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☆ Tesla recalls Cybertruck over 'trapped pedal' issue seen in owner's viral TikTok video
▼ + stars: | 2024-04-19 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +2 min

Tesla's new Cybertruck is shown on display at a Tesla store in San Diego, California, on Dec. 9, 2023. Tesla has issued a voluntary recall of 3,878 Cybertrucks to fix a "stuck pedal" issue that had been depicted in a viral TikTok video posted last week by owner Jose Martinez. After assessing the problem, Tesla on April 12 decided to issue a voluntary recall of the Cybertrucks, the filing says. CNBC asked the NHTSA about the trapped pedal issue on the Cybertruck on April 14, after Martinez's video raised public awareness of the defect and unintended acceleration. The NHTSA said it "uses many data sources in its enforcement processes, including social media and vehicle owner and other related forums."

Persons: Tesla, Jose Martinez, Elon Musk Organizations: National, Traffic Safety Administration, CNBC, NHTSA Locations: San Diego , California

☆ Bitcoin evangelist Michael Saylor has made $370 million from MicroStrategy stock sales this year
▼ + stars: | 2024-04-19 | by ( Ari Levy | ) www.cnbc.com time to read: +2 min

Michael Saylor, chairman and chief executive officer at MicroStrategy, during an interview at the Bitcoin 2023 conference in Miami Beach, Florida, US, on Thursday, May 18, 2023. MicroStrategy founder and bitcoin evangelist Michael Saylor entered into a stock-sale plan with his company last summer that allowed him to unload up to 400,000 shares in the first four months of 2024. With the plan more than 90% of the way to completion, Saylor has netted about $370 million from this year's stock sales, thanks to the stratospheric rise in value of MicroStrategy, which is effectively a bitcoin holding company. Saylor is the largest MicroStrategy shareholder, with Class B holdings worth about $2.3 billion. At the end of 2023, Saylor owned another 400,000 Class A shares due to an option he received in 2014.

Persons: Michael Saylor, Saylor, MicroStrategy, unexercised Organizations: CNBC Locations: Miami Beach , Florida

☆ Lululemon to shutter Washington distribution center, lay off 128 employees after tripling warehouse footprint
▼ + stars: | 2024-04-19 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Lululemon is planning to shut down its Washington distribution center and lay off 128 employees after opening a massive new warehouse outside of Los Angeles, the company confirmed Friday. "While some employees will be retained and will relocate to other facilities, including our recently opened distribution center in the greater Los Angeles area, the optimization will result in the reduction of just over 100 positions within the existing Sumner distribution center," the person added. The closure comes after Lululemon more than tripled its warehouse footprint in the past few years to accommodate its rapid growth. In 2021, it entered into a new lease for a 1.26 million square-foot facility outside of Los Angeles in Ontario, California, filings show. In 2022, it leased a 980,000 square foot warehouse outside of Toronto in Brampton, Ontario.

Persons: Lululemon, Sumner, —, CNBC's Annie Palmer Organizations: state's Employment Security Department Locations: San Diego , California, Washington, Los Angeles, Sumner, Seattle, Sumner , WA, U.S, Canada, Toronto, Ontario , California, Brampton , Ontario, California, North America, Americas

☆ China slams U.S. probe into its shipbuilding industry, says move is a 'mistake on top of a mistake'
▼ + stars: | 2024-04-18 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +1 min

China said it "firmly opposes" the U.S. investigation into its maritime, logistics and shipbuilding industries, calling the move a "mistake on top of a mistake." In an official statement late Wednesday, China's ministry of commerce said the U.S. provides hundreds of billions of dollars in "discriminatory" subsidies to its domestic industries, "yet accuses China of adopting so-called 'non-market practices.'" "In fact, the development of China's industries is the result of companies' technological innovation and active participation in market competition," the Chinese ministry said. On Wednesday, the Office of the U.S. Trade Representative initiated a probe into China's maritime, logistics and shipbuilding industries, alleging that Beijing used "unfair, non-market policies and practices" to dominate these sectors. "By launching a new Section 301 investigation, the U.S. is making a mistake on top of a mistake," the China's commerce ministry said.

Persons: Joe Biden, Xi Jinping, China's Organizations: Economic Cooperation, U.S . Trade, Trade Locations: Asia, Woodside , California, China, U.S, Beijing

☆ A US Navy amphibious warship returned home for repairs just 10 days after deploying
▼ + stars: | 2024-04-17 | by ( Rachel Nostrant | ) www.businessinsider.com time to read: +6 min

USS Boxer, a Wasp-class amphibious assault ship, is returning home just 10 days after deploying. "USS Boxer is returning to San Diego to undergo additional maintenance in support of its deployment in the Indo-Pacific region," Lt. Cmdr. "We're seeing some potential delays on [the amphibious assault ship USS Wasp]," Franchetti said. A spokesperson for Surface Force Atlantic told Military.com following the incident that "during the underway, the ship discovered an engineering irregularity" and "returned to port to effect repairs." The amphibious assault ship USS Boxer transits the East Sea during Exercise Ssang Yong 2016 March 8, 2016.

Persons: Boxer, —, Cmdr, Jesus Uranga, Military.com, Uranga, Craig Z, Adm, Lisa Franchetti, Franchetti, Bill Dodge, Yong, Seaman Craig Z, Konstantin Toropin Organizations: US Navy, Service, USNI News, Navy, Marine Corps, Boxer, Marines, 15th Marine Expeditionary Unit, USNI, Space, Maritime, USS Boxer, USS Boxer U.S . 5th, . Navy, Naval, Surface Force, REUTERS, U.S . Navy, Reuters, USS, Somerset Locations: San Diego, Boxer U.S, USS Boxer U.S, Norfolk, Virginia, Handout, USS Somerset, Somerset, India

An AWS spokesperson said in an emailed statement that the company has introduced more cost-effective options for moving data. As of March, AWS had removed Snowmobile from its website, and the Amazon unit has stopped offering the service, CNBC has confirmed. Andy Jassy, now Amazon's CEO, called it the Snowmobile, and said the company would be using the truck to help customers speedily transfer data to Amazon Web Services facilities. "We intend to make sure that Snowmobile is both faster and less expensive than using a network-based data transfer model," Barr wrote. Clients generally find that sending data to AWS online is more economical than using Snowmobile, the company said.

Persons: we've, Andy Jassy, Jassy, Jeff Barr, Barr, Maxar, There's, we're Organizations: AWS, CNBC, Amazon Web Services, Amazon, Microsoft Locations: Las Vegas

☆ Series I bonds are ‘still a good deal’ despite an expected falling rate in May, experts say
▼ + stars: | 2024-04-17 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Jetcityimage | Istock | Getty ImagesHow the I bond rate worksThe U.S. Department of the Treasury adjusts I bond rates every May and November. The variable rate portion resets every six months starting on the investor's I bond purchase date, not when the Treasury Department announces rate adjustments. The 1.3% fixed rate "makes it very attractive" for investors who want to preserve purchasing power long term, according to Tumin. How the fixed rate could changeSince the variable rate for I bonds is based on six months of inflation data, experts agree it will fall from 3.94% to 2.96% in May. Enna looks at a half-year average of real yields for 5- and 10-year TIPS to predict fixed rate changes.

Persons: David Enna Organizations: Istock, U.S . Department of, Treasury, Treasury Department Locations: Enna

☆ The US Navy has fired off nearly $1 billion in weapons fighting threats from Iran and the Houthis
▼ + stars: | 2024-04-16 | by ( Jake Epstein | ) www.businessinsider.com time to read: +4 min

US naval forces in the Middle East have been involved in shooting down malign threats for months. The cost of munition expenditure during this time is approaching $1 billion, the Navy secretary said. AdvertisementThe US Navy has fired nearly $1 billion in missiles to counter threats from Iran and its proxy forces over the past six months, the sea service's top civilian official revealed on Tuesday. USS Dwight D. Eisenhower conducts flight operations in response to the Houthis in the Red Sea. The Pentagon's Red Sea operations, however, have raised questions about sustainability, as the Houthis show no sign of letting up their attacks.

Persons: —, Navy Carlos Del Toro, Arleigh Burke, Aaron Lau Del Toro, Biden, Dwight D, Eisenhower, Kaitlin Watt Del Toro, Israel Organizations: Service, US Navy, US, Navy, Defense, Carney, Senate, House Republicans, Congress Locations: Iran, Yemen, Israel, Suez, Ukraine, Red, Gulf of Aden

☆ Dollar firms after hot retail sales, yen languishes; China data awaited
▼ + stars: | 2024-04-16 | by ( ) www.cnbc.com time to read: +3 min

The dollar stood just off its highest since early November against a handful of peer currencies on Tuesday, raising intervention worries as the yen languished at its lowest level since 1990 following hotter-than-expected U.S. retail sales. The dollar stood just off its highest since early November against a handful of peer currencies on Tuesday, raising intervention worries as the yen languished at its lowest level since 1990 following hotter-than-expected U.S. retail sales. In the U.S., retail sales rose 0.7% last month, compared with the 0.3% rise that economists polled by Reuters had forecast. The Japanese yen languished under the dollar's continued strength and large interest rate differential between the two countries, breaching 154 to hit a fresh 34-year low against the dollar on Monday. The offshore Chinese yuan was mostly unchanged at 7.2620 per dollar ahead of the key economic data releases out of China.

Persons: Matt Simpson, Shunichi Suzuki, Index's Simpson, bitcoin Organizations: Reuters, Federal Reserve, U.S ., U.S, Traders, Japanese Finance, European Central Bank Locations: China, U.S, Middle

☆ Macy's proxy fight is over, but the battle for the department store's future wages on
▼ + stars: | 2024-04-13 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +7 min

Arkhouse then launched its proxy fight and put forward nine nominees to Macy's 15-person board. Turning the tideOther department store chains have faced challenges from activists in recent years, and even when those efforts fall short, the pressure can bring about sweeping changes. That includes Macy's locations with stronger sales as well as its two chains that have outperformed the namesake brand, higher-end department store chain Bloomingdale's and beauty chain Bluemercury. Arkhouse claims Macy's refused to engage with it, and Macy's rebuffed Arkhouse saying it didn't have the financing for the takeover it proposed. Arkhouse, for its part, has said it plans to keep Macy's stores open.

Persons: Bing Guan, Tony Spring, Arkhouse, Neil Saunders, Macy's, Michelle Gass, Levi Strauss, Chip Bergh, Ben Hider, —, GlobalData's Saunders, It'll, Gavriel Kahane, Kahane, it's Organizations: Macy's Inc, National Retail Federation, Bloomberg, Getty, Arkhouse Management, Capital Management, American, Brigade, Levi, Herald, Sears, CNBC, Macy's, Fortress Investment Group, One Investment Management Locations: Herald, New York, Macy's, New York City

☆ Ford stock can go higher by taking a page of out Detroit rival GM's playbook
▼ + stars: | 2024-04-12 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

General Motors is buying back a ton of stock; Ford, so far, not so much. Before the buyback disclosure late this year, Ford had been down 10%, which was less than GM's 14% decline. In 2023, Ford spent $5.33 billion on dividends and stock repurchases, with only 6.3% of that total on buybacks. In guidance alongside Q4 numbers, Ford said it expects warranty costs for full-year 2024 to be flat year over year. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Ford, Jim Cramer, General Motors, Adrian Yanoshik, Jim, Morgan Stanley, Adam Jonas, Jonas, BEV, John Lawler, Redburn's Yanoshik, Jim Cramer's, Paul Hennessy, LightRocket Organizations: General Motors, Ford, GM, CNBC, General, United Auto Workers, Capital, Renaissance, Getty

☆ Trump is about to face trial on criminal hush money charges. Here's what to know
▼ + stars: | 2024-04-11 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +9 min

Former U.S. President Donald Trump speaks from the hallway outside a courtroom where he is attending a hearing in his criminal case on charges stemming from hush money paid to a porn star, in New York City on March 25, 2024. Michael Cohen, former attorney for Donald Trump, arrives to the New York Courthouse on March 13, 2023. In 2018, Cohen pleaded guilty to campaign finance charges related to hush money payments made to two women before the 2016 election. Trump has voluntarily attended numerous hearings in the hush money case and his other criminal cases, generating waves of mainstream media attention that his regular campaign events no longer muster. Former U.S. President Donald Trump sits with his lawyer Susan Necheles in the courtroom at a hearing in his criminal case on charges stemming from hush money paid to a porn star, in New York City on March 25, 2024.

Persons: Donald Trump, Brendan Mcdermid, Reuters Donald Trump, Trump, Stormy Daniels, Attorney Alvin Bragg, Jane Rosenberg, Reuters Trump, Michael Cohen, Eduardo Munoz, Trump's, Cohen, Daniels, Bragg, Karen McDougal, David Pecker, Juan Merchan, Will Trump, Eric Trump, Angela Weiss, Judge Merchan, —, Norm Eisen, Eisen, Reuters Cohen, McDougal, Bradley Smith, Susan Necheles, Reuters Trump's Organizations: U.S, Reuters, Manhattan, Attorney, New, DA, Reuters Central, Trump, Trump Organization, National Enquirer, American Media Inc, Former U.S, Manhattan Criminal, Eric Trump Via Reuters, Trump Media & Technology Group, Manhattan Federal, AFP, Getty, Democrats, Court, NBC, Federal, Commission Locations: New York City, New York, Manhattan, Lago, Palm Beach , Florida

☆ Stocks making the biggest moves midday: Cava, Nvidia, Deckers, Block, Taiwan Semiconductor and more
▼ + stars: | 2024-04-10 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Cava — Shares jumped 4.4% after Argus upgraded the Mediterranean food chain to buy from hold, saying investors should buy the dip. Cava has a "long runway to growth," the firm said. Nvidia — Shares rose 1.7% as the "Magnificent Seven" leader tried to claw its way out of correction territory . Earnings came in at 45 cents per share, 9 cents ahead of the 36 cents expected by analysts polled by LSEG. Alibaba — Shares rose 1.2% on news that Jack Ma, co-founder of the China-based e-commerce company, touted Alibaba's management and talked about the potential for AI in an internal memo to employees.

Persons: Truist, Cava —, William Blair, Vital, Jefferies, Wednesday's, Albemarle, Jack Ma, Samantha Subin, Michelle Fox Theobald, Lisa Kailai Han Organizations: Hoka, Argus, Nvidia, Vital, Mizuho, Zillow, National Association of Realtors, GoodRx Holdings, Delta Air Lines, LSEG, Bank of America, Taiwan Semiconductor Manufacturing Locations: Cava, China

☆ Dollar firm, yen under watch ahead of key US CPI release
▼ + stars: | 2024-04-10 | by ( ) www.cnbc.com time to read: +3 min

The Japanese yen and U.S. dollar on display in Yichang, Hubei province, Nov 13, 2023. The inflation data follows a strong jobs report last Friday that blew past forecasts, raising questions on how soon and how much the central bank will cut rates this year. On the yen, Wednesday's CPI data will be "a big test for Japanese authorities," Kong added. The U.S. dollar index , which measures the greenback against six rivals, held firm at 104.12. The kiwi climbed as high as $0.6077 versus the U.S. dollar, its strongest since March 21, before flattening at $0.60595.

Persons: Carol Kong, Kong, Kazuo Ueda, Sterling, bitcoin Organizations: U.S, Reserve Bank of New, Commonwealth Bank of Australia, Bank of Japan, Reserve Bank of New Zealand, U.S ., Treasury, Traders, European Central Bank, ECB Locations: Yichang, Hubei province, Reserve Bank of New Zealand, U.S, China

☆ Want to ride the next wave of the AI trade beyond tech? These 2 portfolio stocks fit the bill
▼ + stars: | 2024-04-10 | by ( Morgan Chittum | ) www.cnbc.com time to read: +10 min

Eaton and DuPont are both unconventional AI plays, as the data center market grows to meet the demands of the generative AI boom. Wells Fargo Investment Institute last month described rising data center demand as having positive "trickle-down effects" on the industrial sector. WFII wrote that spending from Big Tech firms into data centers, in particular, creates "meaningful downstream impacts" for industrial companies. Amazon Web Services is reportedly investing nearly $150 billion in data centers within the next 15 years to support AI efforts. During a Barclays investor conference in February, CFO Lori Koch said DuPont's data center and AI exposure will help boost the company's electronics business.

Persons: Eaton, Jensen Huang, Huang, chipmaker, Sameer Samana, WFII, Jim Cramer, Eaton's, DuPont, Lori Koch, Koch, Jim Cramer's Organizations: The, DuPont, Club, Nvidia, Wells, Wells Fargo Investment Institute, CNBC, Big Tech, —, Microsoft, Services, McKinsey, workloads, Electrical, Management, Barclays, Wall Street, RBC Capital Markets, Eaton, RBC, U.S, De Nemours, DuPont's Electronics, Semiconductor Technologies, DuPont's Semiconductor Technologies, Jim Cramer's Charitable Locations: Wells Fargo, U.S, Eaton, China

☆ Jamie Dimon says AI could be as transformative as electricity or the internet—here's how to invest
▼ + stars: | 2024-04-09 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

JPMorgan Chase CEO and chairman Jamie Dimon believes artificial intelligence innovations will have as big of an impact on society as the invention of electricity and the internet. JPMorgan Chase began using AI over a decade ago, Dimon said in the letter. Additionally, JPMorgan Chase invests $12 billion annually in a wide variety of technologies, including AI. Dimon likening AI innovation to the invention of the internet suggests the tech's impact may be felt beyond the business world. In a Nov. 9 blog post, Microsoft co-founder Bill Gates said AI "will utterly change how we live our lives, online and off."

Persons: Jamie Dimon, Dimon, JPMorgan Chase, he's, Mark Cuban, I've, Bill Gates Organizations: JPMorgan Chase, JPMorgan, CNBC, Microsoft

But J&J's drug is walking away with a notable edge over its rival. They add more options to a growing arsenal of treatments that have helped improve outcomes for people with multiple myeloma. But the new approvals also give J&J's therapy, which was developed with Legend Biotech, a clear advantage over Bristol Myers's drug. J&J's drug has gradually gained ground over Abecma in the CAR-T market for multiple myeloma, even though it first entered the market a year later. With the new approval on Friday, Jefferies' Shi expects J&J's drug to win the majority of that market share.

Persons: Jonathan Raa, Johnson, Myers's, Bristol Myers, Jefferies, Kelly Shi, Shi, Carvykti, Cantor Fitzgerald, Rick Bienkowski, Kelsey Goodwin, Annika, annikakim.constantino@nbcuni.com Organizations: Nurphoto, Bristol Myers Squibb, Johnson, Food and Drug Administration, FDA, Legend Biotech, Bristol, New York Stock Exchange, NYSE, Reuters, Mount Sinai Hospital, Getty Locations: Bristol, U.S, EU, Japan, Mount Sinai, New York City

☆ All the deadly drones Ukraine is building to fight Russia can't make up for the weapons it really needs but doesn't have, Zelenskyy says
▼ + stars: | 2024-04-09 | by ( Jake Epstein | Paul Ronzheimer | ) www.businessinsider.com time to read: +5 min

Ukraine has built up a formidable arsenal of drones capable of attacking Russian forces everywhere. But these systems are no alternative to the other weapons Kyiv needs, President Zelenskyy said Tuesday. Ukraine needs air defenses, missiles, and artillery, he told Axel Springer media outlets. That said, Kyiv's drone program does not make up for the weapons that the country really needs but doesn't have in its arsenal. Advertisement"If we don't have air-defense systems and the appropriate long-range weapons to match Putin, he will destroy our country," Zelenskyy said Tuesday.

Persons: Zelenskyy, Axel Springer, —, Volodymyr Zelenskyy, Libkos Mykhailo Fedorov, Dmytro Kuleba, Vladimir Putin, Putin Organizations: Service, AP, NATO, Ukrainian, INA FASSBENDER, Patriots Locations: Ukraine, Russian, Kharkiv, Moscow, Kyiv, Bakhmut, Ukrainian, Brussels, Poland, Washington

☆ Analyst forecasts a surprising source of revenue upside for chipmaker Nvidia
▼ + stars: | 2024-04-08 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +6 min

Other Wall Street analysts in recent weeks offered different views on the state of Nvidia's China-specific AI chips. Nvidia has been sampling AI chips designed to comply with U.S. government export restrictions to Chinese customers since last fall. NVDA 1Y mountain Nvidia's stock performance over the past 12 months. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Nvidia Stock Soar | Future Publishing | Getty Images

Persons: Nvidia's, Jeff Marks, Wolfe, Tencent, Biden, China –, Xi Jinping, Jensen Huang, KeyBanc, Jim Cramer's, Jim Cramer, Jim Organizations: Nvidia, KeyBanc, Markets, FactSet, Wall, Wolfe Research, U.S, Microsoft, Street, Huawei, Blackwell, Nvidia's, Taiwan Semiconductor Manufacturing Company, CNBC, Visitors, Future, Getty Locations: China, Nvidia's China, U.S, Hangzhou

☆ New York City Set to Pay a Record $28 Million to Settle Rikers Island Suit
▼ + stars: | 2024-04-06 | by ( Jan Ransom | Ainara Tiefenthäler | ) www.nytimes.com time to read: +1 min

New York City has agreed to pay more than $28 million to settle a lawsuit filed by the family of Nicholas Feliciano, who suffered severe brain damage after he attempted to hang himself in a Rikers Island jail cell as more than half a dozen correction officers stood by. If approved by a judge, it will be among the largest pretrial settlements ever to be awarded to a single plaintiff in a civil rights case in New York City. Mr. Feliciano was 18 and had a long history of psychiatric hospitalizations and suicide attempts when he was sent to Rikers in late 2019 on a parole violation. The Bronx district attorney filed felony charges against three of the guards and a captain in 2022. Last year, two of the guards pleaded guilty to official misconduct, a misdemeanor, and avoided jail time.

Persons: Nicholas Feliciano, Feliciano, Rikers Organizations: The New York Times Locations: York City, New York City, Bronx

☆ Shares of Volvo Cars up 6% to November highs on record sales month
▼ + stars: | 2024-04-04 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Sweden's Volvo Cars on Thursday climbed to its highest level since November, after the automaker reported record single-month sales for March and solid electric vehicle growth in Europe. Year-on-year sales of electric vehicles in Europe were 22% higher in the quarter and up 34% year-on-year in March, roughly in line with overall sales growth in that market. Sales of electric models to China, the largest EV market, dropped by 36% despite a 4% hike in overall sales. Overall sales growth was 17%. "These numbers reflect the strength of our strategy and product diversity - offering fully electric cars alongside plug-in hybrids and mild hybrids in the right mix," Volvo Cars' Deputy CEO Björn Annwall said in a statement.

Persons: Björn Annwall Organizations: Volvo, Volvo Cars, EV Locations: Europe, London, China

☆ Elon Musk's X begins rewarding 'influential' users with blue checks, free subscriptions to platform
▼ + stars: | 2024-04-04 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +1 min

Elon Musk's social media site X began rolling out free premium features, including verification badges known as "blue checks," to select users late Wednesday in an effort to reward what it calls "influential" people on the platform. For most users, X Premium is a paid subscription service that can be opted into. By subscribing, users get access to exclusive features, like the option to display a blue checkmark on their profile. X CEO Linda Yaccarino shared Musk's post late Wednesday as the features began rolling out. It is not clear how long users will have access to free premium features, or if it will be possible for them to opt out of the service.

Persons: Elon, Musk, Linda Yaccarino Organizations: X Help, CNBC, Twitter, Disney, Apple Locations: U.S

☆ Here's who Treasury Secretary Janet Yellen is going to meet in China
▼ + stars: | 2024-04-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

U.S. Treasury Secretary Janet Yellen, center, waits with others to receive Chinese President Xi Jinping at the San Francisco International Airport on Nov. 14, 2023, ahead of Xi's meeting with U.S. President Joe Biden. BEIJING — U.S. Treasury Secretary Janet Yellen was scheduled to arrive in China on Thursday ahead of four full days of meetings with Chinese officials. It's her second trip to the country since the summer, as the U.S. and China seek to increase high-level communication in an otherwise tense relationship. U.S. Secretary of State Antony Blinken is also due to visit China again later this year. We went for too long with too little communication, and misunderstandings developed," Yellen told reporters ahead of her arrival in China.

Persons: Janet Yellen, Xi Jinping, Joe Biden, It's, Antony Blinken, Yellen, Here's Organizations: Treasury, San Francisco International Airport, U.S Locations: BEIJING — U.S, China, Guangzhou, China's, Guangdong —, Beijing

☆ Retailers like Peloton and Saks keep paying vendors late, signaling possible 'financial distress'
▼ + stars: | 2024-04-04 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +13 min

To be sure, late payments don't always signal financial troubles. Creditsafe spokesperson Ragini Bhalla said payment data is only one factor the firm considers when assessing a company's financial health. Though the data "doesn't represent a company's total trading behavior, analysis has proven that it is hugely predictive of a company's financial health and creditworthiness," Bhalla said. "When the number of late payments increases like this, it's often indicative of financial challenges and poor cash flow forecasting," Creditsafe said. While Saks often made late payments last year, its on-time payments have dropped significantly since October 2023, the firm said.

Persons: Saul Loeb, Perry Mandarino, Mandarino, Creditsafe, Ragini Bhalla, Bhalla, Barry McCarthy, Simeon Siegel, Siegel, he's, Peloton's DPO, Marc Metrick, Metrick, Mark Still, Stewart Glendinning, Tim Baxter Organizations: Saks, Washington , D.C, AFP, Getty, Bed, RadioShack, CNBC, Retailers, Body, Body Works, Riley Securities, BMO Capital Markets, Business of Fashion, HBC, Express, Street, Creditsafe, Economic Security, IRS, New York Stock Exchange, Bath Locations: Washington ,, Express, Creditsafe, U.S

☆ Disney beat back activist investor Nelson Peltz. Now the real work begins
▼ + stars: | 2024-04-04 | by ( Alex Sherman | ) www.cnbc.com time to read: +8 min

That would mark a milestone for the company, which launched Disney+ on Nov. 12, 2019. It would be the first time Disney showed it can make money from Disney+, Hulu and ESPN+. Disney will need to sustain and grow streaming profit to justify Iger's five-year-old strategy to go "all in" on the segment. Disney has already offered ESPN+, a sports streaming service that has some but not all of ESPN's content. Trian Partners' Nelson Peltz, who failed to join Disney's board Wednesday after securing just 31% of the vote, publicly questioned what he has called Disney's "woke" content strategy.

Persons: Bob Iger, Sun Valley , Idaho David A, Iger, Disney, they've, Cowen, Doug Creutz, Needham, Laura Martin, Gabby Jones, David Greenbaum, Sean Bailey, Alan Bergman, Indiana Jones, Nelson Peltz, Peltz, shouldn't, Bob Chapek, He'll, Bergman, Jimmy Pitaro, Josh D'Amaro, Dana Walden, They've, Cowen's, you've, That's, it's, — CNBC's Sarah Whitten, Needman's Martin Organizations: Disney, Allen & Company Sun Valley Conference, Grogan, CNBC Disney, Disney Disney, Hulu, ESPN, Co, Warner Bros . Discovery, Fox, CNBC, Athletic, Bloomberg, Getty, Marvel, Star Wars, Searchlight, Walt Disney Motion, Disney Entertainment, Century Fox, Sony, Disney's Marvel Studios, Trian Partners, Financial Times, Resorts, Iger Locations: Sun Valley , Idaho, Brooklyn , New York, Iger, Parks, Disney

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