U.S. President Joe Biden delivers remarks during a visit to the United Association Local 190 Training Center in Ann Arbor, Michigan, U.S., September 6, 2024. Craig Hudson | ReutersThe Biden administration announced new steps on Friday to curtail what it calls the “overuse and abuse” of a longstanding trade law that permits low-value shipments to enter the United States without paying import duties and processing fees.The steps include a new rule proposal, which would bar overseas shipments of products that are subject to U.S.-China tariffs from being eligible for the special customs exemption.Known as the de minimis loophole, the trade provision…
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Jeep Wagoneer S Trailhawk EV conceptMichael Wayland / CNBCDETROIT — Stellantis’ Jeep brand is well known for scaling tough terrains, but its latest challenge of achieving 1 million vehicle sales domestically by 2027 will be a steep hill to climb.Jeep, a coveted brand in the automotive industry, has been in a U.S. sales rut that has included five years of annual sales declines, with 2024 on pace to potentially become the sixth.Nonetheless, Jeep CEO Antonio Filosa believes the brand’s worst days are behind it and it’s still possible to achieve the 1 million sales target. The company is executing a…
The 12 core Investing Club portfolio stocks that we identified at our Annual Meeting in February are the 12 we still stand by. On Thursday, during our September Monthly Meeting, a member asked Jim Cramer whether he would change any of the core holdings, which are Apple , Amazon , Costco , Danaher , Eaton , GE Healthcare , Linde , Eli Lilly , Meta Platforms , Microsoft , Nvidia , and TJX Companies . Jim said no. “I just want to add one,” he added. “I said Wells Fargo would be good down here.” Wells Fargo Why we own…
As the riots raged in the U.K., Elon Musk began making incendiary comments about the situation, including the statement: “Civil war is inevitable.” Musk is the owner of X, the social media platform formerly known as X.Aytug Can Sencar | Anadolu | Getty ImagesLONDON — The U.K. government has had “constructive” talks with Elon Musk’s social media site X over the spread of misinformation and other harmful content, technology minister Peter Kyle told CNBC Friday.Kyle told CNBC’s Arabile Gumede that the government had been in contact with all the major social media platforms — including Musk’s X — over the…
Elderly people are relaxing at a park in Fuyang, China, on January 15, 2024. (Photo by Costfoto/NurPhoto via Getty Images)Costfoto/NurPhoto | Nurphoto | Getty ImagesChina’s top legislative body passed an official plan Friday to begin incrementally raising the nation’s statutory retirement age from Jan. 1 of next year and concluding in 2040, according to Chinese state media.The final goal of the roughly 15-year plan is to raise the retirement age by three years for men to 63 years old, five years for women that work in factories from 50 to 55 and three years for women that work in white-collar…
(This is CNBC Pro’s live coverage of Friday’s analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) A biotech stock and an energy company were among the names being talked about by analysts on Friday. JPMorgan downgraded Moderna to underweight from neutral. Meanwhile, BMO Capital Markets initiated GE Vernova with an outperform rating. Check out the latest calls and chatter below. All times ET. 5:49 a.m.: JPMorgan downgrades Moderna to underweight JPMorgan sees a rocky road ahead for Moderna . The bank downgraded the stock to underweight from neutral and decreased its price…
Night view of the Lujiazui financial district in downtown Shanghai.Yongyuan Dai | E+ | Getty ImagesAmerican companies in China are experiencing historically low business confidence and poor profits amid U.S.-China tensions and a slowing Chinese economy. In an annual report released Thursday, the American Chamber of Commerce in Shanghai found that out of the 306 of its member companies surveyed, only 66% were profitable in 2023, the lowest level on record. The survey also showed that key confidence metrics were at their poorest ever point. Only 47% of respondents reported optimism about their five-year business outlook in China, while a record high…
Britain’s competition watchdog on Friday said it found competition concerns with the proposed merger between Vodafone and the Three UK mobile network owned by CK Hutchison.The U.K. Competition and Markets Authority (CMA) said the deal would lead to price increases for tens of millions of customers or see some users get reduced services. The regulator also warned of a negative impact for so-called Mobile Virtual Network Operators (MVNOs), which piggyback on existing infrastructure.”The CMA has provisionally concluded that the merger would lead to a substantial lessening of competition in the UK – in both retail and wholesale mobile markets,” the regulator…
A view shows a bronze seal beside a door at the U.S. Treasury building in Washington, U.S., January 20, 2023. Kevin Lamarque | ReutersThe U.S. government for the first time has spent more than $1 trillion this year on interest payments for its $35.3 trillion national debt, the Treasury Department reported Thursday.With the Federal Reserve holding benchmark rates at their highest in 23 years, the government has laid out $1.049 trillion on debt service, up 30% from the same period a year ago and part of a projected $1.158 trillion in payments for the full year.Subtracting the interest the government earns…
An employee of Amazon India walks toward a security gate at the company’s newly launched fulfillment center on the outskirts of Bangalore.Manjunath Kiran | AFP | Getty ImagesAn Indian antitrust investigation has found U.S. e-commerce giant Amazon and Walmart’s Flipkart violated local competition laws by giving preference to select sellers on their shopping websites, according to reports seen by Reuters.The Competition Commission of India in 2020 ordered an investigation into Amazon and Flipkart for allegedly promoting certain sellers with which they had business arrangements and giving priority to certain listings.In a 1027-page report on Amazon and a separate 1,696-page report on Flipkart, both dated Aug. 9, the CCI investigators said the…
