BEIJING — Beijing still isn’t giving foreign companies access to critically needed rare earths, according to the European Chamber of Commerce in China. At least one member has lost “millions of euros” as a result, the ECCC told reporters Monday. The nearly 25-year-old business organization declined to share the name of the affected company, but said that other members still didn’t have clarity on a consistent process for accessing the minerals. Rare earths are a …
The Federal Reserve meets this week with some big items on the agenda: An important rate decision and forecast of what’s ahead, combined with a healthy dose of political intrigue uncommon for central bank policymakers. On the monetary side, the Federal Open Market Committee on Wednesday will release its ruling on where it will set the overnight borrowing rate. Along with that, officials will sketch their outlook for what’s ahead for rates on the closely …
Treasury Secretary Scott Bessent brushed off recent reports of heated arguments inside President Donald Trump’s administration, saying disputes were a part of the normal push-and-pull of policymaking. “Treasury secretaries dating back to Alexander Hamilton have a history of dueling,” Bessent joked Tuesday to CNBC’s “Squawk Box.” “I think with the President’s team, I turned out a little better for the Treasury’s side this time.” “With President Trump’s team, just like any the great sports team, …
J.P. Morgan Private Bank is launching a new lifestyle service for its wealthy clients, offering discounts and referrals on everything from private jet flights and travel to household staffing and art restoration. The move comes as private banks and wealth management firms seek to find ways of serving clients outside of core investing and financial advice, which have become increasingly commoditized. J.P. Morgan said ultra-high-net-worth clients and family offices are more and more turning to …
Workers are “hugging” — or, clinging to — their jobs right now. But there’s a right and wrong way to “hug” your work — and doing it poorly could be costly, according to career experts and labor economists. “I don’t think job hugging is the move,” said Mandi Woodruff-Santos, a career coach. Why people are job hugging The “quits” rate — which measures the pace of voluntary separations from employment — has sat at 2% …
After Swedish payments group Klarna’s $17 billion initial public offering, investors are pondering which big fintech name will be the next to go public. Klarna popped as much as 30% on the day of its New York IPO, before settling to close around 15% higher. The stock declined further to $42.92 by Friday but is still up about 7% from its IPO price of $40. The debut demonstrated how Wall Street is becoming more welcoming of …
Buy now, pay later plans offer an attractive alternative to credit cards for consumers: They allow purchases to be split into short-term, typically interest-free installments. “Credit isn’t new. Credit’s been around for thousands of years and credit cards aren’t new. But they’ve had a hard time adapting to consumer needs,” said Michael Linford, chief operating officer of Affirm. “I think the thing that we’re seeing in the industry right now is widespread adoption of alternatives …
Finding a cheap flight can at times feel as tough as scoring a decent snack on an airplane. But travel experts generally agree on one piece of advice to getting a good deal on airfare: Be flexible. “It’s our No .1 advice, always, for travelers” looking for deals, said James Byers, head of the product team at Google Flights. Flexibility may mean flying midweek instead of during the weekend, or perhaps traveling outside of peak …
The White House search for the next Federal Reserve chair continues to twist and turn, with BlackRock bond chief Rick Rieder emerging as the latest hot candidate. Administration sources tell CNBC that the asset management giant’s chief investment officer of global fixed income interviewed Friday with Treasury Secretary Scott Bessent, the Trump administration’s point man for Jerome Powell’s successor. “Whoever ends up being the Fed chair, there’s so many innovative things,” Rieder said Tuesday during …
The Winklevoss twins, whose cryptocurrency company Gemini Space Station is going public, don’t expect bitcoin’s rally will stop anytime soon. In fact, they expect the cryptocurrency will reach $1 million over the next decade. “It’s still very much the bottom of the first inning, because we see bitcoin trading at $1 million dollars a bitcoin, if it disrupts gold,” Gemini co-founder Tyler Winklevoss told CNBC’s “Squawk Box” on Friday. “And we think Bitcoin is gold …