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Iran focus at Trump-Xi summit may delay progress on tariffs, rare earths

LSD News Szerkesztőség — Fri, 08 May 2026 02:48:47 +0000

Pictured here is the last time a sitting U.S. president made a state visit to China. President Donald Trump traveled to Beijing in November 2017 during his first term to meet with Chinese President Xi Jinping.

Pool | Getty Images

BEIJING — The Iran war is likely to take center stage in the summit between U.S. President Donald Trump and China’s Xi Jinping, leaving less scope to resolve issues like tariffs and rare earth supplies.

U.S. Treasury Secretary Scott Bessent has already said that Iran will be a topic in the meetings, which are due to take place May 14 and 15. And earlier this week, China hosted Iran’s foreign minister for the first time since the war began in late February — raising hopes for a peace deal, sending oil prices lower and fueling stock-market gains.

The U.S. government declined China’s invitation to organize industry-specific meetings between senior Chinese leaders and U.S. CEOs, thinking it could make American businesses appear too close to Beijing, according to a U.S. executive with direct knowledge of the arrangements. As of Tuesday, the White House had yet to formally invite executives to join Trump on the trip, and a proposed list of two dozen leaders could be halved, the person added.

Boeing and Citigroup CEOs are among those set to accompany Trump, two separate sources said. The U.S. aircraft giant is expected to seal its first large order from China in nearly a decade around the summit.

Xi has hosted a dozen national leaders this year, from the U.K. to South Korea — who often bring large business delegations. Still, corporations may not object to the decreased focus if it resolves a large geopolitical overhang for them.

An end to the Iran war would be a “great relief to global business,” said Hai Zhao, a director of international political studies at the Chinese Academy of Social Sciences, a state-affiliated think tank. It would “be remembered as very much the success” for the Trump-Xi summit.

However, the U.S. and Iran have traded fire in the Strait of Hormuz again, each blaming the other for initiating the attack. Just a few days earlier, a Chinese-owned oil tanker was also struck, according to Chinese media outlet Caixin. CNBC was unable to independently confirm the report.

If a smaller group of executives joins Trump’s visit to China, it would contrast with the president’s trip to Saudi Arabia last May, when more than 30 U.S. executives accompanied him. When Trump visited China during his first term in 2017, the last sitting U.S. president to do so, nearly 30 CEOs accompanied him – signing 37 major deals worth more than $250 billion.

But the expected images of Trump and Xi together may still send a signal within China that it’s more acceptable again to engage with U.S. businesses, said Michael Hart, president of the Beijing-based American Chamber of Commerce of China.

“Since U.S. military actions earlier this year, Chinese officials have been more hesitant to engage with the American business community,” he said.

China welcomes U.S. business expansion and hopes the companies can keep advancing bilateral economic relations, the foreign ministry told CNBC. China’s commerce ministry didn’t respond to a request for comment.

Meanwhile, the urgency of some business-related issues is declining. Both countries are backpedaling on recent confrontation around U.S. sanctions and tech, while eyeing cooperation on the growing security threat of AI, according to reports.

And some progress may still be made. Trump is expected to notch deals on Chinese purchases of U.S. soybeans and Boeing airplanes, according to Scott Kennedy, senior advisor and trustee chair in Chinese business and economics at the U.S.-based Center for Strategic and International Studies.

He also anticipates Trump will discuss U.S. plans to establish trade and investment organizations – called “boards” – to handle specific bilateral issues.

“The meeting most likely will solidify the advantages China has gained over the past year,” Kennedy said.

Beijing’s focus will likely be on tariffs, Taiwan’s status and U.S. restrictions on Chinese access to advanced technology, Kennedy said. China was the first major country to retaliate against tariffs announced by the Trump administration in April 2025.

Meanwhile, changes to China’s increasingly tight rare earths export controls would be felt worldwide, and they affect all countries, not just the U.S.

— CNBC’s Matthew Chin contributed to this report.

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Best Buy’s holiday sales disappoint, but retailer shows progress in growing profits

LSD News Szerkesztőség — Wed, 04 Mar 2026 10:50:53 +0000

Sign at the main entrance to a Best Buy store in Venice, Florida.

Erik McGregor | Lightrocket | Getty Images

Best Buy posted mixed results on Tuesday as the retailer’s holiday-quarter sales declined and missed Wall Street’s expectations, but its earnings topped estimates as it showed improved profitability.

For the current fiscal year, the consumer electronics retailer expects revenue to range between $41.2 billion and $42.1 billion, compared with $41.69 billion in the most recent fiscal year. It expects adjusted earnings per share to range from $6.30 to $6.60, after it reported adjusted earnings per share of $6.43 for the previous fiscal year.

Best Buy anticipates that comparable sales, a metric that tracks sales online and in stores open at least 14 months, will range from a decline of 1% to an increase of 1%.

In a news release, CEO Corie Barry said demand for consumer electronics remained lackluster during the gift-giving season, but the company’s internal data indicates that Best Buy’s market share in the industry “was at least flat.”

Chief Financial Officer Matt Bilunas said in his own statement that the company is “excited about the momentum in our business.” But he added that company leaders “expect to continue to navigate a mixed macro environment.”

Shares of Best Buy closed more than 7% higher on Tuesday.

Here’s how the retailer did for the fiscal fourth quarter compared with what Wall Street was expecting, according to a survey of analysts by LSEG:

Earnings per share: $2.61 adjusted vs. $2.47 expected
Revenue: $13.81 billion vs. $13.88 billion expected

In the three-month period ended Jan. 31, Best Buy’s net income jumped to $541 million, or $2.56 per share, from $117 million, or 54 cents per share, in the year-ago quarter. Excluding one-time expenses, including charges for its health business, Best Buy reported adjusted earnings per share of $2.61.

Revenue decreased from $13.95 billion in the year-ago quarter. Yet on an annual basis, revenue rose to $41.69 billion from $41.53 billion in the prior fiscal year. Best Buy’s annual revenue declined in the three previous fiscal years.

For about four years, Best Buy has pinned its slower sales on more price-sensitive U.S. consumers, a slower housing market and less tech innovation. All of those factors have caused some shoppers to delay tech purchases, particularly big-ticket items like new refrigerators.

On a call with reporters, Barry said the company is continuing to see consistent behaviors from both higher-income cohorts and lower-income groups. While she said Best Buy is seeing some softness in higher-cost item sales, the other end of the customer base is “resilient” and “deal-focused.”

More than half of Best Buy’s customer base falls in the income group of $100,000 or higher, she added.

“I think it’s important to know in the places where we have seen innovation, where there’s a bit more newness … people are willing to step into those higher price points across income cohorts,” Barry said on the call.

Higher tariffs have also added costs for Best Buy, since many consumer electronics are imported. Barry said the company’s “last resort” is raising prices, and it’s instead focused on diversifying its supply chain and negotiating costs with vendors.

Comparable sales dropped 0.8% in the fourth quarter as the company saw softer sales of appliances and home theaters. Those declines were partially offset by sales growth in computing and mobile phones, the company said.

Best Buy has leaned into more profitable businesses, including selling ads and offering more merchandise through its third-party marketplace, which launched in August. Barry said in the company’s news release that Best Buy’s advertising partners nearly doubled compared with the prior year and she said that the retailer has significantly increased the number of available products on the marketplace.

3 takeaways from Intel earnings: Cash flow, foundry progress and hardware surprise

LSD News Szerkesztőség — Sun, 26 Oct 2025 18:49:50 +0000

Intel snapped a losing streak of six straight quarterly losses and returned to profitability in the third quarter.

In its first earnings report since the Trump administration acquired a 10% stake in the company, the U.S. chipmaker posted strong revenue, noting robust demand for chips that it expects to continue into 2026.

Client computing revenue, which includes chips for PCs and laptops, grew 5% year over year, benefiting from PC market stabilization and artificial intelligence PC prospects.

CEO Lip-Bu Tan said in a call with analysts Thursday that artificial intelligence “is a strong foundation for sustainable long-term growth as we execute.”

The chip strength and demand were bright spots, but there were areas of concern as well, with the company’s foundry business still needing a big break.

Here are three takeaways from the chipmaker’s Q3 report:

Cash flow

“We significantly improved our cash position and liquidity in Q3, a key focus for me since becoming CEO in March,” Tan said on a call with analysts Thursday.

Intel landed an $8.9 billion investment from the U.S. government in August, along with $2 billion from Softbank, but has not yet received the $5 billion tied to a deal with Nvidia. The company expects that deal to close by the end of Q4.

With all of those transactions completed, plus the Altera sale, Intel will have $35 billion in cash on hand, CFO David Zinser told CNBC.

The U.S. government is the company’s biggest shareholder, and Intel stock is up more than 50% since Aug. 22, when Commerce Secretary Howard Lutnick announced the deal.

“Like any shareholder, we have to keep in touch with them,” Zinser said of the U.S. stake. “We don’t tell them how the numbers are going before the quarter. We generally talk to them like Fidelity,” another Intel shareholder.

Intel 3-month stock chart.

Foundry

The firm’s foundry remains a work in progress.

Revenue fell 2% over the year before, and it has yet to land a major customer.

Intel now has two fabs running 18A nodes, which are designed for AI and high-performance computing applications.

“We are making steady progress on Intel 18A,” Tan said of its latest chip technology. “We are on track to bring Panther Lake to market this year.”

Zinser said the more advanced 14A nodes won’t be put in supply until the company has “real firm demand.”

Old stuff still selling

Zinser said the company’s older chipmaking processes, or nodes, have continued to do well, “and that was probably the part that was more unexpected.”

Zinser said the chipmaker met some of the central processing unit (CPU) demand with inventory on hand, but they will be behind in Q1, “probably Q2 and maybe in Q3.”

The supply crunch has been with older Intel 10 and 7 manufacturing technologies.

Many customers are opting for less advanced hardware to refresh their operating systems, demonstrating enterprises aren’t waiting for cutting-edge chips when proven technology gets the job done.

Trump and Xi make progress on TikTok deal, plan to meet in South Korea

LSD News Szerkesztőség — Fri, 19 Sep 2025 21:18:17 +0000

U.S. President Donald Trump said he and Chinese President Xi Jinping made progress on a TikTok agreement and pledged to meet face-to-face in just over a month in South Korea.

The two sides appeared to lower tensions during the first call in three months between the leaders of the two superpowers, but it was not immediately clear if the call had yielded the expected firm agreement over the fate of the popular short-video app.

Trump did say the leaders agreed to talks on the sidelines of the Asia-Pacific Economic Cooperation forum that starts on October 31 in Gyeongju, South Korea, and for a potential later visit to China by Trump. Reuters previously reported that the two sides were planning such a meeting.

“We made progress on many very important issues including Trade, Fentanyl, the need to bring the War between Russia and Ukraine to an end, and the approval of the TikTok Deal,” Trump wrote on social media.

“The call was a very good one, we will be speaking again by phone, appreciate the TikTok approval, and both look forward to meeting at APEC!” Trump wrote.

But China’s statement made no reference to a final agreement.

“On TikTok, Xi said China’s position is clear: the Chinese government respects the will of firms and welcomes companies to conduct business negotiations on the basis of market rules to reach a solution consistent with Chinese laws and regulations while balancing interests,” according to the meeting summary in Xinhua.

Source: Reuters

-Agencies

Hamas cites progress in ceasefire talks as Palestinian death toll passes 62,000

LSD News Szerkesztőség — Mon, 18 Aug 2025 22:37:19 +0000

Hamas said Monday it has accepted a new proposal from Arab mediators for a ceasefire in the Gaza Strip that would still need Israel’s approval, as Gaza’s Health Ministry said the Palestinian death toll from 22 months of war has passed 62,000.

U.S. President Donald Trump meanwhile appeared to cast doubt on the long-running negotiations. “We will only see the return of the remaining hostages when Hamas is confronted and destroyed!!! The sooner this takes place, the better the chances of success will be,” he posted on his Truth Social site.

Israel announced plans to reoccupy Gaza City and other heavy populated areas after the ceasefire talks appeared to have broken down last month, raising the possibility of a worsening of the humanitarian catastrophe in Gaza, which experts say is sliding into famine.

Plans to expand the offensive, which are in part aimed at pressuring Hamas, have sparked international outrage and infuriated many Israelis who fear for the remaining hostages taken in the Oct. 7 attack that started the war. Hundreds of thousands took part in mass protests on Sunday calling for their return.

‘Extensive efforts’ to revive talks

Egyptian Foreign Minister Badr Abdelatty said mediators are “exerting extensive efforts” to revive a U.S. proposal for a 60-day ceasefire, during which some hostages would be released and the sides would negotiate a lasting ceasefire and the return of the rest.

He spoke during a visit to Egypt’s Rafah crossing with Gaza, which has not functioned since Israel seized the Palestinian side in May 2024. He was accompanied by Mohammad Mustafa, the prime minister of the Palestinian Authority, which has been largely sidelined since the war began.

Abdelatty said Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani had joined the talks, which include senior Hamas leader Khalil al-Hayya, who arrived in Cairo last week. He said they are open to other ideas, including for a comprehensive deal that would release all the hostages at once.

Bassem Naim, a senior Hamas official, later told The Associated Press that the militant group had accepted the proposal introduced by the mediators, without elaborating.

An Egyptian official, speaking to the AP on condition of anonymity to discuss the sensitive talks, said the proposal includes changes to Israel’s pullback of its forces and guarantees for negotiations on a lasting ceasefire during the initial truce. The official said it is almost identical to an earlier proposal accepted by Israel, which has not yet joined the latest talks.

Prime Minister Benjamin Netanyahu has vowed to continue the war until all the hostages are returned and Hamas has been disarmed, and to maintain lasting security control over Gaza. Hamas has said it will only release the remaining hostages in exchange for a lasting ceasefire and an Israeli withdrawal.

Palestinian death toll surpasses 62,000

Hamas-led militants abducted 251 people and killed around 1,200, mostly civilians, in the attack that ignited the war. Fifty hostages are still inside Gaza, around 20 of them believed by Israel to be alive, after most of the rest were released in ceasefires or other deals.

The Gaza Health Ministry said the Palestinian death toll from the war had climbed to 62,004, with another 156,230 people wounded. It does not say how many were civilians or combatants, but says women and children make up around half the dead.

The ministry is part of the Hamas-run government and staffed by medical professionals. The U.N. and many independent experts consider its figures to be the most reliable estimate of wartime casualties. Israel disputes its toll but has not provided its own.

The ministry said 1,965 people have been killed while seeking humanitarian aid since May, either in the chaos around U.N. convoys or while heading to sites operated by the Gaza Humanitarian Foundation, an Israeli-backed American contractor.

Witnesses, health officials and the U.N. human rights office say Israeli forces have repeatedly fired toward crowds of people seeking aid. Israel says it has only fired warning shots at people who approached its forces. GHF says its armed contractors have only used pepper spray or fired into the air on rare occasions to prevent deadly crowding.

European shares rise; investors await signs on trade progress

LSD News Szerkesztőség — Wed, 02 Jul 2025 08:34:57 +0000

European shares nudged higher on Wednesday, led by industrial miners, while investors tracked signs of any progress on U.S. trade talks as the July tariff deadline nears.

The pan-European STOXX 600 index advanced 0.3% at 542.03 points, as of 0710 GMT. Other major regional indexes also traded higher.

U.S. President Donald Trump, on Tuesday, said he was not considering an extension of the July 9 deadline for countries to negotiate trade deals. He expressed optimism about a potential trade deal with India but was skeptical about reaching a similar agreement with Japan.

EU’s trade chief is expected to hold negotiations this week in Washington to avert higher U.S. tariffs.

European industrial miners rose 1.4%, while banks advanced 1.3%.

Meanwhile, the EU is blocking the British government’s attempts to join a pan-European trading bloc, the Financial Times reported on Wednesday. On the data front, euro-zone unemployment data for May is due later in the day. In the U.S., Senate Republicans passed Trump’s massive tax-and-spending bill on Tuesday by the narrowest of margins. The legislation now heads to the House of Representatives for possible final approval.

Britain’s Spectris gained 5.1% after the scientific instruments maker accepted an improved takeover offer from U.S. private equity firm KKR.

No turning back on steps taken toward social progress President

LSD News Szerkesztőség — Wed, 28 May 2025 07:00:46 +0000

May 28, 2025 12:12 pm

There is no turning back on the steps taken toward social progress, President Anura Kumara Dissanayake says.

President Dissanayake made this assertion in a post on ‘X’ (formerly twitter).

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U.S. Infrastructure Improves, but Cuts May Imperil Progress, Report Says

LSD News Szerkesztőség — Tue, 25 Mar 2025 05:15:54 +0000

Increased federal spending in recent years has helped to improve U.S. ports, roads, parks, public transit and levees, according to a report released on Tuesday by the American Society of Civil Engineers.

But that progress could stagnate if those investments, some of which were put on hold after President Trump took office in January, aren’t sustained.

Overall, the group gave the nation’s infrastructure a C grade, a mediocre rating but the best the country has received since the group’s first report card in 1998. Most infrastructure, including aviation, waterways and schools, earned a C or D grade; ports and rail did better. The group also projected a $3.7 trillion infrastructure funding shortfall over the next decade.

“The report card demonstrates the crucial need for the new administration and Congress to continue sustained investment in infrastructure,” Darren Olson, the chairman of the society’s committee on America’s infrastructure, said on a call with reporters. “Better infrastructure is an efficient investment of taxpayer dollars that results in a stronger economy and prioritizes American jobs.”

The report, which is now released every four years, has long noted that the United States spends too little on infrastructure. But that started to change in 2021, the group said, thanks to the Infrastructure Investment and Jobs Act, which authorized $1.2 trillion in funding under President Joseph R. Biden Jr. That investment is showing results, with grades having improved since the last report, in 2021, for nearly half the 18 categories that the group tracks.

But in January, Mr. Trump froze much of the funding under that law and another aimed at addressing climate change, pending a review by his agencies. That halted a variety of programs, including those intended to help schools, farmers and small businesses.

The engineering group expressed optimism that the federal spending would ultimately continue because it benefited most Americans and enjoyed bipartisan support.

“The investment levels that we saw under the last administration have really started to move the needle, and we’re looking forward to advancing that conversation as we move into this administration,” said Kristina Swallow, a former president of the group.

The nation’s ports received the highest grade of any form of infrastructure, a B, indicating that they are generally safe, reliable and in good condition. Rail received a B–, a decline from its B in 2021.

Bridges, broadband, drinking water systems, hazardous waste treatment, inland waterways, public parks and solid waste received grades of C+, C or C–, reserved for infrastructure that is in mediocre condition and needs attention. Dams, levees, roads, schools and infrastructure for aviation, energy, storm water, transit and wastewater received grades of D+ or D, indicating that they are in poor condition.

Some aviation infrastructure is widely considered outdated, and the Federal Aviation Administration has faced a shortage of air traffic controllers for years. Energy was the only category besides rail that received a declining grade, to D+. The group said power plants and other sources of electricity had failed to keep up with rising demand from electric vehicles and artificial intelligence.

“Each data center uses the same amount of energy needed to power 80,000 homes,” said Otto Lynch, an engineer who led the energy chapter of the report. “Our generation capacity has remained stagnant as new sources are merely replacing sources like coal that have been retired in recent years.”

Fed Governor Bowman says more progress on inflation is needed before further rate cuts

LSD News Szerkesztőség — Mon, 17 Feb 2025 18:35:40 +0000

Federal Reserve Bank Governor Michelle Bowman gives her first public remarks as a Federal policymaker at an American Bankers Association conference In San Diego, California, February 11 2019.

Ann Saphir | Reuters

Federal Reserve Governor Michelle Bowman said on Monday that while monetary policy “is now in a good place,” she wants to see data reflect more progress on inflation before cutting interest rates further.

“I would like to gain greater confidence that progress in lowering inflation will continue as we consider making further adjustments to the target range,” Bowman said in a speech at the American Bankers Association.

Rising core goods price inflation since last spring has slowed progress, Bowman said. While she expects inflation to continue to decelerate this year, she said disinflation “may take longer than we would hope.”

“I continue to see greater risks to price stability, especially while the labor market remains strong,” Bowman said.

The most recent consumer price index showed inflation trended higher than expected in January, rising 0.5% month-over-month versus the Dow Jones estimate calling for a 0.3% rise. This put the annual inflation rate at 3%, coming in above consensus forecasts for 2.9%

The Fed maintained its target rate at a range of 4.25% to 4.5% at its January policy meeting.

Bowman said Monday the current level is appropriate for “allowing the Committee to be patient and pay closer attention to the inflation data as it evolves.”

“The current policy stance also provides the opportunity to review further indicators of economic activity and get further clarity on the administration’s policies and their effects on the economy,” continued Bowman.

President Donald Trump’s tariffs against the U.S.’s largest trading partners have raised concerns among economists of higher prices. Expectations for further interest rate cuts in 2025 have weakened on Trump’s trade war. Traders are currently pricing in just a single quarter-percentage-point rate reduction this year, according to CME Group Data.

Nvidia CEO Jensen Huan praises Elon Musk for his AI progress – ‘He’s working on exactly the right things’

LSD News Szerkesztőség — Mon, 13 Jan 2025 02:17:20 +0000

“He has just a phenomenal position, and he’s been working on this for a long time,” Huang said about Musk. Read More