Imaginima | E+ | Getty Images Oil prices jumped following OPEC kingpin Saudi Arabia’s decision to cut production by another million barrels per day. On Sunday, the Organization of the Petroleum Exporting Countries and its partners (known as OPEC+) made no changes to its planned oil production cuts for the rest of the year. However, the world’s top oil exporter Saudi Arabia announced further voluntary output cuts which will be implemented from July. The kingdom’s output will decline to 9 million barrels per day from around 10 million barrels in May, Saudi’s energy ministry said in a statement. Global benchmark...
Biden signs debt ceiling bill, avoiding a catastrophic economic default
U.S. President Joe Biden addresses the nation on averting default and the Bipartisan Budget Agreement, in the Oval Office of the White House in Washington, D.C., June 2, 2023. Pool | Via Reuters WASHINGTON — President Joe Biden on Friday evening gave his first address from the Oval Office to discuss a bill to lift the debt ceiling while capping federal spending, calling it a “critical” agreement. He signed the bill into law on Saturday. “No one got everything they wanted but the American people got what they needed. We averted an economic crisis and an economic collapse,” Biden said. The...
Elon Musk, Twitter face brand-safety concerns after executives depart
Elon Musk, CEO of Tesla, speaks with CNBC on May 16th, 2023. David A. Grogan | CNBC The sudden departure of Twitter executives tasked with content moderation and brand safety has left the company more vulnerable than ever to hate speech. On Thursday, Twitter’s vice president of trust and safety, Ella Irwin, resigned from the company. Following Irwin’s departure, the company’s head of brand safety and ad quality, A.J. Brown, reportedly left, as did Maie Aiyed, a program manager who worked on brand-safety partnerships. It’s been just over seven months since Elon Musk closed his $44 billion purchase of Twitter,...
Meta will require employees to return to the office three days a week, starting in September
Mark Zuckerberg, chief executive officer of Meta Platforms Inc., left, arrives at federal court in San Jose, California, US, on Tuesday, Dec. 20, 2022. David Paul Morris | Bloomberg | Getty Images Meta employees will need to work from the company’s offices three days a week beginning in September. The social networking giant began notifying employees on Thursday of its new remote work policy, which will not impact existing workers who primarily work remotely. “We’re committed to distributed work, and we’re confident people can make a meaningful impact both from the office and at home,” a Meta spokesperson said in...
JPMorgan CEO Dimon says Epstein could have been booted
JP Morgan CEO Jamie Dimon looks on during the inauguration of the new French headquarters of US’ JP Morgan bank on June 29, 2021 in Paris. Michel Euler | AFP | Getty Images JPMorgan Chase CEO Jamie Dimon testified last week that top bank executive Mary Erdoes and the firm’s then-head lawyer had the authority to boot sex predator Jeffrey Epstein as a customer well before Erdoes finally took that step in 2013. Questions by lawyers to Dimon at his deposition Friday for two lawsuits against JPMorgan underscore that Erdoes and the lawyer, former JPMorgan general counsel Stephen Cutler, were...
New warning signs emerge for China’s property market
Construction on a real estate development project gets underway near the Bund in Shanghai, China, on May 25, 2023. Future Publishing | Future Publishing | Getty Images BEIJING — New data show China’s massive property sector is still struggling to turn around, despite signs of recovery earlier this year. “In a reversal from April, prices accelerated in the housing market but sales slowed,” the U.S.-based China Beige Book said in its report for May, released Tuesday. That’s based on the research firm’s survey of 1,085 businesses conducted from May 18 to 25. “In commercial property, both pricing and transactions weakened...
Stock Markets: Next stop, Congress
U.S. President Joe Biden and House Speaker Kevin McCarthy might have reached a deal Sunday to raise the U.S. $31.4 trillion debt ceiling, but a handful of hard-right Republican lawmakers said on Monday they would oppose the deal, in a sign that the bipartisan agreement could face a rocky path through Congress before the U.S. runs out of money next week. Cynthia Johnson | The Chronicle Collection | Getty Images This report is from today’s CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where...
Turkey’s President Erdogan seals election victory to enter third decade in power
Turkey’s President and leader of the Justice and Development (AK) Party Recep Tayyip Erdogan delivers a speech during his partys group meeting at the Turkish Grand National Assembly (TGNA) in Ankara, on May 18, 2022. Adem Altan | AFP | Getty Images Turkey’s Election Board on Sunday confirmed that Recep Tayyip Erdogan has won Turkey’s 2023 presidential election, extending his rule into its third decade in power after facing the tightest race of his career. Erdogan won Turkey’s presidency in a runoff election with 52.14% of the votes, the High Election Board head Ahmet Yener said, making the results official....
Consumers are starting to fire up China’s economy, ETF experts find
China’s pandemic-battered economy is starting to see consumers open their wallets wider, according to KraneShares’ Brendan Ahern. “We’re seeing the incremental rebound from the Chinese consumer,” the firm’s chief investment officer told “ETF Edge” this week. “[But] it’s not like turning on a light switch.” The National Bureau of Statistics of China reports retail sales have been increasing since last November. Ahern, who’s involved with the firm’s China-focused ETFs, expects quarterly earnings for Chinese companies to improve with each consecutive quarter — a forecast that may already be unfolding. Tech giants Baidu and Tencent beat revenue expectations for the fiscal...
New X date is June 5, Treasury says
WASHINGTON — Treasury Secretary Janet Yellen said Friday that the United States will likely have enough reserves to push off a potential debt default until June 5. “We now estimate that Treasury will have insufficient resources to satisfy the government’s obligations if Congress has not raised or suspended the debt limit by June 5,” Yellen wrote in a letter to House Speaker Kevin McCarthy. The new date Friday provided some much needed breathing room for negotiations between the White House and congressional Republicans that appeared to be closing in on a compromise agreement Friday to raise the debt ceiling for two...