Todd Harper, chairman of the National Credit Union Administration (NCUA), during a House Financial Services Committee hearing in Washington, DC, on Tuesday, May 16, 2023.Nathan Howard | Bloomberg | Getty ImagesThe White House has fired two Democratic board members of the National Credit Union Administration, the officials said on Wednesday, as President Donald Trump expanded efforts to influence independent regulatory agencies.Todd Harper and Tanya Otsuka, who both served on the NCUA’s board, said in separate statements that they had been removed by Trump. The removals leave the agency, which supervises the nation’s $2.3 trillion credit union sector, with just one…
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In just 17 days after launch, Temu surpassed Instagram, WhatsApp, Snapchat and Shein on the Apple App Store in the U.S., according to Apptopia data shared with CNBC.Stefani Reynolds | Afp | Getty ImagesChinese online retailer Temu, whose “Shop like a billionaire” marketing campaign made its way to last year’s Super Bowl, has dramatically slashed its online ad spending in the U.S. and seen its ranking in Apple’s App Store plunge following President Donald Trump’s sweeping tariffs on trade partners.Temu, which is owned by Chinese e-commerce giant PDD Holdings, had been on an online advertising blitz in recent years in…
Aerial view of the import and export container terminal of Longtan Port on December 26, 2024 in Nanjing, Jiangsu Province of China.China News Service | China News Service | Getty ImagesU.S. importers are being notified of an increase in canceled sailings by freight ships out of China as ocean carriers try to balance the pullback in orders resulting from President Trump’s tariffs and the escalation of tensions in the trade war.A total of 80 blank, or canceled, sailings out of China have been recorded by freight company HLS Group. It wrote in a recent note to clients that with the…
[The stream is slated to start at 1:30 p.m. ET. Please refresh the page if you do not see a player above at that time.]Federal Reserve Chair Jerome Powell speaks Wednesday afternoon at the Economic Club of Chicago, delivering policy remarks with markets on edge over the effect of President Donald Trump’s tariffs.The appearance will be the last public speech Powell delivers before the central bank’s rate-setting Federal Open Market Committee meets May 6-7. Markets widely expect the FOMC to keep its key overnight borrowing rate unchanged in a range between 4.25% and 4.50%.However, Powell will have the chance to…
Income investors looking for a way to play the boom in artificial intelligence can look to municipal bonds connected to data centers, according to Nuveen. A lot has been made of the need for data centers to provide the infrastructure for AI, and subsequently, the increasing demand to power them. The power consumption by data centers is expected to account for almost half of the demand in electricity growth between now and 2030, a new report from the International Energy Agency found . Public power bond issuance totaled $26.8 billion in 2024, up from an annual average of $14 billion…
OpenAI CEO Sam Altman speaks at a panel discussion at the Technical University in Berlin on Feb. 7, 2025.John Macdougall | Afp | Getty ImagesOpenAI is in talks to pay about $3 billion to acquire Windsurf, an artificial intelligence tool for coding help, CNBC has confirmed.Windsurf, formerly known as Codeium, competes with Cursor, another popular AI coding tool, as well as existing AI coding features from companies like Microsoft, Anthropic and OpenAI itself.Bloomberg was first to report on the potential deal, which CNBC confirmed with a person familiar with the matter who asked to remain anonymous since the talks are…
A federal judge found probable cause to hold the Trump administration in criminal contempt for ignoring his order barring the deportation of alleged Venezuelan gang members to a notorious El Salvador prison.”The Court ultimately determines that the Government’s actions on that day demonstrate a willful disregard for its Order, sufficient for the Court to conclude that probable cause exists to find the Government in criminal contempt,” Judge James Boasberg wrote in a court opinion Wednesday.”The Court does not reach such conclusion lightly or hastily; indeed, it has given Defendants ample opportunity to rectify or explain their actions,” Boasberg wrote. “None…
Shipping containers, including one of China Shipping, lie on flatbed railway cars as dock cranes stand behind at Hamburg Port on April 15, 2025 in Hamburg, Germany.Sean Gallup | Getty Images News | Getty ImagesU.S. Customs and Border Protection appears to be contradicting President Donald Trump’s comments on the daily revenue generated by his latest slate of tariffs.The agency said in a statement to CNBC on Monday, “Since April 5, CBP has collected over $500 million under the new reciprocal tariffs, contributing to more than $21 billion in total tariff revenue from 15 presidential trade actions implemented since Jan 20,…
Lordhenrivoton | E+ | Getty ImagesRetirees may think moving all their investments to cash and bonds — and out of stocks — protects their nest egg from risk.They would be wrong, experts say.Most, if not all, retirees need stocks — the growth engine of an investment portfolio — to ensure they don’t run out of money during a retirement that might last decades, experts said.”It’s important for retirees to have some equities in their portfolio to increase the long-term returns,” said David Blanchett, head of retirement research for PGIM, an investment management arm of Prudential Financial.Longevity is biggest financial riskLongevity…
Shares of Abbott Laboratories jumped Wednesday after the diversified health-care company delivered strong first-quarter results and left its earnings guidance intact — a big sign of confidence in an uncertain time. Revenue in the three months ended March 31 rose 4% to $10.36 billion, narrowly missing the consensus of $10.4 billion, according to estimates compiled by LSEG. Organic sales, excluding Covid testing results, rose 8.3%, beating the 7.7% estimate, according to FactSet. Adjusted earnings per share (EPS) increased 11.2% on an annual basis to $1.09, topping expectations by 2 cents, LSEG data showed. ABT YTD mountain Abbott Laboratories YTD Abbott’s…
