Monday, December 9

Business

China’s growth efforts show cautious progress as businesses await bigger impact
Business

China’s growth efforts show cautious progress as businesses await bigger impact

China's recent push to spur economic growth has shown modest progress, but the broader impact remains limited. Earnings and corporate data suggest that a robust recovery in the world's second-largest economy may still be a long way off. Since September, Beijing has introduced a series of stimulus measures aimed at boosting key sectors such as real estate and manufacturing. While there have been signs of improvement, many companies have maintained a cautious outlook. This sentiment was evident during Meituan's earnings call last week, when executives noted only a slight improvement in their hotel booking business. “We are confident that these policies will gradually strengthen the real economy and incentivize consumer spending, creating more growth opportunities,” said Shaohui Chen, chief f...
Trump plans to nominate Paul Atkins as SEC chairman in a cryptocurrency-friendly move
Business

Trump plans to nominate Paul Atkins as SEC chairman in a cryptocurrency-friendly move

Paul Atkins, CEO of Patomak Global Partners and an expert figure in financial regulation, has been chosen by President-elect Donald Trump to lead the Securities and Exchange Commission (SEC). The announcement, made via a post on Truth Social, signals a significant shift in regulatory priorities, particularly towards a more cryptocurrency-friendly environment. If confirmed, Atkins will succeed Gary Gensler, whose tenure has been marked by aggressive actions in the cryptocurrency market. Gensler's policies have drawn harsh criticism from the digital assets industry, with many stakeholders accusing him of stifling innovation. Trump's appointment of Atkins reflects the administration's commitment to easing restrictions on cryptocurrencies, in line with the president-elect's broader deregulatio...
JetBlue adapts its flight network to increase profitability and reduce costs
Business

JetBlue adapts its flight network to increase profitability and reduce costs

JetBlue Airways is making significant changes to its flight operations as part of a strategy to rationalize costs and increase profitability. The airline told staff on Wednesday that it will cut several unprofitable routes, redeploy planes equipped with its premium Mint business class and streamline its services in Europe. One of the most notable changes is the decision to stop using Mint-class planes on routes to Seattle starting in April. Additionally, the airline will cease flights from Fort Lauderdale to Jacksonville, from New York's John F. Kennedy International Airport (JFK) to cities such as Austin, Houston, Miami and Milwaukee, as well as between Westchester County and Milwaukee. JetBlue is also ending its service to San Jose, California. This reshuffle brings challenges, particula...
Frontier Airlines will introduce first-class seating in the competitive round
Business

Frontier Airlines will introduce first-class seating in the competitive round

Frontier Airlines, one of the world's leading low-cost airlines, is poised to introduce first-class seating as part of a strategic shift aimed at attracting customers seeking greater comfort and personal space. The move reflects growing competition in the airline industry to satisfy passengers willing to pay for premium experiences. Starting in September, Frontier plans to overhaul the cabin layout by replacing the first two rows of the standard three-by-three economy seating configuration with four first-class seats arranged in a spacious two-by-two arrangement. The Denver-based airline is also enhancing its loyalty program to incentivize frequent flyers, offering free seat upgrades for Gold-level members and above when available, and introducing free companion tickets for Platinum- and D...
Job postings rise in October as hiring slows, signaling a cooling job market
Business

Job postings rise in October as hiring slows, signaling a cooling job market

The U.S. job market showed mixed signals in October, as job postings increased while hiring fell, according to data released Tuesday by the Bureau of Labor Statistics (BLS). The report, part of the Job Openings and Labor Turnover Survey (JOLTS), revealed a complex picture of the jobs landscape during a month in which overall job growth hit its lowest point in nearly four years. Employers reported 7.74 million job postings in October, an increase of 372,000 from September and beating estimates by 7.5 million. This increased the job vacancy rate to 4.6%, up from 4.4% the previous month. Despite the increase in job offers, the labor market continued to rebalance, with the ratio of vacancies to unemployed falling to 1.1. This marks a significant shift from the peak in 2022, when the ratio was ...
Disney is set to announce fiscal fourth-quarter earnings amid key business developments
Business

Disney is set to announce fiscal fourth-quarter earnings amid key business developments

A statue of Walt Disney and Mickey Mouse graces the front yard of Cinderella Castle at Magic Kingdom Park, setting the stage for a pivotal moment as Disney prepares to release its fiscal fourth-quarter earnings on Thursday. Wall Street's attention will be sharply focused on the performance of Disney's streaming and theme park divisions, as well as updates on the search for CEO Bob Iger's successor. Analysts surveyed by LSEG expect the following key numbers for Disney's next earnings report: Earnings per share: Expected at $1.10 Income: Expected to reach $22.45 billion The profitability of Disney's streaming services has become a key area of ​​concern. In the previous quarter, Disney's combined streaming operations, which include Disney+, Hulu and ESPN+, posted a profit for the first time...
How Black Friday Spending Reflects America’s Political Divide After the 2024 Election
Business

How Black Friday Spending Reflects America’s Political Divide After the 2024 Election

A red hat reading “Keep America Great” perched on a Christmas tree during a rally in Michigan in December 2019 symbolized the intersection of politics and culture in the United States. Four years later, the 2024 presidential election has once again drawn a sharp line through consumer sentiment, reflecting the confidence – or concerns – of voters as the holiday shopping season begins. Black Friday, the unofficial start of the holiday shopping season, is taking on a new tone this year as political divisions creep into consumer behavior. CNBC spoke to shoppers across the country, including Texas, Michigan, New Jersey, New York, Connecticut, North Carolina and Virginia, and analyzed shipping trends to understand how the recent presidential election may affect spending habits during the holiday...
Scott Bessent is poised to lead the Trump administration’s economic policy
Business

Scott Bessent is poised to lead the Trump administration’s economic policy

Scott Bessent, founder and CEO of Key Square Group LP, has been tapped by President-elect Donald Trump for the crucial role of Treasury secretary. The news has already sparked optimism in financial markets, with stock futures rising and Treasury yields falling early Monday. This reaction followed Friday's announcement that Trump intended to name Bessent, a seasoned Wall Street figure, as his administration's top economic policymaker. The appointment sends a clear signal of Trump's commitment to putting someone with extensive market experience and a shared economic philosophy at the helm of the Treasury Department. Analysts widely praised the decision, noting that Bessent's experience is likely to reassure investors and bolster confidence in the administration's economic strategy. “This wil...
Trump announces new tariffs on Chinese goods, worsening trade tensions
Business

Trump announces new tariffs on Chinese goods, worsening trade tensions

US-China economic relations are facing new uncertainties after President-elect Donald Trump announced plans to impose an additional 10% tariff on all Chinese imports. The announcement, made on its social media platform Truth Social, signals a significant escalation in trade tensions between the world's two largest economies. Trump's statement came shortly after he revealed his intention to enact a 25% tariff on all imports from Mexico and Canada as one of his first executive actions on Jan. 20, the day he took office. This move is expected to effectively dismantle the existing regional free trade agreement between the three nations. Trump cited illegal immigration and trafficking of illicit drugs, particularly fentanyl, as primary reasons for these sweeping tariff measures. “I have had man...
Databricks raises billions in funding, delays IPO amid AI boom
Business

Databricks raises billions in funding, delays IPO amid AI boom

Databricks, one of the world's most valuable private technology companies, is raising billions of dollars in new funding as it chooses to delay its long-awaited public offering, sources familiar with the matter told CNBC. The San Francisco-based company is reportedly securing at least $5 billion in its latest funding round, with the potential to raise as much as $8 billion as discussions progress. This new round would push Databricks' valuation to $55 billion, making it one of the most valuable private technology companies globally. The funding round, according to insiders, is partly designed to allow employees to sell shares, easing internal pressure for a liquidity event such as an IPO. By providing a mechanism for employees to cash out, Databricks reduces the urgency of going public, al...