Finance

Apple iPhone event could mark turning point in spite of low expectations, say analysts

With a declining stock, and general negative sentiment against the company, Apple needs to get its mojo back. But lukewarm expectations ahead of Wednesday’s product launch in San Francisco — where CEO Tim Cook is expected to introduce the iPhone 7, among other things — could help push the stock higher in coming months, say analysts. Apple’s fortunes have become ... Read More »

Here’s why the Philippines doesn’t want to tick off the US

Philippine President Rodrigo Duterte delivers his pre-departure message before leaving for the Association of Southeast Asian Nations (ASEAN) Summit in Laos in Davao City, Philippines, September 5, 2016. Monday’s diplomatic dustup between the U.S. and the Philippines was over almost before it began, after newly elected Philippines President Rodrigo Duterte quickly apologized for calling President Barack Obama a “son of ... Read More »

US revised Q2 productivity down 0.6% vs preliminary reading of down 0.5%

U.S. labor costs grew much faster than initially thought in the second quarter while worker productivity slumped, which could pressure corporate profits and business spending. The Labor Department said on Thursday that unit labor costs, the price of labor per single unit of output, increased at a 4.3 percent annual rate as opposed to the 2.0 percent pace reported last ... Read More »

US weekly jobless claims total 263,000 vs 265,000 estimate

The number of Americans filing for unemployment benefits rose less than expected last week, pointing to sustained labor market strength that could push the Federal Reserve closer to raising interest rates. Initial claims for state unemployment benefits increased 2,000 to a seasonally adjusted 263,000 for the week ended Aug. 27, the Labor Department said on Thursday. Claims for the prior ... Read More »

In twist, Caesars wins brief extension on lawsuit shield

William Thomas Cain | Getty Images A federal judge on Tuesday gave Caesars Entertainment a five-week shield from $13 billion in lawsuits, capping a week of frantic court hearings as the casino group struggles to salvage a high-stakes debt-cutting plan for its bankrupt subsidiary. Judge Robert Gettleman said at an emergency court hearing in Chicago that he will decide on ... Read More »

The legal strategy that bankrupted Gawker comes to Main Street

In the wake of Gawker.com’s downfall, a host of start-ups are rushing to bring litigation finance to Main Street with a business model that could have far-reaching ramifications for both investors and the legal system. Until the news broke that tech billionaire Peter Thiel was funding former pro wrestler Hulk Hogan’s suit against (now-defunct) gossip blog Gawker for outing him ... Read More »

Obamacare needs a lot of work, Iowa insurance commissioner says

The Affordable Care Act, known as Obamacare, needs a lot of work, Iowa insurance commissioner Nick Gerhart told CNBC Tuesday. “We have to look at the ACA in its entirety. The risk mitigation tools … really didn’t work very well, to be honest, and the carriers just really need more predictability in their pricing,” he said in an interview with ... Read More »

Here’s the salary you have to earn to buy a home in the biggest US cities

For many prospective homebuyers in the U.S., earning enough to pay for even an average-priced home can be a struggle (not to mention saving enough or a down payment). A new report from mortgage site HSH.com backs up that assumption. Median home prices rose in most of the country’s 27 largest metro areas, even as incomes remained stagnant. Their analysis ... Read More »

Fed doesn’t have real plan to make policy: CNBC survey respondents

As the Fed meets in Jackson Hole, Wyoming, to discuss how to make monetary policy, many on Wall Street are convinced there isn’t any blueprint to do so. The CNBC Fed Survey found that 60 percent of respondents say the central bank lacks a framework for deciding on interest rates, with just 24 percent saying they do and 16 percent ... Read More »

US weekly jobless claims total 261,000 vs 265,000 estimate

Patrick T. Fallon | Bloomberg | Getty Images A job seeker looks at brochures during a Choice Career Fair in Los Angeles. The number of Americans filing for unemployment benefits unexpectedly fell last week, suggesting the labor market was continuing to gain momentum. Initial claims for state unemployment benefits slipped 1,000 to a seasonally adjusted 261,000 for the week ended ... Read More »