D3sign | Moment | Getty ImagesThe U.S. economy is still in a “strong position” despite “heightened uncertainty,” according to the Federal Reserve’s latest assessment.Yet there’s a looming economic risk the U.S. hasn’t meaningfully faced for decades — stagflation.”The risks of higher unemployment and higher inflation appear to have risen,” Federal Reserve Chairman Jerome Powell said on May 7.Those two factors — along with slower economic growth — are the definition of stagflation.Stagflation is not here yet. The unemployment rate is low and inflation has come down, though it is still higher than the Fed’s 2% target, Powell noted last week.…
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Chinese tech company Tencent is a gaming giant and the parent company of WeChat, the ubiquitous social messaging app in China.Cheng Xin | Getty Images News | Getty ImagesTencent on Wednesday reported an annual rise in its top and bottom line in the first quarter fuelled by accelerated growth in its key gaming business.While revenue beat expectations, its net profit fell short. Here’s how Tencent did in the first quarter of 2025 versus LSEG estimates:Revenue: 180.02 billion Chinese yuan ($25 billion), versus 174.63 billion yuan expectedNet profit: 47.8 billion yuan, versus 52.2 billion yuan expectedRevenue rose 13% year-on-year, while net…
The leader of Syria’s Islamist Hayat Tahrir al-Sham (HTS) group that headed a lightning rebel offensive snatching Damascus from government control, Abu Mohammed al-Jolani, addresses a crowd at the capital’s landmark Umayyad Mosque on December 8, 2024.Abdulaziz Ketaz | Afp | Getty ImagesU.S. President Donald Trump met with Syrian leader Ahmed al-Sharaa in Saudi Arabia before heading to Qatar on Wednesday, the White House said, one day after Washington announced the lifting of U.S. sanctions on the war-ravaged country.Saudi Crown Prince Mohammed bin Salman oversaw the meeting, while Turkish President Recep Tayyip Erdogan joined by phone.”President Trump thanked President Erdogan…
The U.S. and China flags stand behind a microphone at the U.S. Embassy in Beijing on April 9, 2009.Frederic J. Brown | AFP | Getty ImagesThis report is from this week’s CNBC’s The China Connection newsletter, which brings you insights and analysis on what’s driving the world’s second-largest economy. Each week, we’ll explore the biggest business stories in China, give a lowdown on market moves and help you set up for the week ahead. Like what you see? You can subscribe here.The big storyThe world got a taste of an effective U.S.-China trade embargo, and after a breakthrough on Monday with…
President Trump was more than 7,400 miles from Palm Beach, Fla., but he looked right at home.With its giant crystal chandeliers, polished marble, plush carpets and prominently displayed portraits of King Salman bin Abdulaziz, the Saudi Royal Court had the feel of a Mar-a-Lago East.On Tuesday, the first day of the president’s four-day Middle East swing, Crown Prince Mohammed bin Salman, the de facto ruler of Saudi Arabia, gave Mr. Trump the royal treatment.Mr. Trump was escorted through Saudi airspace by three F-15 fighter jets flanking each side of Air Force One. The presidential limousine was accompanied to the Royal…
Immigration officers at Gatwick’s border control. Stefan Rousseau – PA Images | PA Images | Getty Images British businesses are warning the U.K. government that plans to tighten immigration rules on foreign workers — and to instead train and recruit more British personnel — will lead to labor shortages in key sectors.The British government on Monday announced plans to cut migration to the U.K., tightening the rules on who can come to work, study and live in the country.The proposals raise English-language requirements for migrants, as well as the skills and level of education they need to obtain work visas.…
An Equestrian Knight Device logo on a flag outside the Burberry Group Plc luxury boutique in London, UK, on Tuesday, May 13, 2025. Bloomberg | Getty ImagesBurberry on Wednesday announced a slew of organizational changes, amid continued turnaround efforts at the embattled luxury house.The company said the measures could lead to a “reduction in people-related costs which could impact around 1,700 roles globally” over the lifetime of the program, set to complete in 2027.Burberry sales fell slightly less than expected in the fourth quarter, down 6% in the three months to March. Analysts had anticipated a 7% decline in a…
Opening callsGood morning from London.European stock markets are expected to open lower, paring some of the gains seen earlier this week after the U.S. and China agreed to a trade truce.Futures point to the Stoxx Europe 600, Germany’s DAX and the French CAC 40 all opening 0.2% lower, while the FTSE 100 is slated to shed 0.3%.Investors are looking ahead to earnings updates from Burberry, TUI, Imperial Brands, Experian, Compass Group, Telefonica and EON.— Chloe Taylor Source link
A file photo of Hiroki Totoki, Sony Group Corporation executive, delivering a keynote address at CES 2025 in Las Vegas, on January 6, 2025. Artur Widak | Nurphoto | Getty ImagesSony Group shares rose about 2% Wednesday in volatile trading after the Japanese conglomerate announced a 250 billion yen ($1.7 billion) share buyback and operating income beat estimates. Operating income for the last three months of the financial year came in at 203.6 billion yen, beating mean analyst estimates of 192.2 billion yen, though it was down 11% from the same period last year. In the earnings report, the Japanese-based electronics, entertainment and…
Even as the United States and China take steps to rein in their trade war, Beijing is preparing for broader rivalry with Washington to continue. For China, that means its search for economic and diplomatic opportunities across Asia is unlikely to soften its tough line on its regional territorial claims and military competition.Both sides have agreed to temporarily cut the startlingly high tariffs they had imposed on each other’s goods. But the tariff truce will not allay other grievances that Beijing has with Washington, such as over a Pentagon vow to shift military forces to Asia and the Pacific, and…
