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BEIJING — The Nasdaq stock exchange in the U.S. is planning to make it harder for small Chinese companies to list in New York, after a flood of tiny initial public offerings. As part of proposed changes, companies operating primarily in China will need to pay at least $25 million from their public offering, Nasdaq said late Wednesday local time. The move comes as tensions between the U.S. and China simmer, and as the Nasdaq …

Stephen Miran, President Donald Trump’s nominee for the open Federal Reserve Governor role, vowed to uphold the central bank’s independence as well as its dual mandate — price stability and maximum employment. “In my view, the most important job of the central bank is to prevent Depressions and hyperinflations. Independence of monetary policy is a critical element for its success,” Miran said in his opening remarks submitted to the Senate Banking Committee ahead of time. The Senate …

Federal Reserve Governor Christopher Waller, a candidate to take over from Jerome Powell as chair in 2026, on Wednesday voiced his support for starting a rate-cutting cycle in two weeks and said the central bank has the flexibility to adjust that pace in the future. “When the labor market turns bad, it turns bad fast … So for me, I think we need to start cutting rates at the next meeting,” Waller said in an interview …

OnePay, the fintech firm majority owned by Walmart, is launching its own branded wireless plan as it seeks to become a one-stop shop for its users, CNBC has learned. OnePay Wireless will be available starting Wednesday in the OnePay app, according to Gigs, the mobile services startup that partnered with the company. The plan costs $35 a month for unlimited 5G data, talk and text on the AT&T network, Gigs said. The plans are activated …

BEIJING — Chinese President Xi Jinping said Wednesday that the world was facing a choice of “peace or war” and “dialogues or confrontation” as the country hosts its largest military parade commemorating the 80th anniversary of the end of World War II. The speech came as U.S. President Donald Trump in a post on Truth Social urged the Chinese leader to recognize U.S. contributions to helping secure China’s freedom, while alleging that Beijing was conspiring …

A version of this article appeared in CNBC’s Inside Alts newsletter, a guide to the fast-growing world of alternative investments, from private equity and private credit to hedge funds and venture capital. Sign up to receive future editions, straight to your inbox. The revolution in private markets and private lending is setting the stage for a sweeping investor shift out of publicly traded stocks and into alternatives, according to Apollo Global CEO Marc Rowan. With the stock …

PepsiCo shares popped Tuesday after the Wall Street Journal reported Elliott Investment Management has taken a significant stake to become the consumer giant’s top five active investors excluding index funds. Shares of PepsiCo climbed 4.5% in premarket trading. The stock is down about 2% this year, significantly lagging the broader market. Loading chart… The Paul Singer-founded Elliott’s bet in Pepsi is worth about $4 billion, the Journal reported, citing people familiar with the matter. Elliott’s …

BEIJING — While the U.S. pickleball craze is still going strong, China’s is only just getting started. Online sales of pickleball paddles and related equipment in China have skyrocketed this year to an average of $1.2 million in monthly sales as of July — an increase of more than six-fold versus the year-ago period. That’s according to data from WPIC Marketing + Technologies. The company helps foreign brands — such as Ohio-based food blender seller …

TIANJIN, China — Chinese President Xi Jinping on Monday urged members of the Shanghai Cooperation Organization to strengthen artificial intelligence cooperation, while rejecting what he called a “Cold War mentality.” Xi was speaking at the largest-ever summit of the SCO to date, with more than 20 foreign leaders gathered in Tianjin, including Russian President Vladimir Putin and Indian Prime Minister Narendra Modi. The meeting comes as China seeks to cast itself as a global peacemaker, …

A version of this article appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. A new push by states to tax the real estate of the wealthy has sparked a backlash among brokers and potential buyers, who say the taxes punish the most important local spenders. From tax hikes on pricey second homes in Rhode Island and Montana …