The economist thinks the Fed ought to pay more attention to financial markets when setting interest rates.The Fedread more
Kohl's, J.C. Penney and Nordstrom release disappointing earnings news, putting a damper on their sector.Retailread more
Bezos's comments give a rare glimpse into his interest in the auto industry. Amazon recently invested in two self-driving start-ups.Technologyread more
While investing often seems like a contrarian game where going against the flow feels like the better bet, the reality is that investors who bought the most-favored stocks...Hedge Fundsread more
Talks between the world's two largest economies have stalled after each nation lobbied higher tariffs on the other's imports.Traderead more
A Chinese official in Hong Kong is urging the quick passage of legal measures to allow fugitives to be transferred to the mainland.China Politicsread more
GAC Motor said its delaying its launch in the U.S. but had no timeline when it could launch there.Autosread more
Shares in Asia were higher in Wednesday morning trade following a positive finish overnight on Wall Street, though trade tensions continued to linger between the U.S. and...Asia Marketsread more
See which stocks are posting big moves after the bell on Tuesday, May 21.Market Insiderread more
CBS plans to renew discussions for Starz with Lions Gate in the coming weeks, according to people familiar with the matter. If a deal happens, the remainder of Lions Gate...Technologyread more
The United States sees signs the Syrian government may be using chemical weapons, including an alleged chlorine attack on Sunday in northwest Syria, the State Department said...Defenseread more
President Donald Trump deserved to be congratulated for the recent changes to the U.S. tax system, according to the chief executive of Europe's largest industrial company.
Speaking on the sidelines of the Munich Security Conference, Siemens CEO Joe Kaeser told CNBC he believed the U.S. tax policy changes would be a "net positive" for job creation. He also defended his move to compliment Trump on his tax overhaul during a dinner held at the World Economic Forum in Davos last month.
"There is a very, very good chance that a lot of jobs are being created because the companies have more money to spend on innovation and growth," he said Thursday.
"That's why I've been congratulating the American president for his tax reform. I didn't congratulate him for his first year in office or anything else but that I believe was a job well done," Kaeser said.
An overhaul of the U.S. tax system was approved late last year and has been broadly viewed as a legislative victory for Trump. The changes saw the corporate tax rate fall to 21 percent from 35 percent and are predicted to lift consumer spending and U.S. growth.
The International Monetary Fund (IMF) upwardly revised its global growth forecasts for 2018 and 2019 last month, saying the amendments were partly down to the recently approved overhaul of the U.S. tax system.
However, critics of the changes argue it will add an extra $1.5 trillion to the U.S. deficit and will further widen the wealth gap between rich and poor.
"There's nothing wrong with it because more jobs means better conditions for the ones who are not that rich. Could it also make rich people richer? Yes, maybe … But I think the key focus ought to be creating jobs," he added.
Siemens, which has around 65,000 staff based in the U.S., has projected a tax rate at the lower end of the forecast range of 27 to 33 percent for fiscal 2018.
The German engineering group reported a 14 percent decline in quarterly industrial profit during the final three months of 2017 last month. It cited ongoing weak demand from the power and gas sector.