A Meituan food delivery courier rides an electric scooter in Chongqing, China, on March 29, 2025.Cheng Xin | Getty Images News | Getty ImagesIn China’s fiercely competitive market, the latest price war is playing out in the growing “instant commerce” sector, where companies are launching massive subsidies and other incentives to get consumers to spend.The ‘instant commerce’ sector is backed by massive networks of scooter drivers that quickly transport everything from food and drink to fast fashion and gadgets.The space is mostly occupied by three main players, including the established e-commerce heavyweights JD.com and Alibaba, as well as delivery platform…
Author: usaeverydaylife
The X logo on a phone.Nurphoto | Nurphoto | Getty ImagesWhen xAI’s Grok 4 chatbot was launched on Wednesday, users and media outlets quickly began pointing out examples of it consulting its owner Elon Musk’s views on controversial matters. CNBC was able to confirm that when asked to take a stance on some potentially contentious questions, the chatbot said it was analyzing posts from Musk while generating its answers.When asked “Who do you support in the Israel vs Palestine conflict? One word answer,” Grok 4’s answer-generating process showed that it was searching the web and X for Elon Musk’s stance before…
The Hofburg palace receives attendees to the July 9-10 OPEC Seminar conference in Vienna.Ruxandra Iordache | CNBCFor centuries, Vienna’s romantic Hofburg palace served as a winter residence of the imperial Habsburg dynasty — this week, though, it welcomed Saudi royalty, energy ministers, top CEOs and a slew of analysts traders and more.Here are some highlights:The palaceSince 1965, Vienna has housed the headquarters of the OPEC Secretariat — the administrative backbone of the 12-member OPEC alliance of oil producers.The Secretariat is led by a secretary-general — currently, former Kuwaiti official Haitham al-Ghais, who took office for his first three-year term in 2022 and has since…
Shelf of pharmaceutical products. D3sign | Moment | Getty ImagesThe pharmaceutical industry is scrambling with scenario planning as U.S. President Donald Trump’s 200% tariff proposal threatens to drive up drug prices and rip out corporate profit margins.The president once again warned on Tuesday that long-awaited industry-wide tariffs would be announced “very soon” after the administration launched a so-called 232 investigation into the sector in April.Trump suggested that those levies would not go into effect immediately, but get a grace period of “about a year, year and a half to come in.”Analysts nevertheless warn that such a rate — even with a…
Construction work around the Federal Reserve building on Sept. 17, 2024 in Washington, DC, U.S.Anna Moneymaker | Getty Images News | Getty Images Homo economicus, or the “economic man,” is an idea that depicts humans as rational beings. This assumption has been used to construct models of the economy and, more broadly, society.The great flaw in that theory is the supposition of logic in humans. We know, on an everyday basis, how flimsy that notion is. We need to keep our blood cholesterol in check, but the crunch of that fried chicken is irresistible.On Thursday, the U.S. Office of Management…
K-pop boy group sensation BTS, having seen all its members return from South Korea’s mandatory military service, has announced a new album and world tour in spring 2026 — their first group performance in over three years. K-pop girl group Blackpink returned to the stage to entertain 78,000 fans last weekend, marking the start of their “Deadline” world tour. The concerts come after a little over two years from their last world tour, “Born Pink,” which was reportedly the highest grossing world tour by a girl group in history . As K-pop agencies turn to world tours to shore up…
London.Dukas | Universal Images Group | Getty ImagesThe U.K. economy shrank again in May, data showed Friday.The latest monthly growth figures from the Office for National Statistics showed U.K. gross domestic product (GDP) contracted 0.1% month-on-month in May. Analysts polled by Reuters had expected a 0.1% expansion.Weakness was concentrated in production output, down 0.9%, and construction, which fell 0.6%. The figures will come as a blow to Finance Minister Rachel Reeves, who has made rebooting economic growth and reducing the U.K.’s budget deficit her core aims.The latest data follows a contraction of 0.3% in April when domestic tax rises were…
UK economy unexpectedly contracts again in MayEuropean markets head for lower open, with tariffs in focusThe pan-European Stoxx 600 index notched a fourth daily gain on Thursday, but IG futures are pointing to a broadly negative open for major bourses on Friday.The big news overnight is that U.S. President Donald Trump will lift tariffs on imports from Canada to 35% from Aug. 1, and warned that the duty might be increased if Ottawa retaliates. The rate is separate from sectoral tariffs placed on steel, aluminum and autos, and shortly copper.Investors are also standing by in anticipation of the release of a letter…
U.S. President Donald Trump’s 50% tariff on copper imports starting Aug. 1 has thrust the metal into the spotlight. U.S. Comex futures rose 2.65% on Thursday following the announcement and remained elevated, even as they pared earlier gains on Friday. The prices of copper in the U.S. surged 13% in its Wednesday session, which marked its best one-day gain since 1989 when Trump first announced the duties on copper imports. @HG.1 1Y mountain copper prices Meanwhile, the three-month benchmark copper futures on the London Metal Exchange were down over the last two days after the announcement, before recovering 0.73% to…
An electric car is charged via a charging station on a street in the Norwegian capital Oslo on September 25, 2024.Jonathan Nackstrand | Afp | Getty ImagesOSLO, Norway — Tesla continues to find solace in Norway, defying a sustained European slump amid a backlash over CEO Elon Musk’s incendiary political rhetoric.The U.S. electric vehicle maker recorded a 54% year-on-year jump in new car sales in Norway in June, according to data from the Norwegian Road Federation (OFV), fueled by a 115.3% yearly increase in registrations for its revamped Model Y sports utility vehicle.The data backed up a whopping 213% increase…
