General Business

SAN FRANCISCO (AP) — Facebook is getting a taste of the regulatory pushback it will face as it creates a new digital currency with corporate partners.

Just hours after the social media giant unveiled early plans for the Libra cryptocurrency, French Finance Minister Bruno Le Maire insisted that only governments can issue sovereign currencies. He said Facebook must ensure that Libra won't hurt consumers or be used for illegal activities.

"We will demand guarantees that such transactions cannot be diverted, for example for financing terrorism," he said on Europe-1 radio.

Facebook unveiled its much-rumored currency Tuesday and said it will launch publicly early next year with such partners as Uber, Visa, Mastercard and PayPal.

Libra could open online purchasing to millions of people who do not have access to bank accounts and could reduce the cost of sending money across borders. It's easy to see how attractive an alternative like Libra could be to people in countries beset with hyperinflation such as Venezuela.

But Facebook already faces scrutiny over its poor record on privacy and its dominance in social media, messaging and related businesses.

Libra poses new questions for the social network: Given that cryptocurrency is lightly regulated now, if at all, how will financial regulators oversee Facebook's plan? And just how much more personal data will this give the social media giant, anyway?

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A 'RUDE AWAKENING' OVER REGULATION?

The financial industry is more heavily regulated than internet companies — especially in the U.S., where tech companies have often been given free rein.

Companies creating Libra are in for a "rude awakening" if they expect the same model of light regulation, said Karen Shaw Petrou, managing partner of Federal Financial Analytics in...

SAN FRANCISCO (AP) — Google is pouring $1 billion into easing the high-priced housing headaches that it and its Silicon Valley peers helped give the San Francisco Bay Area.

The pledge announced Tuesday by Google CEO Sundar Pichai consists of a $250 million investment fund and $750 million of company-owned land. It will be used to build at least 15,000 homes that will include low- and mid-income housing.

Google's commitment eclipsed a recent $500 million pledge made by Microsoft to combat housing shortages in the Seattle area and a $500 million housing fund created by a consortium including Facebook.

Google is extending a helping hand as it draws up plans to expand into sprawling offices beyond its headquarters in Mountain View, California. That suburban city of roughly 80,000 people has been swamped with affluent tech workers since Google moved there shortly after its 1998 inception.

Since then, Google's payroll has swelled from a few dozen workers to the more than 103,000 people now working for it and its corporate parent, Alphabet Inc. Nearly half of those workers are based in the Bay Area.

While Google has been expanding, so have a wide variety of other technology companies, including Apple, Facebook, Oracle, Salesforce and Netflix — all of whom also lavish their workers with six-figure salaries and stock options that can yield multimillion-dollar windfalls.

The high incomes have resulted in bidding wars for the limited supply of homes in the Bay Area that can only be afforded by the affluent, a group increasingly dominated by tech workers, while people employed in other lines of work struggle to make ends meet on more modest incomes.

That is making it impossible for people on the lower end of the economic spectrum to buy a home in the Bay Area, where a...

SAN FRANCISCO (AP) — Can a Libra and two Geminis get along? How about Facebook and the Winklevoss twins?

Back in the day, Mark Zuckerberg's hunky Harvard classmates claimed the Facebook CEO stole their idea for the social network when he was just a nerdy undergrad. Now, Facebook's grand plan for a new digital currency called Libra could bring the three men together again — though it remains to be seen whether there'll be enough drama to warrant a sequel to "The Social Network," the 2010 film based on the story of Facebook's founding.

Tyler and Cameron Winklevoss have busied themselves since their Harvard days — they're 37 now, while Zuckerberg is 35 — investing heavily in Bitcoin, currently the best-known "cryptocurrency." With Libra, though, Facebook is hoping to change that, and so once again Zuckerberg seems to be one-upping the "Winklevii" in their own backyard.

Perfect for a dramatic retelling, right? But how about a rom-com, or at least a bromance? The Winklevoss twins, it turns out, have also founded Gemini, a cryptocurrency exchange based in New York City. The idea behind the exchange, started in 2014, was to create a secure ecosystem that is "free of hacking, fraud and security breaches," to move cryptocurrency out of Wild West days and into something that's regulated, secure and used by regular people.

Facebook's Libra, meanwhile, hopes to be the first Bitcoin-like currency with mass appeal, thanks to its backing by familiar corporations like Uber, Visa and Mastercard. Is there room for some cooperation? Or will the twins get burned again?

In an interview with CBS News on Sunday, Cameron Winklevoss said he was not worried about Libra's launch. "There's so much pie to grow, I mean, at this point, we need to be frenemies," he said.

Representatives for Facebook and Gemini did not immediately return...

WASHINGTON (AP) — President Donald Trump said he'll hold trade talks with Chinese President Xi Jinping next week at a summit of nations in Japan. And U.S. and Chinese negotiators will resume talks before the leaders meet.

Financial markets greeted the news with relief Tuesday. The Dow Jones Industrial Average closed 1.4% higher, adding 353 points.

Investors have been on edge since the world's two biggest economies last month broke off talks aimed at settling a dispute over U.S. allegations that China steals technologies and forces foreign companies to hand over trade secrets. The U.S. says the predatory tactics are part of Beijing's aggressive drive to supplant American technological dominance.

Trump has already imposed 25% tariffs on $250 billion in Chinese imports. And he's preparing to target the $300 billion in Chinese imports that he hasn't already hit with tariffs, extending them to everything China ships to the United States. China has retaliated with tariffs on U.S. goods.

"Had a very good telephone conversation with President Xi of China," Trump tweeted. "We will be having an extended meeting next week at the G-20 in Japan. Our respective teams will begin talks prior to our meeting."

The White House said in a statement that the two leaders discussed leveling the playing field for U.S. farmers, workers and businesses through a "fair and reciprocal" economic relationship. The White House said that includes addressing barriers to trade with China and achieving meaningful reforms that can be verified and enforced.

Departing the White House for a campaign rally in Orlando, Florida, Trump said "our people are starting to deal as of tomorrow. The teams, they're starting to deal." The administration provided no details about talks between the negotiating teams.

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NEW YORK (AP) — The Latest on Facebook's new digital currency (all times local):

5:40 p.m.

The head of the House Financial Services Committee wants Facebook to suspend plans for a new currency until Congress and regulators are able to study it more closely.

In asking Facebook to put the Libra currency plans on hold, Rep. Maxine Waters, a California Democrat, says Facebook "is continuing its unchecked expansion and extending its reach into the lives of its users."

Earlier, the senior Democrat on the Senate Banking Committee said Facebook's new digital currency will give the tech giant unfair competitive advantages in collecting data on financial transactions as well as control over fees. Sen. Sherrod Brown of Ohio says "Facebook is already too big and too powerful."

Brown and Waters both called on financial regulators to examine the new currency project closely.

In a statement, Facebook said "We look forward to responding to lawmakers' questions as this process moves forward."

Rep. Darren Soto, a Florida Democrat who's on the House Energy and Commerce Committee, says Facebook's plan is potentially "a big step forward towards a more global and inclusive financial infrastructure."

Facebook unveiled plans for the Libra cryptocurrency on Tuesday. It's a digital currency similar to Bitcoin for global use, one that could drive more e-commerce on its services and boost ads on its platforms. Facebook's Libra currency is expected to roll out in the next six to 12 months.

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2:30 p.m.

One regulatory expert believes Facebook's new currency will "almost surely" fall under new U.S. regulation adopted in the wake of the 2008 financial crisis.

Karen Shaw Petrou, managing partner of Federal Financial Analytics in Washington, says the Facebook-led partnership running the project...

SAN FRANCISCO (AP) — Facebook already rules daily communication for more than 2 billion people around the world. Now it wants its own currency, too.

The social network unveiled an ambitious plan Tuesday to create a new digital currency similar to Bitcoin for global use, one that could drive more e-commerce on its services and boost ads on its platforms.

But the effort, which Facebook is launching with partners including PayPal, Uber, Spotify, Visa and Mastercard, could also complicate matters for the beleaguered social network. Facebook is currently under federal investigation over its privacy practices, and along with other technology giants also faces a new antitrust probe in Congress .

Creating its own globe-spanning currency — one that could conceivably threaten banks, national currencies and the privacy of users — isn't likely to dampen regulators' interest in Facebook.

"It's a bold and strategic move that has clear risks as well as opportunities tied to it," said Wedbush Securities analyst Dan Ives. "This could raise further yellow flags as more regulators focus on Facebook."

David Marcus, the head of Facebook's cryptocurrency operation, said in a tweet Tuesday that Facebook is creating a separate subsidiary, Calibra, to handle the new currency. He said feedback from customers has been "loud and clear" about keeping social media and financial data separate.

"We understand we will have to earn your trust," he wrote.

The digital currency, called Libra, is scheduled to launch in the next six to 12 months. Facebook is taking the lead on building Libra and its underlying technology; its more than two dozen partners will help fund, build and govern the system. Facebook hopes to raise as much as $1 billion from existing and future partners to support the...

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Facebook plans its own currency for 2 billion-plus users

SAN FRANCISCO (AP) — Facebook has unveiled an ambitious plan to create a new digital currency for global use similar to Bitcoin. If successful, it could drive more e-commerce on its services and boost ads on its platforms. The social media giant calls it Libra, a cryptocurrency it is launching with more than two dozen partners, including Uber, PayPal, Visa and Spotify. It is likely to spark privacy concerns with people who are wary about giving Facebook more information about themselves.

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Boeing signs first deal for 737 Max jet since deadly crashes

PARIS (AP) — Boeing is selling its 737 Max planes again. The company announced at the Paris Air Show on Tuesday that International Airlines Group signed a letter of intent for 200 Boeing 737 aircraft. Boeing says it's the first sale of the jetliner since a March crash in Ethiopia killed everyone on board. Another 737 Max crashed in Indonesia in October. The sale to the parent company of British Airways and other carriers is a vote of confidence as Boeing works to win back the trust of pilots and passengers.

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European Central Bank hints at stimulus — drawing Trump ire

FRANKFURT, Germany (AP) — The European Central Bank could unleash more stimulus if the economy doesn't pick up soon, its president warned Tuesday, sparking a sharp drop in the euro and drawing an angry tweet from U.S. President Donald Trump. Mario Draghi told a conference in Sintra, Portugal, that the ECB was not resigned in its quest to perk up the economy and said that "in the absence of improvement... additional stimulus will be required."

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Trump says he'll talk trade with Xi next week in Japan

WASHINGTON (AP) — President Donald Trump says he'll hold trade talks with Chinese...

Technology companies powered stocks solidly higher on Wall Street Tuesday as traders hoped that a meeting next week between President Donald Trump and President Xi Jinping of China will ease trade tensions between the two economic powers.

Markets also got a boost after the head of the European Central Bank said it was ready to cut interest rates and provide additional economic stimulus if necessary.

On Tuesday:

The S&P 500 index climbed 28.08 points, or 1% to 2,917.75.

The Dow Jones Industrial Average gained 353.01 points, or 1.4%, to 26,465.54.

The Nasdaq composite jumped 108.86 points, or 1.4%, to 7,953.88.

The Russell 2000 index of smaller companies added 17.48 points, or 1.1%, to 1,550.23.

For the week:

The S&P 500 is up 30.77 points, or 1.1%.

The Dow is up 375.93 points, or 1.4%.

The Nasdaq is up 157.22 points, or 2%.

The Russell 2000 is up 27.73 points, or 1.8%.

For the year:

The S&P 500 is up 410.90 points, or 16.4%.

The Dow is up 3,138.08 points, or 13.5%.

The Nasdaq is up 1,318.61 points, or 19.9%.

The Russell 2000 is up 201.67 points, or 15%.

NEW YORK (AP) — MoneyGram's shares more than doubled Tuesday after the money transfer company announced a partnership with the cryptocurrency company Ripple.

The companies said late Monday that the two-year deal will allow MoneyGram to use Ripple's blockchain service for cheaper cross-border payments. Ripple, based in San Francisco, invested $30 million in MoneyGram as part of the deal, with an option to purchase up to an additional $20 million in shares at $4.10 each.

Shares in Dallas-based MoneyGram had their largest one-day percentage gain ever Tuesday, though the value of the company's stock has never recovered from the global economic crisis 10 years ago when it was trading close to $300. The company lost about $1.5 billion investing in mortgage-backed securities.

MoneyGram's stock surged $2.43, or 167.6%, to close Tuesday at $3.88.

The company's entry into the cryptocurrency field offset some of the damage of Facebook's announcement Tuesday that it's creating its own digital currency called Libra. That could threaten companies that charge fees to send money internationally.

Rival Western Union's stock slipped 2.4%.

Facebook, currently under federal investigation over its privacy practices and facing an antitrust probe in Congress, says it wouldn't run Libra directly. Instead, the company and its partners are forming a nonprofit headquartered in Geneva, which will be regulated by Swiss financial authorities.

With 2 billion Facebook users worldwide, the social media giant has a built-in customer base that could help it cut into the booming digital payment market. Facebook said Libra would allow users to send money across borders without incurring significant fees charged by international money-transfer services.

Libra is scheduled to launch sometime in the next six to 12 months.

Potentially encouraging news on trade and interest rates put Wall Street in a buying mood Tuesday, driving the market to solid gains and sending the Dow Jones Industrial Average 350 points higher.

Technology stocks powered much of the rally as investors welcomed news that the leaders of the U.S. and China will meet face-to-face next week to discuss their long-running trade dispute. Traders have been hoping for any positive sign in the trade war between the world's largest economies.

It's not the first time the market has rallied on seemingly encouraging developments on trade. Previous positive signs did not pan out, triggering market turbulence.

"You sort of have to ignore it a little bit," said Tobias Carlisle, founder and portfolio manager at Acquirers Funds. "It's probably going to drag out to the end of the year, so what we're trying to do is buy something undervalued, and it's great when there's a day like today and it works."

Markets also got a boost after the head of the European Central Bank said it was ready to cut interest rates and provide additional economic stimulus if necessary. The remarks put the spotlight on the Federal Reserve, which is set to announce its own decision on interest rates Wednesday.

The S&P 500 index climbed 28.08 points, or 1% to 2,917.75. The Dow gained 353.01 points, or 1.4%, to 26,465.54. The Nasdaq, which is heavily weighted with technology companies, jumped 108.86 points, or 1.4%, to 7,953.88.

The Russell 2000 index of smaller companies added 17.48 points, or 1.1%, to 1,550.23.

It was the second straight gain for the market, extending a strong rebound for stocks in June after a steep sell-off last month.

The benchmark S&P 500 is now less than 1% below its all-time high set on April 30. The Dow is 1.4% below its record...

NEW YORK (AP) — Stocks that moved substantially or traded heavily on Tuesday:

Facebook Inc., down 54 cents to $188.47

The social media company unveiled plans to create a new digital currency similar to Bitcoin for global use.

MoneyGram International Inc., up $2.43 to $3.88

The money transfer services company announced a partnership with cryptocurrency company Ripple that includes a $30 million investment.

GCP Applied Technologies Inc., down $3.49 to $22.90

The construction products company said it will not pursue a sale after concluding a strategic review.

Nvidia Corp., up $7.85 to $152.88

Technology stocks rallied after President Donald Trump tweeted that he plans to meet with China's president to discuss the countries' trade spat.

ANI Pharmaceuticals Inc., up $1.46 to $73.96

The generic drug developer acquired seven potential products from Coeptis Pharmaceuticals.

Winnebago Industries Inc., up $1.57 to $38.57

The recreational vehicle company gained ground ahead of its planned fiscal third quarter financial report early Wednesday.

SM Energy Co., up 72 cents to $11.68

The oil and natural gas company raised production forecasts for the second quarter and full year.

Pacific Biosciences of California Inc., down 28 cents to $6.40

The genetic analysis technology company is facing a potential regulatory hurdle in Britain in its planned sale to Illumina.

NEW YORK (AP) — Facebook is unveiling a digital currency called Libra as the company seeks to make its ads more valuable by enabling smoother transactions and payments online, particularly among those without credit cards or bank accounts.

Libra will use the same security and record-keeping principles as Bitcoin, the most popular digital currency system today. But unlike Bitcoin, Libra is backed by several traditional financial companies, including PayPal, Visa and Mastercard, and will base its value on multiple real-world currencies such as the U.S. dollar and the euro. Libra also faces additional scrutiny over privacy, given Facebook's poor record on the matter.

Here's a look at Libra and other cryptocurrencies.

WHAT'S A CRYPTOCURRENCY ANYWAY?

It's a form of digital cash that uses encryption technology to make it secure. Cryptocurrencies exist not as physical bills or coins but rather as lines of digitally signed computer code. Records are typically kept on ledgers known as blockchain.

People can store their cryptocurrency stashes in virtual wallets that resemble online bank accounts. Facebook is developing a wallet app for Libra; others will be able to as well.

As with other cryptocurrencies, people will be able to buy and sell libras on exchanges for traditional currencies. It's not clear what fees, if any, consumers will have to pay for such transfers, although Facebook says they should be low.

WHY NOT USE BITCOIN?

Although Bitcoin has gotten a lot of attention, it isn't widely used. For one thing, its value fluctuates wildly, meaning that $100 in bitcoins today might be worth $300 a month from now — or $2.50. Only a handful of merchants accept bitcoins as payments.

Facebook is hoping to keep the libra's value stable by tying it closely to established...

NEW YORK (AP) — The latest on developments in financial markets (all times local):

4 p.m.

Stocks are closing broadly higher on Wall Street as traders hoped that a meeting next week between President Donald Trump and President Xi Jinping of China could ease trade tensions between the two economic powers.

Technology and industrial companies, which would benefit the most from easing trade tensions, rose more than the rest of the market Tuesday.

Apple climbed 2.4% and Caterpillar added 2.4%.

European markets jumped after the head of the European Central Bank said it was ready to cut interest rates if necessary.

The S&P 500 index rose 28 points, or 1%, to 2,917.

The Dow Jones Industrial Average added 353 points, or 1.4%, to 26,465. The Nasdaq rose 108 points, or 1.4%, to 7,953.

Bond prices rose. The yield on the 10-year Treasury fell to 2.06%.

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11:45 a.m.

Stock prices are sharply higher on Wall Street following news that the leaders of the U.S. and China will meet face-to-face next week to discuss their long-running trade dispute.

Technology and industrial companies, which would benefit the most from easing trade tensions, rose more than the rest of the market.

Apple climbed 2.4% and Caterpillar added 2.5%.

European markets jumped after the head of the European Central Bank said it was ready to cut interest rates if necessary.

The S&P 500 index rose 30 points, or 1%, to 2,919.

The Dow Jones Industrial Average added 327 points, or 1.2%, to 26,437. The Nasdaq rose 120 points, or 1.5%, to 7,965.

Bond prices rose. The yield on the 10-year Treasury fell to 2.05%.

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9:35 a.m.

Stocks are opening higher on Wall Street following big gains in Europe after the head of the European Central Bank said it was ready to cut...

Three Washington cities ranked in the top 10 for best lake beach towns, a study from WalletHub said.

LONDON (AP) — The CEO of London's Serpentine Galleries quit Tuesday amid what she called "toxic personal attacks" over her husband's involvement in an Israeli spyware firm.

Yana Peel, who has overseen the two Serpentine galleries for three years, said the criticism was based on "inaccurate media reports now subject to legal complaints."

A private equity firm co-founded by Peel's husband Stephen, Novalpina, is majority stakeholder in NSO Group, maker of Pegasus software.

Pegasus allows for monitoring of devices and their content, including the remote activation of cameras and microphones without users' knowledge.

The firm says the software is used by authorities to help prevent terrorist attacks, infiltrate organized crime groups and help rescue kidnapped children.

Human rights campaigners say Pegasus has been used by authoritarian regimes to spy on citizens.

NSO said last week that it was setting up a "governance framework" to ensure its software was used lawfully.

Peel, a longtime free-speech advocate, claimed that "bullying and intimidation" might lead wealthy donors to stop funding arts institutions.

"I welcome debate and discussion about the realities of life in the digital age ... but they should be constructive, fair and factual - not based upon toxic personal attacks," she said.

NEW YORK (AP) — Amazon's fleet of jets is getting bigger.

The online shopping giant said Tuesday that it will lease 15 more Boeing 737s as it seeks to grow its delivery business and get packages to shoppers' doorsteps faster. Amazon is in the midst of speeding up its delivery time to one-day from two for its Prime members.

Amazon said it currently has 42 planes in its fleet and will have 70 by 2021.

The Seattle-based company wants more control over how its packages are delivered and rely less on UPS, the U.S. Postal Service and other carriers. Besides its fleet of planes, Amazon is building several package-sorting hubs at airports and has launched a program that lets contractors start businesses delivering packages in vans stamped with the Amazon logo.

Earlier this month, FedEx said it would stop air shipments for Amazon in the United States, reducing its ties with the company to focus on other e-commerce sites.

Amazon said its fleet of planes flies within the U.S.

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Contact Joseph Pisani at http://twitter.com/josephpisani

WASHINGTON (AP) — The Federal Reserve is likely — if not certain — to leave interest rates alone when its latest policy meeting ends Wednesday. But expectations are high that the Fed and its chairman, Jerome Powell, will signal that a rate cut may come soon for the first time in more than a decade.

Behind the Fed's thinking is concern about possible economic harm resulting from the Trump administration's trade war with China and signs that the global economy is weakening. Two weeks ago, Powell said in a speech that the Fed was monitoring the administration's aggressive use of tariffs and would "act as appropriate to sustain the expansion."

Investors were cheered by the notion that this meant at least one rate cut might be on the way. What remains unknown is just when — or even whether — the Fed will reduce its key short-term rate.

The Fed's two-day meeting will end Wednesday afternoon. When it does, the Fed will issue a policy statement and update its economic and interest-rate projections before Powell holds a news conference. Here are three things to watch for:

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A COMING RATE CUT?

The Fed has been saying in its policy statements since January that it will be "patient" in adjusting its key short-term rate. This rate influences many consumer and business loans, from credit cards to home equity credit lines to small-business loans.

That single word helped calm fears that had surfaced after the Fed raised rates four times in 2018 and signaled that further hikes were likely this year. The financial markets were spooked by the prospect that the Fed would end up going too far to tighten credit, thereby undercutting the economy and perhaps triggering a recession.

Now, the expectation is that the Fed will want to bolster the perception that it's shifting its...

BATTLE CREEK, Mich. (AP) — Kellogg Co. is cutting 150 salaried jobs across North America as part of the previously announced sale of its cookie and fruit snack businesses.

The Battle Creek-based company said Tuesday the action will result in pretax charges of approximately $35 million, including $20 million in severance and termination benefits.

Kellogg announced in April that it was selling its Keebler and Famous Amos cookie brands — as well as its fruit snack, pie crust and ice cream cone businesses — to Italy's Ferraro International for $1.3 billion.

That sale is expected to close at the end of July. Kellogg said its job cuts and staff reorganization will be complete by the end of 2020.

Kellogg's shares fell 1.5% to $55.69 in late morning trading.

While serving in the U.S. Marine Corps, Erik Goodge was severely wounded during a deployment to Afghanistan. After returning home, the veteran became passionate about finances as he navigated his post-military life and benefits.

At the time of his service, however, he didn't know nearly as much about personal finance. And he ventures many young deployers don't know their financial options, either.

"It's not a priority on the radar of a lot of service members," Goodge says.

Here are five important money lessons all deployers — and their dependents — should know, as told by financial advisors and veterans.

1. PLAN BEFORE YOU LEAVE

While overseas or in a combat zone, service members don't have much time to focus on finances, says Jim Ludwick, certified financial planner and founder of MainStreet Financial Planning Inc.

"Money really should take a backseat at that point, and so the pre-deployment preparation, whether the military person is single or married, is really important," Ludwick says.

Ludwick, who retired from the Air Force, says arrangements should be made beforehand. Consider giving someone power of attorney over your finances. Automate payments such as your car insurance or mortgage before you leave and ask that person to monitor them so you don't fall behind.

2. MAXIMIZE SAVINGS

Deployments usually equate to more income, according to Goodge, who is president of uVest Advisory Group LLC in Indiana.

"Sometimes, depending on where the deployment is, there's extra incentive pay that comes along with that deployment," Goodge says. "There's family separation pay. There could be hardship duty pay, hazardous duty pay, imminent danger pay . And that stuff generally is tax-free if it's overseas."

To maximize this extra income, take advantage of savings options,...

WASHINGTON (AP) — U.S. home construction slipped a bit in May as a sharp drop in single-family construction was only partially offset by a rise in apartment building.

The Commerce Department said Tuesday that construction was started at a seasonally adjusted annual rate of 1.27 million homes and apartments, a decline of 0.9% from April when construction starts had risen a strong 6.8 %. Applications for building permits, a good sign of future activity, edged up 0.3% in May to an annual rate of 1.29 million.

Construction of single-family homes fell 6.4% in April while construction of apartments rose 10.9%.

Falling mortgage rates are expected to help boost home construction and sales in coming months and help offset such problems as a shortage of building lots and a lack of skilled construction workers.

The latest National Association of Home Builders/Wells Fargo survey showed builder confidence dipped to a still solid reading of 64 in June, down from 66 in May. Sentiment levels have held in a range of the low- to mid-60s for the past five months.

"Despite lower mortgage rates, home prices remain somewhat high relative to incomes, which is particularly challenging for entry-level buyers," said Robert Dietz, chief economist for the home builders.

The May report on construction starts showed declines in every region of the country except the South where building starts rose by 11.2%. Construction took the sharpest fall in the Northeast, declining 45.5% while starts were down 8% in the Midwest and 2.4% in the West.

Residential construction has been a drag on the economy over the past year but economists are forecasting that it will turn around in the coming months with home construction boosting growth in the second half of this year and into next year, spurred by falling mortgage rates.

Ripple, the company behind settlement-oriented crypto asset XRP, promised a higher degree of accuracy for XRP volumes and sales in a post published on June 3. The firm promises to take steps to address these concerns by collaborating with partners in the space, evaluating its approach to XRP data reporting and “taking a more conservative approach to XRP sales this quarter.” Ripple notes that, as a consequence, XRP’s sales in the second quarter of 2019 will be considerably lower than in the first quarter.

If you want to compound wealth in the stock market, you can do so by buying an index fund. But you can significantly...

In a report published Wednesday, the European Commission said Italy hasn’t made sufficient progress in reducing its mountain of debt in line with the bloc’s fiscal rules, and that a disciplinary process is “warranted.” The step marks an escalation of the country’s budget tussle that roiled markets at the end of 2018 and is a warning for Italy’s populist leaders, particularly Deputy Premier Matteo Salvini who has vowed to change EU budget rules. Italian bonds declined following the report, with the 10-year yield spread over Germany, a widely watched gauge of risk in the nation, touching 280 basis points -- over twice the rate since before the League-Five Star government was formed. “Italy’s public debt remains a major source of vulnerability for the economy,” the commission said in its report.

In a report published Wednesday, the European Commission said Italy hasn’t made sufficient progress in reducing its mountain of debt in line with the bloc’s fiscal rules, and that a disciplinary process is “warranted.” The step marks an escalation of the country’s budget tussle that roiled markets at the end of 2018 and is a warning for Italy’s populist leaders, particularly Deputy Premier Matteo Salvini who has vowed to change EU budget rules. Italian bonds declined following the report, with the 10-year yield spread over Germany, a widely watched gauge of risk in the nation, touching 280 basis points -- over twice the rate since before the League-Five Star government was formed. “Italy’s public debt remains a major source of vulnerability for the economy,” the commission said in its report.

Two years after flying in thousands of dairy cows to beat a trade embargo, Qatari milk producer Baladna has made its first exports. Qatar is the world's top liquefied natural gas exporter but a net importer of nearly everything else. The small but wealthy country has been under a trade and transport boycott by Saudi Arabia and its allies since June 2017 that has forced it to retool an economy once heavily reliant on fellow Gulf states.

A global stock rally sparked by the Federal Reserve Chairman’s dovish comments persisted into Wednesday, though it cooled somewhat amid lingering trade-war concerns. Futures on the S&P 500, Dow Industrials and Nasdaq all indicated gains at the New York open after the underlying S&P index climbed the most since January on Tuesday. Technology shares led the advance in the Stoxx Europe 600 as software companies including SAP and Micro Focus jumped after a positive sales forecast by U.S. peer Salesforce.com.

Even the best stock pickers will make plenty of bad investments. And unfortunately for UNITEDLABELS Aktiengesellschaft...

Mark Karpeles — the former CEO of the now-defunct bitcoin (BTC) exchange Mt. Gox — has revealed he will serve as the chief technology officer of a new Japan-registered blockchain technology firm. Speaking at the Foreign Correspondents' Club of Japan earlier today, Karpeles reportedly declared his intention to make the country a global leader in blockchain technology by undertaking his new role as CTO of the new Tokyo-based firm, Tristan Technologies Co. Tristan Technologies reportedly plans to design a new, secure blockchain-powered operating system that would be significantly faster than other systems currently in use.

As the U.K. moves toward breaking from the EU, the special relationship becomes increasingly critical. But Trumpian diplomacy, especially in the age of Twitter, is unlike anything that’s come before.During his state visit to the United Kingdom this week, the president of the United States was met with angry protesters (some peaceful, some thuggish), insults from the (ineffective) mayor of London, boycotts from Labour-party MPs, and scathing criticism from the mainstream British press.If the president were anyone other than Donald J. Trump, such hostile behavior from Britain’s political establishment toward our most important ally would be a source of national shame. But the president is Donald J. Trump. And, as some activists thought it powerful to remind us by projecting onto the Tower of London, Trump’s approval rating in the U.K. is at 21 percent where Obama’s was at 72 percent.> Hi @realDonaldTrump. Just so you know, you’re wildly unpopular here in Britain. SAD! People REALLY don’t like you (though they love @BarackObama). Hope you like seeing your FAILING approval numbers projected onto the Tower of London. TrumpUKvisit pic.twitter.com/oT332Fd6fE> > -- Led By Donkeys (@ByDonkeys) June 3, 2019These are not, of course, the approval ratings of the American people, a country nearly 40 times the geographical size of the U.K., but never mind that. . . .Trump, as we know, gives as good as he gets. Before his plane had touched down on British soil, he tweeted that the mayor of London is a “stone-cold loser.” Later, he refused the invitation to meet Jeremy Corbyn, leader of the Labour party, explaining that he is a “negative force” (which is true, if inappropriate). After this rejection, Corbyn then volunteered himself as the key speaker at an anti-Trump rally.The outgoing British prime minister, Theresa May -- a woman of little political talent -- appeared dignified, though severely uncomfortable, in Tuesday’s press conference with the president. Which is understandable given what happened last year. In July 2018, Trump told the Sun, Britain’s best-selling newspaper, that May had mishandled Brexit and that her proposed deal with the EU would “probably kill” any deal with the United States. Then, in a press conference, he denied saying this, calling it “fake news.” Trump further embarrassed May when he weighed in on domestic affairs and suggested that foreign secretary Boris Johnson would make “a great prime minister.”Much has happened since then, and Trump seems to have softened in response. The withdrawal deal with the EU was rejected thrice by Parliament, and the prime minister herself was rejected by her own party. As Theresa May prepares to step down, 13 candidates (including Boris Johnson) are now positioning themselves to take her place as Tory leader.In a business roundtable, the president told May, “I don’t know exactly what your timing is [Friday is her last day] . . . but stick around, let’s do this deal.” Later, in a news conference, he said, “[You’re] probably a better negotiator than I am” and “I think you deserve a lot of credit.” (Quite the U-turn on a largely unchanged deal.)When asked about Boris Johnson, Trump reiterated his earlier support and also spoke highly of Nigel Farage, whom, at this writing, he is scheduled to meet. It is not merely undiplomatic for foreign leaders to weigh in on national politics in this way. It can also have an adverse effect. For instance, when Obama said that Britain would be back of the queue if we left the EU, some leading Brexiteers claimed this helped further their cause.Whoever succeeds May will have to respond to new challenges in the relationship with the U.S. in the aftermath of Brexit. This was made clear when the American ambassador, Woody Johnson, suggested that in a trade deal with the U.S., “everything” would be on the table, including Britain’s National Health Service. This is a very touchy point, as the overwhelming majority of Britons oppose the privatization of medicine. But Trump tactlessly exacerbated this controversy during the press conference, saying, “When you’re dealing in trade, everything’s on the table, so NHS or anything else, a lot more than that, but everything will be on the table, absolutely.”“To say nothing, especially when speaking, is half the art of diplomacy,” writes Will Durant in The Story of Civilization. With that in mind, it’s hard to decide which is more embarrassing: the self-satisfied posturing of Britain’s political elites, or the blundering egotism of the president of the United States. At any rate, at such a critical juncture in the special relationship, this is no time for pettiness.

Mick Mulvaney, the acting White House chief of staff, says it’s reasonable to think the president should be protected from seeing a warship with John McCain’s name on it.The USS John S. McCain, a destroyer named after three generations of McCains -- two legendary admirals and the late Arizona senator -- was in port in Japan during the president’s recent visit. Before his arrival there, someone from the White House asked the Navy to move the ship “out of sight.”“It was probably someone on the advance team,” Mulvaney said on Meet the Press, improbably suggesting he doesn’t know exactly who issued the directive. “The fact that some 23-, 24-year-old person on the advance team went to that site and said, ‘Oh my goodness, here’s the John McCain. We all know how the president feels about the former senator. Maybe that’s not the best backdrop. Can somebody look into moving it?’ That’s not an unreasonable thing,” Mulvaney said.Maybe it’s not an unreasonable question for a presumably young and inexperienced staffer to ask. But it was an extremely unreasonable request to emanate from the White House -- which is why the Navy ultimately reversed the decision to hang a tarp over the ship’s name and park a barge in front of it.Mulvaney is arguably the most competent senior member of the Trump administration right now. So the pressing question is: Does he mean what he’s saying? As spin, it’s primo stuff. But if he believes these kinds of actions are reasonable, it’s disturbing.In the early days of the Trump insurgency in 2016, it was dismaying how conservative pundits and politicians would publicly call Donald Trump “the world’s greatest negotiator” or “a man of faith” in front of a TV camera -- but then say in private, “What in the world is wrong with this guy?” They were generally making the transactional case for Trump: He’d keep Hillary Clinton out of the Oval Office. The chaos and crudeness were worth getting good judges, tax cuts, and less regulation.That doublespeak and lying used to vex me. But the newfound sincerity troubles me even more.Conservatives increasingly have to be all in, heaping praise on Trump’s behavior or scolding those who criticize it. Defending protectionism, denouncing in toto the “witch hunt,” and parroting Trump’s ad hominem style is expected, and rewarded. For instance, the anti-tax group Club for Growth is trying to lure Representative Mark Walker to challenge Senator Thom Tillis in the North Carolina Republican primary. Why? Tillis has been insufficiently celebratory of Trump, demonstrated by the senator’s brief opposition to an “emergency declaration” to fund a border wall (which Tillis ultimately voted for). Businessman Garland Tucker is already in the race, charging Tillis of being insufficiently Trumpy. The Senate Leadership Fund, a super PAC, meantime, is defending Tillis by accusing Tucker of being an “anti-Trump activist.”Also under fire: Representative Justin Amash. He’s an ideologically hard-line, tea party-style conservative from Michigan, but he read the Mueller report and concluded, defensibly, that it details actions by the president that are impeachable offenses.The response from the Right has been to, if not unperson Amash, then to un-conservative him. The Freedom Caucus moved to censure Amash. House minority leader Kevin McCarthy falsely said Amash “votes more with Nancy Pelosi than he ever votes with me.” Washington Post columnist Henry Olsen, a conservative defender of Trump’s, insisted that Amash is “more like a typical Democrat” because he disagrees with various Trump policies -- even though Amash’s disagreements are based on his libertarian-conservative philosophy, which is entirely different than your typical Democrat’s.Support for Trump is coming to define what it means to be a conservative. This is also the context of recent attacks on National Review’s David French. Working from the premise that Trump -- of all people -- is the vehicle for some sort of social conservative restoration, some Catholic writers associated with the journal First Things have attacked French, a devout and deeply socially conservative Christian, as a symbol of all that is wrong with conservatism largely because he is a prominent critic of Trump.One reason Trump has become a conservative litmus test is that there’s a policy vacuum on the right, and Trump’s personality is filling the void.Another is the GOP voter base, which has imposed a binary choice of its own: You’re either with the president or you’re with “the Left.”That’s what is so telling about the John S. McCain episode. Republicans -- apparently including Mulvaney -- have internalized Trumpism so deeply that they now see the world through his eyes. It’s perfectly “reasonable” for a White House staffer to think the commander in chief should be shielded from even the name of his late adversary because Trump’s feelings are all that matter.© 2019 Tribune Content Agency LLC

It probably won’t come as much of a surprise to learn that most Americans regard the War on Poverty as a failure. According to a new YouGov poll, conducted for the Cato Institute, 77 percent of Americans call it “ineffective.” This includes 80 percent of Republicans and 72 percent of Democrats. In this age of political polarization, that represents an extraordinary bipartisan consensus. But what many might find to be even more extraordinary is that the vast majority of poor Americans agree, too. Fully 63 percent of people receiving welfare today say that the War on Poverty has not succeeded. Given the $26 trillion that the United States has spent fighting poverty since Lyndon Johnson declared war on it in 1965, that’s a scathing indictment.Of course, the poor may think the War on Poverty failed because $26 trillion wasn’t enough. Maybe they worry their benefits are simply too low. That’s not the case. When asked whether the government had the ability to end poverty even with unlimited spending, 58 percent of welfare recipients said that it could not.So what do the poor think the government should do to help them escape poverty? An overwhelming 59 percent of welfare recipients say that the government should focus on eliminating the underlying causes of poverty, as opposed to “giving what money we have to poor people to help them get on their feet.” Most significantly, 76 percent of welfare recipients believe that increased economic growth will do more to reduce poverty than would increasing welfare spending. In fact, welfare recipients were more likely to prefer economic growth than registered Democrats (67 percent).In other words, those candidates who are calling for higher taxes, increased business regulation, and more redistribution are out of touch, not just with sound economic policy, but with the wishes of those they are ostensibly trying to help.Of course, this does not mean that the poor don’t see barriers to their ability to become full participants in a growing economy. But contrary to conventional wisdom, most of the problems they identify are a result of failed big-government policies.For instance, even if economic growth creates more jobs, government policies may still make it hard for the poor to find employment. To cite just one example, fully 45 percent of welfare recipients and 46 percent of the unemployed said that the lack of an occupational license or similar credentials prevented them or someone they knew from getting a job.The poor also recognize that the government school monopoly has let them down. In fact, 55 percent of welfare recipients would prefer to send their child to a private school rather than the local public school. As a result, welfare recipients are more likely than the general public to support school vouchers (67 percent of welfare recipients vs 58 percent of Americans overall).Overcriminalization, mass incarceration, and bias in the criminal-justice system are also a problem for the poor, with 23 percent of welfare recipients (and 22 percent of the unemployed) telling us that a criminal record has prevented them from finding a job. African Americans, as a whole (15 percent), were more likely to find a criminal record an obstacle to being hired than whites or Latinos (6 percent).The poor also find it difficult to move to areas with more jobs, better schools, and less crime. Seventy-eight percent of welfare recipients report that high rents and housing costs have prevented them from moving to a better location. Given that government policies, particularly zoning and land-use laws, can add anywhere from 10 to 50 percent to housing costs, it is fair to say that big government is “ghettoizing” the poor.All of this suggests that both the Left and Right have been misreading the poor. The Left assumes the poor are helpless victims that need to be taken care of, while the Right sees them as lazy “takers” seeking more handouts. It’s a debate built around the level of redistribution and government benefits, and it is the wrong debate, based on pernicious stereotypes on both sides.In reality, the poor, like everyone else, simply want an opportunity to succeed in a growing economy. That means an agenda based on removing government barriers to success — an agenda based on limited government, free markets, and giving people more control over their lives. Politicians who speak to that agenda might find themselves with more support than they’d have thought.

Hungary's government is moving to tighten its grip on the research institutions of the Hungarian Academy of Sciences, despite protests by scientists against political control of the academy. Since taking power in 2010, Prime Minister Viktor Orban has tightened government control of public life, including the courts, the media and universities.

Why We Need to Retrain the C-Suite: CEO Daily

CRM earnings call for the period April 30, 2019.

In December 2018, Mauna Kea Technologies SA (EPA:MKEA) released its most recent earnings announcement, which signalled...

Global financial institutions will attend a U.S.-led conference on the Palestinian economy this month that the Trump administration has cast as an overture to its Middle East peace plan, the International Monetary Fund (IMF) said on Wednesday. The efficacy of the June 25-26 meeting in Bahrain has been in doubt since Palestinian leaders and businesspeople decided to shun it over Washington's perceived pro-Israel bias and inattention to their political demands. Israel's new election, an upsurge in cross-border fighting and the Palestinians' resentment at U.S. recognition of Jerusalem as Israel's capital add to the complicated backdrop.

Neil Crabb became the CEO of Frontier IP Group Plc (LON:FIPP) in 1970. First, this article will compare CEO...

While some investors are already well versed in financial metrics (hat tip), this article is for those who would like...

HQY earnings call for the period ending April 30, 2019.

The TJX Companies has been struggling lately, but the selling pressure may be coming to an end soon.

The Chief Financial Officer (CFO) plays an essential role in a company. It’s the CFOs responsibility to ensure that the company’s finances are utilised properly and report this information to all of the major stakeholders. The business advisory services that a CFO offers to their company are invaluable in terms of keeping everything financially stable as well as growing the business.

To understand the position of CFO better, let’s break it down into two parts: the duties and the role that a CFO needs to fulfil.

Duties of a CFO

Reports Finances of the Company

This is one of the main duties that concern the CFO.…

The post Understanding the Role of a CFO and Its Importance in a Company appeared first on SMALL BUSINESS CEO.

Most businesses that manufacture products use more than one type of manufacturing environment to get a single product out the door. For business owners who are considering making manufacturing a part of their business model, getting to know the environment options is a must.

Keep reading to learn more about the most popular manufacturing environments and processes used today.

Increasing Efficiency and Productivity

To achieve the highest level of productivity and efficiency in the manufacturing process possible, it is often necessary to use several of these environments/processes together. Utilizing innovative technology, such as the custom ablation processes, can help improve efficiency significantly.…

The post The Types of Manufacturing Environments and Processes Used Today appeared first on SMALL BUSINESS CEO.

If you’ve been reading or hearing about the stock market lately, you may be wondering why you’re contributing a percentage of your monthly income to your company’s 401k plan instead of just putting that money directly into the stock market.

Indeed, stories of people who bought stock in Google or Apple early abound on the internet, as do articles stocks about people who followed a gut feeling and struck it rich.

The advantages of a 401k

While a 401k isn’t as liquid as a normal investment account, that isn’t to say that there aren’t any benefits to 401ks. One of the biggest benefits of investing in your company-sponsored 401k plan is the fact that you will likely get some form of an employer match in addition to the percentage of your income you elect to invest.…

The post Can You Pick Stocks Better than Your 401k? appeared first on SMALL BUSINESS CEO.

Now I have heard it all! Your pet makes you more successful? Seriously?

Yup. And there are a whole bunch of reasons why! Whether you are a work at home entrepreneur or a high-flying corporate type. Your pet can improve your work-life and make you more successful.

Happiness Breeds Success

Having a pet isn’t just about all the free cuddles! Being a pet parent can have a beneficial effect on so many aspects of your life! Pet ownership influences our mental, emotional, and professional well-being (learn more here).

• To be successful, you need to be energetic. No better way to start off your day energetically than by taking Fido for a walk!

…

The post How a Pet Can Make you More Successful at your Job appeared first on SMALL BUSINESS CEO.

Tired of rising postage costs, and lost time waiting in line to pay for stamps? Well, luck is at hand since you don’t have to suffer any longer, the solution is to get your self a franking machine.

If you also post out serious amounts of mail, you may want to speed up the entire process by using franking machines. This machine accurately calculates the postage every time you post out mail.

Additionally, it’s more convenient than stamps as you can easily buy postage online, around the clock.

What is a Franking Machine, Anyway?

A Franking machine is a device that prints the postage stamp together with your company logo on postcards and envelopes.…

The post Everything You Wanted To Know About Franking Machines appeared first on SMALL BUSINESS CEO.

The internet of things development has already become an international service. Equipped with hundreds and thousands of sensors smart industrial IoT devices provide a whole new level to data-driven business decisions.

Just a few years passed and the IoT market has now doubled in value, which basically means a double increase in the diversity of applications and industries that benefit from their implementation.

The advantages are obvious, the statistical information has become so accurate, that you can endlessly optimize the current business processes and develop new strategies based on reliable data. Most of the shortcomings are related to the need for gathering, processing and management of the huge data.…

The post How to Avoid Industrial Internet of Things (IIoT) Data Overload appeared first on SMALL BUSINESS CEO.

Since 2017, more than 50% of all internet traffic has been mobile, and that share is only going to go up.

When the internet was first conceived, the entire concept revolved around home computers accessing vast networks of information. Over time, communication, in the form of email and forums, developed to use the same network as the web – but the concept of interconnected computers in fixed locations stayed the same.

With the advent of the first wireless telecommunications, and then smartphones and mobile computing, the internet gradually became a framework for far more complex systems based around the capabilities that the new hardware and infrastructure offered.…

The post Web Development In A Mobile World appeared first on SMALL BUSINESS CEO.

Running a business is hard enough without having to worry about those little extras that crop up from time to time. Expenses such as business ban insurance can be enough to at least make a good dent in profits and at most drive a business over the edge. With a bit of planning and foresight, however, you can cut the costs and give yourself adequate cover to mitigate against something going wrong.

Here are our top tips.

1. Use a broker

If you use a broker, they will also help you find the best deal. They know all the tricks of the trade, who might be the best insurers for your particular situation and they also have access to deals that the general public doesn’t.…

The post 5 Essential Tips to Save Money on Your Business Van Insurance appeared first on SMALL BUSINESS CEO.

Mobile app development is one of the biggest tech industries in the world now, with millions of users around the globe using apps as part of their daily routine. The potential uses of mobile apps are nearly limitless, and constantly being advanced by development in hardware and software technology, so keeping pace with the changes is essential for anyone looking to enter the market.

Here are our top five mobile app development trends for 2019.

1. Speed rules

With advances in technology bringing a host of possibilities to mobile app developers, we’re now entering the phase where the limiting factors tend to be more human than machine.…

The post Top Five Mobile App Development Trends in 2019 appeared first on SMALL BUSINESS CEO.

The healthcare industry in the US is pretty complex. Without further adieu, check out some of these surprising facts.

1. Physicians, too, are not satisfied with all the attention that they receive throughout those short interactions with their doctors.

2. Medical error could be the third most common reason of death here, and only severe heart ailments and most cancers kill several more US citizens, according to CNBC. Over two million sufferers pass away as a result of medical errors annually, a number that in percentage is around 10 per cent of all U.S. fatalities.

3. AAMC reports that the US could have a shortfall of health problems, owing primarily due to the growth of older people and the rise in the age of the general population.

…

The post 20 Surprising Facts About Healthcare Industry in United States appeared first on SMALL BUSINESS CEO.