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
Price gouging is "rampant" in the hotel industry, and Airbnb has saved consumers more than $16 million over several events in major cities of late, the company said.
In a report issued Tuesday, the home-sharing service detailed why it believes hotel prices continue to climb, why companies are "desperate" to continue doing this, and why Airbnb is saving "millions" for consumers, as a result.
This comes as a response to news that circulated earlier in the week, discussing the hotel industry's plans to "combat" Chief Executive Brian Chesky and his San Francisco-based start-up.
The New York Times wrote in a report over the weekend: "'Airbnb has brought hotel pricing down in many places during holidays, conventions and other big events when room rates should be at their highest and the industry generates a significant portion of its profits,' said Vijay Dandapani, chief executive of the Hotel Association of New York City, which works with the American Hotel and Lodging Association."
The hotel industry's plan against Airbnb shows "the hotel cartel is intent on short-sheeting the middle class so they can keep price gouging consumers," an Airbnb spokesman told the Times in an email. "With more than 250 government partnerships over the last year, we have shown our seriousness of purpose when it comes to putting in place fair rules."
Investors have pegged Airbnb's value close to $30 billion, while hotel leaders such as Hilton's market capitalization is $19 billion, and Marriott's sits at $35 billion.
In its report Tuesday, Airbnb said these instances of price gouging are most present at sports events, college graduations and — unfortunately — tragedies. Chesky's business model, though, has saved customers money during recent events such as the Indianapolis 500, Comic Con and the Boston Marathon — by providing consumers places to stay for a cheaper price.
The company added it won't let up, despite recently leaked hotel industry documents showing how executives have put in place a campaign to try to prevent people from sharing homes.
"We have been transparent and clear in our advocacy efforts throughout this," a spokeswoman for hotel association told CNBC in an email. "And we call on Airbnb and short-term rental companies to stop being disingenuous to state and local authorities about their operations' facilitation of illegal hotels, and stop misrepresenting their platform as one that simply supports the middle class when it's clear the bulk of Airbnb's revenue is coming from commercial activity."