Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Tesla solar panels ignited at an Amazon warehouse in Redlands, California in June 2018, Bloomberg reports. The news comes days after Walmart sued Tesla for at least 7 fires...Technologyread more
The death comes as federal and state health officials investigate a slew of lung illnesses in connection to e-cigarette use.Health and Scienceread more
The executive chair of the European banking giant Santander Group issued a rallying cry for a common services market in Europe.
While the European Union has made progress toward completing an internal European market, the services sector has remained largely protected from international competition. Cross-border differences in standards and certifications have been criticized for restricting the growth potential of companies across all sectors.
Ana Botin spoke to CNBC Wednesday, shortly after announcing the bank was seeking to cut 1.2 billion euros ($1.35 billion) in costs as part of a drive to hit previous profitability targets. Santander is mainlaind Europe's largest bank by market capitalization, according to Statista, and is estimated by Botin to be in the top three when measured by total assets.
Botin told CNBC's Karen Tso that despite the bank's size, it has only 2 percent of euro zone deposits, highlighting the difference between Europe and the U.S. She said the European Union needed to create a free and single market for services, which account for most of the economy.
"The big American banks, in an economy that is very similar to ours, have much bigger scale. So, the common services market has to happen because 80 percent of our economy is services," said Botin, before adding: "It is crucial that we have bigger companies, because scale matters."
European Central Bank Vice President Luis de Guindos recently accused European banks of hurting their own profit margins with high costs and too much competition.
Botin said the ECB's efforts to prop up the euro zone should not go unnoticed but suggested that more could be done to help out European banks.
"There is no question that when (ECB President) Mario Draghi said in 2012, 'we'll do whatever it takes to save the euro,' he did save the euro. But now we have to think about growth, fair competition, fair regulation, fair taxes for everybody so we have more capital to invest in that transformation."
In January, Santander dropped its appointment of Andrea Orcel as the Spanish bank's new chief executive, with a disagreement over the 55-year-old's pay packet. Orcel has reportedly appointed lawyers and will soon take legal action against the bank.
On Wednesday, Botin defended the decision. "I have tremendous respect for Andrea, I've said this before. It was a difficult decision but I believe it was the right decision."