future, Applied Materials President and CEO Gary Dickerson told CNBC on Thursday. In an interview with “Mad Money” host Jim Cramer, Dickerson said that waiting for operating system upgrades and new mobile phone
As e-commerce grows increasingly competitive, CNBC’s Jim Cramer revisited Wayfair, one of the space’s most hotly contested stocks, to see how it was faring on Wall Street. “It seems like every time some analyst comes out with a positive piece of research on Wayfair, someone else comes back with a bearish retort,” the “Mad Money”
Andrew Harrer | Bloomberg | Getty Images The Twitter Inc. account of U.S. President Donald Trump, @realDoanldTrump Check out the companies making headlines after the bell: Tyson Foods shares jumped 5.4 percent in extended trading after the company boosted its earnings guidance for the fiscal year on strong beef-segment earnings Shares of KB Home rose
After just 10 minutes of scrolling through anyone using #TaxReform, I concluded that a majority of people really have no idea what tax reform actually means for them and their personal financial situation. Unfortunately, the sad reality is that most Americans are financially illiterate, and not just about taxes. To that point, about 66 percent
It is not just the iPhone that is supporting Apple‘s almost $800bn valuation. The company has hundreds of billions of dollars of cash and other investments, eclipsing that of many established asset managers. However, in contrast to the disclosure by investment firms, Apple offers investors only the broadest brush strokes of what the money is
Who uses the mortgage interest deduction, by income 0 to $50,000 2.32 million $1.11 billion $50,000 to $100,000 9.77 million $9.19 billion $100,000 to $200,000 14.6 million $24.85 billion $200,000 & up 7.18 million $29.78 billion Totals: 33.87 million $64.93 billion Source: 2016 data from Joint Committee on Taxation report. *Income ranges include AGI plus
“I’m doing the right thing, and it’s not good for me, believe me,” — President Donald Trump on proposed tax cuts (Sept. 27, 2017) The president might have been better off, or least more accurate in his characterization of his proposed tax cut, by paraphrasing the poet Elizabeth Barrett Browning (1806 – 1861): Oh, tax
U.S. Federal Reserve Vice-Chairman Stanley Fischer said it was important for the central bank to reverse its massive bond buying program, given that it had previously said they were a temporary measure. “The importance of the shift that is now underway, of reducing the size of the Fed’s balance sheet (is that) I think it’s
The market’s anticipation of big sales of new iPhones drove Apple shares higher this year, but now one Wall Street firm says the smartphone maker’s stock has risen too far. Deutsche Bank reiterated its hold rating for Apple shares, saying Wall Street’s consensus estimate for future iPhone sales are too high. “We remain wary that
Term life insurance is much less expensive than that other breed of coverage: permanent life insurance, which comes in a variety of flavors such as whole life and universal life. As its name implies, there is no end date on a permanent policy. The added cost is in part to pay for an investment component
Francis Specker | Bloomberg | Getty Images Irwin Simon, president and chief executive officer of Hain Celestial Group Inc. Hain Celestial reached an agreement with activist investor Engaged Capital for changes in its board, which could pave the way for a potential sale of the organic food and beverage company, The Wall Street Journal reported
Most of the wealth was in Asia-Pacific, but North America came just 0.8 percent short with 18 percent of the global wealth. Europe placed third with 14.7 percent. Similarly, most millionaires resided in the Asia-Pacific region, 5.5 percent of them in total. North America followed suit, hosting 5.2 percent of the world’s millionaires and Europe
Hugh Hefner, the iconic founder of Playboy magazine, died at his home, the Playboy Mansion, of natural causes at age 91, Playboy Enterprises said in a statement on Wednesday. Playboy magazine was founded more than 60 years ago to create a niche upscale men’s magazine, combining images of nude women with in-depth articles, interviews and
Equifax interim CEO, Paulino do Rego Barros Jr., apologized in a Wall Street Journal op-ed piece late Wednesday over a massive data breach and said the company will introduce a new service that would allow consumers the option of controlling access to their personal credit data. “The service we are developing will let consumers easily
The Securities and Exchange Commission’s fraud case against investor Lynn Tilton was dismissed, CNBC has confirmed. Tilton has been fighting a two-year-old SEC administrative case that accused her of misleading investors about the value of loan pools, and collecting $200 million in extra management fees. Tilton’s firm, Patriarch Partners, invested in distressed private equity assets,
Finally, Cramer drew a comparison between two seemingly disconnected companies: sneaker giant Nike and semiconductor manufacturer Micron. The “Mad Money” host said they both rely on supply and demand, or, in more basic terms, inventory, to succeed in their respective sectors. Micron is currently seeing low supply and a surge of demand, which contributed to
A rally involving financial stocks, particularly the banks, typically means the economy is healthy, Cramer said. It means that more money is being lent, employment is healthy, and small businesses are confident. It also signals that job-creating commercial real estate projects are imminent, the government’s budget could improve and that more financial activity, particularly mergers
A majority of Americans haven’t checked to see if their information was compromised in the Equifax data breach, according to a new survey by LendEDU. While more than 84 percent of respondents said they had heard of the hack, 55 percent still don’t know if they were one of the 143 million affected. LendEDU polled
America’s top 1% now control 38.6% of the nation’s wealth, a historic high, according to a new Federal Reserve Report. The Federal Reserve’s Surveys of Consumer Finance shows that Americans throughout the income and wealth ladder posted gains between 2013 and 2016. But the wealthy gained the most, driven largely by gains in the stock
President Donald Trump’s decision to withdraw from the Paris climate deal has “ignited” widespread environmental activism, Bob Geldof said Wednesday. The Live Aid benefit concerts organizer labeled Trump “a vulgar fool” and said Trump’s stance on climate change has encouraged several U.S. states to do more to address the issue. Geldof, who is known for
Morgan Stanley CEO James Gorman sees more potential in bitcoin and other digital currencies than his counterpart at JPMorgan. Cryptocurrencies are “certainly something more than just a fad,” Gorman said at a Wall Street Journal event Wednesday. That contrasts with JPMorgan Chase CEO Jamie Dimon’s remarks earlier this month that bitcoin is a “fraud” and
Amazon shares are faltering this month along with many of its large cap technology company peers. But the pullback is a buying opportunity, according to one Wall Street firm. Wells Fargo Securities began coverage of Amazon with an outperform rating on its shares and a price target of $1,400, which is 49 percent above Tuesday’s
As a New Yorker, I am picky and personal about my pizza. I like a thin crust, fresh tomato sauce that’s not too sweet and whenever possible, fresh basil on the mozzarella. So it was with some reticence (and mild horror) that I found myself picking up a slice of pizza in downtown Manhattan recently
While mutual funds and exchange-traded funds offer convenience, they have drawbacks, including lack of customization and transparency. And some are downright tax-inefficient. Investors who crave a more personalized approach but still want professional management might want to consider separately managed accounts. “Mutual funds are great, but you could say the same about penicillin,” said certified
Flood damage in cars can take time to surface. And consumer advocates expect a stream of flood affected cars to enter the market in coming months following a string of hurricanes in Puerto Rico, Texas and Florida. Hurricane Harvey reportedly damaged between 500,000 and 1 million cars alone — double the number of vehicles damaged
The imposition of tariffs ups the pressure on May’s minority Conservative government which depends on backing from the small Northern Irish Democratic Unionist Party (DUP) for their majority control of the British parliament. Bombardier is the single largest manufacturing employer in Northern Ireland. The DUP’s leader Arlene Foster said the ruling was not the end
A reversal of recent low volatility in markets, paired with a rethink by global investors on the attractiveness of stocks, could have “devastating” effects, according to Gina Sanchez, CEO of Chantico Global. Markets in the U.S. have ticked higher since the election of President Donald Trump, aided by promises of reforms, tax cuts and infrastructure
China is “quite serious about living up to the commitments they have made regarding North Korea,” U.S. Commerce Secretary Wilbur Ross said on Wednesday. The order for mainland lenders to stop doing business with Pyongyang “is a logical next step in the sanctions, and a very important one,” he told CNBC’s “Squawk Box.” “Chinese commercial
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