Tesla and SpaceX CEO Elon Musk delivers remarks as he joins U.S. President Donald Trump during an executive order signing in the Oval Office at the White House on February 11, 2025 in Washington, DC. Andrew Harnik | Getty ImagesDUBAI, United Arab Emirates — The U.S. government needs to “delete entire agencies” in a cost and efficiency drive, tech billionaire and Tesla founder Elon Musk said Thursday when asked about whether the changes he is implementing as part of the Donald Trump administration will last beyond the current president’s term.”I think we do need to delete entire agencies, as opposed to…
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U.S. President Donald Trump and Russian President Vladimir Putin at a joint press conference after their summit on July 16, 2018, in Helsinki, Finland.Chris McGrath | Getty Images News | Getty ImagesAlmost three years after Russia invaded Ukraine, talks to end the war that has led to the loss of tens of thousands of lives are set to begin, U.S. President Donald Trump announced Wednesday.The White House leader said he spoke to both Russian President Vladimir Putin and Ukraine’s President Volodymyr Zelenskyy on the phone, and that both leaders said they wanted peace. Trump said he instructed U.S. officials to…
Not so long ago, Taiwan basked in seemingly boundless, bipartisan support in Washington, where the island has long been regarded as a valiant democratic partner against China.Now, a few weeks into President Donald J. Trump’s second term, Taiwan is adjusting to a shift in its relationship with the United States, its primary backer — one that does not focus on shared democratic ideals, and that is more uncertain and transactional. Mr. Trump has accused Taiwan of spending far too little on its own security and of gaining an unfair dominance in making semiconductors.Taiwanese officials and businesspeople have been trying to…
An Apple Store on Jan. 26, 2025, in Chongqing, China. Cheng Xin | Getty Images News | Getty ImagesAlibaba Group Chairman Joe Tsai confirmed on Thursday that the company was partnering with Apple to roll out AI for iPhones sold in China, speaking at the World Governments Summit in Dubai.”[Apple] talked to a number of companies in China, and in the end, they chose to do business with us. They want to use our AI to power their phones,” Tsai said. The partnership was first reported by tech-focused news organization The Information on Tuesday, triggering a jump in Alibaba and Apple shares. Hong…
Sony PlayStation games are displayed at a Best Buy store on December 17, 2024 in San Rafael, California.Justin Sullivan | Getty ImagesSony on Thursday posted an operating profit beat for its December quarter after a jump in gaming revenues.The company’s consolidated operating profit hit 469.3 billion yen ($3.05 billion), versus 404.21 billion yen expected.The December quarter is a key period for Sony, covering the holiday shopping season which is often a lucrative time for consumer electronics firms. In the previous quarter, Sony raised its sales guidance for the 2025 fiscal year, revising its forecast for revenue up slightly to 12.7…
DUBAI, United Arab Emirates — Hedge fund titan Ray Dalio issued a fresh warning about the U.S. economy, warning of dire consequences if the Trump administration does not cut the country’s debt.”It’s like if I was a doctor and I was speaking with you about your condition, I would say to you, this is now very, very serious. All of these are major problems,” Dalio told CNBC’s Dan Murphy at the World Government Summit in Dubai. “What you need to do is cut your deficit from about seven and a half percent of GDP to 3% of gross domestic product,…
Chris Ratcliffe | Bloomberg | Getty ImagesBritish bank Barclays on Thursday posted a rise in full-year pre-tax profit that came in just ahead of analyst expectations, while also launching a £1 billion share buyback.Pretax profit rose by 24% to £8.108 billion in 2024, just above analyst expectations of £8.081 billion, according to LSEG. Since last year, Barclays has been implementing a strategic overhaul to whittle down costs by £2 billion by 2026, lift shareholder returns and stabilize financial returns, sharpening its focus on the profitable consumer and lending operations — and leading to the absorption of the retail banking business of…
The logo of German bank Commerzbank seen on a branch office near the Commerzbank Tower in Frankfurt.Daniel Roland | Afp | Getty ImagesGermany’s second-largest lender Commerzbank on Thursday announced it will eliminate 3,900 full-time positions by 2028, largely in its native Germany, as it unveiled a spate of new strategic targets.The job cuts will be accompanied by increases in staffing in “selected areas” such as in international locations, resulting in a broadly constant global headcount of 36,700, the bank said in its strategic update.The lender anticipates around 700 million euros ($730.7 million) of before-tax restructuring costs in 2025, targeting a…
David Joyner, a longtime CVS executive, speaks during a Senate Health, Education, Labor and Pensions Committee hearing in Washington, D.C., on May 10, 2023.Al Drago | Bloomberg | Getty ImagesCVS Health CEO David Joyner on Wednesday defended controversial pharmacy middlemen like his company’s Caremark unit, which are widely accused of inflating prescription medication prices, and instead accused manufacturers of “monopolistic tendencies” that keep drug costs high in the U.S. Joyner, who stepped into the role in October, spent much of his opening remarks on the company’s fourth-quarter earnings call discussing so-called pharmacy benefit managers, or PBMs. It was atypical for CVS’ quarterly…
Restaurants and pubs on James Street in London, UK, on Friday, Dec. 13, 2024. Bloomberg | Bloomberg | Getty ImagesThe U.K. economy grew by 0.1% in the fourth quarter, beating expectations, according to a preliminary estimate from the U.K.’s Office for National Statistics (ONS) on Thursday.Economists polled by Reuters had expected the country’s GDP to contract by 0.1% on the previous three months.The British economy had recorded zero growth in the third quarter and has seen lackluster monthly GDP data since then, with a 0.1% contraction in October and a 0.1% expansion in November.Sluggish growth and a recent drop in inflation…
