Stocks were headed for weekly losses on Friday as investors worry the U.S.-China trade war is hurting economic growth.US Marketsread more
The combination of mounting recession fears, bets on a more cautious Fed and a regular uptick in market volatility could spell more losses.Marketsread more
The therapy, Zolgensma, is a one-time treatment for spinal muscular atrophy — a muscle-wasting disease and leading genetic cause of infant mortality, affecting 1 in every...Biotech and Pharmaceuticalsread more
SpaceX has raised just over $1 billion in financing since the beginning of the year.Investing in Spaceread more
An analyst for Ark Invest, which has a major investment in Tesla, says recent drastic price-target cuts by others on Wall Street are missing the big picture.Investingread more
Former Foreign Minister Boris Johnson is seen as the bookmaker's favorite to succeed outgoing Prime Minister Theresa May.Europe Politicsread more
United Airlines will take its 14 Boeing 737 Max jets off its schedule for another month, through Aug. 3, canceling another 1,290 flights.Airlinesread more
Roughly three dozen House Democrats have called for impeachment hearings on President Donald Trump, a billionaire's TV ads rip the House for "doing nothing," and legal experts...Politicsread more
J.P. Morgan economists say they now see a much slower economy in the second quarter, with growth of just 1%.Market Insiderread more
If consummated, the deal would mark the latest in a flurry of activity in the payment technology space.Banksread more
The Pentagon will send additional American troops, drones and fighter jets to the Middle East amid increasing tensions between the United States and Iran.Politicsread more
Sberbank, the biggest bank in Russia, is facing down three so-called "black swan" events – unpredictable yet major occurrences which could change its business for good - according to its chief executive.
Herman Gref, chief executive of Sberbank, told CNBC: "We are being attacked by new businesses. We are being attacked by new regulations. We have to make newer and newer investments in technologies and this has to be done simultaneously. So we got not one Black Swan but three black Swans."
"The past year was an extremely tough year for both Russia and for the Russian banking sector…the next year, in our opinion, is going to be much better even if oil prices remain the same," he added.
Gref is not the only Russian banking boss sounding an optimistic note about the banks' ability to come through one of the worst patches in Russia's economy since the fall of Communism.
Andrey Kostin, president and chairman of VTB, Sberbank's biggest rival, told CNBC Thursday that "this is not another 2008" and he is confident about the country's economic prospects improving next year.
Western commentators are rather less optimistic about the Russian economy's ability to withstand a combination of low oil prices, a plummeting ruble, and sanctions imposed by the West.
"The economy in general is still very much adjusting. We think that conditions for the banks will be difficult for the next 12-18 months in terms of both profitability and asset quality. We are expecting a rise in problem loans, towards the peak of 2009 levels," Marie Diron, senior vice president of credit policy at U.S.-based ratings agency Moody's, told CNBC.
The country's involvement in conflict outside its borders, in Ukraine and Syria, has also impacted its economy, via both sanctions and increased defense spending.
Transaero, Russia's second-largest airline, this week became probably the highest-profile victim of the recession so far, when Sberbank filed a petition for bankruptcy against it.
"I cannot think of any player in the market who would have been able to save this company," Gref told CNBC. He blamed the collapse on a poor business model by the airline's previous management.