President Donald Trump said on Monday that China is ready to come back to the negotiating table and the two countries will start talking very seriously.Politicsread more
The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
Futures fell after Trump said the U.S. will raise tariffs on more than $500 billion worth of Chinese imports, increasing trade tensions.Marketsread more
As Washington and Beijing continue to up the ante in their protracted trade fight, the potential of a recession in the U.S. is now "the biggest concern," according to Standard...US Economyread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
Uber has seen "hundreds" of cities become profitable in the past six months and is betting that in two years' time it will start to see parts of China start to make money, the chief executive of the U.S. ride-hailing app told CNBC.
However, Uber's boss defended this, saying that the company, which currently operates in 400 cities around the world, will not be able to scale up without investing and being unprofitable for a while.
"If you are focused on profits right out of the gate, you're gonna have the smallest profitable business that has ever been seen," Travis Kalanick, told CNBC at the Boao Forum in China.
"The good thing though is when you have profitable cities around the world, those profitable cities can then help us to invest more deeply in this country so you take like the…top 30 cities that we're in around the world, we're already generating a billion dollars in profits from those 30 cities a year today and those cities are growing by 2, 3, 4 times per year. And so that is sort of the fuel that allow us to go to places like China and invest deeply to make, to make the system work and to work in a big way."
Asked by CNBCs Geoff Cutmore if he was losing a $1 billion a year in China, Kalanick replied he was "investing" a $1 Billion a year in the country.
Kalanick added that in the last six months "we've just been watching literally hundreds of cities go profitable, we've just tightened up the operation…we're getting good at running profitable cities".
The CEO of the world's most valuable start-up compared itself to Amazon saying that it reinvests its profits heavily like the U.S. e-commerce giant does.
Uber's China unit alone is valued at $8 billion with the world's second largest economy being flagged as a key market by the start-up. But it faces fierce competition from local rival Didi Kuaidi, which itself is valued at $16.5 billion investments from the likes of Alibaba and Tencent. Didi Kuaidi is using its deep pockets to expand across China and is matching Uber's own cash piles.
Still Kalanick is optimistic some areas of China will begin to reap profits for the company.
"I'm not yet sure how much…investment will take to get to profitability in China, but I'm optimistic that within the next couple of years we're going to start seeing Chinese cities start to prop up and be profitable," the Uber CEO told CNBC.