<p><span class="articleLocation">Nyasha Nyaungwa | WINDHOEK</span></p>
<p>State-owned Air Namibia has won approval to fly into the United States and hopes to generate revenues through its codesharing agreements, the government-run daily New Era reported on Monday,<span id="midArticle_byline"></span></p>
<p>The newspaper quoted the loss-making carrier&#8217;s acting managing director, Mandi Samson, saying the airline received its foreign air carrier permit in April.</p>
<p>Until now, South African Airways, Ethiopian Airlines, Egypt Air, Moroccan Royal Air Maroc and Cape Verde&#8217;s TACV airline have been the only African airlines holding the right to fly passengers in and out of the United States, the paper said.</p>
<p>Samson also said the national airline was awaiting government approvals for new routes within Africa, according to New Era. She gave no further details on the possible new routes and did not say when Air Namibia would introduce U.S. flights.</p>
<p>Finance Minister Calle Schlettwein has proposed Air Namibia terminate the loss-making Windhoek-Frankfurt route to save costs. Officials say the airline loses 30 million Namibian dollars ($2.27 million) annually on the route.</p>
<p>Other government officials have expressed concerns that scrapping its only international route would hurt tourism, Namibia&#8217;s second biggest economic sector after mining.</p>
<p>A U.S. Embassy spokesperson declined to comment, while the U.S. Department of Transportation was not immediately available for comment.</p>
<p>($1 = 13.2300 Namibian dollars)</p>
<p>(Reporting by Nyasha Nyaungwa; editing by Richard Lough)</p>


Loss-making Air Namibia wins permit to fly into U.S

<ul>
<li>The budget would cut $1.7 trillion in spending over 10 years.</li>
<li>Medicaid, student loans and food stamps would see big reductions.</li>
<li>EPA, State Department and Education Department funds would be slashed.</li>
<li>Economists doubt the White House&#8217;s growth projections.</li>
</ul>
<p>The White House is seeking to slash federal spending by $3.6 trillion over the next decade through steep cuts across most agencies and tough new restrictions on aid to the poor — a dramatic rethinking of the role of government in the American economy.</p>
<p>About half of the money — $1.7 trillion over 10 years — comes from changes to programs such as Medicaid, food stamps and federal student loans that swelled during the Great Recession and long recovery. It also includes previously announced double-digit spending cuts next fiscal year for the Environmental Protection Agency, the State Department and the Education Department, among others, and eliminates popular institutions such as the National Endowment for the Arts.</p>
<p>The president&#8217;s proposed fiscal 2018 budget became public Monday night.</p>
<p><a href="http://www.cnbc.com/defense/" target="_self">Defense</a> is one of the few areas slated for increased funding. The White House is requesting an additional $25 billion next fiscal year, following a similar bump in the current budget. Veterans Affairs would also get a boost next year, along with the National Nuclear Security Administration.</p>
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<h2><span class="quote">&#8220;We are no longer going to measure compassion by the number of programs or the number of people on those programs. We will measure compassion and success by the number of people who get off those programs.&#8221;</span><span class="author">-Mick Mulvaney, director, OMB </span></h2>
</blockquote>
<p>Office of Management and Budget Director Mick Mulvaney on Monday called the proposal a &#8220;taxpayer-first budget.&#8221;</p>
<p>&#8220;We are no longer going to measure compassion by the number of programs or the number of people on those programs,&#8221; he told reporters. &#8220;We will measure compassion and success by the number of people who get off those programs.&#8221;</p>
<p>Reforming entitlement programs has long been a goal for Republican leadership — and some were disappointed that <a href="http://www.cnbc.com/donald-trump/" target="_self">President Donald Trump</a> vowed on the campaign trail not to touch the two biggest ones, Social Security and Medicare. But Trump left the door open to overhauling the patchwork system of other safety net programs that Republicans argue have become unwieldy and wasteful. Social Security disability insurance, for example, is in the crosshairs, though retirement payments are not. The proposal estimates that eliminating fraud and waste alone will save the government $143 billion over a decade.</p>
<p>&#8220;I think that it is a key step toward putting the budget toward a sustainable path to balance,&#8221; said Romina Boccia, a fellow at the Heritage Foundation, a conservative think tank. &#8220;While I think this is a good start, and the budget includes important reforms, we do need to continue to push for broader reforms to Medicare and Social Security because they are the key drivers of our growing spending and debt.&#8221;</p>
<p>Tackling entitlement programs puts the White House on politically treacherous terrain: Trump will need backing from at least some Democrats for his proposals to pass the Senate. But several line items they had dubbed &#8220;poison pills&#8221; during negotiations over the 2017 budget have reappeared in the new proposal, including funding for a wall along the Mexican border.</p>
<p>And on Monday, Democrats were already starting to draw battle lines, calling the programs critical for workers who are still struggling to recover from the recession.</p>
<p>&#8220;It&#8217;s a budget that takes a meat cleaver to the middle class by gutting the programs that help them the most, including many that help create jobs and power the economy,&#8221; Senate Minority Leader <a href="http://www.cnbc.com/chuck-schumer/" target="_self">Chuck Schumer</a> (D-N.Y.) said Monday on the floor.</p>
<p>The size and scope of the White House&#8217;s proposed cuts could make it tough to swallow even among Republicans. The proposal includes, for example, changing the funding formula for Medicaid, which some GOP moderates and state governors have opposed. It also calls for changes to &#8220;CHIP,&#8221; which provides benefits for low-income children who do not qualify for Medicaid. Finance Committee Chairman Orrin Hatch (R-Utah) was one of the original sponsors of the bill that created the program.</p>
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<h3><span class="quote">&#8220;The president &#8230; should not rely on unrealistic and rosy economic growth projections to pay for his proposals or fix our debt. It is not a good idea to spend as if you won the lottery in hopes that you actually do.&#8221;</span><span class="author">-Judd Gregg and Edward Rendell, co-chairmen, Campaign to Fix the Debt</span></h3>
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<p>The budget assumes the White House will be able to dramatically lower tax rates for households and businesses. The administration has proposed reducing the corporate rate to 15 percent and streamlining individual rates from seven brackets to just three. The White House provided no additional details about its proposal Monday but said it is a key component to pushing economic growth to 3 percent.</p>
<p>Mulvaney said the deep spending cuts, coupled with faster growth, will reduce the deficit as a percentage of GDP starting next year. He said the budget will balance by 2027.</p>
<p>However, many economists doubt the administration will be able to reliably and repeatedly hit a 3 percent target — even with significant tax cuts — due to the country&#8217;s aging population and declining productivity. The Congressional Budget Office currently estimates growth at about 1.9 percent.</p>
<p>&#8220;The president is right to focus on job creation and tax reform. But he should not rely on unrealistic and rosy economic growth projections to pay for his proposals or fix our debt,&#8221; said Judd Gregg and Edward Rendell, co-chairmen of the Campaign to Fix the Debt. &#8220;It is not a good idea to spend as if you won the lottery in hopes that you actually do.&#8221;</p>
<p>But Mulvaney said the administration stands by its forecast and that economists are underestimating the benefits of Trump&#8217;s proposals.</p>
<p>&#8220;That assumes a pessimism about America, about the economy, about the people, about its culture that we&#8217;re simply refusing to accept,&#8221; Mulvaney said. &#8220;We do not believe that [3 percent] is something fanciful.&#8221;</p>


White House 2018 budget proposal is out, and it slashes the social safety net

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<li>Attack in Manchester killed at least 19, injured scores</li>
<li>PM May calls it an &#8220;appalling terrorist attack&#8221;</li>
</ul>
<p>British Prime Minister Theresa May and opposition leader Jeremy Corbyn have agreed to suspend election campaigning until further notice following an explosion that killed 19 and injured dozens in the northern English city of Manchester.</p>
<p>May said on Tuesday that authorities were working to establish the details of the blast, adding that it was being treated as an &#8220;appalling terrorist attack&#8221;.</p>
<p>&#8220;We are working to establish the full details of what is being treated by the police as an appalling terrorist attack,&#8221; she said in a statement. &#8220;All our thoughts are with the victims and the families of those who have been affected.&#8221;</p>
<p>Her comments come as Britain prepares for <a href="http://www.cnbc.com/2017/05/21/uk-conservatives-lead-halved-ahead-of-election-according-to-this-poll.html" target="_self">a general election on June 8</a>.</p>
<p>Initial signs pointed to a suicide bomber as the cause of the blast, said two U.S. officials who spoke on condition of anonymity.</p>
<p>Earlier, British police had carried out a controlled explosion on a suspect device as a precaution, adding that the destroyed item turned out to be abandoned clothing rather than something suspicious.</p>
<p>The U.S. Department of Homeland Security said it was closely monitoring the situation in Manchester. In a statement, it said had &#8220;no information to indicate a specific credible threat involving music venues in the United States.&#8221;</p>
<p>&#8220;However, the public may experience increased security in and around public places and events as officials take additional precautions,&#8221; the statement said.</p>
<p>Monday&#8217;s explosion took place at a concert by Ariana Grande and five hours following the incident, the pop singer made her first comment in a tweet.</p>
<blockquote class="embed-container twitter-tweet twitter-tweet-error" data-twitter-extracted-i1495516168827528887="true"><p><a class="inline_asset" href="https://twitter.com/ArianaGrande/status/866849021519966208" target="_self">&#8220;broken. from the bottom of my heart, i am so so sorry. i don&#8217;t have words.&#8221;</a></p></blockquote>


British PM May, opposition leader Corbyn agree to suspend election campaigning

<p><span class="articleLocation">Tife Owolabi, Alexis Akwagyiram &amp; Anamesere Igboeroteonwu | YENAGOA</span></p>
<p>A Nigerian labour union that had called for the shutdown of all Exxon Mobil Corp facilities in the Niger Delta has suspended its strike at its Rivers state branch in the oil production hub, two union representatives said on Saturday.<span id="midArticle_byline"></span></p>
<p>Reuters had been unable to verify independently whether members of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) had shut the company&#8217;s facilities in the region on Friday, and oil industry sources said there was no impact on production.</p>
<blockquote><p>&#8220;The strike has been suspended,&#8221; said Chika Onuegbu, who represents PENGASSAN in Rivers state.</p></blockquote>
<p>Onuegbu and a senior PENGASSAN official, who also said the strike in Rivers state had been suspended but did not want to be identified, said the move followed a ruling by an industrial arbitration panel.</p>
<p>PENGASSAN&#8217;S chairman in the Port Harcourt zone, Azubike M Azubike, later said the industrial action had not been suspended elsewhere in the country.</p>
<blockquote><p>&#8220;The strike is still on nationwide, especially in Exxon Mobil facilities across Nigeria. We are still talking with Exxon Mobil management,&#8221; he said.</p></blockquote>
<p>Nigerian labour unions have held a number of strikes in the last few months over the dismissal of oil industry workers.</p>
<p>The latest industrial action was in protest at the sacking of 150 workers in December, of which 82 were PENGASSAN members.</p>
<p>Strikes by Exxon workers in Nigeria at the end of last year did affect output, delaying loadings by weeks.</p>
<p>(Reporting by Tife Owolabi, Alexis Akwagyiram in Lagos and Anamesere Igboeroteonwu in Onitsha; Editing by Dale Hudson, Bernard Orr)</p>
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Nigerian oil labour union suspends Exxon Mobil strike in Rivers state

<p>Reem Shamseddine and Marwa Rashad | <span class="articleLocation">RIYADH</span></p>
<p>OPEC and other oil producers are on course to agree an extension of supply cuts at a meeting on Thursday, with Saudi Arabia saying most participants are on board with the plan to rein in a global supply glut.</p>
<p>Saudi Arabia&#8217;s energy minister said on Sunday that extending the supply cuts by a further nine months until next March, and adding one or two small producers to the pact, should reduce oil inventories to their five-year average, a key gauge for OPEC to monitor the success of the initiative.</p>
<blockquote><p>&#8220;Everybody I talked to&#8230; expressed support and enthusiasm to join in this direction, but of course it doesn’t preempt any creative suggestions that may come about,&#8221; Khalid al-Falih told a news conference in Riyadh.</p>
<p>&#8220;We believe that continuation with the same level of cuts, plus eventually adding one or two small producers, if they wish to join, will be more than adequate to bring the five-year balance to where they need to be by the end of the first quarter 2018.&#8221;</p></blockquote>
<p>The Organization of the Petroleum Exporting Countries, Russia and other producers agreed last year to cut production by 1.8 million barrels per day (bpd) for six months starting from Jan 1.</p>
<p>Oil prices have gained support from reduced output, but high inventories and rising supply from producers not participating in the accord, such as the United States, have limited the rally, pressing the case for extending the curbs.</p>
<p>Saudi Arabia and non-OPEC member Russia, the world&#8217;s top two oil producers, last week agreed on the need to prolong he current deal on cuts, which expires in June, until March 2018, pushing up prices.</p>
<p>On Friday, Brent crude LCOc1 closed up $1.10, or 2.1 percent, at $53.61, the highest settlement for the international benchmark since April 18.</p>
<p>With a nine-month extension now the minimum expectation for the Vienna meeting, OPEC has a lot of work to do to persuade its members and some non-OPEC producers to back the move.<span id="midArticle_byline"></span></p>
<p>Non-OPEC member Kazakhstan has said it would struggle to join any new deal on the old terms, as its own output was set to jump.</p>
<p>But OPEC&#8217;s second-producer Iraq, whose output is growing fast, has said it will support extending output cuts in line with any OPEC decision, but did not specify for how long Baghdad was willing to extend the current cut.</p>
<p>Even Iran is likely to go along with such the extension plan if there is a consensus, sources familiar with Iranian thinking have told Reuters.</p>
<p>Falih said his understanding from a public announcement by his Iranian counterpart was that Iran was happy to stay within the production ceiling allocated to them last year.</p>
<p>Iran was the only OPEC member allowed to increase its output under the supply cut deal.</p>
<p>The current Iranian oil minister, Bijan Zanganeh, said earlier this month he believed producers were likely to extend the OPEC-led deal although he did not give a timeframe.</p>
<p>INVENTORIES REMAIN HIGH</p>
<p>OPEC&#8217;s aim is to reduce global oil inventories to the industry&#8217;s five-year average.<span id="midArticle_byline"></span></p>
<p>While inventories held at sea and in producer countries have dropped, they remain stubbornly high in consumer regions, particularly in Asia and the United States.</p>
<p>Estimated inventories in industrialized nations totalled 3.025 billion barrels at the end of March &#8211; about 300 million barrels above the five-year average, according to the International Energy Agency’s latest monthly report.</p>
<p>Preliminary April data indicated stocks would rise further, the IEA said. Crude stocks stood at a record 1.235 billion barrels.</p>
<p>Falih said high compliance to the supply curbs by oil producers including Russia and high seasonal demand for oil in summer will help reduce oil inventories and stabilise the market.</p>
<blockquote><p>&#8220;Our expectation going forward is continuing a balanced and reasonable cut in volumes will optimise for all producers all their revenue, while at the same time keeping prices in a reasonable range for consumers and for the overall market,&#8221; he said.</p></blockquote>
<p>An OPEC panel reviewing scenarios for the oil producer group&#8217;s meeting last week looked at the option of deepening and extending the agreement to reduce crude output, in an attempt to drain inventories and support prices.</p>
<p>The panel, the Economic Commission Board (ECB), does not set policy and its meeting precedes the gathering of OPEC and non-OPEC oil ministers on May 25 to decide whether to extend the supply pact.</p>
<p>The size of the extra supply cut being mulled by the ECB was not immediately available.</p>
<p>OPEC sources have said that while a larger cut by existing participants was considered unlikely, one could still be debated and the size of the supply reduction could increase from 1.8 million bpd if more non-OPEC countries come into the deal.<span id="midArticle_byline"></span></p>
<p>OPEC has been urging other producers to join the supply pact. Turkmenistan, along with Egypt and the Ivory Coast, are due to attend the meeting, sources have said.</p>
<p>(Additional reporting by Katie Paul and Andrew Torchia; Writing by Rania El Gamal; Editing by Mark Potter and Clelia Oziel)</p>


OPEC heads towards supply cut extension as Saudi signals most on board

<p><span class="articleLocation">Alexis Akwagyiram | LAGOS</span></p>
<p>Nigeria will process all tourist and business visas within two days, the vice president&#8217;s office said on Friday, as Africa&#8217;s largest economy, mired in recession, tries to improve the ease of doing business in the country.<span id="midArticle_byline"></span></p>
<p>Applicants will be notified whether their visas will be issued or rejected within 48 hours, with the change to take immediate effect.</p>
<p>The move follows the launch in March of a system aimed at enabling business executives to apply for a visa online and collect it on arrival 48 hours later.</p>
<p>Foreign executives had complained that obstructive embassy officials made it difficult to enter the country.</p>
<p>(Reporting by Alexis Akwagyiram; Writing by Paul Carsten; Editing by Mark Trevelyan)</p>
<p>&nbsp;</p>


Nigeria to process all tourist, business visas in two days

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<p><a class="inline_quotes" href="http://data.cnbc.com/quotes/F" target="_self" data-gdsid="17077" data-inline-quote-symbol="F">Ford Motor</a> reportedly shuffled its senior leadership team, with plans to replace CEO Mark Fields with executive chief Jim Hackett as a steep <a href="http://www.cnbc.com/2017/05/02/gm-ford-stocks-stocks-slammed-as-poor-sales-raise-red-flag-about-economy.html" target="_self">stock price decline</a> prompted a review of management, reports said on Monday, citing sources.</p>
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<p><img loading="lazy" decoding="async" src="http://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2017/04/23/104420710-fields-fortt.530x298.jpg?v=1492981533" alt="CNBC's Jon Fortt (l), seated with Ford CEO Mark Fields (r)." width="530" height="298" /></p>
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<div class="caption">CNBC&#8217;s Jon Fortt (l), seated with Ford CEO Mark Fields (r).</div>
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<p>The changes were reported by both Forbes and <a class="inline_asset" title="https://www.nytimes.com/2017/05/21/business/ford-motor-chief-executive.html?_r=0" href="https://www.nytimes.com/2017/05/21/business/ford-motor-chief-executive.html?_r=0" target="_self">the New York Times</a>, citing unnamed officials.</p>
<p>&#8220;We are staying focused on our plan for creating value and profitable growth. We do not comment on speculation or rumors,&#8221; a Ford spokesman said in response to CNBC&#8217;s emailed request for comment.</p>
<div id="inline_movable_ad"> Last week, sources told CNBC that the automaker was planning to <a href="http://www.cnbc.com/2017/05/16/ford-cutting-jobs-to-jump-start-stalled-stock.html" target="_self">cut 10 percent of its jobs around the world</a> in a bid to increase profits and lift the stock, which is hovering near a five-year low.</div>
<p>Ford&#8217;s share price has dropped nearly 40 percent since <a class="inline_asset" title="CEO Mark Fields" href="http://ceo%20mark%20fields/" target="_self">CEO Mark Fields</a> took the job in 2014. Hackett is currently chairman of Ford Smart Mobility, a Ford Unit started to design, build, grow and invest in emerging mobility services, according the Ford website. He was named to the position March 10, 2016.</p>
<p><a class="inline_asset" title="https://www.nytimes.com/2017/05/21/business/ford-motor-chief-executive.html?_r=0" href="https://www.nytimes.com/2017/05/21/business/ford-motor-chief-executive.html?_r=0" target="_self">Read the full New York Times report here</a>.</p>
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Ford Motor is replacing Mark Fields as CEO

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<p>Economists have long argued that marriage rates are lower in poorer and less well-educated areas because men in those communities aren&#8217;t good financial bets. Without steady incomes, they can&#8217;t reliably contribute to a household, so while women might have children with them, they won&#8217;t commit to men for life. That&#8217;s been the assumption, anyway.</p>
<p>Fracking booms gave two researchers in the Economics Department at the University of Maryland, College Park, a perfect chance to test the hypothesis. What happens when money pours into a place, enriching the men, specifically, and giving them good jobs? More of them will get married, right?</p>
<p>As they discovered, to their surprise, the answer is no.</p>
<div id="inline_movable_ad"> Melissa S. Kearney and Riley Wilson published their findings in a <a class="inline_asset" title="http://papers.nber.org/tmp/96135-w23408.pdf" href="http://papers.nber.org/tmp/96135-w23408.pdf" target="_self">new paper</a> covered by <a class="inline_asset" title="https://www.washingtonpost.com/news/wonk/wp/2017/05/16/women-just-arent-that-into-the-marriageable-male-anymore-economists-say/?utm_term=.70583aaa1b45" href="https://www.washingtonpost.com/news/wonk/wp/2017/05/16/women-just-arent-that-into-the-marriageable-male-anymore-economists-say/?utm_term=.70583aaa1b45" target="_self">the Washington Post</a> that concludes, &#8220;there is no evidence of an increase in marriage rates. The pattern of results is consistent with positive income effects on births, but no associated increase in marriage.&#8221;</div>
<p>In other words, fracking money made more men dad-material, but it didn&#8217;t make them husband-material.</p>
<div id="dart_wrapper_responsiverectangle" class="dart_wrapper dart_ads_noniframe_responsiverectangle badge-ad">Though in more conservative parts of the country like Appalachia, infusions of steady jobs for men in the 1970s and 80s led to more marriages and then more children born in wedlock, the Washington Post reports, this time, though fracking-related wealth produced a localized baby boom, there wasn&#8217;t a corresponding boom in marriages.</div>
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<p>Kearney tells the Post, &#8220;There was a different response this time, and it&#8217;s sobering,&#8221; adding, &#8220;The commitment to childbearing with marriage in the 70s and 80s is just no longer there.&#8221;</p>
<p>The decline in marriage rates in the working class has been going on for long enough now that, in 2012, The New York Times printed a column titled, &#8220;<a class="inline_asset" title="https://economix.blogs.nytimes.com/2012/02/06/marriage-is-for-rich-people/?_r=0" href="https://economix.blogs.nytimes.com/2012/02/06/marriage-is-for-rich-people/?_r=0" target="_self">Marriage is for rich people</a>.&#8221; It concludes, &#8220;Rich men are marrying rich women, creating doubly rich households for them and their children. And the poor are staying poor and alone.&#8221; <a class="inline_asset" title="http://www.pewsocialtrends.org/2015/12/17/1-the-american-family-today/" href="http://www.pewsocialtrends.org/2015/12/17/1-the-american-family-today/" target="_self">40 percent of all babies</a> now are born to single moms or to unmarried partners.</p>
<p>That can be rough on families for numerous reasons. Pooling resources can make many aspects of life easier, from affording a home to being involved at school. Coupling up also helps people stay healthier and live longer, especially <a class="inline_asset" title="http://www.health.harvard.edu/newsletter_article/marriage-and-mens-health" href="http://www.health.harvard.edu/newsletter_article/marriage-and-mens-health" target="_self">men</a>.</p>
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<div class="embed-container image">Staying single can be a better bet for women, though, many of whom appreciate having more flexibility in terms of how to structure their personal lives than they did several decades ago. Sociology professor Pepper Schwartz <a class="inline_asset" title="http://www.cnn.com/2014/10/15/opinion/schwartz-single-women/" href="http://www.cnn.com/2014/10/15/opinion/schwartz-single-women/" target="_self">writes</a>, &#8220;Women now have choices that allow them to customize the arc of their lives and some of them find that it is best for them to put marriage aside.&#8221; Husbands who are &#8220;nonworking, noninvolved,&#8221; she points out, can be &#8220;useless.&#8221;</div>
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<p>Schwartz concludes that, now that they generally have economic and cultural freedom, women no longer are willing to settle: &#8220;While most women still want marriage, they don&#8217;t want it at just any price. They don&#8217;t want it if it scuttles their dreams.&#8221;</p>
<p>A lengthy article in Yes! Magazine makes the case that <a class="inline_asset" title="http://www.yesmagazine.org/issues/gender-justice/why-not-getting-married-is-smart-economics-for-women-20160512" href="http://www.yesmagazine.org/issues/gender-justice/why-not-getting-married-is-smart-economics-for-women-20160512" target="_self">this is both a logical and positive development for women overall</a>. And that assessment seems to be shared by popular recent TV shows ranging from the sweet (CW&#8217;s &#8220;Gilmore Girls,&#8221; whose four-episode epilogue was released in 2016 on Netflix) to the salty (HBO&#8217;s &#8220;Girls,&#8221; which just finished its six-season run). Despite their differences in tone, both shows foreground a version of success for their heroines that has a lot to do with individual fulfillment and little to do with marriage.</p>
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<p>That said, affluent, professional women usually have an easier time being single by choice, and two-parent households, which tend to have more time as well as more money, have been shown to be good for kids. &#8220;Children whose mothers are continuously married grow up to make higher incomes at age 40 than children raised at some point by single parents,&#8221; <a class="inline_asset" title="https://www.washingtonpost.com/news/wonk/wp/2014/09/08/children-with-married-parents-are-better-off-but-marriage-isnt-the-reason-why/?utm_term=.128d0dffd1ab" href="https://www.washingtonpost.com/news/wonk/wp/2014/09/08/children-with-married-parents-are-better-off-but-marriage-isnt-the-reason-why/?utm_term=.128d0dffd1ab" target="_self">reports</a> the Post. &#8220;Children with married parents also have more engaged parents, and it&#8217;s the engagement that really matters.&#8221;</p>
<p>Given that the Times also <a class="inline_asset" title="https://www.nytimes.com/2015/06/11/upshot/the-north-south-divide-on-two-parent-families.html" href="https://www.nytimes.com/2015/06/11/upshot/the-north-south-divide-on-two-parent-families.html" target="_self">finds</a> that &#8220;the sharp rise in single-parent families has <a class="inline_asset" href="http://www.nytimes.com/2012/07/15/us/two-classes-in-america-divided-by-i-do.html" target="_self">contributed to</a> sky-high inequality,&#8221; many economists have struggled to figure out how to induce working-class couples to marry. But if a steady income doesn&#8217;t make a man marriageable anymore, what does?</p>
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<div class="pro-video-chapters fall dyperf dyMonitor" data-adid="535383||4729|||">Well, larger <a class="inline_asset" title="https://www.nytimes.com/2015/06/11/upshot/the-north-south-divide-on-two-parent-families.html" href="https://www.nytimes.com/2015/06/11/upshot/the-north-south-divide-on-two-parent-families.html" target="_self">religious and cultural expectations</a> can help. But <a class="inline_asset" title="http://www.pewsocialtrends.org/2015/12/17/1-the-american-family-today/" href="http://www.pewsocialtrends.org/2015/12/17/1-the-american-family-today/" target="_self">education certainly seems to help most</a>, possibly because it speaks to a person&#8217;s long-term job prospects and earning potential.</div>
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<p>Kearney and Wilson say as much in their intro, noting, &#8220;non-marital childbearing has become the norm among young mothers and mothers with low levels of education.&#8221; And according to the Times, states with high rates of education also tend to produce stable families: In &#8220;Minnesota, New Jersey, Massachusetts and Connecticut, at least 51 percent of teenagers are being raised by both biological parents, among the highest rates in the nation.&#8221;</p>
<p>If you want your son to be marriageable one day, tell him to stay in school now.</p>
<p><em>Reporting by <a href="http://www.cnbc.com/ester-bloom/">Ester Bloom</a></em></p>
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Economists: Men now need more than just money to be ‘marriageable’

<div class="group">
<p><a class="inline_quotes" href="http://data.cnbc.com/quotes/.BVSP" target="_self" data-gdsid="570637" data-inline-quote-symbol=".BVSP">Brazilian stocks</a> fell more than 10 percent in opening trade Thursday on an emerging scandal involving the country&#8217;s recently installed president.</p>
<p>Trading of some shares was delayed, Dow Jones reported.</p>
<p>The <a class="inline_quotes" href="http://data.cnbc.com/quotes/EWZ" target="_self" data-gdsid="103548" data-inline-quote-symbol="EWZ">iShares MSCI Brazil Capped ETF (EWZ)</a>, a heavily-traded U.S. ETF that tracks Brazilian stocks, briefly dropped more than 17 percent in opening U.S. trade.</p>
<div id="inline_movable_ad"> Less than 10 months into the new administration, Brazilian newspaper O Globo reported late Wednesday that Brazilian President Michel Temer gave his blessing to an attempt to pay a potential witness to remain silent in the country&#8217;s biggest-ever graft probe.</div>
<p>Temer told lawmakers Thursday that his government would not be toppled by allegations he was caught on tape trying to buy the silence of a potential witness in a sprawling graft investigation, a senator who was at the meeting told Reuters.</p>
<p><strong>EWZ 5-day performance (extended hours)</strong></p>
<p><strong class=""><img decoding="async" class="inlineChart" src="http://fm.cnbc.com/applications/cnbc.com/resources/editorialfiles/charts/2017/05/1495111691_ewzextended5day170518.jpg" /></strong></p>
<p><em>Source: FactSet</em></p>
<p>Temer&#8217;s office on Wednesday acknowledged he had met in March with the businessman, Chairman Joesley Batista of meat giant JBS SA, but denied any part in alleged efforts to keep jailed former House Speaker Eduardo Cunha from testifying.</p>
<p>O Globo&#8217;s report, which they say three sources familiar with the matter said was accurate, threatened to pull Temer into a corruption scandal that has already entangled several of his closest allies and advisors.</p>
<p>&#8220;We believe the administration&#8217;s economic team is highly concerned the crisis will impact their reform agenda,&#8221; Larry McDonald wrote Thursday in &#8220;The Bear Traps Report&#8221; newsletter. &#8220;Equity prices / valuations are very dependent on completion / passage of these reforms.&#8221;</p>
<p>U.S.-listed shares of major Brazilian stocks plunged in morning trade:</p>
<ul>
<li>State-run <a class="inline_asset" href="http://data.cnbc.com/quotes/PETR'-BR" target="_self">Petrobras</a> dropped more than 14.5 percent.</li>
<li><a class="inline_quotes" href="http://data.cnbc.com/quotes/BBDC%27-BR" target="_self" data-gdsid="66854" data-inline-quote-symbol="BBDC'-BR">Banco Bradesco</a> fell more than 18 percent.</li>
<li><a class="inline_quotes" href="http://data.cnbc.com/quotes/VALE%27A-BR" target="_self" data-gdsid="35798" data-inline-quote-symbol="VALE'A-BR">Vale SA</a> down nearly 8 percent.</li>
<li><a class="inline_quotes" href="http://data.cnbc.com/quotes/ITUB%27-BR" target="_self" data-gdsid="21767" data-inline-quote-symbol="ITUB'-BR">Itau Unibanco</a> fell 14.5 percent.</li>
</ul>
<p>The <a class="inline_quotes" href="http://data.cnbc.com/quotes/EEM" target="_self" data-gdsid="96178" data-inline-quote-symbol="EEM">iShares MSCI Emerging Markets ETF (EEM)</a> fell more than 2 percent.</p>
<p><a href="http://www.cnbc.com/brazil/" target="_self">Brazil</a> makes up 7.43 percent of the MSCI Emerging Markets Index, <a class="inline_asset" title="https://www.msci.com/documents/10199/c0db0a48-01f2-4ba9-ad01-226fd5678111" href="https://www.msci.com/documents/10199/c0db0a48-01f2-4ba9-ad01-226fd5678111" target="_self">as of April 28.</a> <a href="http://www.cnbc.com/china/" target="_self">China</a> is the country with the greatest weighting, at 27.05 percent.</p>
<p>The <a class="inline_quotes" href="http://data.cnbc.com/quotes/BRLUSD%3D" target="_self" data-gdsid="41566742" data-inline-quote-symbol="BRLUSD=">Brazilian real</a> fell more than 6 percent against the U.S. dollar Thursday morning.</p>
<p><img decoding="async" class="inlineChart" src="http://fm.cnbc.com/applications/cnbc.com/resources/editorialfiles/charts/2017/05/1495113394_usbrl.jpg" /></p>
<p>The opening drop in the Brazilian stock market triggered a circuit breaker on the Bovespa exchange, Bloomberg reported.</p>
<p>Brazilian equities have surged over the past year, with the EWZ rising more than 45 percent in the period, as investors cheered Temer&#8217;s proposed economic policies. The fund is one of the 20 most actively-traded ETFs in the U.S. market on a daily basis, on average.</p>
<p>&#8220;Brazil blows up every couple years,&#8221; Tim Seymour managing partner of Triogem Asset Management, said in an email. It &#8220;got overcrowded for regional dedicated players.&#8221;</p>
<p>The country&#8217;s stocks are about &#8220;8 percent of the EM index and taking EM down today more than it might,&#8221; Seymour said. &#8220;That creates an opportunity but think about the politics across EM right now.&#8221;</p>
<p>The new president and his promised reforms were supposed to turn the page on Brazil&#8217;s rocky political climate. Temer became leader of the country after President Dilma Rousseff was removed Aug. 31 amid a massive corruption scandal and an economic crisis that crippled Latin America&#8217;s largest country.</p>
<p>&#8220;Now the fear is that Temer might have to leave office like his predecessor, Dilma Rousseff,&#8221; said Komal Sri-Kumar, president of Sri-Kumar Global Strategies. &#8220;But it&#8217;s too early to panic because there are a lot of steps to removing a president in Brazil.&#8221;</p>
<p><a href="http://www.cnbc.com/brazil/" target="_self">Brazil</a> had been an economic stalwart in the region just a few years before Rousseff&#8217;s impeachment, buoyed by surging oil prices. But the collapse in the crude market, coupled with a corruption scandal at Petrobras, led to millions of Brazilians flooding the streets in protest of Rousseff&#8217;s presidency.</p>
<p><em>—Reporting by <a href="http://www.cnbc.com/fred-imbert/" rel="author">Fred Imbert</a> | <a href="http://www.cnbc.com/evelyn-cheng/" rel="author">Evelyn Cheng</a> and Reuters </em></p>
</div>


Brazil stocks plunge on emerging political scandal

<p><span class="articleLocation">TJ Strydom | JOHANNESBURG</span></p>
<p>South Africa&#8217;s Investec reported a 17 percent rise in annual profit on Thursday buoyed by its asset management and specialist banking businesses.<span id="midArticle_byline"></span></p>
<p>Investec, which is also listed in London, said adjusted earnings per share (EPS) for the year to end-March rose to 48.3 pence from 41.3 pence a year earlier.</p>
<p>&#8220;The Asset Management and Wealth and Investment businesses have benefited from higher funds under management supported by rising market levels,&#8221; the company said in a statement.</p>
<p>It raised its full-year dividend to 23 pence per share from 21 pence a year earlier.</p>
<p>(Reporting by TJ Strydom; editing by Jason Neely)</p>
<p>&nbsp;</p>


South Africa’s Investec reports 17 percent full-year profit jump

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<ul>
<li>The Dow and S&amp;P recorded their worst day since September of last year. The Nasdaq composite posted its worst session since June 24.</li>
<li>Traditional safe havens, in turn, caught a bid as the benchmark 10-year yield fell to about 2.21 percent. The yen also rose against the dollar to trade at 111.05.</li>
</ul>
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<div class="source">Fred Imbert | <span class="twitter-url"><a href="http://twitter.com/foimbert">@foimbert</a></span></div>
<div class="source">
<p>U.S. equities closed sharply lower on Wednesday as investors fretted over the latest news coming out of Washington.</p>
<p>&#8220;This is clearly Washington-driven,&#8221; said Michael Shaoul, chairman and CEO of Marketfield Asset Management. &#8220;It&#8217;s a lot like 1998-99, when the market had to deal with the [Monica] Lewinsky scandal.&#8221;</p>
<p>The Dow Jones industrial average ended about 370 points lower, with Goldman Sachs contributing the most losses. The S&amp;P 500 dropped 1.8 percent, with financials tumbling 3.1 percent to lead decliners. Financials posted their worst day since June 24 were pulled down by banks, with the SPDR S&amp;P Bank ETF (KBE) falling 3.9 percent.</p>
<p>The Nasdaq composite lagged, shedding 2.6 percent, and posted its worst session since June 24.</p>
<p>The major indexes also gave up their gains for the month. The Dow and S&amp;P also recorded their worst day since September of last year.</p>
<p>NBC News confirmed Tuesday a report from The New York Times that former FBI Director James Comey put together a memo outlining a conversation in which President Donald Trump allegedly asked <a href="http://www.cnbc.com/2017/05/16/comey-memo-says-trump-asked-him-to-shut-down-flynn-probe-nyt.html" target="_self">him to halt an investigation into Michael Flynn</a>, the former national security adviser.</p>
<p>Later on Tuesday, House Oversight Committee Chairman Jason Chaffetz asked the FBI for any records it has on <a href="http://www.cnbc.com/2017/05/16/jason-chaffetz-oversight-panel-will-get-comey-memo-if-it-exists.html" target="_self">communications between Trump and Comey</a>.</p>
<p>&#8220;Earnings have provided a good fundamental base for the market, but I&#8217;m beginning to wonder if this news item is the straw that breaks the camel&#8217;s back,&#8221; said David Schiegoleit, managing director of investments at U.S Bank Private Client Reserve.</p>
<p>Traditional safe havens caught a bid as the benchmark 10-year yield fell to about 2.21 percent. The yen also rose against the dollar to trade at 110.99.</p>
<p>&#8220;If special prosecutors are hired or there is more talk about obstruction of justice being an impeachable offense, one can kiss the tax plan, health care plan, and fiscal stimulus plan goodbye for 2017,&#8221; Andy Brenner, head of international fixed income securities at National Alliance Securities, said in a note Monday.</p>
<p>Stocks have rallied all year in part because of the hope for lower corporate taxes. Lately, the major indexes have pushed towards record levels, with the S&amp;P and Nasdaq notching all-time highs earlier this week.</p>
<p>The administration has said in the past that it uses the stock market as <a href="http://www.cnbc.com/2017/02/23/mnuchin-the-stock-market-is-the-trump-administrations-report-card.html" target="_self">its economic report card</a>, but the White House said Wednesday it had no comment on the sell-off.</p>
<p>But equities would take a big hit if Trump were impeached, Jack Welch, the former CEO of <a class="inline_asset" href="http://data.cnbc.com/quotes/GE" target="_self">General Electric</a> who has the president&#8217;s ear, <a href="http://www.cnbc.com/2017/05/17/jack-welch-impeachment-of-trump-would-blow-the-market-away.html" target="_self">told CNBC on Wednesday</a>. &#8220;An impeachment proceeding would blow the market away,&#8221; Welch said on <a href="http://www.cnbc.com/squawk-box-us/" target="_self">&#8220;Squawk Box.&#8221;</a></p>
<p>The <a class="inline_quotes" href="http://data.cnbc.com/quotes/.VIX" target="_self" data-gdsid="601065" data-inline-quote-symbol=".VIX">CBOE Volatility Index (VIX)</a>, widely considered the best gauge of fear in the market, jumped more than 40<a class="inline_asset" title="http://www.cnbc.com/2017/05/17/fear-returns-to-wall-street-heres-what-works-when-it-does.html" href="http://www.cnbc.com/2017/05/17/fear-returns-to-wall-street-heres-what-works-when-it-does.html" target="_self"> percent Wednesday</a>, lifting it to its highest level since April 21.</p>
<p>&#8220;We&#8217;ve had ultra-low volatility for most of this year. These days tend to happen and people sometimes forget that,&#8221; said Jeremy Bryan, portfolio manager at Gradient Investments.</p>
<p>The risk to the Trump agenda also presents a problem for the Federal Reserve, said Larry McDonald, author of <a class="inline_asset" title="www.thebeartrapsreport.com" href="http://www.thebeartrapsreport.com/" target="_self">The Bear Traps Report</a> and head of global strategy at ACG Analytics.</p>
<p>&#8220;Wall St&#8217;s calling for 2-3 more rate hikes this year, seven over the next two years – but Mr. DXY says no way Jose. The FOMC could very well be on Hold for the Rest of 2017,&#8221; McDonald said in a note.</p>
<p>The dollar index (DXY) hovered near its lowest level since November.</p>
<p>The Fed has signaled it intends to raise rates twice more this year, after a quarter-point hike in March. The central bank&#8217;s policymaking committee is slated to meet next month. Market expectations for June rate hike are 69.2 percent, according to the CME Group&#8217;s FedWatch tool.</p>
</div>


Dow sheds 370 points; stocks close lower and wipe out monthly gains on Trump fears

<p>Christina Farr | <span class="twitter-url">@chrissyfarr</span></p>
<ul>
<li>Each year, Amazon holds an annual meeting to discuss whether it should break into the pharmacy market, said a source familiar.</li>
<li>This year, it is getting more serious and is looking to hire a general manager.</li>
<li>Industry experts say this could be a multibillion market opportunity for the e-commerce company.</li>
</ul>
<p><a class="inline_quotes" href="http://data.cnbc.com/quotes/AMZN" target="_self" data-gdsid="9399" data-inline-quote-symbol="AMZN">Amazon</a> is hiring a business lead to figure out how the company can break into the multibillion-dollar pharmacy market.</p>
<p>For the last few years, Amazon has held at least one annual meeting at its Seattle, WA headquarters to discuss whether it should enter the pharmacy business, says two people familiar with the company&#8217;s plans.</p>
<p>But this year, with the rise of high-deductible plans and the trend towards consumers paying for health care, it is ready to get more serious.</p>
<p>Two people said that it&#8217;s not a done deal that Amazon will move into this space, given the complex web of established players. But it is bringing on a new general manager to lead the team and formulate a strategy, and is deep in discussions with industry experts. That hire would sit under the consumables business, the source said.</p>
<p>Another person said it&#8217;s started to recruit more broadly from the pharmacy space.</p>
<p>The company recently started <a class="inline_asset" title="https://www.amazon.com/Medical-Supplies-Equipment-Health-Care/b?ie=UTF8&amp;node=3775161" href="https://www.amazon.com/Medical-Supplies-Equipment-Health-Care/b?ie=UTF8&amp;node=3775161" target="_self">selling medical supplies and equipment</a> in the U.S., and <a class="inline_asset" title="https://www.amazon.jobs/en-gb/jobs/529509" href="https://www.amazon.jobs/en-gb/jobs/529509" target="_self">is hiring for its</a> &#8220;professional health care program&#8221; to ensure that the company is meeting regulatory requirements. It also hired Mark Lyons two months ago from Premera Blue Cross. A source said that Lyons is tasked with building an internal pharmacy benefits manager for Amazon employees, which might be later scaled out.</p>
<p>Amazon declined to comment.</p>
<p><a class="inline_asset" title="http://www.japantimes.co.jp/news/2017/04/19/business/amazon-launches-same-day-delivery-service-for-food-and-medicine/" href="http://www.japantimes.co.jp/news/2017/04/19/business/amazon-launches-same-day-delivery-service-for-food-and-medicine/" target="_self">Japan Times reported</a> in April of this year that the company expanded its Prime Now delivery service to include drug and cosmetic sales, with the support of local partners. Amazon&#8217;s category page on its Japanese site now includes &#8220;pharmaceuticals,&#8221; and sells drugs to patients with approval from a pharmacist.</p>
<p><img loading="lazy" decoding="async" class="alignnone size-full wp-image-123879" src="http://cnbc.africa/wp-content/uploads/2017/05/amzn-pharmacy-japan.530x298.png" alt="" width="530" height="298" /></p>
<p>Amazon often tests new product lines in non-U.S. markets, before it assesses whether to roll it out in the domestic market. The company tested its secret drone-delivery program in Canada, for instance.</p>
<p>In the United States alone, more than 4 billion prescriptions are ordered every year. In 2015, patients, insurance companies and other payers spent an estimated $300 billion on prescription drugs.</p>
<p>For Amazon, it&#8217;s a lucrative market that would require navigating a variety of existing players. For consumers with a high dollar deductible, Amazon could someday be a go-to destination to shop for drugs.</p>
<p>&#8220;I think Amazon would introduce a lot of transparency to what drugs really cost,&#8221; said Stephen Buck, a health entrepreneur and co-founder of <a class="inline_asset" title="https://www.goodrx.com/" href="https://www.goodrx.com/" target="_self">GoodRx</a>, a service that promises to save consumers on the price of prescription meds. Buck sees a slew of potential opportunities for Amazon, including a product that competes with pharmacy benefits management or PBM giants, like <a class="inline_quotes" href="http://data.cnbc.com/quotes/ESRX" target="_self" data-gdsid="16738" data-inline-quote-symbol="ESRX">Express Scripts</a> and <a class="inline_quotes" href="http://data.cnbc.com/quotes/CVS" target="_self" data-gdsid="14561" data-inline-quote-symbol="CVS">CVS Health</a>.</p>
<p>Buck estimates that it&#8217;s a $25 to $50 billion market opportunity for Amazon, if executed well. But the company would also face challenges entering a regulated market it. &#8220;Prescription transfer laws and e-prescribing make a little bit more difficult than putting something in a cart and checking out,&#8221; he said.</p>
<p>Amazon previously backed a &#8220;dotcom&#8221; darling called Drugstore.com in the late 1990s, with CEO Jeff Bezos taking on a director role. At that time, it was speculated that Amazon could carve out a huge chunk of the prescription and over-the-counter drug sales market. Drugstore.com later sold to Walgreens, which eventually shut it down.</p>


Amazon is hiring people to break into the multibillion-dollar pharmacy market

<p><span class="articleLocation">Jean-Baptiste Vey | PARIS</span></p>
<p>President Emmanuel Macron will visit French troops in Africa on Friday, a source close to the new leader said on Tuesday.<span id="midArticle_byline"></span></p>
<p>Aides have said he is expected to go to Mali where about 1,000 soldiers are based as part of Paris&#8217; West African counter-terrorism force.</p>
<blockquote><p>The source added that the new French government&#8217;s first cabinet meeting would take place on Thursday.</p></blockquote>
<p>(Reporting by Jean-Baptiste Vey; writing by John Irish; Editing by Adrian Croft)</p>
<p>&nbsp;</p>


French President Macron to travel to Africa on Friday – source

<p>Brian Roberts | CNBC Contributor</p>
<p>Millennials don&#8217;t have it like the boomer generation.</p>
<p>Compared to our predecessors, the cost of living is higher, taxes are higher and decent paying jobs are scarcer. Without the basics covered, it&#8217;s that much harder for millennials to land ― let alone excel in ― leadership roles.</p>
<p>It&#8217;s hard to want to put in extra effort at the office when you&#8217;re feeling undervalued. For millennials who feel caged by constraints like this, the solution may be a lot simpler than you think: Pack your bags<i>.</i></p>
<p>That&#8217;s right. Move.</p>
<p><a class="inline_asset" href="http://growella.com/" target="_self">Growella</a>, a media site that helps millennials make smart money, career and lifestyle choices, conducted a comprehensive study on the <a class="inline_asset" href="https://growella.com/working/top-ranked-cities-for-millennials/" target="_self">best cities for millennials</a> in the U.S. The cities were ranked by pulling data from more than 70 public, available resources.</p>
<p>They looked at everything from availability of entry-level jobs to take home pay and more. Ultimately, the study boiled down to answering this question: Is it possible to earn a living, have a life and still set aside money for your future? And if so, where?</p>
<p>For instance, New York City wages are higher compared to a lot of places, but net income ― what you take home ― isn&#8217;t.</p>
<p>&#8220;What you make isn&#8217;t always &#8216;what you make.&#8217; Favorable tax rates and a low cost of living can be the great equalizer in some cities,&#8221; says Dan Green, the founder and CEO of Growella.</p>
<p>In short: Cities with greater career opportunities and less expenses might afford millennials opportunities they crave. These include the ability to focus on bigger goals and become leaders in fields they&#8217;re passionate about.</p>
<p>&#8220;Each of the top five has a character and prevailing industry, from technology and robotics to finance and other fields,&#8221; he says.</p>
<p>According to the study, these are the top five cities for millennials and their prevailing industries:</p>
<h2 class="subtitle">1. Durham, North Carolina</h2>
<div id="attachment_123649" style="width: 610px" class="wp-caption alignnone"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-123649" class="size-full wp-image-123649" src="http://cnbc.africa/wp-content/uploads/2017/05/Durham.600x400.jpg" alt="" width="600" height="400" /><p id="caption-attachment-123649" class="wp-caption-text">Barry Winiker | Getty Images<br />An office complex in Durham, North Carolina</p></div>
<p><strong>Industries:</strong> Life sciences and IT</p>
<p>For millennials with leadership aspirations in the life sciences or IT sector, go to Durham. The city is home to Duke University and Research Triangle Park, a preeminent high-tech research hub. Plus, with over 100,000 residents between the ages of 18 to 34, there&#8217;s no shortage of other ambitious millennials to connect with.</p>
<h2 class="subtitle">2. Pittsburgh, Pennsylvania</h2>
<div id="attachment_123674" style="width: 610px" class="wp-caption alignnone"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-123674" class="size-full wp-image-123674" src="http://cnbc.africa/wp-content/uploads/2017/05/104460422-Pittsburg.600x400.jpg" alt="" width="600" height="400" /><p id="caption-attachment-123674" class="wp-caption-text">Danita Delmont | Getty Images</p></div>
<p><strong>Industries:</strong> Tech and robotics</p>
<p>When people first think of Pittsburgh, they think of steel. But the &#8216;Steel City&#8217;, once known as a vibrant steel manufacturing city, is now buzzing with &#8220;technology and robotics&#8221; according to Dan Green. Ambitious millennials will also love Pittsburgh for it&#8217;s rich art and cultural scene, and with over 346,400 people between the ages of 18 to 34 in Pittsburgh, there&#8217;s no shortage of folks to enjoy it with.</p>
<h2 class="subtitle">3. Nashville, Tennessee</h2>
<div id="attachment_123675" style="width: 610px" class="wp-caption alignnone"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-123675" class="size-full wp-image-123675" src="http://cnbc.africa/wp-content/uploads/2017/05/104460390-Nashville.600x400.jpg" alt="" width="600" height="400" /><p id="caption-attachment-123675" class="wp-caption-text">Danita Delmont | Getty Images<br />The Nashville, Tennessee skyline</p></div>
<p><strong>Industries:</strong> Healthcare and publishing</p>
<p>If you&#8217;re looking to make a name for yourself in healthcare, publishing ― and we can&#8217;t forget music ― then Nashville may be the place for you. Having just spent a week there with other young professionals, I can attest to the opportunities Nashville has for anyone looking to make a name, regardless of the industry. Although you may know it as &#8220;Music City&#8221; my one Lyft driver referred to it as &#8220;Crane City&#8221; due to the sheer number of cranes dotting the skyline, office buildings and apartments.</p>
<h2 class="subtitle">4. Des Moines, Iowa</h2>
<div id="attachment_123676" style="width: 610px" class="wp-caption alignnone"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-123676" class="size-full wp-image-123676" src="http://cnbc.africa/wp-content/uploads/2017/05/104460374-Des_Moines.600x400.png" alt="" width="600" height="400" /><p id="caption-attachment-123676" class="wp-caption-text">Jeremy Woodhouse | Getty Images<br />The Des Moines, Iowa skyline</p></div>
<p><strong>Industry:</strong> Insurance</p>
<p>This city, although not as popular as the other names on this list, is one of the best places for leaders in America. Business costs are far below the national average, and it&#8217;s been a hotbed of economic growth since 2010. Insurance is a key industry here.</p>
<div class="group-container ">
<div class="group">
<p>Millennials don&#8217;t have it like the boomer generation.</p>
<p>Compared to our predecessors, the cost of living is higher, taxes are higher and decent paying jobs are scarcer. Without the basics covered, it&#8217;s that much harder for millennials to land ― let alone excel in ― leadership roles.</p>
<p>It&#8217;s hard to want to put in extra effort at the office when you&#8217;re feeling undervalued. For millennials who feel caged by constraints like this, the solution may be a lot simpler than you think: Pack your bags<i>.</i></p>
<div id="inline_movable_ad"></div>
<p>That&#8217;s right. Move.</p>
<p><a class="inline_asset" href="http://growella.com/" target="_self">Growella</a>, a media site that helps millennials make smart money, career and lifestyle choices, conducted a comprehensive study on the <a class="inline_asset" href="https://growella.com/working/top-ranked-cities-for-millennials/" target="_self">best cities for millennials</a> in the U.S. The cities were ranked by pulling data from more than 70 public, available resources.</p>
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<p><span class="video-icon"><a class="" href="http://video.cnbc.com/gallery/?video=3000603143" data-videoid="3000603143" data-videotype=""><img loading="lazy" decoding="async" title="Professionals in these cities take home the most money after rent and taxes" src="http://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2017/03/21/104354743-makeit_cities_disposable_income_after_rent_taxes_mezz.600x400.jpg?v=1490104745" alt="Professionals in these cities take home the most money after rent and taxes" width="600" height="400" /></a></span></p>
<div class="headline">Professionals in these cities take home the most money after rent and taxes</div>
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<p>They looked at everything from availability of entry-level jobs to take home pay and more. Ultimately, the study boiled down to answering this question: Is it possible to earn a living, have a life and still set aside money for your future? And if so, where?</p>
<p>For instance, New York City wages are higher compared to a lot of places, but net income ― what you take home ― isn&#8217;t.</p>
<p>&#8220;What you make isn&#8217;t always &#8216;what you make.&#8217; Favorable tax rates and a low cost of living can be the great equalizer in some cities,&#8221; says Dan Green, the founder and CEO of Growella.</p>
<p>In short: Cities with greater career opportunities and less expenses might afford millennials opportunities they crave. These include the ability to focus on bigger goals and become leaders in fields they&#8217;re passionate about.</p>
<p>&#8220;Each of the top five has a character and prevailing industry, from technology and robotics to finance and other fields,&#8221; he says.</p>
<p>According to the study, these are the top five cities for millennials and their prevailing industries:</p>
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<h4 class="subtitle">1. Durham, North Carolina</h4>
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<p><img loading="lazy" decoding="async" src="http://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2017/05/10/104460386-Durham.600x400.jpg?v=1494423377" alt="An office complex in Durham, North Carolina" width="600" height="400" /></p>
<div class="attribution">Barry Winiker | Getty Images</div>
<div class="caption">An office complex in Durham, North Carolina</div>
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<p><strong>Industries:</strong> Life sciences and IT</p>
<p>For millennials with leadership aspirations in the life sciences or IT sector, go to Durham. The city is home to Duke University and Research Triangle Park, a preeminent high-tech research hub. Plus, with over 100,000 residents between the ages of 18 to 34, there&#8217;s no shortage of other ambitious millennials to connect with.</p>
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<div class="attribution">Danita Delmont | Getty Images</div>
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<p><strong>Industries:</strong> Tech and robotics</p>
<p>When people first think of Pittsburgh, they think of steel. But the &#8216;Steel City&#8217;, once known as a vibrant steel manufacturing city, is now buzzing with &#8220;technology and robotics&#8221; according to Dan Green. Ambitious millennials will also love Pittsburgh for it&#8217;s rich art and cultural scene, and with over 346,400 people between the ages of 18 to 34 in Pittsburgh, there&#8217;s no shortage of folks to enjoy it with.</p>
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<div class="attribution">Danita Delmont | Getty Images</div>
<div class="caption">The Nashville, Tennessee skyline</div>
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<p><strong>Industries:</strong> Healthcare and publishing</p>
<p>If you&#8217;re looking to make a name for yourself in healthcare, publishing ― and we can&#8217;t forget music ― then Nashville may be the place for you. Having just spent a week there with other young professionals, I can attest to the opportunities Nashville has for anyone looking to make a name, regardless of the industry. Although you may know it as &#8220;Music City&#8221; my one Lyft driver referred to it as &#8220;Crane City&#8221; due to the sheer number of cranes dotting the skyline, office buildings and apartments.</p>
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<h4 class="subtitle">4. Des Moines, Iowa</h4>
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<p><img loading="lazy" decoding="async" src="http://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2017/05/10/104460374-Des_Moines.600x400.png?v=1494423113" alt="The Des Moines, Iowa skyline" width="600" height="400" /></p>
<div class="attribution">Jeremy Woodhouse | Getty Images</div>
<div class="caption">The Des Moines, Iowa skyline</div>
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<p><strong>Industry:</strong> Insurance</p>
<p>This city, although not as popular as the other names on this list, is one of the best places for leaders in America. Business costs are far below the national average, and it&#8217;s been a hotbed of economic growth since 2010. Insurance is a key industry here.</p>
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<div id="attachment_123677" style="width: 610px" class="wp-caption alignnone"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-123677" class="size-full wp-image-123677" src="http://cnbc.africa/wp-content/uploads/2017/05/104460361-Charlotte.600x400.jpg" alt="" width="600" height="400" /><p id="caption-attachment-123677" class="wp-caption-text">Walter Bibikow | Getty Images</p></div>
<p><strong>Industry:</strong> Finance</p>
<p>When you think of finance, you probably think of Wall Street, but you should probably be thinking about the city of Charlotte instead. Boasting almost 300,000 people between the ages of 18 to 34, it&#8217;s the second largest banking center in the United States and the perfect place for millennials looking to rise the financial ranks.</p>
<p>Check out the full list <a class="inline_asset" title="https://growella.com/working/top-ranked-cities-for-millennials/" href="https://growella.com/working/top-ranked-cities-for-millennials/" target="_self">here</a>.</p>
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The 5 best cities for millennials to start their careers

<p>Arjun Kharpal</p>
<ul>
<li>The WannaCry ransomware hackers have received around $50,000 worth of bitcoin so far.</li>
<li>The amount the hackers will demand is expected to double from $300 to $600 on Monday.</li>
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<p>Hackers who locked files on 200,000 computers globally and asked for a <a class="inline_quotes" href="http://data.cnbc.com/quotes/BTC%3D-USS" target="_self" data-gdsid="76662810" data-inline-quote-symbol="BTC=-USS" rel="noopener">bitcoin</a> ransom payment to unlock them, have only made around $50,000, an industry source told CNBC, despite the large scale of the attack.</p>
<p>On Friday, a <a href="http://www.cnbc.com/2017/05/14/cyber-attack-hits-200000-in-at-least-150-countries-europol.html" target="_self" rel="noopener">virus known as WannaCry</a> infected machines across 150 countries. It&#8217;s known as ransomware which is a malicious piece of software that encrypts a user&#8217;s files then demands them pay money to unlock them. In this case, the hackers asked for $300 worth of bitcoin.</p>
<p>James Smith, CEO of Elliptic, a London-based start-up that helps law enforcement agencies track criminals using the cryptocurrency, said his company had uncovered that since Friday, around $50,000 worth of bitcoin payments have been made to the hackers by 7 a.m. ET on Monday. This was up from $45,000 at 4 a.m. ET.</p>
<p>&#8220;We have seen the number of payments start to go up today,&#8221; Smith told CNBC Monday.</p>
<p>After 72 hours from when the attack started on Friday, the hackers said the fine would double to $600, and after seven days, the files would be permanently locked.</p>
<p>&#8220;We think over the course of today as we approach the first deadline where fines double we will see a bigger increase (in bitcoin payments),&#8221; Smith added.</p>
<p>The amount paid so far is still a small amount despite the global nature and scale of the attack. Security experts and government agencies have been urging people not to pay the ransom.</p>
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<h4 class="subtitle">Why payments have been slow</h4>
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<p>One of the major reasons for the slow payments is perhaps because many people wouldn&#8217;t know how to obtain and pay in bitcoin.</p>
<p>&#8220;If a business is told it needs to pay this amount of bitcoin, most companies will be asking what bitcoin is … it&#8217;s not straightforward,&#8221; Smith explained.</p>
<p>Obtaining large amounts of the cryptocurrency might take some time, and then setting up an account via a bitcoin wallet and exchange would also require a long onboarding process.</p>
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<p>At the same time, researchers have seen no evidence that paying the cybercriminals necessarily unlocks your files.</p>
<p>&#8220;The decryption process itself is problematic, to say the least,&#8221; cybersecurity firm Check Point said in a blog post on Sunday.</p>
<p>&#8220;Unlike its competitors in the ransomware market, WannaCry doesn&#8217;t seem to have a way of associating a payment to the person making it. Most ransomware … generate a unique ID and bitcoin wallet for each victim and thus know who to send the decryption keys to. WannaCry, on the other hand, only asks you to make a payment, and then … wait.&#8221;</p>
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<h4 class="subtitle">Tracing bitcoin</h4>
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<p>Hackers who deploy ransomware often ask for payments in bitcoin as it is often believed to be completely anonymous. But law enforcement agencies, working with companies like Elliptic, have figured out ways to trace this.</p>
<p>It traces so-called bitcoin addresses back to people. These addresses are required to make payments to other people or organizations. At the moment, Elliptic is working on trying to trace the payments, but Smith said this would become clearer when the hackers try to withdraw their bitcoin in fiat currency.</p>
<p>&#8220;The attackers haven&#8217;t moved it. In previous cases we have been able to work with law enforcement to see where the funds move because ultimately the attacker wants to turn it back into a currency they want to spend,&#8221; Smith explained.</p>
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Hackers who infected 200,000 machines have only made $50,000 worth of bitcoin

<p>Zandi Shabalala | LONDON</p>
<p>Platinum producer Lonmin will move its head offices from Johannesburg to its Marikana operations in South Africa in a move that will save it &#8220;tens of millions&#8221; of rand, Chief Executive Ben Magara said on Monday.<span id="midArticle_byline"></span></p>
<p>&#8220;For me it&#8217;s really about getting closer to the operations and giving support to our management teams,&#8221; Magara said on a conference call following the release of its first-half results.</p>
<p><strong>Lonmin reports H1 operating loss, cuts spending target</strong></p>
<p>The South Africa-focused platinum producer on Monday reported a first-half operating loss of $181 million hit by higher costs and lower production.<span id="midArticle_byline"></span></p>
<p>It reported a headline loss of $39 million versus a loss of $4 million a year earlier. It had a loss per share of 64.4 cents versus 1.8 cents.</p>
<p>The London-listed miner also cut its spending plan for the year to a range of 1.4 billion to 1.5 billion rand ($105.1 million to $112.6 million) from 1.8 billion rand.</p>
<p>($1 = 13.3172 rand)</p>
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Lonmin to move Johannesburg office to Marikana operations

<div id="article-byline"><span class="author"> <a href="http://www.reuters.com/journalists/michel-rose">Michel Rose</a> and <a href="http://www.reuters.com/journalists/jean-baptiste-vey">Jean-Baptiste Vey</a></span> <span class="location"><span class="divider">|</span> PARIS</span></div>
<p>Emmanuel Macron took power as president of France on Sunday, vowing to restore the country&#8217;s status in Europe and the world and heal divisions in society &#8212; a nod to the bitter campaign the pro-EU centrist fought to defeat a far-right leader.</p>
<p>The 39-year-old former investment banker, unknown to the wider public three years ago and whose May 7 election marked a meteoric rise to power, was inaugurated leader of the world&#8217;s fifth-largest economy in a solemn Elysee Palace ceremony.</p>
<p>In his first words after taking office, he pledged to restore France&#8217;s standing on the world stage, strengthen national self-confidence and heal divisions that the bitterly-fought campaign had opened up.</p>
<p>Macron beat the National Front&#8217;s Marine Le Pen in a May 7 run-off vote but the long campaign exposed deep divisions over France&#8217;s role in Europe, immigration, and policies to revive a sluggish economy bedeviled by high unemployment.</p>
<p>&#8220;The division and fractures in our society must be overcome. I know that the French expect much from me. Nothing will make me stop defending the higher interests of France and from working to reconcile the French,&#8221; Macron declared.</p>
<p>Although his victory over Le Pen was comfortable, almost half of France&#8217;s 47 million voters chose candidates with views opposed to Macron&#8217;s in the first round of the election.</p>
<p>Many say they feel dispossessed by globalization as manufacturing jobs move abroad and as immigration and a fast-changing world blur their sense of a French identity.</p>
<p>A convinced European integrationist unlike Le Pen and other leadership candidates, Macron went on: &#8220;The world and Europe need more than ever France, and a strong France, which speaks out loudly for freedom and solidarity.&#8221;</p>
<p>Seeking closer ties with EU anchor nation Germany, Macron will meet Chancellor Angela Merkel in Berlin on Monday. He will ram home the message that the European Union is resilient despite Britain&#8217;s vote to leave and a spate of financial and migration crises that have boosted the far right.</p>
<p>Monday will also see Macron name his prime minister, whose job will be to pilot liberalizing reforms aimed at reducing joblessness and reviving economic growth.</p>
<div id="attachment_123475" style="width: 650px" class="wp-caption alignnone"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-123475" class="size-full wp-image-123475" src="http://cnbc.africa/wp-content/uploads/2017/05/Emmanuel_Macron_wikimedia.jpg" alt="" width="640" height="362" /><p id="caption-attachment-123475" class="wp-caption-text">Photo: Wikimedia.</p></div>
<p><strong>YOUNGEST FRENCH POST-WAR LEADER</strong></p>
<p>Macron becomes the youngest post-war French leader and the first to be born after 1958, when President Charles de Gaulle put in place the country&#8217;s Fifth Republic.</p>
<p>In a ceremony full of pomp, he was presented with what is effectively his chain of office &#8212; a heavy golden necklace mounted on a red cushion that makes him Grand Master of the National Order of the Legion d&#8217;Honneur.</p>
<p>But Macron appeared determined to create an impression of personal modesty. Aides went out of their way to emphasize that the dark suit he wore cost about 450 euros or just under $500, and that the lavender outfit worn by his wife Brigitte had been loaned by fashion house Louis Vuitton.</p>
<p>He displayed youthful vigor during the televised proceedings, at one point racing up the Elysee stairs to meet a protocol requirement &#8212; something not all previous French presidents might have managed.</p>
<p>He then chose to be driven by military jeep rather than civilian limousine to the Arc de Triomphe, where he stood in the rain, without coat or umbrella, to light the flame in tribute to France&#8217;s war dead at the tomb of the unknown soldier &#8212; a powerful reminder of France&#8217;s role in the NATO defense alliance.</p>
<p>Further underscoring a commitment to France&#8217;s military and peacekeeping role in the Middle East and Africa, he visited wounded service personnel in the military hospital. Aides have flagged a likely visit to French troops in Mali for next Friday.</p>
<p>Macron&#8217;s rise, marked by a 21-gun salute at the Esplanade des Invalides, signaled at least a pause in the anti-globalization trend that elevated businessman Donald Trump into the U.S. presidency and led British voters to choose Brexit.</p>
<p>He later shook hands with well-wishers on the Champs Elysees, not far from where a policeman was shot dead by a gunman in April.</p>
<p>More than 230 people have died in France in attacks claimed by Islamic State over the past two years as the country has taken part in military action against the militant group that controls parts of Syria and Iraq.</p>
<p>Fifteen hundred police were mobilized to ensure security for Macron&#8217;s inauguration while a large section of Paris was closed to traffic all morning.</p>
<p><strong>NUCLEAR CODES</strong></p>
<p>Macron assumed power after an hour-long private meeting with outgoing President Francois Hollande, 62, in which official access to France&#8217;s nuclear missile launch codes was handed over.</p>
<p>Macron, once Hollande&#8217;s economy minister, then accompanied his former mentor down the red carpet to a waiting car.</p>
<p>He must now try to win a majority in June parliamentary elections for his start-up Republic on the Move (REM) party, which has blown apart traditional French political boundaries.</p>
<p>But Macron may struggle to get the country behind him.</p>
<p>In the first round of voting, more than 45 percent chose Le Pen or other candidates who promised different medicine, such as closing the wealth gap by rolling back globalization, shutting borders and rejecting the EU.</p>
<p>The business-friendly labor reforms in Macron&#8217;s program follow on from policies that helped make Hollande the least popular French president in modern history and killed his chances of a second term by failing to ease unemployment.</p>
<p>(Reporting by Mathieu Rosemain, Marine Pennetier, Ingrid Melander, Elizabeth Pineau and John Irish; Writing by Richard Balmforth; Editing by Catherine Evans)</p>


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