Instagram began tests that hide "like" counts on posts. That means influencers who market products on Instagram will have to rely on different metrics to show success.Technologyread more
Peter Neupert worked for Microsoft and Amazon-backed Drugstore.com, where he got to know Jeff Bezos. He now advises start-ups.Technologyread more
Disney's "Avengers: Endgame" is now the highest-grossing film of all time having earned $2.79 billion at the global box office.Entertainmentread more
Regional stability, oil prices and potential for war will all depend on what Iran does with its nuclear program in the event of the deal's termination.World Politicsread more
Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female corporate-development...Technologyread more
Moving lots of data to a public cloud over the internet can take months or years. CNBC got an inside look at how AWS transfers data to the cloud for its clients.Technologyread more
Amazon's new policy for account suspensions doesn't go far enough to protect sellers from potentially unfair and wrongful suspensions, merchants say.Technologyread more
There is no end in sight to the Boeing 737 Max grounding after two fatal crashes, prompting airlines to rethink their growth plans.Airlinesread more
After a year of flooding, Midwest farmers face a stifling heat wave that's spreading across the U.S.Weather & Natural Disastersread more
On Saturday, Disney's Marvel Studios announced its upcoming slate of superhero films during a panel at San Diego Comic-Con.Entertainmentread more
"It troubles me that the most important political office in the world is becoming the face of racism and exclusion," Kaeser said in a Twitter post.Politicsread more
— This is the script of CNBC's news report for China's CCTV on June 26, 2019, Wednesday.
One of the big pieces of context in which FEDEX is suing the Commerce Department, is a Commerce Department rule that says: FEDEX must certify that the shipper complies with U.S. export regulations. Once a shipment is found to be faulty, FEDEX can be fined $250,000 without any legal process. In an interview with fox television, Frederick W. Smith, the chief executive of FEDEX, expressed frustration.
Frederick said: Facing with the threat of huge fines from the US department of commerce, FEDEX has to check every package by itself, seeing whether any of them complies with US import and export regulations. More recently, the Commerce Department has increasingly restricted imports and exports in a variety of geopolitical and trade disputes, placing an intolerable burden on FEDEX and other express carriers.
Frederick insists that FEDEX has had enough of this, so it will sue the Commerce Department, hoping for a court waiver. Frederick said he did not believe the Commerce Department's rule was based on law, and that FEDEX wanted the department to come up with a solution, because the express carriers are not police of regulating imports and exports.
FEDEX is under big international pressure after it apologized for twice making "mistakes" with packages from China's Huawei. But the Commerce Department's statement did not mention Huawei. Frederick said the Huawei case showed the regulatory confusion caused by tighter US import and export restrictions.
In an overnight earnings call, Frederick reiterated that there were about 1,100 entities on the Commerce Department's control list, and on last Friday, five more companies were added. And it is these five companies, became the final straw that broke the nerve of FEDEX. So it decided to sue the Commerce Department. For FEDEX, the move was a desperate attempt to survive. Take a look at the company's stock, which has fallen sharply this year and is now down nearly 40% from its September peak, far more than its peers. Accordingly, the market pressure that FEDEX bears is tremendous. If the company loses overseas market due to the pressure of fines from Commerce Department, it will face even more negative growth prospects. We will keep an eye on this issue.