Author: Leslie Stewart

Austan Goolsby, President of the Federal Reserve Bank of Chicago, speaks at the 29th Milken Institute World Conference at the Beverly Hilton on May 6, 2026 in Beverly Hills, California. Patrick T. Fallon | AFP | Getty ImagesChicago Fed President Austan Goolsby said Thursday that energy inflation caused by the Iran war is lasting longer than expected, causing a “stagflation shock” for Asian economies.Speaking with CNBC’s Kaori Enjoji at the Bank of Japan’s IMES conference, Goolsby said that initial forecasts in the futures market expected energy prices to be “much lower” than current levels.There are signs of progress in peace…

A Google software engineer was charged Wednesday in a second major criminal case related to trading on the prediction market platform, accused of using confidential company information to make more than $1.2 million on Polymarket. Subscribe to read this story without ads Get unlimited access to ad-free articles and exclusive content.According to a federal complaint unsealed in New York City, Michele Spagnolo, 36, an Italian resident of Switzerland, is charged with merchandise fraud, wire fraud and money laundering. Prosecutors accuse Spagnolo of placing a series of bets between October and December based on internal Google search data that tracked users’…

Neel Kashkari, President and CEO of the Federal Reserve Bank of Minneapolis, speaks at the Milken Conference 2024 Global Conference Session at the Beverly Hilton in Beverly Hills, California, USA, May 7, 2024. David Swanson | ReutersMinneapolis Fed President Kashkari said Thursday that curbing U.S. inflation remains a top priority and warned that consumer prices remain “too high.” Kashkari told CNBC’s Kaori Enjoji at the Bank of Japan’s IMES conference that the U.S. central bank will continue to take a “balanced approach” to its dual mandate of price stability and full employment. Still, he noted that inflation has been above…

Last week, Gio Reyna and his wife, Chloe, sat in a parking lot outside a smoothie shop in Connecticut, waiting to hear if he had made Team USA’s World Cup roster. They knew they would hear from the coaching staff any minute now, but they wanted to be alone.Subscribe to read this story without ads Get unlimited access to ad-free articles and exclusive content.”I knew it would be nerve-wracking,” he said after returning to his wife’s parents’ home. Reyna said her parents were also in another location, “waiting anxiously.” “Just like I was.” Soon, Reyna received a notification that she…

The remaining 16,000 residents of the Southern California city were allowed to return home on Tuesday, days after the threat of a catastrophic chemical tank explosion raised concerns about an environmental disaster.Subscribe to read this story without ads Get unlimited access to ad-free articles and exclusive content.The crisis at GKN Aerospace Corp.’s 7,000-gallon tank of the toxic and flammable chemical methyl methacrylate in Garden Grove, first discovered Thursday, prompted the evacuation of tens of thousands of people.By Tuesday night, there was no longer any explosion risk, chemical leak or fire risk, and there was no danger to the public, according…

Moscow says similar attacks could occur in the future. Russia’s Foreign Ministry on Monday warned of a “coordinated attack” against military targets, including what it called a “decision-making center” in Kiev.The newspaper said this was in retaliation for a drone strike last week that authorities said killed 21 people, including university students, in the Russian-occupied Luhansk region of eastern Ukraine. Kiev’s military denied the accusations and said it was targeting military units near the town. Ukraine has been attacking deep inside Russia in recent months, making things increasingly uncomfortable for the Kremlin. Meanwhile, Ukrainian cities are under almost daily attack…

The European Central Bank “will do what is necessary” to keep inflation on target, one of the bank’s top policymakers told CNBC.Speaking with CNBC’s Lisa Kim in Singapore on Tuesday, Bank of France Governor François Villeroy de Galhout sought to reassure government bond markets that Europe’s central bankers are committed to minimizing the impact of the Iran war.Soaring oil prices due to the de facto closure of the Strait of Hormuz are raising concerns that the energy crisis could lead to a resurgence of inflation in various markets.ECB Governing Council member Villeroy-de-Galleau added that European policymakers “will do what is…

A “catastrophic” explosion at a chemical tank in a city near Los Angeles was averted by Monday, but the risk remains and about 16,000 people are under evacuation orders, officials said.Subscribe to read this story without ads Get unlimited access to ad-free articles and exclusive content.Liquid in a 7,000-gallon methyl methacrylate tank at the Garden Grove facility began overheating Thursday after a problem with a valve in the refrigeration system led to tense days for first responders and experts trying to avoid an explosion. Officials said Monday that the biggest risk, a potential boiling liquid expanding vapor explosion (BLEVE), had…

SHANGHAI—Chinese technology giant Huawei announced Monday that it has achieved a breakthrough that will allow it to produce cutting-edge chips within five years, touting the news as a major milestone in Beijing’s efforts to circumvent U.S. technology regulations.Subscribe to read this story without ads Get unlimited access to ad-free articles and exclusive content.U.S. sanctions that began in 2019 have largely cut Huawei off as a global maker of semiconductor chips, the tiny brains that power everything from smartphones to computers to cars, as the U.S. and China battle for global dominance in artificial intelligence.The U.S. government has also restricted the…

LA PALMAR, Calif. – A potential crack inside a toxic chemical tank in Southern California may be releasing pressure, officials announced Sunday, hoping the development could help avert a catastrophic steam explosion.Subscribe to read this story without ads Get unlimited access to ad-free articles and exclusive content.Orange County Interim Fire Chief TJ McGovern said Sunday that the possible crack was identified during a visual inspection of the 7,000-gallon tank Saturday night at the GKN Aerospace facility in Garden Grove.”This new information could change our trajectory and strategy for this event,” he said, noting that each team is reviewing and verifying…