Author: News Room

Editor’s Note: Sign up for CNN’s Meanwhile in China newsletter which explores what you need to know about the country’s rise and how it impacts the world. As profit margins get squeezed, temperatures are rising in the world’s biggest car market. A tense exchange between two major Chinese electric vehicle (EV) manufacturers in recent days highlights the pressures they face as a price war in the industry intensifies. It all started on Saturday, when Yu Chengdong, the chairman of Huawei’s smart car unit, implied that rival EV maker BYD is racing ahead because of low prices rather than the quality…

NZD/USD clings to gains near 0.6200 ahead of US NFP report for May. The US Employment data will influence Fed rate-cut bets for September. The New Zealand Dollar strengthens amid speculation that the RBNZ will start reducing interest rates next year. The NZD/USD pair trades inside Thursday’s trading range in Friday’s European session. The Kiwi asset clings to gains near the round-level resistance of 0.6200 amid hopes of interest rate differentials as the Reserve Bank of New Zealand (RBNZ) is expected to keep interest rates steady for the entire year while the Federal Reserve (Fed) is expected to deliver two…

US Treasury Secretary Janet Yellen expressed significant concerns about the potential dangers artificial intelligence (AI) poses to the stability of the financial system. Yellen made the remarks during a keynote address at a conference on AI and financial stability on June 6. Her speech stressed the urgency of addressing these emerging risks and called of both the government and private sectors to collaborate on finding solutions. The Treasury secretary said: “This [AI] is a rapidly evolving field. We have our work cut out for us.” Increasing risk Yellen acknowledged the advancements AI has brought to the financial sector, such as…

Trump calls for indictment of Jan. 6 committee members. Hear how one is responding In a series of social media posts, former President Donald Trump called for the indictment of members of the January 6. committee. CNN’s Kaitlan Collins gets reaction from one of the committee members, Rep. Zoe Lofgren (D-CA).

EBay to Stop Taking American Express After Fee Dispute EBay will drop American Express cards as a payment option because of “unacceptably high fees.” EBay notified customers about the change, which is set to take effect Aug. 17. The two firms have been embroiled in negotiations around the merchant discount rates, also known as interchange fees, charged by Amex at the point of sale. The fees, imposed each time a card is used in a transaction, have long been a headache for merchants. Amex, however, said its research shows that its fees are comparable to what eBay must pay to…

A South Korean weapons manufacturer that traditionally specialized in older, less advanced armaments is seizing on demand for 155mm howitzers by producing them faster than the West.Hanwha Aerospace can build its K9 self-propelled howitzer in about six months at $3.5 million apiece, Bloomberg reported, estimating the company to be two to three times as fast as its competitors.By comparison, French supplier Nexter was estimated to take about 30 months to deliver its Caesar self-propelled howitzer. However, it was reported in early January to have reduced the wait time by half.That tracks with estimated production times for other Western firms restarting…

FRANKFURT (Reuters) – German inflation is proving stubborn, driven by a continued strong rise in wages, the Bundesbank said on Friday, a day after the European Central Bank cut interest rates on improving price growth prospects. Inflation has come down from double-digit territory in late 2022 but the “last mile” of disinflation is starting to prove especially difficult and the warning from the euro zone’s biggest economy is likely to reinforce expectations that interest rates can only come down slowly. “Inflation is proving to be stubborn, especially in the case of services, where strong wage growth and the resulting cost…

Here is what you need to know on Friday, June 7: The US Dollar (USD) is having a tough time staying resilient against its rivals on the last trading day of the week, with the USD Index staying near the multi-week low it set at around 104.00 earlier in the week. The US Bureau of Labor Statistics will release the jobs report for May later in the day, which will feature Nonfarm Payrolls, Unemployment Rate and wage inflation figures. US Dollar PRICE This week The table below shows the percentage change of US Dollar (USD) against listed major currencies this…

DuckDuckGo, renowned for its privacy-focused search engine and web browser, has announced a new service that allows users to interact with popular AI chatbots privately and anonymously. The service, called DuckDuckGo AI Chat and accessible at Duck.ai, is globally available now. The interactions on Duck.ai are private because “neither DuckDuckGo nor the chatbot providers can use the users’ data to train their models,” the company explains. They are also anonymous, as DuckDuckGo doesn’t require users to set up accounts, or provide personal information before start interacting with it. DuckDuckGo even strips away metadata, such as server or IP addresses, so…

This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.What you need to know todayWaiting gameThe S&P 500 was little changed as traders awaited a key U.S. economic report. The index ticked down 0.02%, after hitting an intraday high, and the Nasdaq Composite slipped 0.09%. The Dow Jones Industrial Average rose 78 points. Nvidia dropped 1.1% after hitting a record high on Wednesday. The yield on the 10-year Treasury was flat ahead…