President Donald Trump's son-in-law Jared Kushner has presented a $50 billion investment plan for economic growth and peace in the Middle East that has been greeted with...World Politicsread more
Stocks should rally if the U.S. and China agree to new negotiations and a ceasefire in the trade war, but the economic impact of tariffs will continue.Market Insiderread more
The trade war between Beijing and Washington appears to have depressed Chinese property purchases in the United States. China's own actions may also be playing a role.Real Estateread more
Tesla CEO Elon Musk sent out another email to his employees, pushing them to aim for a record number of vehicle deliveries to end the second quarter of 2019.Technologyread more
More than 300 companies are talking to government officials in Washington about how detrimental the trade war is.Marketsread more
Democrats want Mueller's testimony on his probe into Russian interference in the 2016 election and Trump's efforts to influence it.Politicsread more
The Senate is expected to pass its own version of the border aid legislation, while the Trump administration has threatened to veto both bills.Politicsread more
Some 4 million people have fled the South American country since 2015 amid an economic meltdown.World Politicsread more
Japanese designer Undercover posted on its Instagram account a photo of protesters with the slogan "no extradition to China," the Financial Times reported.China Politicsread more
Powell stresses the central bank's independence in a speech that comes amid continuous pressure from the White House to cut interest rates.The Fedread more
Stocks in Asia were subdued on Wednesday after U.S. Federal Reserve Chairman Jerome Powell tempered expectations for a potential interest rate cut.Asia Marketsread more
Karl Lagerfeld, the iconic Chanel fashion designer, has died at age 85.
He passed away after a short illness, a statement given to Reuters said.
Chanel called Lagerfeld "an extraordinary creative individual" in a release emailed to CNBC. "Karl Lagerfeld reinvented the brand's codes created by (founder) Gabrielle Chanel: the Chanel jacket and suit, the little black dress, the precious tweeds, the two-tone shoes, the quilted handbags, the pearls and costume jewelry. Regarding Gabrielle Chanel, he said, 'My job is not to do what she did, but what she would have done. The good thing about Chanel is it is an idea you can adapt to many things,'" the release added.
Alain Wertheimer, Chanel's chief executive, said in the release: "Today, not only have I lost a friend, but we have all lost an extraordinary creative mind to whom I gave carte blanche in the early 1980s to reinvent the brand."
Tributes poured in from the world of haute couture.
Bernard Arnault, chairman and CEO of LVMH, the conglomerate that runs fashion house Fendi, called Lagerfeld a "creative genius." Lagerfeld led Chanel's design and had been the creative head at Fendi since 1965.
"With the passing of Karl Lagerfeld we have lost a creative genius who helped to make Paris the fashion capital of the world and Fendi one of the most innovative Italian houses. We owe him a great deal: his taste and talent were the most exceptional I have ever known. Artistic director of Jean Patou in 1959, creator of Fendi since 1965, member of the LVMH Prize jury since its creation in 2013, he honored the LVMH group with an extraordinarily stimulating creative and entrepreneurial friendship," Arnault said.
New York Times fashion critic Vanessa Friedman tweeted: "In honor of Karl Lagerfeld, who died today, some of his indelible quotes and quips: 'Sweatpants are a sign of defeat;' 'I'm very much down to earth. Just not this earth;'"
Italian designer Donatella Versace also praised Lagerfeld's talent, writing on Instagram: "Karl your genius touched the lives of so many, especially Gianni and I. We will never forget your incredible talent and endless inspiration. We were always learning from you."
British designer Victoria Beckham wrote: "So incredibly sad to hear this. Karl was a genius and always so kind and generous to me both personally and professionally. RIP x vb."
Lagerfeld was born in Hamburg, Germany, on Sept. 10, 1933. At just 17, he landed a job as an assistant to French designer Pierre Balmain.
By 1962, he had a freelance career working for a variety of designers in France, Italy, England and Germany.
He began working with Italian fashion house Fendi in 1965 and continued as its creative director until his death. He became creative director of privately owned Chanel in 1983 and the following year created his eponymous fashion house, while continuing to work with Chanel and Fendi.
In the late 1980s he began shooting his own fashion campaigns, and many of his images were published in books by Steidl.
Lagerfeld was also a renowned illustrator, producing 60 illustrations for a 1992 edition of "The Emperor's New Clothes," by Hans Christian Andersen.
He was recognizable for his white pony tail, high starched white collars, dark suits and glasses. In 2000, he slimmed down his look, losing 93 pounds, and wrote a best-selling book about his diet, "The Karl Lagerfeld Diet."
In 2011, he was given a white-haired cat, Choupette, by French model Baptiste Giabiconi. The cat has become a famous face in the fashion world, garnering her own social media following, participating in some campaigns and even has her own set of personal maids. In 2017, Lagerfeld created a collection called "Karl the Photographer" featuring self portraits of him and his cat on a range of bags and accessories.
In 2017, Lagerfeld was awarded Paris' highest honor, the La Medaille Grand Vermeil de la Ville de Paris. That year, he also designed two suites at the city's Hotel de Crillon, and in 2018, designed a "six-star" hotel in Macau in his name.
Reuters said Virginie Viard, Chanel's deputy artistic director, will become chief designer, following Lagerfeld's death.
—CNBC's Alexandra Gibbs contributed to this article.