Larry Fink, chief executive officer of BlackRock Inc., speaks during a Bloomberg Television interview in New York, U.S., on Wednesday, April 19, 2017. Bloomberg | Bloomberg | Getty Images Companies are moving their supply chains out of China instead of waiting for a trade resolution between Washington and Beijing, BlackRock Chairman and CEO Larry Fink
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Congress is going crypto. Lawmakers from the U.S. Senate and House of Representatives heard testimony this week regarding Facebook’s Libra project in the interest of finding a way to regulate the digital payment system and ascertain how it is different from cryptocurrencies like bitcoin. In the hourslong confabs, Congress heard testimony from Calibra chief David
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Tom Cruise on the set of “Top Gun.” Paramount Pictures | Sunset Boulevard | Corbis | Getty Images On Thursday, Paramount debuted the first trailer for “Top Gun: Maverick,” a sequel to the much beloved ’80s classic “Top Gun,” at San Diego Comic-Con. By Friday, eagle-eyed fans had spotted one big difference between the iconic
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David Marcus, Head of Calibra at Facebook, testifies about Facebook’s proposed digital currency called Libra, during a Senate Banking, House and Urban Affairs Committee hearing on Capitol Hill in Washington, DC, July 16, 2019. Saul Loeb | AFP | Getty Images Lawmakers interrogated David Marcus, Facebook’s cryptocurrency chief, asking how the company will educate the
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Larry Fink Anjali Sundaram | CNBC BlackRock, the world’s largest asset manager, missed analysts’ estimates for quarterly profit on Friday, as investment advisory and securities lending revenue fell and costs rose. Its institutional funds added $87.36 billion in the second quarter, up from $29.12 billion in the first quarter. Investors poured more money into BlackRock’s actively
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Signage is displayed outside a JC Penney Co. store in Chicago, Illinois. Christopher Dilts | Bloomberg | Getty Images J.C. Penney on Friday afternoon said it hasn’t hired any advisors to prepare for an “in-court restructuring or bankruptcy.” The statement followed a report Thursday evening that the embattled department store chain had hired advisers to explore
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Getty Images Credit card issuer American Express beat analysts’ estimates for quarterly profit on Friday, as a healthy U.S. economy fueled higher spending by its customers. Customer spending rose 7% in the United States, the company’s biggest market, and 5% globally in the second quarter. U.S. consumer spending increased in May and April. Debit and credit card
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A bipartisan bill that cleared the House last week would let first-time homebuyers pay a bit less at closing if they go through homeownership counseling. Called the Housing Financial Literacy Act, the measure would apply to first-time homebuyers who take out a mortgage backed by the Federal Housing Administration. Borrowers who go through the counseling
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James Gorman, chief executive of Morgan Stanley. Qilai Shen | Bloomberg | Getty Images Morgan Stanley is set to report second-quarter earnings before the opening bell on Thursday. Here’s what Wall Street expects: Earnings: $1.14 a share, 12% lower than a year earlier, according to Refinitiv Revenue: $9.99 billion, 5.8% lower than a year earlier
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