The Fed came very close to promising a rate cut Wednesday, and now markets are focused on a possible July rate cut.Market Insiderread more
Markets had expected the central bank to keep its benchmark interest rate steady while setting up a cut at the July meeting.The Fedread more
Powell said policymakers are concerned about some of the recent economic developments and see a growing case for easier policy.The Fedread more
The Fed chief said that despite reports that Trump was looking to demote or fire him, he doesn't plan on leaving anytime soon.The Fedread more
Federal Reserve Chairman Jerome Powell said on Wednesday that Facebook spoke to the central bank about the digital currency called LibraThe Fedread more
With bold and targeted steps, economists say, government can increase opportunity and incomes for many more people in ways that strengthen, not weaken, American capitalism.Politicsread more
If the Trump administration and Congress fail to reach a spending agreement, the White House will offer to keep the government funded at its current levels for a year, Mnuchin...Politicsread more
Resident "Fast Money" crypto expert Brian Kelly breaks down the major differences between bitcoin and Facebook's new cryptocurrency Libra.Fast Moneyread more
Oracle found revenue growth from cloud applications in its fiscal fourth quarter, which helped it surpass analysts' expectations.Technologyread more
The vote makes Mexico the first of the three countries to win legislative approval for the trade agreement.Politicsread more
American Airlines is the first major U.S. airline to order Airbus' new long-range, single aisle aircraft.Paris Air Showread more
Starbucks' outgoing Executive Chairman Howard Schultz said on Monday that a recent slowdown in China would be short-lived, seeking to salve investor concerns that the U.S. coffee chain is under pressure in the fast-growing market.
Starbucks said last month China same-store sales would be flat to slightly negative in its second-biggest market in April-June, versus 7 percent growth a year earlier, triggering a sharp drop in the chain's share price.
Schultz, ostensibly on a farewell tour after he stepped down in June, said fears of a slowdown in the market were a "false narrative," and that over time the closely watched metric would regain its momentum.
"It's a very short-term number that Wall Street uses, it's not a number we're concerned about," he said at a roundtable at the firm's flagship Roastery store in Shanghai.
"I will say, unequivocally, that anyone who is betting against Starbucks in China is dead wrong."
China has been a sweet spot for Starbucks for the past few years, with a burgeoning cafe culture driving rapid growth even as the market saturated back home.
Schultz, who owned about 3 percent of Starbucks stock as of Dec. 18, sees China as overtaking the United States as Starbucks' top market, with the firm aiming to double cafe numbers there to 6,000 by 2022.
Starbucks has no formal online delivery in China, where Alibaba-backed Ele.me competes with Tencent Holdings Ltd-backed Meituan-Dianping as the country's two biggest food delivery platforms.
Schultz, however, said he was close with Alibaba's Ma and suggested the two could work together to boost Starbucks' online distribution in China.
"There's no doubt that no brick-and-mortar retailer anywhere in the world, let alone China, can exist as a stand-alone business without having a significant, integrated e-commerce mobile application," he said.
"I have been very dear and close friends with Jack Ma for many, many years... and suffice to say there will be news coming that will relate to our plans for accelerating and integrating mobile commerce at a higher level into our core business."
Current trade tensions between the United States and China were creating a negative atmosphere between the two countries, he added, though he downplayed the impact on the chain.
"I think we will be able to navigate through this fairly well. Having said that I don't think it's a healthy atmosphere between the two countries and I hope it's short-lived."
The long-time Starbucks executive said his next move was not yet clear, though he did not rule out a shift into politics.
"I want to do something that provides some level of public service, but I don't know what that will mean ... I would say I am taking the summer off and we'll see what happens," he said.