The House Republican tax bill will place a higher burden on those who earn more than $1 million a year but provide a break to everyone else, Treasury Secretary Steven Mnuchin said Friday. Speaking a day after the GOP-led chamber passed the controversial reform measure, Mnuchin told CNBC that the benefits will go to lower- […]
Read morePresident Vladimir Putin signed a decree on Thursday which said Russia’s armed forces numbered just over 1.9 million people, including over 1 million military servicemen. The TASS news agency said the new decree replaced an older one from 2016 which had put the total number of personnel in the armed forces at around 1.8 million. […]
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Italy’s populist parties ‘have put water into their anti-EU wine,’ says former leader
Former Italian Prime Minister Mario Monti described the country’s populist parties as having lost some of their teeth. “It will be a very relevant force, but not necessarily a very dominant force,” he told CNBC Friday regarding the country’s Five Star Movement, Italy’s premier populist and Euroskeptic group. “Concerning the two populist movements in Italy, […]
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Competition with tech and other sectors is a prime concern for banks, Deutsche Bank CEO says
Deutsche Bank spends most of its time thinking about how it can be competitive with companies that are not banks, such as coffee chain Starbucks, its chief executive has said. John Cryan said Friday that the bank was not just thinking about competition with other financial institutions but other sectors like technology. Speaking at a […]
Read moreEuropean Central Bank (ECB) chief Mario Draghi said Friday that there is little evidence that e-commerce is holding back inflation in the euro zone. There has been a debate waging among economists as to whether e-commerce giants like Amazon have had an impact on inflation in major economies in Europe and in the U.S. because […]
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US department stores are killing themselves by not innovating, Harrods chief says
U.S. department stores have struggled to attract shoppers in recent years because they have failed to introduce new ideas and products, the managing director of Harrods told CNBC Friday. “I think the American graveyard is really them self-committing suicide,” Michael Ward from the world-renowned luxury store told CNBC about decreasing sales in U.S. stores over […]
Read moreA Yale University expert on Friday delivered a stinging criticism of the Republicans’ proposed tax plan, saying Congress is counting on America having amnesia about the results of President Ronald Reagan’s economic policies. “This the same ‘voodoo economics’ that we heard repeatedly in the 1980s, and I guess the Congress is counting on the fact […]
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Saudi officials reportedly offer freedom to arrested royals — in exchange for 70% of their wealth
Saudi authorities are negotiating a price for the freedom of princes and businessmen held over allegations of corruption, the Financial Times reported. The Saudi government is looking to appropriate as much as 70 percent of a suspect’s wealth in some cases, the Financial Times reported Thursday, citing sources which could not be verified by CNBC. […]
Read moreBritish builder Carillion issued its third profit warning of the year on Friday, saying it was at risk of breaching year-end financial covenants and would need to recapitalise. The construction and support services provider said it needed to delay its financial covenants dates until April 30 and was talking to stakeholders. “This will require some […]
Read moreEuropean Central Bank (ECB) President Mario Draghi said Friday that the environment of low rates in the euro zone has not hurt the profits of European banks. “As regards bank profitability, ECB research finds little evidence that our monetary policy is currently doing harm,” Draghi told an audience in Frankfurt. The central bank has been […]
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