Holiday shopping turned out even better than expected in December as shoppers picked up the pace to close out a strong 2023, the Commerce Department reported Wednesday. Retail sales increased 0.6% for the month, buoyed by a pickup in clothing and accessory stores as well as online non-store businesses. The results were better than the … Read more
Javier Ghersi | Moment | Getty Images Corporate debt defaults soared last year and could be a problem again in 2024 as cash-strapped companies deal with the burden of high interest rates, S&P Global Ratings reported Tuesday. The number of companies that failed to make required payments on their debt totaled 153 for 2023, up … Read more
DHL Cargo planes are unloaded at Halle-Leipzig Airport on February 28, 2014 in Leipzig, Germany. The soon to-be-expanded hub handles 2,000 tons of cargo, or 100,000 parcels and documents every business day. Up to 60 cargo planes land every weeknight. Marco Prosch | Getty Images The Houthi attacks in the Red Sea are not only … Read more
DAVOS, Switzerland — Ripple explored markets outside the U.S. for its initial public offering, CEO Brad Garlinghouse told CNBC, blaming a “hostile” regulator. However, the firm has put any plans for an IPO on hold for now, Garlinghouse said. Garlinghouse told CNBC in 2022 that Ripple, the company behind the cryptocurrency XRP, will explore a public … Read more
Dubai’s property boom in the years following the Covid-19 pandemic has been one of the fastest in the world, fueled by investor-friendly reforms and a surge in expat demand, particularly from Russia in the wake of the start of Moscow’s full-scale war with Ukraine. Some of Dubai’s luxury developments cater specifically to Russian buyers, with … Read more
Federal Reserve Governor Christopher Waller acknowledged Tuesday that interest rate cuts are likely this year, but said the central bank can take its time relaxing monetary policy. The comments, delivered during a speech in Washington, D.C., seemed to counter market anticipation for aggressive easing this year. “As long as inflation doesn’t rebound and stay elevated, … Read more
Executive Chairman and CEO of Microsoft Corporation Satya Nadella attends a session during the 54th annual meeting of the World Economic Forum in Davos, Switzerland, January 16, 2024. Denis Balibouse | Reuters Microsoft CEO Satya Nadella said Tuesday he sees global consensus emerging when it comes to artificial intelligence, and that, even though regulatory approaches … Read more
Steve Sedgwick, anchor for CNBC, Gita Gopinath, first deputy managing director of International Monetary Fund (IMF), Francois Villeroy de Galhau, governor of the Bank of France, Adena Friedman, chief executive officer of Nasdaq Inc., and Chuck Robbins, chief executive officer of Cisco Technologies Inc., left to right, during a panel session on the opening day … Read more
European Commission President Ursula von der Leyen looks on during a press conference. John Thys | Afp | Getty Images An increasingly isolated Russia is now dependent on China for both its military and economic ends, the European Commission’s president said Tuesday. Ursula von der Leyen said Russia was leaning more heavily on its eastern ally … Read more
Bill Winters, chief executive officer of Standard Chartered, said the U.S. Federal Reserve looks set to pause its interest rate cycle in June get a better read on the latest inflation data. Bloomberg | Getty Images Former U.S. President Donald Trump would be a “transactional president” if he returns to power, but is unlikely to … Read more
