Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
The interest on excess reserves now stands at 1.8%, a 30 basis point cut compared with the 25 basis point reduction for the benchmark funds rate.The Fedread more
The decision to cut rates followed a monthslong pressure campaign by Trump, who often criticized Chairman Jerome Powell by name as he called for lower interest rates.Politicsread more
Powell said on Wednesday that the Fed may have to resume regular balance sheet growth to help ease money markets.The Fedread more
The Dow Jones Industrial Average erased a 211-point drop as investors digested the latest monetary policy announcement by the Federal Reserve.US Marketsread more
A New York-based blockchain consulting firm allegedly extorted a Seattle-based crypto start-up with threats to hijack its initial coin offering, in a case announced Wednesday...Technologyread more
According to a report in the Wall Street Journal, WeWork co-founder Adam Neumann has floated the idea of becoming Israel's prime minister or leader of the world.Technologyread more
Amazon is launching a new feature that allows presidential candidates to receive campaign contributions through the Alexa voice assistant.Technologyread more
The woman says the abuse by Jeffrey Epstein, a former friend of Presidents Donald Trump and Bill Clinton, began when she was just age 14 or younger.Politicsread more
Federal Reserve Chairman Jerome Powell pledged that the central bank would engage in a "sequence" of interest rate cuts if conditions warrant, but he doesn't see that as...The Fedread more
Royal Caribbean is using its ships and supplies to provide relief in the aftermath of Hurricane Irma, the company's chief executive said Tuesday.
CEO Richard Fain told CNBC's Closing Bell that the cruise operator will return to a "normal schedule" by this weekend, but, in the meantime, it is focused on helping islands ravaged by the storm.
"We actually ended up so may extra supplies that we were delivering them to some of the islands that were badly hurt," Fain said.
The Miami-based company had ships available due to cancelled cruises, allowing them to mobilize the vessels for evacuations of people on hurricane-ravaged islands in the Caribbean region such as St. Thomas and St. Martin.
"We've told the local islands that we would help them, and so yesterday [Monday] we picked up some people in St. Martin to bring them to a safer place," he said. "Today [Tuesday] we're picking up a few thousand people in St. Thomas and St. Martin."
Fain described the people getting the help as "pretty much tourists who had gone to those islands and had no way to get home. So we're using our ships to transport them."
According to Fain, the company's evacuation assistance for stranded tourists on the islands will wind down by this weekend, when Royal Caribbean plans to resume a "normal schedule."
"Unfortunately, we're prepared for these sorts of things," he said.
As of Tuesday, Royal Caribbean had two cruise ships out with the company's modified schedule and two more set for departure Wednesday.
Fain said the company cancelled cruises in the affected region early when Hurricane Irma was approaching but added there were still had cases where people stayed longer on ships, including employees who needed a place to shelter from Irma.
"We wanted to give them a safe place to stay during the storm," he said.
According to the CEO, the company's cruise ships could have stayed out "two weeks easily" given that there was plenty of food and supplies on board. The company donated the surplus to some of the affected Caribbean islands, Fain added.
"We stock up quite heavily," he said. "We want to make sure that there's more than enough even in a normal cruise, just in case."