Trump's tweet comes a day after Apple put out a press release describing the money it spends on U.S.-based suppliers and vendors.Technologyread more
President Donald Trump held a call on Wednesday with the CEOs of three major U.S. banks, according to people with knowledge of the situation.Marketsread more
Benefits from what President Trump called "the biggest reform of all time" to the tax code have dwindled to a faint breeze just 20 months after its enactment, writes John...Politicsread more
Epstein, 66, was found in his cell in Manhattan federal lockup Saturday morning and transferred to a nearby hospital, where he was subsequently pronounced dead.Politicsread more
Air travelers faced delays at U.S. airports on Friday afternoon after a computer issue snarled processing of international arrivals.Airlinesread more
Daniel Povey, a professor who was fired by Johns Hopkins University, said he will no longer go work at Facebook after the company asked him to work as a contractor while it...Technologyread more
Markets would like Fed Chairman Jerome Powell to clarify whether the Fed sees itself at the beginning of a serious, longer-term rate cutting cycle.Market Insiderread more
In comparative terms, CEOs now make on average 278 times the average worker's salary, according to the Economic Policy Institute.Executive Compensationread more
The former cellmate's lawyer, Bruce Barket, told NBC that officials at the jailhouse said in an email that Tartaglione would face no charges or internal discipline now that...Politicsread more
Roger Stone and the Department of Justice have been sparring for a month over whether jurors can be shown a 4-minute-and-20-second clip from the film.Politicsread more
As part of his new proposal to combat hate and violence, O'Rourke wants to make social media companies liable for users' hateful content.Technologyread more
A number of major banks have started to cut their near-term forecasts for sterling signaling a weakness in the U.K. economy after Britain voted to exit the European Union (EU).
The currency hit its lowest in nearly 31 years in the early hours of Friday after the referendum results were announced that sent shockwaves across all asset classes globally. However, on Monday sterling further fell below the 31-year low to $1.3221 on speculation that the Bank of England may proceed with a rate cut. Sterling is also at its lowest against the euro since March 2014 at 83.41 pence.
"The move in sterling against the dollar after the U.K. referendum is unprecedented," John Bilton, global head of multi-asset strategy at JP Morgan Asset Management told CNBC via email.
"Sterling is 7 percent lower versus the dollar. Previous experiences of currency volatility warn that there could be aftershocks which could reverberate across asset classes. The currency markets are likely to remain the focal point for expression of political risk. We expect sterling to weaken further and see scope for further pressure on the euro."
A number of banks have cut their sterling forecast since the vote to leave the EU was announced on Friday. HSBC was the first to announce a change to its sterling outlook. The bank said it expects the currency to fall to $1.25 against the dollar in the third quarter and to $1.20 by year-end.
This was followed by Societe Generale that predicted the currency to head towards $1.20-$1.25 in the longer run against the dollar. However, the bank expects the currency to stabilize between $1.30 and $1.35.
On Monday, Goldman Sachs cut its three-month sterling forecast to $1.32 from a previous estimate of $1.47. However, it expects the currency to recover to $1.34 at year-end. Meanwhile, Bank of America Merrill Lynch has taken a rather bearish view of the sterling by slashing its forecast to $1.30 for the end of 2016, from its previous fairly bullish prediction of $1.59.
Goldman Sachs in a note said that it doesn't expect a shock as large as that of the bankruptcy of Lehman Brothers in 2008 or with the same global consequences. "While we do now expect the U.K. to enter a technical recession in the first half of 2017, it should be a mild one by historical standards."
Julius Baer too has revised its forecast for sterling after the yes vote. In a note, the bank said it expected the pound to suffer after the initial shock as fundamentals will turn against it. It further expects the meltdown of foreign direct investments is a longer-term threat for the pound.
"We revise our forecast of the euro against sterling at 0.92 over a 3-month and 1.00 over a 12- month horizon, which admittedly could also unfold earlier," Julius Baer's economist David Meier said in a statement, adding that economic growth is likely to be wiped out in the second half of this year as uncertainty will weigh strongly on investments and hiring.
Follow CNBC International on and Facebook.