Huawei Technologies will immediately lose access to updates to the Android operating system, a source close the matter told Reuters.Technologyread more
Huawei claims it has developed its own operating system for smartphones and laptops for "extenuating circumstances."Technologyread more
Trump's threat, posted on Twitter, comes amid rising international tensions in the Middle East as the U.S. has dispatched a carrier strike group and bomber task force to the...Politicsread more
Prime Minister Narendra Modi and his Bharatiya Janata Party are set to form the new government again, exit polls from India's month-long parliamentary elections show. But past...Electionsread more
The latest crisis in the uneasy French-German relationship was accelerated by Trump's decision to stop Germany's comfortable and decades-old free-riding on trade and security...Europe Politicsread more
While some fans of the long-running "Game of Thrones" felt satisfied by the show's final bow, others were quick to express their displeasure with how events unfolded.Entertainmentread more
Stocks in Asia were mostly higher on Monday amid rising tensions between the U.S. and China.Asia Marketsread more
Current geopolitical tensions are making it harder and harder for oil-producing nations to make decisions that will help stabilize crude prices, Russian Energy Minister...Oilread more
Russian Energy Minister Alexander Novak said there were different options available for OPEC and its oil-producing allies in the second half of 2019, including a possible...Oilread more
The Australian Electoral Commission (AEC) on Monday said Morrison's coalition has won 76 seats in Australia's parliament, which is comprised of 151 elected lawmakers.Electionsread more
U.S. President Donald Trump said his tariffs on Chinese goods are causing companies to move production out of China to Vietnam and other countries in Asia, and added that any...World Politicsread more
Billionaire investor Howard Marks said he's worried about an increasing sentiment taking hold in American politics.
"There is a rising tide of anti-capitalism and we should be concerned about that," the co-chairman of Oaktree Capital said Thursday on CNBC's "Fast Money: Halftime Report. "
"We have a machine in this country that makes it successful — based on democracy, our freedoms and also I think the economy and the way it operates in a free-market mode."
Marks addressed the issue in his latest memo to clients. He's known for his prophetic notes, which have warned about the 2008 financial crisis and the dot-com bubble of the late 1990s. He's now predicting the far-left wing of the Democratic Party will "show up strongly" in the 2020 primaries.
He called out the "increasing anti-capitalist sentiment" and specifically took issue with New York Rep. Alexandria Ocasio-Cortez's proposal targeting the wealthy with a 70 percent marginal tax rate on income above $10 million.
Marks also criticized the proposed wealth tax from possible 2020 presidential candidate Sen. Elizabeth Warren. The Massachusetts Democrat wants to impose a 2 percent tax every year on households with assets over $50 million. That rate would rise to 3 percent on households with assets over $1 billion.
"Americans generally accept the concept of progressive tax rates. But they must not be punitive and demotivating," he wrote.
On CNBC, he said he understands that income inequality has expanded and that something should be done about it. "The cost of capitalism is that there are some people who succeed a lot and some people who don't succeed. And that's undesirable," he said. "We should have a safety net for them. But I still think we shouldn't throw out the system."
Marks also blames the Federal Reserve for exacerbating the wealth gap, but said the central bank did what it needed to do during the 2008 financial crisis. At the time, the Fed slashed interest rates to near zero and took other measures to stabilize the economy. "A side effect of that was asset inflation, which of course only benefited the people who owned assets and that has created a widening of the net worth gulf."
Oaktree Capital had $124 billion of assets under management as of September. Marks has a net worth of $2 billion, according to Forbes.