Money

Why billionaire investor Chris Sacca is retiring at age 41

Chris Sacca: Twitter is ‘a series of missed opportunities’ The cowboy is retiring. Chris Sacca, an investor known for his early bets on Uber and Twitter(TWTR, Tech30) — and his pension for cowboy shirts — announced Wednesday that he is going to stop investing in startups. In a blog post, the billionaire investor also said he would stop appearing on Shark Tank, which he has been a part of for the past two seasons. “I’ve been trying to tiptoe into this phase for years,” he told CNNTech in an email. ...

Read More »

President Trump has 'no intention' of releasing his tax returns, Mnuchin says

Mnuchin outlines ‘massive’ tax cut for businesses President Trump has “no intention” of releasing his tax returns, Treasury Secretary Steven Mnuchin said Wednesday. “The president has released plenty of information, and I think has given more financial disclosure than anybody else,” Mnuchin said during a press conference at the White House. “I think the American population has plenty of information.” Mnuchin was asked about the president’s taxes while he unveiled the administration’s tax proposal. The plan would slash individual tax rates, while also cutting the top tax rate for all ...

Read More »

Anthem says Obamacare business doing 'significantly better'

Will dems shut down government over Obamacare? Anthem’s Obamacare business is finally turning the corner, but it is still considering whether to stay in the market, the insurance titan said Wednesday. The company, which has 1.1 million members on the Obamacare exchanges, said its individual market segment is doing “significantly better” than last year. Although it said claims still ran slightly higher than expected. “All-in all, the individual business started out 2017 significantly better than it started out 2016,” said Anthem CFO John Gallina. “However, [it remained] a little bit ...

Read More »

Tesla Model S loses top ranking from Consumer Reports

Testing Tesla’s handsfree driving The Tesla Model S has lost its top ranking from Consumer Reports. The magazine said Wednesday it has lowered its score for the basic Model S, a luxury, all-electric sedan, because an automatic braking feature has yet to be activated by a software upgrade as promised. “When we purchased our latest test car, we were assured automatic emergency braking would be enabled by the end of 2016,” Jake Fisher, director of Consumer Reports’ Auto Test Center, wrote in a review. “We’ve been waiting for this important ...

Read More »

Credit Suisse is raising $4 billion

Why banks are looking to spy movies for answers Credit Suisse plans to raise $ 4 billion to help rebuild its finances after two years of layoffs and losses. The Swiss bank will raise the fresh capital by issuing 380 million new shares. They will be priced at a roughly 30% discount. The announcement came as the bank reported quarterly earnings that were stronger than analysts had expected. Revenue for the first quarter was up 19% compared to the same period last year. Investors cheered the news and bid up ...

Read More »

Trump used to hate Wall Street. Now he embraces it

Watch Trump’s stunning U-turns on key issues Donald Trump used to hate Wall Street. Not anymore. On the campaign trail, he slammed Wall Street for “getting away with murder.” He vowed to break up the big banks and force the finance guys to pay higher taxes. His final campaign ad showed ominous photos of the New York Stock Exchange and the CEO of Goldman Sachs and proclaimed it was time to put an end to the political and business elites that have “bled our country dry.” That message resonated deeply ...

Read More »

The US just lost a trade battle with Mexico

Canada’s foreign minister: Lumber tax will hurt Americans The US just lost a trade battle with Mexico. It’s the first loss of the Trump era. Mexico and the US have fought for years over tuna. The US insists that any Mexican tuna sold in the US must be “dolphin safe,” meaning dolphins weren’t killed by tuna fisherman, which was once common. Mexico says its fisherman play by the rules. The US government disagrees. On Tuesday, the World Trade Organization ruled in Mexico’s favor, allowing it to impose trade sanctions worth ...

Read More »

Trump likely to propose 15% tax rate for all businesses, not just corporations

Will Trump’s tax plan pay for itself? As it is shaping up, President Trump’s new tax plan sounds a lot like his old one. A Trump administration official told CNN on Tuesday that Trump may propose a major tax cut for so-called “pass-through businesses” from 39.6% to 15%. That comes on the heels of news that Trump is also considering a big reduction in the top rate for corporations from 35% to 15%. Trump is planning to announce a tax plan on Wednesday, though it is expected to be more ...

Read More »

Fox News anchor joins lawsuit alleging racial discrimination, harassment at network

Fox News still under grand jury probe Fox News’ legal troubles grew even larger Tuesday, with new plaintiffs, including an anchor, joining a suit alleging racial discrimination and harassment at the network. The suit is now headlined by Kelly Wright, a black reporter and anchor who has been withFox News since 2003. Wright claims that he “has been effectively sidelined and asked to perform the role of a ‘Jim Crow’ — the racist caricature of a Black entertainer.” Wright’s allegations involve, among others, recently fired Fox News host Bill O’Reilly ...

Read More »

How leaked NSA spy tools created a hacking free-for-all

Infiltrating Hacker Circles Hackers have compromised thousands of computers around the world with a government-grade spy tool. A backdoor published in a trove of leaked NSA hacking tools is being loaded onto vulnerable Windows computers. The attacks demonstrate what happens when people fail to regularly update their machines. The hacks were leaked almost two weeks ago by the anonymous Shadow Brokers group and contain a backdoor called DOUBLEPULSAR. It can be remotely installed on Windows machines that have not been patched since March. This allows hackers to take over the ...

Read More »