Home Depot's CEO said the retailer cut its outlook partly due to "the potential impacts to the U.S. consumer arising from recently announced tariffs."Retailread more
The report comes as Trump in recent days has lashed out over media reports about growing recession fears.Politicsread more
United States Steel Corp will temporarily lay off hundreds of workers at its Great Lakes facility in Michigan in coming weeks, according to a filing the steelmaker made with...US Marketsread more
While the U.S. gave Huawei a 90-day reprieve, allowing American businesses to keep selling specific products to the Chinese firm, it also added more affiliates of the...Technologyread more
The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
GE kicks off a new week after some crazy moves. Two traders urge caution.Trading Nationread more
Porsche and Apple believe music streaming is the next advancement for in-car entertainment. The luxury automaker and tech giant are teaming up to allow drivers of the all-new,...US: Consumer Servicesread more
J.P. Morgan advised clients in a note early Tuesday that it was time to buy shares of Beyond Meat again.Marketsread more
U.K. Prime Minister Boris Johnson told the EU that a Brexit deal can still be approved by U.K. lawmakers if Brussels agrees to scrapping the contentious Irish "backstop."read more
Baidu posted better-than-expected earnings for the June quarter, swinging back to profit and managing to stabilize its core ad business.Technologyread more
An exchange-traded fund based in mortgage-backed securities may provide just the kind of stable income investors need in this market, says ETF.com's Dave Nadig.ETF Edgeread more
WASHINGTON — From combat aircraft to ships, Middle Eastern countries are the biggest buyers of U.S. military equipment.
Between 2013 and 2017, the Middle East accounted for 49 percent of U.S. arms exports, according to a report by the Stockholm International Peace Research Institute. Saudi Arabia is America's No. 1 overall weapons buyer. In the last five years, Riyadh accounted for 18 percent of total U.S. arms sales, or about $9 billion.
Saudi Arabia's oil-rich monarchy is one of America's most crucial strategic partners and a significant patron of U.S. defense companies. The Saudi defense deals, which have been brokered over multiple U.S. administrations, have recently come under scrutiny due to Riyadh's role in the Yemen war and the killing of journalist Jamal Khashoggi.
Saudi Crown Prince Mohammed bin Salman has denied knowledge of the attack on Khashoggi, although the CIA reportedly concluded that he ordered the writer's death. President Donald Trump, meanwhile, has cited the importance of defense deals in defending his decision to stick with the kingdom in the aftermath of the slaying.
In November, CNBC learned that Saudi Arabia signed a letter of offer and acceptance with the United States for Lockheed's THAAD missile system, a significant step forward in the $15 billion deal.
What's more, the Saudis are the top buyers in the British, Canadian, and Swiss defense markets, and spend heavily on Spanish, Swedish, Turkish and Finnish arms.
After Saudi Arabia, the United Arab Emirates are the next largest buyer of U.S. arms in the Middle East. The UAE is responsible for 7.4 percent, or about $4 billion, of sales.
According to the State Department, the Emirates' $1.9 billion for Boeing AH-64 Apache helicopters, Kuwait's $5.1 billion for Boeing's F/A-18 fighter jets, and Bahrain's $2.1 billion for Lockheed Martin's F-16 fighter make up some of the top sales to the Middle East.
All told, the U.S. State Department announced that the U.S. sold more than $55 billion in military equipment to foreign governments this fiscal year, which is a 33 percent increase from 2017.