Representatives from the Chinese side say they think it likely that Chinese President Xi Jinping will attend the G-20 meeting later this month. But in order to reach a trade...China Economyread more
Software engineers straight out of college often make six-figure salaries, not counting equity compensation.Technologyread more
Wall Street, though, is clamoring for a rate cut, with an 85% chance of a move in July and a 61% probability of three reductions by year's end.The Fedread more
A company spokesperson said the outage was the result of a "an internal technology issue" and was not security related.Retailread more
Using MIT's living wage calculator, CNBC Make It mapped out the minimum amount a single parent must earn to meet their basic needs without relying on outside help in every...Earnread more
The flattening of the yield curve is exuding a bad omen for the stock market if history is any guide.Marketsread more
Hong Kong Chief Executive Carrie Lam announced at a press conference on Saturday that a contentious bill to allow extraditions to mainland China has been put on hold.China Politicsread more
Stratolaunch, the world's largest airplane, which flew once, is up for sale, sources familiar told CNBC.Investing in Spaceread more
Transparency is key… or is it? With the first-ever non-transparent, actively managed exchange-traded fund receiving approval from the SEC, "ETF Edge" goes straight to the...ETF Edgeread more
Mired in a crisis over its best-selling 737 Max plane, Boeing could hand the spotlight over to its rival Airbus at the Paris Air Show.Airlinesread more
A new update to the Apple Watch called watchOS 6 will notify you if the environment you're in is too loud and could damage your hearing.Technologyread more
Any CEO who stays on any of the White House business advisory councils will face backlash because they'll be on the wrong side of history, Larry Summers told CNBC on Wednesday.
The former Clinton Treasury secretary and ex-Obama economic aide said on "Squawk on the Street " the controversy over President Donald Trump's comments since Saturday's deadly white nationalist rally in Charlottesville, Virginia, is "unlike anything we've seen before."
There's always room for debate on policy positions, Summers said. "But this is traducing basic American traditions of justice, inclusion, and fairness."
"[McMillon] is not fit to be the CEO of Wal-Mart if his judgment is so bad as to suppose that being a member of this council is giving him some kind of effectiveness," Summers argued. "What he may be — and what a number of CEOs are — is scared; scared that if they leave, the president using the tools of government will retaliate."
If Trump has created a culture of fear among American CEOs, "that is a particularly damning indictment far beyond any in Charlottesville of his presidency," Summers said.
Wal-Mart declined to comment on Summers' remarks.
On Monday, Merck CEO Ken Frazier resigned from the White House manufacturing council, igniting the debate about whether corporate leaders should leave Trump's advisory panels over the president's response to Charlottesville.
On Tuesday, AFL-CIO President Richard Trumka, union colleague Thea Lee, and the president of the Alliance for American Manufacturing, Scott Paul, resigned as well.
"I cannot understand why others have not followed Ken Frazier out the door. I cannot understand why they have not endorsed his courageous action," said Summers. "This is not a happy day for American business."
Summers spoke before a member of Trump's Strategic and Policy Forum told CNBC the panel has agreed to disband. Also Wednesday, Campbell Soup chief Denise Morrison and 3M CEO Inge Thulin resigned from Trump's manufacturing council.
In addition to calling out corporate America, Summers also said Wednesday he's surprised no officials of Trump's administration had resigned.
"There's a tradition in America of people of principle when they are sufficiently offended and disagree with their president on matters fundamental resign," he said.
"I have been disappointed that there have been no resignations on principle by the political appointees of this administration."