Tesla unveils its “Cybercab” on October 10, 2024 in Burbank, California.Shares of electric vehicle maker Tesla sank after the company’s long-awaited robotaxi event — where CEO Elon Musk unveiled the firm’s Cybercab self-driving concept car — failed to impress investors.Tesla stock was down 5.5% as of 4:55 a.m. ET in premarket trading on Friday.Musk revealed Tesla’s Cybercab concept vehicle — a low, silver two-seater, has no steering wheels or pedals — on Thursday night. The plan is for the car to be capable of driving itself autonomously when it launches.The Tesla boss said the company hopes to be producing the Cybercab before…
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Zahra Bahrololoumi, CEO of U.K. and Ireland at Salesforce, speaking during the company’s annual Dreamforce conference in San Francisco, California, on Sept. 17, 2024.David Paul Morris | Bloomberg | Getty ImagesLONDON — The UK chief executive of Salesforce wants the Labor government to regulate artificial intelligence — but says it’s important that policymakers don’t tar all technology companies developing AI systems with the same brush.Speaking to CNBC in London, Zahra Bahrololoumi, CEO of UK and Ireland at Salesforce, said the American enterprise software giant takes all legislation “seriously.” However, she added that any British proposals aimed at regulating AI should…
A vessel identified by the Philippine Coast Guard as “Chinese maritime militia” (back R) and a China Coast Guard vessel (front R) sailing near the Philippine military chartered Unaizah May 4 (L) during its supply mission to Second Thomas Shoal in the disputed South China Sea on March 5, 2024. Jam Sta Rosa | Afp | Getty ImagesSome of the world’s busiest shipping lanes are at risk due to rising tensions in the South China Sea, experts warn. In recent months, skirmishes have escalated in the highly-contested South China Sea – a marginal sea in the Western Pacific ocean that’s a crucial…
CNBC’s Jim Cramer on Thursday told investors not to fixate on the consumer price index report because it’s become less important since the Federal Reserve embarked on a rate-cutting cycle. Instead, he said it’s more worthwhile to follow data about individual companies from the upcoming earnings season, which kicks off Friday.”Forget the macro, people — it’s not that meaningful when the Fed’s cutting rates — and keep your eyes on the prize: Earnings,” he said. “At the end of the day, the earnings are what control stock prices long term, and stocks are what we’re trying to make money on.” The…
Customers shop for eggs at a Sprouts grocery store on April 12, 2023 in San Rafael, California. Justin Sullivan | Getty Images News | Getty ImagesThis report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.What you need to know todayHigher-than-expected inflationThe U.S. consumer price index rose 0.2% for September, putting the annual inflation rate at 2.4% according to the Labor Department. Both figures are 0.1 percentage point higher than the Dow Jones consensus.…
Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on January 11, 2024 in New York City.Angela Weiss | AFP | Getty ImagesStock futures were little changed on Thursday evening, as investors looked ahead to a wholesale inflation reading and quarterly results from major banks.Futures tied to the S&P 500 inched higher by 0.1%, while Nasdaq 100 futures ticked up 0.1%. Futures linked to the Dow Jones Industrial Average added 43 points.The action follows a losing day for the major averages, with the S&P 500 and the 30-stock Dow pulling back from their records…
Danish biotech Zealand Pharma is targeting the “next generation” of weight loss drugs as competitors pile into a market dominated by heavyweights Novo Nordisk and Eli Lilly.CEO Adam Steensberg told CNBC Thursday that early-stage trials of its experimental obesity injection point to higher-quality weight loss — with reduced muscle loss and fewer side effects — versus traditional GLP-1 treatments. The company is now scouting for a global pharma firm to partner with, he added.”Our focus is really what’s needed in the 2030s, and it’s really about establishing, you can say, the next-generation molecules that are not based on GLP-1s,” Steensberg said.Last month,…
Alexander Spatari | Moment | Getty ImagesLONDON — The U.K. economy grew 0.2% in August on a month-on-month basis, flash figures published by the Office for National Statistics showed Friday.Gross domestic product (GDP) came in line with the expectations of economists polled by Reuters, who had forecast growth of 0.2%.Britain’s economic growth was up 0.2% in the three months to August, compared with the 0.5% recorded in the three months to July.The U.K.’s dominant services sector showed slight growth of 0.1% in the month to August, while production and construction output rose by 0.5% and 0.4%, respectively.The country’s economy flatlined…
Heavy rain clouds pass over the city of London skyline on September 23, 2024 in London, United Kingdom.Dan Kitwood | Getty Images News | Getty ImagesEuropean markets are expected to open slightly higher on Friday as investors take in U.S. inflation data and look ahead to a highly anticipated fiscal stimulus from China.The U.K.’s FTSE 100 index is poised to open 19 points higher at 8,254, Germany’s DAX 23 points higher at 19,228, France’s CAC up 15 points at 7,559 and Italy’s FTSE MIB 11 points higher at 33,943, according to data from IG.On the data front, U.K. gross domestic…
Russia’s President Vladimir Putin visits Uralvagonzavod, the country’s main tank factory in the Urals, in Nizhny Tagil on February 15, 2024. Ramil Sitdikov | Afp | Getty ImagesRussia’s war-orientated economy and plans for unprecedented military spending risk deepening major imbalances within the government’s finances, analysts say.The Russian government, under Prime Minister Mikhail Mishustin, approved a draft 2025-2027 budget last week that envisaged defense spending rising sharply to 13.5 trillion roubles ($145 billion) in 2025, up 25% from the 2024 level and amounting to 6.3% of gross domestic product (GDP), according to the draft document translated by Reuters.Since launching a full-scale invasion of Ukraine…
