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What Qin Gang’s disappearance means for U.S.-China relations
U.S. Secretary of State Antony Blinken (L) meets with State Councilor and Foreign Minister of China Qin Gang in Beijing, China on June 19, 2023. Foreign Ministry of China | Anadolu Agency | Getty Images BEIJING — The flurry over Qin Gang’s disappearance and removal from the position of foreign minister has little impact on…
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“We wish oil costs to go down,” says the US Secretary of Power
Volatility is still weighing on oil markets, US Energy Secretary Jennifer Granholm said on Saturday, reiterating calls for additional supplies. When asked to comment on the state of oil markets, she told CNBC’s Sri Jegarajah that “there is no doubt that there is a volatile environment” — a situation the White House is monitoring. “There…
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US troopers arrested after crossing border into North Korea
A South Korean soldier guards the border with North Korea in Panmunjom on December 3, 2019. Stephan Schulz Image Alliance via Getty Images WASHINGTON — The Pentagon said Tuesday it was aware that a US serviceman “deliberately” and “without authorization” crossed the inter-Korean border and is currently in North Korean custody. US authorities are working…
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IEA cuts demand forecast amid ongoing financial issues
Two large oil tankers unload at the 300,000-ton crude oil terminal in Yantai port, east China’s Shandong province, 9 July 2023. Future Publishing | Future Publishing | Getty Images The International Energy Agency on Thursday lowered its forecast for global oil demand growth for the first time this year, citing a deteriorating economic outlook that…
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Fed Chair Goolsbee sees the “golden street” to bringing down inflation with no recession
Chicago Federal Reserve Chairman Austan Goolsbee said Friday he’s confident inflation can be contained without a recession, even if more rate hikes are likely. Speaking to CNBC after the release of June’s nonfarm payrolls report, he said continued job growth is part of the Fed’s “golden road” to restoring price stability without hurting the economy.…
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Why it is nearly unattainable to discover a automobile for lower than $30,000
Car buyers like luxury Well before the Covid-19 pandemic, consumer tastes increasingly began to shift from sedans to more expensive SUVs and trucks. Then car buyers piled on options like high-tech touchscreens, ambient lighting, 360-degree cameras, and heated and cooled seats. “There’s a feature war going on,” said Ivan Drury, director of insights at Edmunds.…
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Malaysia’s sovereign wealth fund seeks better portfolio resilience in risky markets
Malaysian sovereign wealth fund Khazanah Nasional is rebalancing its investment portfolio to make it more resilient to market volatility, according to its chief executive. Khazanah’s net asset value fell 5% year-on-year to 81 billion ringgit ($17.4 billion) in 2022, reflecting downtrends in the global market, the fund said in March. The Kuala Lumpur-based fund invests…
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FTC sues Amazon over ‘fraudulent’ Prime signup and cancellation course of
The Federal Trade Commission filed a lawsuit Wednesday Amazonwith allegations that the country’s leading online retailer deliberately tricked millions of consumers into signing up for its flagship Prime program and “sabotaged” their attempts to unsubscribe. The agency alleges that Amazon violated the FTC Act and the Restore Online Shoppers’ Confidence Act by using so-called dark…
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Local weather talks in Bonn stall over cash, rising strain on COP28
Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), looks on during the opening session of the UNFCCC SB58 Bonn Climate Change Conference June 5, 2023 in Bonn, Germany. Andreas Rentz Getty Images News | Getty Images Negotiators left the United Nations campus in Bonn this week with a palpable…
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The Port of Seattle was closed resulting from labor disputes on the ILWU
Shipping containers in the Port of Seattle. Patti Domm | CNBC On the West Coast, industrial action continues after it was announced that the Port of Seattle will be closed because the International Longshore and Warehouse Union (ILWU) refuses to send workers to work at the container terminals. This comes from a statement from the…