Hours after President Trump said Sunday he had "second thoughts" about escalating the trade war with China, the White House sought to explain his remark because it was...Politicsread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
President Donald Trump said that he would have a major trade deal with U.K. after it leaves the European Union.Politicsread more
Despite Kudlow's expectations, China said on Saturday that it strongly opposes Trump's decision to levy additional tariffs on $550 billion worth of Chinese goods, and warned...Politicsread more
President Donald Trump said Sunday he was not happy after North Korea launched short-range ballistic missiles over the weekend.Politicsread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
The Goldman Sachs technology M&A team, led by Sam Britton, has cashed in on its software focus and decades of experience to dominate 2019's biggest deals.Technologyread more
American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead 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
The summit comes amid fears over a global economic slowdown, and U.S. tensions over trade allies, Iran and Russia.Politicsread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
Trump Ferry Point, the Bronx golf course operated by President Donald Trump's company, lost more than $122,000 in the past year, a financial statement shows.
The income statement covering April 2018 to March 2019 was first reported by The Washington Post and later obtained by CNBC.
The Post reported that the golf course, which opened in April 2015, posted its first-ever operating loss this year, despite a gilded contract in which New York City agreed to cover its irrigation bills and its first four years of rent.
The company's explanation for the loss in spite of the sweetheart deal: a faulty gas pipe installed by the city that delayed a construction project.
The report's expenses "were incurred in anticipation of the June 2018 opening of the new Clubhouse," a note in the financial statement says. "Since the Clubhouse opening was delayed until 2019 due to the inadequate gas pipe installed by the City, Licensee was not afforded the opportunity to derive the projected Clubhouse revenue during this period."
"Therefore, these expenses should not be counted against the 2018-2019 fiscal year's net income," it says.
The clubhouse's projected revenue of about $543,000, if included, would have given the golf course a net income gain of $421,000, according to the financial statement.
New York City Parks Department spokeswoman Crystal Howard, who provided the financial statement to CNBC, said in a response: "We are aware of their claim and do not believe the City is responsible."
The Post reported that in previous years, Trump Ferry Point had posted profits of about $500,000 per year. But the course, which is located in progressive Democratic Rep. Alexandria Ocasio-Cortez's district, has seen a dwindling number of rounds played every year since its opening, according to the newspaper.