Stocks fell sharply on Thursday as U.S.-China trade worries persisted with more companies suspending business with Chinese telecom giant Huawei.Marketsread more
The yield on the 10-year Treasury note fell to its lowest level since 2017 as more traders grew confident in a longer U.S.-China conflict.Bondsread more
A Ministry of Commerce spokesperson does not single out any U.S. action, but it's been a tense couple of weeks for the trade war.World Politicsread more
In a four-page letter sent Thursday morning, Warren and Ocasio-Cortez asked Mnuchin a series of questions about his advisory role in former Sears CEO Eddie Lampert's...Politicsread more
"For them to say that they don't work with the Chinese government is false," Secretary of State Mike Pompeo tells CNBC.Politicsread more
Facebook has stopped paying commission to staff for selling political advertisements on its platform, The Wall Street Journal reported.Technologyread more
Prosecutors allege that Stephen Calk, former president of Chicago-based Federal Savings Bank, loaned former Trump campaign chair Paul Manafort as much as $16 million in...Politicsread more
Oil prices tumble as the market braces for a prolonged U.S.-China trade war and on signs the U.S. is willing to negotiate with Iran.Energy Commoditiesread more
U.S. manufacturer growth hit new lows in May, the latest sign that the economic slowdown accelerated amid the ongoing trade war.Economyread more
European pilots are urging the EU's aviation regulator to conduct an independent and thorough review of the Boeing 737 Max before it flies again. The planes have been grounded...Airlinesread more
Wall Street is under pressure, but a handful of stocks are breaking out to new highs. McDonald's, Waste Management, Hershey, Visa and Costco have notched records this month,...Trading Nationread more
Automaker Daimler AG saw first-quarter net profit fall 11 percent due to shifting currency exchange rates and one-time gains in the year-earlier quarter.
But the company had stronger earnings from its Mercedes-Benz luxury car division and raised its profit forecast for the year, saying earnings will increase slightly even as it spends heavily on new technology.
The previous outlook was for earnings about the same as last year's.
For the first quarter, net profit was 2.35 billion euros ($2.85 billion), down from 2.65 billion euros a year earlier, when the company's Mitsubishi Fuso truck business sold real estate worth 267 million euros. It also booked a gain a year earlier from the revaluation of the company's stake in Chinese partner BAIC Motor Corporation.
Currency exchange rate shifts had a "slightly negative" effect on earnings, the company said Friday.
CEO Dieter Zetsche pointed to a 7 percent increase in vehicle unit sales in the quarter, to 807,000 vehicles worldwide. "We are sustainably continuing along our profitable growth course and sold more vehicles than ever before in a first quarter," he said.
Daimler is counting on continued strong profits to fund its investments in new technologies expected to reshape the auto industry. Those include electric and autonomous vehicles and increasing use of cars as a temporary service. The company pushed in that direction by agreeing in March to combine its mobility service division including its car-sharing business with BMW's services business.
Revenue increased 3 percent to 39.78 billion euros ($48.2 billion) and the Mercedes division's profit rose 3 percent. Strong sales of the flagship S-Class luxury sedan and sport-utility vehicles boosted earnings at the division. The division's return on sales — a key measure of profitability — increased to 9.0 percent from 8.9 percent in the year-earlier quarter. Profits slipped however at the company's van and bus divisions.