Richard Yu, CEO of Huawei's consumer business, said Huawei's own operating system for smartphones and laptops could be ready for use in China by fall this year.Technologyread more
U.S. stock index futures were lower Thursday morning, as market participants continue to monitor an intensifying trade war between the world's two largest economies.US Marketsread more
British Prime Minister Theresa May could announce her resignation in the next few days, according to U.K. media reports, as she faces increasing pressure from members of her...Europe Politicsread more
Shares of Chinese telecommunications heavyweight Huawei's suppliers took a hit on Thursday amid the ongoing fallout surrounding the Chinese telecommunications giant.Asia Marketsread more
Lawmakers, lobbyists and CEOs in the U.S. are looking to trying to pick out the best parts of the EU's privacy law called GDPR – and ditch what they see as the worst.Technologyread more
Indian Prime Minister Modi is on course to return to power for a second term after his party reportedly won big at the parliamentary elections.Electionsread more
The embattled German lender saw its share price hit a record low Monday, down nearly 5% since the start of the year.Banksread more
Among the many ways Trump has shattered White House norms, his impulsive public communications rank among the most consequential. By inspiring investors or spooking them, his...Politicsread more
Political experts believe the vote could give more insight into national politics in each member state, rather than on the future of the EU itself.Europe Politicsread more
A federal judge in New York City on Wednesday said Deutsche Bank and Capital One can turn over financial documents related to President Donald Trump and his businesses in...Politicsread more
China accounted for 40% to 60% of the global increase in trichlorofluoromethane, or CFC-11, emissions between 2014 and 2017, a study found.Scienceread more
Big banks could be about to get a high-profile enemy in a very powerful place.
Freshman Rep. Alexandria Ocasio-Cortez, who is a registered Democrat but identifies as a democratic socialist, is in line to be appointed to the House Financial Services Committee, according to a Politico report.
The New York legislator has vowed to take on the industry that makes up the corporate backbone for much of her constituency. She said during her successful campaign in 2018, in which she refused corporate donors and upset entrenched incumbent Democrat Joe Crowley, that she was hoping for an assignment that would allow her to take on big finance.
"I think with our district, we can be ambitious, so we're kind of swinging for the fences on committees," Ocasio-Cortez told Hill.tv in an interview after her win. "We might as well ask for something big."
Her appointment also will give new committee Chairwoman Maxine Waters, D-Calif., an important ally.
During a hearing in November, shortly after the Democrats recaptured the House in the midterm elections, Waters promised that the days of Wall Street deregulation were over.
""Make no mistake, come January, in this committee the days of this committee weakening regulations and putting our economy once again at risk of another financial crisis will come to an end," she said in remarks that briefly roiled markets.
CNBC has reached out to Ocasio-Cortez for comment.
Trump targeted post-financial crisis finance reforms during his own campaign, saying they were overreach that had kept banks from lending and wrongly penalized institutions that had little or nothing to do with the crisis.
Just a few days ago, the Federal Reserve proposed tailoring capital and liquidity rules for banks with $100 billion to $250 billion in assets. That move dovetails with the Economic Growth, Regulatory Relief, and Consumer Protection Act that Congress passed last year. Part of the legislation raised the benchmark for banks getting more intense regulatory scrutiny from $50 billion to $100 billion; the baseline will move to $250 billion in December.
The Politico report characterized Ocasio-Cortez's chance of the committee appointment as "strong" and said other more senior legislators have sought to ingratiate themselves with the youngest woman ever to serve in Congress.