The central bank is not normally in the business of easing into an economy that is showing few signs of a recession, generally holding fire until more pronounced signs of a...The Fedread more
His case for gold comes as central banks get more aggressive with policies that devalue currencies and are about to cause a "paradigm shift" in investing.Marketsread more
CSX said it expects revenue to fall as much as 2% in 2019, well below a previous forecast of an increase of 1% to 2%.Marketsread more
Challenging conditions in the U.S. housing market, along with tighter currency controls by the Chinese government, cause a stunning drop in foreign demand for American homes.Real Estateread more
The growth in net interest income, a main engine of the industry's profit, looks to slow to a halt in the back half of this year.Banksread more
These are the stocks posting the largest moves midday.Market Insiderread more
Here's how Amazon sells ads, and why it has a natural edge over Google and Facebook in some areas.Technologyread more
Netflix reports earnings Wednesday as it loses licensed shows to rivals launching their own streaming services.Technologyread more
Federal Judge William Pauley wrote in a court filing made public Wednesday that materials related to Cohen's campaign-finance probe should be unsealed — and denied a request...Politicsread more
The "'Cadillac tax," set to go into effect in 2022, is unpopular with both Republicans and Democrats, who say it punishes the middle class.Health and Scienceread more
Facebook's head of Calibra David Marcus is grilled during a House Financial Services Committee hearing over the company's digital currency plans.Technologyread more
Donald Trump has named billionaire investor Carl Icahn, a frequent critic of some Obama administration rules and a major fossil fuel investor, a special advisor on regulation, the president-elect's transition team announced Wednesday.
Trump's team said in a statement that the activist investor will aid him in an "individual capacity" rather than as a federal employee or special government employee, adding that he will not have "specific duties." He therefore likely will not have to give up his varied business interests while advising Trump on policy.
"I am proud to serve President-elect Trump as a special advisor on regulatory reform. Under President Obama, America's business owners have been crippled by over $1 trillion in new regulations and over 750 billion hours dealing with paperwork," Icahn said in a statement. "It's time to break free of excessive regulation and let our entrepreneurs do what they do best: create jobs and support communities. President-elect Trump is serious about helping American families, and regulatory reform will be a critical component of making America work again."
Icahn, 80, has informally given the president-elect advice in recent months and helped Trump to pick Oklahoma Attorney General Scott Pruitt as head of the Environmental Protection Agency, according to Dow Jones, which first reported the news. Icahn will also help to choose the next chairman of the Securities and Exchange Commission, the report said.
Icahn has frequently criticized Obama administration rules and told CNBC that he supported Trump's choice of Pruitt, who has battled the current president's EPA and expressed doubts about how much humans affect climate change. Icahn previously said the EPA was one of the worst-run agencies he had ever seen.
The activist investor is known for battling companies to make changes that he believes will boost their share prices. Icahn's holdings include CVR Energy, Cheniere Energy and insurance giant AIG, which could all be affected by Trump's regulatory agenda.
Icahn previously had a major stake in Apple, among other notable companies.
In a CNBC interview earlier this month, Icahn said the "most important thing" for Trump's administration to do is "absolutely change these regulatory agencies" that have overreached, pointing to the EPA.
"What's happened over the last eight years is companies are afraid to invest because they're afraid of what is going to happen if they invest ... you're afraid that they're going to come in and ruin your business," Icahn said.
However, in a CNBC interview after Trump's win in November, Icahn said he is "not against regulation," as he would not want to repeal Dodd-Frank, the post-financial crisis regulatory act that Trump has said he wants to roll back.
But he said that "you can't let the regulators start running the country."
Icahn was an early supporter of Trump's presidential bid. He donated the maximum $2,700 to Trump's campaign and gave another $200,000 to his joint fundraising committee with the Republican Party. Only $2,700 of his donation to that committee can go directly to the president-elect's campaign.