The IMF trims its economic growth forecast again as the U.S.-China trade war continues, Brexit worries linger and inflation remains muted.Economyread more
Citigroup thinks Tesla investors hoping for a post-earnings rally later this week should scrutinize a pair of related financial metrics.Investingread more
Olive branches were extended from both China and the U.S. as the two nations are set to restart face-to-face trade negotiations after a monthlong truce.Marketsread more
Coca-Cola topped Wall Street's expectations for earnings and revenue.Food & Beverageread more
New disclosures show Facebook and Amazon each spent more than $4 million on lobbying activity in the second quarter of 2019.Technologyread more
Boris Johnson, one of the biggest voices in the Brexit movement, wins the Conservative Party leadership race by a 2-1 margin.Europe Politicsread more
Disney can nearly double its earnings by 2024, Morgan Stanley said in a note to clients on Tuesday.Investingread more
Amazon is expected to report its second-quarter earnings on Thursday.Investingread more
The largest residential brokerage company in the U.S. is partnering with the largest online retailer in a strategy to boost sales for both.Real Estateread more
Here are the biggest calls on Wall Street on TuesdayInvestingread more
Canaccord Genuity's Tony Dwyer believes stocks are about to fall as much as 5% from their all-time highs.Trading Nationread more
The open source software major is planning to spend tens of millions of dollars in China in the next five years as part of a broader effort to lift growth in Asia, which currently contributes a fifth to Red Hat's revenues, president and chief executive Jim Whitehurst told CNBC.
The North Carolina-based company is expected to cross $2 billion in revenues this year with a target to hit $5 billion in around five years. It is aiming to more than double the Asian ex-Japan share of its revenue to 20 to 25 percent in the same period—up from 10 percent now.
"China is like skipping that whole client server wave that is going from in mainframe servers to these new architectures which are all built on open source, so it's a little bit likethe analogy of laying the phone wires to going straight to mobile," Whitehurst told CNBC's Managing Asia.
The issue of how much access governments and law enforcement agencies can have to companies' proprietary technology has been hotly debated recently. Red Hat has a natural edge here.
"Post-Snowden and some of the other things that have happened around the world, I think there's a concern about in many countries about intellectual property that's coming from another country that's locked. That's proprietary. And so we don't have that problem, because anyone can see our source code. "
Open source software is the bane of technology companies selling proprietary products but its popularity is even turning into collaborations with information technology giants, as Red Hat proves.
"Open source is becoming the default choice (for) how developers are writing their applications. And it's without a doubt the default choice for what clouds run, " Whitehurst said.
Even rivals are signing up.
Last year, Red Hat teamed up with Microsoft to allow Red Hat to run its software on Microsoft's cloud service, Azure, in what could be considered a milestone after former CEO Steve Ballmer in 2001 called Linux "a cancer that attaches itself in an intellectual property sense to everything it touches."
"I think (current Microsoft chief executive Satya Nadella) has realized that if Microsoft has to stay relevant in today's world, they have to embrace open source because that's where innovation's happening," Whitehurst said.
The two have yet to work out revenue arrangement, although they think "it could be actually quite large" with potential for more partnerships in the works.
Despite its fast growth and partnership with Microsoft, the gloves are still off.
"We believe in the open source model; that's what we deliver. Microsoft still delivers a whole proprietary stack so there are a lot of things we do together to serve our joint customers but we'll still compete every single day," said Whitehurst.