The central bank is not normally in the business of easing into an economy that is showing few signs of a recession, generally holding fire until more pronounced signs of a...The Fedread more
His case for gold comes as central banks get more aggressive with policies that devalue currencies and are about to cause a "paradigm shift" in investing.Marketsread more
CSX said it expects revenue to fall as much as 2% in 2019, well below a previous forecast of an increase of 1% to 2%.Marketsread more
Challenging conditions in the U.S. housing market, along with tighter currency controls by the Chinese government, cause a stunning drop in foreign demand for American homes.Real Estateread more
The growth in net interest income, a main engine of the industry's profit, looks to slow to a halt in the back half of this year.Banksread more
Here's how Amazon sells ads, and why it has a natural edge over Google and Facebook in some areas.Technologyread more
Netflix reports earnings Wednesday as it loses licensed shows to rivals launching their own streaming services.Technologyread more
Federal Judge William Pauley wrote in a court filing made public Wednesday that materials related to Cohen's campaign-finance probe should be unsealed — and denied a request...Politicsread more
The "'Cadillac tax," set to go into effect in 2022, is unpopular with both Republicans and Democrats, who say it punishes the middle class.Health and Scienceread more
Facebook's head of Calibra David Marcus is grilled during a House Financial Services Committee hearing over the company's digital currency plans.Technologyread more
Gov. Phil Murphy of New Jersey announced a lawsuit against the IRS and Treasury Secretary Steven Mnuchin, responding to new, final rules from the IRS that would largely block...Personal Financeread more
WASHINGTON — China tested the world's most powerful naval gun earlier this month, and it is expected to be ready for warfare by 2025, according to people with direct knowledge of a U.S. intelligence report.
China's railgun was first seen in 2011 and underwent testing in 2014, according to the people, who spoke to CNBC on the condition of anonymity.
Between 2015 and 2017, the weapon was calibrated to strike at extended ranges, increasing its lethality. By December 2017, the weapon was successfully mounted on a warship and began at-sea testing, a feat no other nation has accomplished. The Chinese are expected to complete at-sea testing by 2023.
The development comes at a moment when tensions between China and the U.S. are already high, underscored by crucial trade talks that were scheduled to move to Washington on Wednesday.
Railguns use electromagnetic energy instead of gunpowder to propel rounds, and China's is capable of striking a target 124 miles away at speeds of up to 1.6 miles per second, according to the people who have knowledge of the intelligence report. For perspective, a shot fired from Washington could reach Philadelphia in under 90 seconds.
Railguns have long appeared on Russian, Iranian and U.S. military wish lists as cost-effective weapons that give navies the might of a cannon with the range of a precision-guided missile.
The rounds used in China's railgun cost $25,000 to $50,000 each, according to the intelligence assessment. Though not an exact comparison since the weapons have different technologies, the U.S. Navy's Tomahawk cruise missile has an estimated price tag of $1.4 million each.
The U.S. Navy's railgun, which is years away from being operational, remains a classified system still in development under the Office of Naval Research.
China's sprint to develop a weapon of this magnitude, coupled with coastal defense systems, represents a significant addition to Beijing's military arsenal in one of the most contested regions of the world: the South China Sea.
In May, CNBC learned that China quietly installed anti-ship cruise missiles and surface-to-air missile systems on three of its fortified outposts west of the Philippines in the sea, a move that allows Beijing to further project its power in the hotly disputed waters.
Home to more than 200 specks of land, the South China Sea serves as a gateway to global shipping routes where $3.4 trillion of trade passes annually.
The numerous overlapping sovereign claims to islands, reefs and rocks — many of which disappear under high tide — have turned the waters into an armed camp. Beijing holds the lion's share of these features with about 27 outposts.