The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
Stocks are bouncing higher but could be trapped in a range longer term, until there's a resolution of the trade wars.Market Insiderread more
Powell will have the opportunity if not to walk back the "midcycle" assessment then to at least provide some further explanation about what it means.Economyread more
The report comes as Trump in recent days has lashed out over media reports about growing recession fears.Politicsread more
The Business Roundtable, led by Jamie Dimon, gives a new definition of the "purpose of a corporation."Marketsread more
Tilman Fertitta told CNBC on Monday that he is doing things in a "very conservative way" amid fears of a recession.Marketsread more
Saudi Aramco sent a request for proposal to several banks, people familiar with the matter told CNBC on Monday.Marketsread more
Twitter and Facebook have suspended numerous accounts that are believed to be tied to a state-backed information campaign originating from inside China.Technologyread more
Leaked documents from Google give fresh ammo to conservative lawmakers who have already accused Google and other tech companies of political bias.Technologyread more
J.P. Morgan estimates the average annual tariff cost per household will be $1,000 with the new round of Trump's tariffs.Marketsread more
Stasior left Apple earlier this year. Prior to his time in charge of Siri, he was a top executive at Amazon.Technologyread more
WASHINGTON — President Donald Trump said he could not blame Turkey for buying a Russian missile system, a move that resulted in dropping the NATO ally's participation in the F-35 program.
"I don't blame Turkey because there are a lot of circumstances and a lot of ... problems that occurred during the Obama administration," Trump said. "This dates back to the Obama administration, which was a disaster."
Trump, who spoke to reporters at the White House, did not elaborate on whether he would impose sanctions on Turkey for doing business with the Kremlin. Under the Countering America's Adversaries Through Sanctions Act, which the president signed in August 2017, Turkey could face economic sanctions for buying the Russian-made missile system.
"It's a tough situation. They're getting the S-400 and our statues and everything else — as you do that, you just can't order this equipment," Trump said. "And generally speaking, you can't order equipment period."
Earlier this month, Turkey accepted delivery of the S-400, a mobile surface-to-air missile system, that is said to pose a risk to the NATO alliance as well as Lockheed Martin's F-35 stealth fighter jet.
In 2017, Ankara brokered a deal reportedly worth $2.5 billion with the Kremlin for the S-400 despite warnings from the U.S. that buying the system would come with political and economic consequences.
The S-400, the successor to the S-200 and S-300 missile systems, made its debut in 2007. Compared with U.S. systems, the Russian-made S-400 is believed to be capable of engaging a wider array of targets, at longer ranges and against multiple threats simultaneously.
In multiple efforts to deter Turkey from buying the S-400, the State Department offered in 2013 and 2017 to sell the country Raytheon's Patriot missile system. Ankara passed on the Patriot both times because the U.S. declined to provide a transfer of the system's sensitive missile technology.
All the while, Turkey became a financial and manufacturing partner in Lockheed Martin's F-35 jet, the world's most advanced fighter.
Last week, the White House said in a statement that it made "multiple offers to move Turkey to the front of the line to receive the U.S. Patriot air defense system," which CNBC reported in April.
"Unfortunately, Turkey's decision to purchase Russian S-400 air defense systems renders its continued involvement with the F-35 impossible. The F-35 cannot coexist with a Russian intelligence collection platform that will be used to learn about its advanced capabilities," the White House said last Wednesday, adding that there will be "detrimental impacts" on Turkey's participation in NATO.
People with knowledge of the negotiations told CNBC that Lockheed Martin and Raytheon were preparing to make massive adjustments to their intricate production schedules amid contentious negotiations with Turkey.
If Turkey went through with the Russian deal, Lockheed Martin would have to rework its supply chain on components for the F-35 fighter jet, while also making changes to its production schedule. Yet if Turkey abandoned its deal with Russia, Raytheon would reorganize the Patriot missile defense system production schedule to guarantee that Turkey could receive the missile system within a faster time frame.
Lockheed said in a statement last week that it has taken actions to limit the impact and expects to meet its commitment of delivering 131 F-35s this year.
"Over the last several months we've been working to establish alternative sources of supply in the United States to quickly accommodate Turkey's current contributions to the program," Lockheed Martin said.
Meanwhile, nearly 13 countries have expressed interest in buying Russia's S-400 missile system. China and India have already signed purchase agreements with the Kremlin. China, which is embroiled in a trade battle with the U.S., is in the middle of receiving its final shipment of the S-400 system. India signed a deal with Moscow for the S-400 in October. Turkey received its S-400 earlier this month and is expected to have the system ready for use by 2020.