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US President Donald Trump says an Iran peace deal is a ‘solid 50/50’ even as mediators scramble to resolve deep divisions over the Strait of Hormuz and Tehran's nuclear programme. Here is the latest. View More
A fragile ceasefire has been in place since April 8, punctuated by skirmishes as the U.S. and Iran jockey over the Strait of Hormuz. View More
A ship remains anchored on May 16, 2026 in the Strait of Hormuz near Larak Island, Iran. Negotiations between the U.S. and Iran over opening this critical waterway have largely stalled as the countries have rejected each other's proposals to end the war that began when the U.S. and Israel attacked Iran on February 28.Majid Saeedi | Getty Images News | Getty Images President Donald Trump said Saturday that a peace deal with Iran that would reopen the Strait of Hormuz is "largely negotiated" and will be announced shortly, a development that could end a conflict that has choked global energy markets and pushed U.S. inflation to its highest level in years.Trump said in a social media post that he held calls from the Oval Office with the leaders of Saudi Arabia, the UAE, Qatar, Pakistan, Turkey, Egypt, Jordan and Bahrain, as well as Israeli Prime Minister Benjamin Netanyahu, all focused on finalizing terms with the Islamic Republic of Iran."An Agreement has been largely negotiated, subject to finalization between the United States of America, the Islamic Republic of Iran, and the various other Countries," Trump said in the post.Details of the agreement are being discussed "and will be announced shortly," he said, including reopening the vital Strait of Hormuz, a key chokepoint for global energy trade.The deal under discussion includes a memorandum of understanding as a first phase, Iran's foreign ministry said Saturday, before broader talks within 30 to 60 days.Still, clear sticking points between the two sides appeared to remain.Iran's âFars news agency reported the Strait â of Hormuz âwould âremain under âIran's management, according â to âthe latest â exchanged text between Iran and âthe U.S. The report dismissed âTrump's â announcement of reopening â the â strait as part of âa "largely ânegotiated" deal as "incomplete and inconsistent âwith reality." Trump also failed to mention any agreement on Iran's nuclear program or its highly enriched uranium, both of which his administration has repeatedly cited as critical to ending the war. Iran has sought to put off nuclear talks until after a formal cessation in hostilities.Any announcement from the Trump administration may be delayed after gunshots were heard very near the White House, prompting a security lockdown. Earlier Saturday, the Financial Times reported that a potential deal would establish a framework for nuclear talks, ease sanctions on Iran and unfreeze Tehran's overseas assets.There has been a fragile ceasefire in place since April 8, punctuated by skirmishes as the U.S. and Iran jockey over the Strait of Hormuz. The conflict has set off what Gulf states called the worst global energy crisis in decades, with higher energy prices in the U.S. feeding rising inflation and expectations that the Federal Reserve may need to increase interest rates.Pakistani and Qatari negotiators held talks with Iranian counterparts on Thursday and Friday, while staying in regular contact with U.S. envoy Steve Witkoff, the FT reported.Iran's top negotiator told a Pakistani counterpart that Iran wouldn't compromise its "legitimate rights" and expressed distrust of the U.S., Reuters reported Saturday.Iran's armed forces have rebuilt capabilities damaged since the start of the conflict in late February, Iran's Parliament Speaker Mohammad Baqer Qalibaf said per Reuters.A major sticking point has been Trump's demand that Iran surrender its enriched uranium and permanently relinquish any nuclear weapons capacity.Trump has also demanded Iran dismantle the Natanz, Fordow and Isfahan nuclear sites, which the U.S. bombed after joining Israel's war against Iran last June in an earlier phase of the conflict.Iran's foreign ministry said that the two sides remain both "very far and very close" to an agreement, noting the U.S. had put forth "conflicting stances several times."Trump said Monday that the U.S. held off from renewing attacks on Iran this week while "serious negotiations" were underway. Gulf states including Saudi Arabia, Qatar and the UAE have urged Trump to suspend the military assault, fearing Iranian retaliation against the region and further damage to global energy markets.This story is developing. Please check back for updates. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Twisha Sharma death case: The matter is slated to be heard on Monday by a bench comprising CJI Surya Kant, Justice Joymalya Bagchi and Justice Vipul Pancholi. View More
The unofficial start of the summer travel season on Memorial Day weekend will show just how much travelers want to fly and how much they're willing to pay. View More
In this articleUALAALFollow your favorite stocksCREATE FREE ACCOUNT Travelers walk through the terminal at Ronald Reagan Washington National Airport on May 1, 2026.Leslie Josephs | CNBC Higher fuel prices are testing how badly consumers want to travel this summer, whether flying or driving.Airfare hasn't been this high since May 2022, when airlines stumbled out of the pandemic with aircraft and employee shortages to face hordes of consumers ready for "revenge travel." Gasoline is above $4 a gallon and could get closer to $5 a gallon this summer, AAA warned this week.Jet fuel prices doubled in the span of less than three months this year after the U.S. and Israel attacked Iran, kicking off a conflict that has left a key shipping channel effectively closed.Domestic round-trip airfares in April averaged $623, the highest in nearly four years, according to data from the Airlines Reporting Corporation, which tracks travel agency ticket sales. Jet fuel is the second-biggest expense for airlines after labor, and carriers say they are increasingly passing those costs along to customers. (function(){function e(){window.addEventListener(`message`,function(e){if(e.data[`datawrapper-height`]!==void 0){var t=document.querySelectorAll(`iframe`);for(var n in e.data[`datawrapper-height`])for(var r=0,i;i=t[r];r++)if(i.contentWindow===e.source){var a=e.data[`datawrapper-height`][n]+`px`;i.style.height=a}}})}e()})(); Separately, airlines are also trimming their growth plans because of higher fuel costs. Even if a route isn't cut, fewer flights on certain routes means that customers will have fewer seats to choose from and, with demand robust, that could drive up prices even more. watch nowVIDEO3:0703:07Why Spirit Airline jets are headed to the deserts of ArizonaAirlines Spirit Airlines, the most famous budget carrier in the U.S., shut down earlier this month, and partially blamed jet fuel prices for its failure to emerge from near back-to-back bankruptcies. It was the biggest U.S. airline collapse in decades. Other airlines swooped in to snatch up those customers in the aftermath, but the carrier's demise removes a main purveyor of low fares.The fuel spikes have set the stage for higher fares and more expensive gas station visits this summer. The start of the peak travel season Memorial Day weekend will be a taste of how much travelers will shell out to fly while everything from groceries to clothing has become more expensive this year.The Transportation Security Administration said it expects to screen 18.3 million people between Thursday and next Wednesday, compared with the 18.5 million it saw over a similar period last year. Read more about jet fuel's impact on travelFrom train travel to staycations: How holidaymakers are adapting to airlinesâ jet fuel shortageU.S. airlines are hiking fares â and travelers keep bookingAirlines spent 56.4% more on jet fuel in month after Iran war started, U.S. government saysUnited Airlines slashes 2026 forecast as fuel costs surge, but demand remains strongLufthansa faces nearly $2 billion in extra fuel cost amid the Iran war, after axing 20,000 flights Lackluster road trip growth Road trips won't be a bargain either. AAA this week forecast 39.1 million people will drive at least 50 miles between Thursday and Monday, up just 0.1% compared with last Memorial Day weekend. That was the least growth in a decade, AAA told CNBC.Gasoline price site GasBuddy forecast this week that prices across the U.S. will average $4.48 on Memorial Day, up from $3.14 last year, and that prices could average $4.80 through Labor Day "if the Strait of Hormuz remains closed for a significant portion of the summer." A customer fills his vehicle with fuel at a gas station in Miami, April 13, 2026.Joe Raedle | Getty Images Still flying Leisure travel intentions in the U.S. were slightly lower in March â at 82.8% compared with 83.1% the same month a year earlier â though they are still relatively high, UBS said in a note Monday."We believe the year-over-year moderation in travel intentions this year was likely due to higher jet fuel and other geopolitical concerns," UBS airline analyst Atul Maheswari wrote. He added that the intent to travel is near the highest points in the past nine years.So far, airline executives said, customers are still booking, and executives are optimistic about the summer travel season. They've also said they're expecting a boost from the FIFA World Cup, which will be held in June and July in the U.S., Canada and Mexico, and from major concerts such as Harry Styles' residencies in Amsterdam and London this summer.United Airlines said it expects to carry 53 million travelers between June and August, up 3 million people from last year. American Airlines has forecast 75 million customers between May 21 and Sept. 8, after Labor Day, topping its previous record, in 2019. Refueling trucks at LaGuardia Airport in New York, April 23, 2026.Zhang Fengguo | Xinhua News Agency | Getty Images 'What are you waiting for?' Airlines have been pruning their schedules and axing unprofitable or less profitable routes but have been eager to fill in the gaps after Spirit's collapse.Travelers can still find deals if they're flexible, said Kyle Potter, who runs the Thrifty Traveler website. He recommended using tools such as the "Explorer" tool in Google Flights that allows users to look up destinations by the length of trip and by month in a map view. He also suggested flyers consider traveling on a Tuesday or Wednesday, when fares and traffic are often lower. "That, in many cases, can save you hundreds of dollars per ticket, and multiply that by a family of four," he said. He had a simple message for travelers sitting on piles of frequent flyer miles."Now is the time to use your miles or your credit card points or both," he said, warning that miles can end up devalued. "What are you waiting for? I think a lot of people hoard their miles because they want to go to to Europe in 2027." â CNBC's Contessa Brewer contributed to this report. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Dating costs are rising faster than inflation, pushing many Americans to go on fewer dates, choose cheaper plans or skip dating altogether. View More
watch nowVIDEO11:1511:15Why Americans are cutting back on datingMarkets and Politics Digital Original Video Inflation concerns are spilling into "date-flation" discussions online, as social media users react to a surprising stat: Millennials spend $252, on average, for a date. The figure, which CNBC reported on in April, comes from BMO Financial Group's 2026 BMO Real Financial Progress Index. The average "all-in" spend on a date in America â including pre-date grooming and gas money, as well as the cost of the date itself â has climbed to $189, up 12.5% from last year, BMO found. "Date-flation," as the report dubbed it, far outpaced the 2.7% inflation rise over the same period.Millennials reported the highest average cost per date and the largest year-over-year increase, according to BMO's year-over-year generational data:Gen Z: $205, up from $194Millennials: $252, up from $191Gen X: $173, up from $172Baby boomers: $126, down from $127The bank polled 2,501 adults in late December through January.Inflation has worsened since then. The consumer price index rose 3.8% year over year in April 2026, according to the latest Bureau of Labor Statistics reading. Read more CNBC personal finance coverageCould Trump Accounts be a model for Social Security? Hereâs what experts say'Survivor's penalty' can affect retirees after a spouse dies. What to expectThis federal program trains older workers. The Trump administration wants to cut itJeff Bezos says bottom half of earners should pay zero in income taxesCNBC's Financial Advisor 100: Best financial advisors, top firms ranked Higher costs are having a ripple effect on dating habits, experts say."We're seeing that there is this increased cost of living, and it's lowering our dating frequency and how we're seeing or perceiving dating," Sabrina Romanoff, a clinical psychologist, told CNBC. "We're seeing people have fewer dinners out and there's a lower tolerance for higher-risk meetups."Half of Americans who date or are open to dating said they have gone on fewer dates or chosen less expensive activities because of inflation or the high cost of living, BMO found. More than four in 10, 44%, said they have changed or adjusted date plans for financial reasons.The number of dates is falling, too. The average American who went on a date reported going out about 12 times in the past year, down from around 14 in 2025, BMO found. Who pays when dates cost this much? Janina Steinmetz | Digitalvision | Getty Images Higher prices are also complicating one of dating's oldest questions: Who pays?BMO found a significant gender split in expectations early in a relationship. Nearly three in four men, 71%, said they expect to pay for everything on a date at first. Among women, 52% said they expect to split the cost relatively evenly, although 38% said they expect the other person to pay for everything. window.addEventListener("message",function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data["datawrapper-height"][t]+"px";r.style.height=d}}}); Jess Carbino, a sociologist who worked for Tinder and Bumble, told CNBC that economic uncertainty can push people toward more traditional expectations."When we see times of uncertainty, particularly economic uncertainty, we tend to see people rely on more established traditional gender roles in order to buffer and to try to cope with the uncertainty that exists in a given time and moment," Carbino said. Romanoff said social media can make those expectations more extreme by feeding men and women different narratives about dating and money."Social media is creating these gendered echo chambers where men and women, they're being fed completely different narratives about dating and money," Romanoff said. "Algorithms, unfortunately, today they're rewarding outrage. The very most polarizing extreme financial dating takes are rising to the top, and that's what's getting reinforced right now."On one side, Romanoff said, some women encounter advice to accept only expensive first dates as proof of value or interest. On the other, she said, some men are being told not to spend money on dates at all."The echo chambers, they're villainizing the opposite sex, and they're framing dating as this financial power struggle, rather than this relational process in which we're both kind of meeting in the middle and getting to know each other," Romanoff said."We're really watching love shrink to fit people's budget," she added. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
The addition of two new names, Delta Air Lines and Macy's, to the portfolio are hard to explain. View More
In this articleBRK.BDALM8058.T-JP8053.T-JPBRK.BFollow your favorite stocksCREATE FREE ACCOUNT (This is the Warren Buffett Watch newsletter, news and analysis on all things Warren Buffett and Berkshire Hathaway. You can sign up here to receive it every Friday evening in your inbox.) Lingering mysteries from Berkshire's portfolio update The large reduction in the number of stocks in Berkshire Hathaway's equity portfolio that was revealed in last Friday's first quarter 13F SEC filing was perhaps bigger than expected but it wasn't a total surprise.The Wall Street Journal had reported new CEO Greg Abel would be selling many or all of the stocks formerly managed by Todd Combs, who left for a job at JPMorgan late last year.It's harder to explain how the two new names, Delta Air Lines and Macy's, got into the portfolio.Berkshire almost never reveals who makes buy and sell decisions for individual stocks, but the rule of thumb had been Warren Buffett handled the larger positions, and one of the two (now one) portfolio managers were responsible for the smaller positions.Abel, who now has overall responsibility for the company's investments, replaces Buffett in that construction.The Oracle, however, is still coming into the office five days a week as chairman, and in late March he told CNBC's Becky Quick he is still making investment calls but won't do anything Abel thinks is "wrong." Presumably, Abel also wouldn't do anything that Buffett opposes. Staff loads packages on a Delta Air Lines plane at John F. Kennedy International Airport in Queens, New York City, on April 23, 2025.Jeenah Moon | Reuters That makes the reintroduction of Delta to the portfolio after a six-year exile something of a mystery.Buffett, who suggested in early 2008 that a "farsighted capitalist" should have shot down Orville Wright at Kitty Hawk, would presumably be unwilling to give an airline stock a third chance after a troubled 1989 US Airways investment and a money-losing 2016 return to the sector that he dropped in 2020 at the start of the Covid-19 pandemic.And, in fact, the Wall Street Journal reported Monday that Buffett told the paper he wasn't involved in the Delta decision.But it added Berkshire "can't seem to quit its love affair with airlines" as Abel showed "an early fondness for them, too." Writing for The Motley Fool, Geoffrey Seiler was disappointed that Abel appeared to be repeating Buffett's mistakes. At Barron's, though, Andrew Bary thinks Delta was "likely" a purchase by Ted Weschler, Berkshire's remaining portfolio manager.At $2.6 billion, as of March 31, it "exactly matches the increased authority of about $3 billion that he got this year as his responsibility went to 6% of the portfolio from 5%, based on Abel's comments in his annual letter."Bary also notes Weschler "has a value bent, and Delta is the industry leader valued at around 10 times earnings."Either way, it is at least a short-term success.The Delta holding is now valued at $3.0 billion, a 14.5% increase from the end of the first quarter.That includes an 8.4% jump this past week to a record-high close of $76.14. Zoom In IconArrows pointing outwards Did Buffett buy a 'tiny' Macy's stake? Berkshire's new Macy's position is also a short-term win, but the total value is just a fraction of the Delta buy.It's gone from $55 million as of March 31 to $63 million now, an increase of 14.2%, including a 12.2% rally this week. Zoom In IconArrows pointing outwards Usually, a position that accounts for less than 0.02% of Berkshire's equity portfolio would be seen as the work of a portfolio manager.But in that March interview with CNBC, Becky asked him if he is still making new purchases and he replied, "Got one tiny purchase, but we aren't finding things that â we weren't finding them before."CNBC thinks he may have been referring to the Macy's stake but notes he could also have been talking about an international purchase or other investment that would not have to be included in the 13F filing. Macy's flagship store in Herald Square in New York, Dec. 23, 2021.Scott Mlyn | CNBC Barron's also believes Buffett's comment could have been a reference to the Macy's position.It sees the retailer's "significant real-estate holdings" as a plus and recalls that in 2015, Buffett personally bought for his own account an 8% stake in Seritage Growth Properties, which controlled stores and real estate spun off by Sears."It would be notable if the Macy's buy was done by Buffett. It would show that at 95, he still loves the investment game and can't resist a bargain-priced stock even if the size of the holding is too small to matter at Berkshire." Berkshire keeps buying in Japan Two new filings in Japan show Berkshire is continuing to build its positions in at least two of the country's enormous "trading houses."Its Mitsubishi stake increased to 11.1% as of April 30, up from 9.7% previously, and its Sumitomo stake rose to 10.3% as of May 12, up from 9.3%.Abel has been involved in Berkshire's Japanese investments for the past several years and almost certainly is behind the additional purchases.Berkshire may be buying more shares of its other Japanese stocks but only needs to file updates when a holding ratio increases by 1% or more.The total value of the six stocks, as currently disclosed, is almost $46 billion. Zoom In IconArrows pointing outwards BUFFETT & BERKSHIRE AROUND THE INTERNET Some links may require a subscription:CNBC.com: SpaceX, OpenAI valuations [according to prediction markets] could mean they leapfrog Berkshire Hathaway on first day of tradingZacks Value Investor podcast: The End of the Cult of Berkshire HathawayBloomberg podcast: Berkshire's Tech Investment Appetite Growing Under AbelCNBC Pro (subscription): This Warren Buffett classic stock [Coca-Cola] is a great buy right now that will compound for years, Bank of America says BERKSHIRE STOCK WATCH Four weeks Zoom In IconArrows pointing outwards Twelve months Zoom In IconArrows pointing outwards BRK.A stock price: $728,641.00BRK.B stock price: $486.38BRK.B P/E (TTM): 14.48Berkshire market capitalization: $1,048,584,611,864 Berkshire Cash as of December 31: $373.3 billion (Down 2.2% from Sept. 30)Excluding Rail Cash and Subtracting T-Bills Payable: $369.0 billion (Up 4.1% from September 30)Berkshire repurchased $234 million of its shares in Q1 2026. BERKSHIRE'S TOP EQUITY HOLDINGS - May 22, 2026 Zoom In IconArrows pointing outwards Berkshire's top holdings of disclosed publicly traded stocks in the U.S. and Japan, by market value, based on the latest closing prices.Holdings are as of March 31, as reported in Berkshire Hathaway's 13F filing on May 15, except for:Mitsubishi, which is as of April 30The full list of holdings and current market values is available from CNBC.com's Berkshire Hathaway Portfolio Tracker. QUESTIONS OR COMMENTS Please send any questions or comments about the newsletter to me at alex.crippen@nbcuni.com. (Sorry, but we don't forward questions or comments to Buffett himself.)If you aren't already subscribed to this newsletter, you can sign up here.Also, Buffett's annual letters to shareholders are highly recommended reading. There are collected here on Berkshire's website.â Alex Crippen, Editor, Warren Buffett Watch Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
As prices rise everywhere, consumers are choosing to be more intentional with how they're spending on live music and concerts this year. View More
In this articleLYVSTUBFollow your favorite stocksCREATE FREE ACCOUNT Rolfo | Moment | Getty Images This summer, mega artist Harry Styles will take the stage at Madison Square Garden in New York City for an exclusive 30-show residency â his only planned stop in the country and a show that's garnered intense attention since its announcement.Despite her best efforts, Shira Elfassy won't be there."His tickets were absurd," Elfassy, 29, told CNBC. "It felt like an insult going in and seeing, like, not only can I not get in, not only are there no tickets left, but even then, the most basic price point is $500 for a nose-bleed seat â and this is becoming commonplace."Instead, Elfassy said she got tickets to see other artists live, like Florence + the Machine and Olivia Rodrigo, at far lower price points. She said feeling "priced out" of some concerts is now a common occurrence."It's just a weird dynamic now. ... At this point, if I have to make the decision between making more summer plans or hanging out with my friends â or even just [to] pay rent â or I can go to this concert, it's a no-brainer," she said. "But it didn't used to be that way."Elfassy represents a growing cohort of consumers who aren't willing to keep up with the rising prices for live music, creating a K-shaped demand curve where higher-income consumers are spending more â and keeping prices inflated â while lower-income consumers are pulling back.That dynamic has played out across discretionary spending categories, like retail, dining and travel, as Americans grapple with persistent inflation, economic uncertainty and, now, soaring gas prices.In live music, this K-shaped environment is spurring fears that the lower end of the market is falling out entirely. Some are calling the demand shifts "blue dot fever," named for the blue dots on Ticketmaster seating maps that denote an unsold ticket. For some artists, it's forcing them to take a critical look at their performances. Post Malone, Zayn and The Pussycat Dolls are just a few examples of artists who have canceled shows or tours in recent months, with the last group openly admitting that poor ticket sales was the catalyst. Last summer, even before the most recent pricing pressures, industry research suggested higher ticket prices were helping to prop up the overall health of the market. Goldman Sachs analysts wrote in a 2025 report that demand for live music was expected to grow at a 7.2% compounded annual growth rate between 2024 and 2030. Average ticket price for a concert in one of the top 100 global tours, the report found, was $136 in 2024, up 50% from an average of $91 in 2019. How inflation is changing concert spending Several of the major ticketing companies told CNBC they're not seeing more show cancellations this summer than an average year. "Of all the shows Live Nation has on the books this year, less than 1% have been cancelled," a spokesperson for the Ticketmaster parent said. "That's not 'blue dot fever' â it's a normal touring year; in fact, 2026 is shaping up to be a record with concert ticket sales up 11% for the year."The spokesperson added that roughly 70% of tickets sold on its platform are priced under $100.Live Nation and Ticketmaster have faced scrutiny over the company's ticketing practices and dominant influence in the music industry. The company faced legal challenges over alleged anticompetitive behavior and reached a settlement with the Department of Justice in March. A federal jury found last month that Live Nation held an anticompetitive monopoly, though the company said in a statement at the time, "The jury's verdict is not the last word on this matter." The Live Nation website arranged on a laptop in New York, US, on Wednesday, April 17, 2024. Gabby Jones | Bloomberg | Getty Images StubHub, a ticket reseller, told CNBC that the company is seeing the K-shaped pattern take shape in live music, with demand diverging fast between various events. While StubHub said overall concert demand is up nearly 10% year-over-year, it's not across the board. Ticket demand for stadium-scale events is up significantly, while demand for mid-size and smaller venues is waning.The events that are struggling to sell are facing a "supply-sizing problem," according to Jill Gonzalez, head of consumer communications at StubHub. The events earning the strongest fan attention, she said, are stadium tours, residencies and marquee festivals."What our data makes clear is that fan demand for live music hasn't softened, but it's sharpened," Gonzalez told CNBC. "Fans are making deliberate choices about where they spend, and when they decide a show is worth it, the demand signal is as strong as anything we've seen on our platform."Ticket platform SeatGeek said while more artists are announcing tours, the resale environment remains healthy."If you have more artists that are flooding the market with tours, you're going to have the gross number of cancellations pick up year-over-year, so that's expected," said Oliver Marvin, the company's senior director of strategic finance. "But the overall number, cancellations as a percentage of people who are out on tour, is not too much different than what we've seen in prior years."He added that the company is seeing some consumers dive in for last-minute tickets out of hope the prices will drop for tours that aren't garnering as much immediate demand. Why stadium tours still draw big demand Experts say dropping demand for some shows may be more nuanced than what meets the eye.As prices everywhere rise, and consumers begin to be more intentional about how they're spending their money, the blame of unsold tickets may be more appropriately placed on the macroeconomic environment rather than on the artists themselves, according to Sam Howard-Spink, the director of music business at New York University."It's really mostly to do with the economics of live performance and touring right now, which is also at the moment, I would say, very closely tied to economic conditions and cost-of-living questions," Howard-Spink said.Tighter spending among fans can turn a tour misstep into a disaster, he suggested, like if an artist plans dates at an inappropriately sizes venue or in an off-base market. While nostalgia for older acts can occasionally draw crowds, it's struggling to outweigh all other factors. And while bigger artists can still sell out a stadium, less-popular acts are falling short. "Harry Styles, Bad Bunny, Lady Gaga, Ariana Grande â these are acts of, 'I'm not really going to have too much trouble,'" he said. "But if you're talking about like ... an early 2000s band that might not just be able to pull in those crowds, maybe they are overconfident in the kinds of venues that they think that they can fill up." Artur Debat | Moment | Getty Images Howard-Spink added that the business of music has long been considered largely "recession-resistant," even weathering the pandemic well. But because concert tickets are a scarce resource, as opposed to music streaming, it's allowed the prices to rise rapidly.Music publicist Eric Alper noted artists couldn't have foreseen these macroeconomic factors currently at play when booking out their tours months in advance. There's also more artists on tour this year than past years, he said, crowding the schedule. With prices broadly higher, fans are also seeking out more experiences that give them a bang for their buck, he added, as the live music scene sees a rise in residencies, along with unique new venues like The Sphere in Las Vegas. "What people want, they want the choreography, they want the lights, they want the superior sound, they want great sightlines," Alper said. "They're not just going to sit there and spend $150 to go watch a band play with very bare bones."Still, Alper said, he believes the diehard fans are willing to pay up. "If you're a fan of an artist, I don't think you care about the high ticket prices as much as people think that they do," Alper said. "People want the experience, and they also want to tell people that they were there." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
U.S. and Chinese officials have met and spoken publicly about differing priorities since the Trump-Xi summit concluded in Beijing last week. View More
China's Commerce Minister Wang Wentao held a press conference on May 23, 2026, at the end of the APEC trade ministers' meeting in Suzhou, China.CNBC | Evelyn Cheng SUZHOU, China â Just over a week after the U.S. and Chinese presidents met in Beijing, the world's two largest economies are sending different messages about their priorities for Asia.First is tariffs.China's economy relies significantly on exports â and the free-flow trade â as it accounts for about 28% of the goods made globally, according to CNBC calculations of World Bank data. Beijing's statements on Chinese President Xi Jinping and U.S. President Donald Trump's summit last week have noted how duties will remain lower for longer, while the U.S. did not mention tariffs.Then on Saturday, China's Commerce Minister Wang Wentao told reporters that affirming the "vision" of a free trade agreement was a key outcome of the just-concluded Asia-Pacific Economic Cooperation trade ministers meeting."In the context of rising uncertain and destabilizing factors in global and regional economic development, members redirected their attention to the FTAAP (Free Trade Area of the Asia Pacific) with commitment to continuing advancing economic integration through the FTAAP agenda," Wang said in Chinese, according to an official English translation. However, when CNBC a day earlier asked a member of the U.S. delegation about FTAAP and free trade, the response focused on balanced trade, part of the Trump administration's rationale for tariffs. "FTAAP, is really, it's more an agenda than it is a kind of destination," said Casey K. Mace, the U.S. Senior Official to the APEC Forum. He noted the U.S. has been "active" in elements of FTAAP such as competitiveness, labor standards and trade facilitation. China is the host for this year's APEC meetings, set to culminate in November with a high-level gathering in Shenzhen. Trump and Xi are also expected to meet alongside that event. watch nowVIDEO5:3405:34Rep. Greg Stanton: China is more respected on the world stage than the United StatesMorning Call 'Constructive strategic stability' Second is what's next for the U.S. and China.There's little detail yet on how the two sides will move forward with implementing "constructive strategic stability," beyond China's purchase of 200 Boeing airplanes and $17 billion annually in U.S. agricultural products through 2028.A Chinese readout released early Saturday said Wang met Thursday in Suzhou with Rick Switzer, the U.S. Deputy Trade Representative and head of the U.S. delegation for the APEC trade ministers meeting. The readout said both sides hoped to reach an agreement as soon as possible on the details of economic outcomes from the Trump-Xi meeting â an indication that differences still remain.The U.S. embassy in Beijing and the U.S. State Department did not immediately respond to a request for comment. Read more China newsChina calls for APEC cooperation as commerce minister skips opening over 'urgent official business'Three key takeaways from Putin's Beijing trip â and what they reveal about China-Russia tiesChina confirms order for 200 Boeing planes, calls aviation key area for U.S. cooperationJob training for robots: How China is getting machines ready to join the workforceU.S. indicts four Chinese container manufacturers alleging pandemic-era price-fixing cartelAlibaba reveals more powerful Zhenwu AI chip, new LLMThree major shifts from the Trump-Xi meetingTrump puts Taiwan arms sales, Hong Kong jailed activist Lai on agenda ahead of meeting with XiTrump and Xi face a test over AI controlIran focus at Trump-Xi summit may delay progress on tariffs, rare earthsChina is rewiring the Silicon Valley model â starting in Hong KongChina's self-driving truck leaders say AI breakthroughs won't accelerate rollout â here's why'Draconian development' in Meta-Manus deal draws the line in China's AI race with the U.S.Behind China's 'active efforts' for an Iran ceasefire: Business trumps politicsAlibaba launches data center with 10,000 of its own chips as China ramps up AI push'The thaw is real': Indian delegation visits China to talk EVs and moreWhy AI isn't replacing jobs in China (yet)Meta faces China probe over acquisition of AI agent startup ManusBeijing's surprise intervention on Meta's Manus rattles tech founders, VCs eyeing 'China shedding'Three niche commodity prices are surging. What they show about China's grip on supply chains The AI race Third is a broadening of the U.S. and Chinese tech race into Asia.The APEC trade ministers' meeting reached a "new consensus" on digital trade cooperation, Wang said.When asked to elaborate, Lin Feng, director-general of the Chinese Commerce Ministry's department of international trade and economic relations, noted plans to make it easier for e-commerce companies to do business in the region, and a "commitment to strengthening trade exchanges related to AI."Lin noted efforts to "narrow the digital divide" but did not mention Chinese AI companies in particular. While the U.S. has restricted the ability of Chinese companies to access advanced semiconductors for training AI models, Chinese businesses have tended to release AI models that are cheap â if not free â to use, and with capabilities that increasingly narrow the gap with their U.S. rivals.On the U.S. side, Mace emphasized plans "to continue to position the U.S. tech companies, digital companies, as the leaders in the region." Mace said U.S. tech firms would be giving workshops at an APEC "digital week" in Chengdu in July. While China is the host of the event, "it's an opportunity to engage with all 21 [APEC] economies," he added.The U.S. is one of the 12 founding members of APEC, which was launched in 1989 in Australia as an informal forum for discussions on free trade and economic cooperation. The multilateral trade organization now has 21 members, including mainland China, Hong Kong and "Chinese Taipei," which joined the forum in 1991.Wang did not comment on the "urgent official business" that had prevented him from chairing the opening session on Friday. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
South Korea's deputy PM tells CNBC there are concerns as to whether AI could worsen wealth gaps or lead to job losses. View More
Bae Kyung-Hoon, South Korea's science and ICT minister, speaks during a memorandum of understanding signing ceremony in Seoul, South Korea, on Monday, April 27, 2026. Google DeepMind is teaming up with South Korea on the country's K-Moonshot project, which uses AI to solve complex scientific problems. Photographer: SeongJoon Cho/Bloomberg via Getty ImagesBloomberg | Bloomberg | Getty Images South Korea must ensure that wealth created by artificial intelligence benefits the wider public, Deputy Prime Minister Bae Kyung-hoon said, even as the country grapples with labor tensions at Samsung Electronics and a stock-market rally increasingly powered by its biggest chipmakers. Speaking to CNBC's Lisa Kim on Friday, Bae said the AI era has raised broader questions over how wealth generated by the technology should be distributed, whether AI could worsen inequality and whether it could lead to job losses. "Recent labor-management conflicts can also be seen as part of this broader trend," he added, referring to Samsung Electronics, where a planned 18-day strike by unionized workers was suspended Wednesday after government officials stepped in at the last minute to head off a walkout.Workers had demanded a formalization of bonuses in their contracts, the scrapping of bonus caps, and a payout of 15% of Samsung's operating profits as bonuses.A tentative deal was reached on Wednesday, with the union voting on the plan from Friday to 27 May. Bae does not expect such industrial action to be a one-off event. "In the age of AI, more of these super-large companies will continue to emerge. In that process, labor-management conflicts may continue to arise, and when they do, it will be important to resolve them wisely through dialogue," Bae said.He pointed at automaker Hyundai, and said that there are "many concerns and worries" about its integration of Atlas robots â made by Boston Dynamics â into its manufacturing process.What South Korea needs is not only the ability to create "great wealth" with AI, but to also judge how the wealth and technology can be used properly, and the impact it will have on the public, Bae said."The benefits of AI must also go to the public," Bae added, saying that Seoul is deeply focused on building an "AI-inclusive society â a society where no one is left behind in the AI era."His comments come after South Korean presidential official Kim Yeong Beom proposed on Facebook on May 12 to distribute excess tax revenue generated from Korea's artificial intelligence and semiconductor sectors to citizens, sparking turmoil in markets. An official later reportedly clarified that the post was Kim's opinion, and not a subject of formal discussions. Shaky Kospi rally Bae, who also holds the portfolio of South Korea's minister for science and technology, was also asked about sharp gains in South Korean markets, led by heavyweights Samsung and SK Hynix which have seen their shares rise due to the AI boom. Samsung has posted a year-to-date gain of almost 144%, and SK Hynix has risen by almost 200% from Jan 1. The Kospi itself is now more than 86% higher in 2026 so far, surpassing last year's gain of about 75%. Stock Chart IconStock chart iconKospi index, year to date When asked if he saw the concentration of gains in the tech sector as a weakness, Bae replied: "While these two companies clearly have their own strengths, there is also an ecosystem of related companies that support semiconductor production."South Korea is also now trying to establish a competitive advantage in physical AI, Bae said, expressing confidence that Seoul can make inroads into that sector.Physical AI generally refers to AI embedded in machines such as robots, vehicles and industrial systems, allowing them to sense, reason and act in real-world environments."In a way, semiconductors and AI infrastructure provide the fundamental foundation. On top of that, Korea is trying to build out the full spectrum of AI capabilities, including various hardware equipment, software, and related services." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Bain Capital-backed Dhoot Transmission filed updated IPO papers seeking Rs 1,400 crore via a fresh issue. A top player in two/three-wheeler and electric wiring harnesses (over 70% EV share), the company will use funds to repay debt and establish new manufacturing facilities in Haryana and Tamil Nadu. View More
Bain Capital-backed Dhoot Transmission Limited has filed its Updated Draft Red Herring Prospectus - 1 (UDRHP - 1) with market regulator Securities and Exchange Board of India (Sebi) for its initial public offering (IPO). The electrical & electronics companies’ proposed public offer will be a mix of fresh issue and an offer for sale (OFS). The fresh issue consists of equity shares of face value Rs 2 each, aggregating up to Rs 1,400 crore and the OFS comprises up to 1.63 equity shares. The OFS includes equity shares being sold by the promoter and promoter group selling shareholders. BC Asia Investments XV Limited is offering up to 1,31,91,900 equity shares and Mangalam Capital Private Limited (formerly known as Mangalam Colise Private Limited) is offering 31,18,833 equity shares. Dhoot Transmission IPO The company proposes to use the net proceeds mainly for repayment/prepayment of certain outstanding borrowings of the company amounting to Rs 493.9 crore, and investment in subsidiaries including Dhoot Auto Components Private Limited, Dhoot Electricals Systems Private Limited, Dhoot Automotive Systems Private Limited and Dhoot Transmission UK Limited for repayment/prepayment of their outstanding borrowings amounting to Rs 272.58 crore. Live Events The proceeds will also be used to set up new wiring harness manufacturing plants at Jhajjar, in Haryana, and Hosur in Tamil Nadu, with Rs 150 crore allocated for this purpose. Additionally, the company plans to use funds for unidentified acquisitions and general corporate purposes. The net proceeds are proposed to be deployed over FY27 and FY28. About Dhoot Transmission Founded in 1999, Dhoot Transmission is one of India’s leading electrical and electronics companies. The promoters of the company are BC Asia Investments XV Limited and Rahul Radhavallabh Dhoot. BC Asia XV acquired a 49% stake in the Company in April 2025. The company designs, engineers, manufactures and supplies critical wiring harnesses that integrate electronic sensors and controllers, switches, terminals, connectors, junction boxes, high-voltage interconnection systems and data cables, delivering application-specific architectures across platforms. The UDRHP claimed company is among the top two players in India’s two-wheeler and three-wheeler wiring harness market , with a 44.64% market share by value in FY25. It is also a market leader in the electric two-wheeler and three-wheeler wiring harness segment, commanding over 70% market share in FY25, reflecting its strong positioning in both traditional and electric mobility platforms. The company serves both automotive and non-automotive applications, with products designed to meet stringent OEM performance, safety and reliability standards. As on December 31, 2025, the company had 22 operational manufacturing facilities, three engineering and design support centres and seven warehouses across India and key international locations, providing access to major automotive clusters in India and globally. They have four under construction plants in India. The company’s marquee clients include Bajaj Auto, TVS Motor Company, Honda Motorcycle and Scooter India Private, Customer 4, and Royal Enfield, a unit of Eicher Motors. Dhoot Transmission financials During the nine months ended December 31, 2025 and fiscals 2025, 2024 and 2023, the company had 477, 466, 436 and 453 customers, respectively The company has demonstrated strong FY23–FY25 growth momentum, with revenue from operations rising 62% from Rs 2,125.86 crore in FY23 to Rs 3,444.86 crore in FY25, while PAT more than doubled from Rs 163.91 crore to Rs 353.89 crore. EBITDA also strengthened from Rs 298.68 crore in FY23 to Rs 590.96 crore in FY25, with EBITDA margin improving from 14.05% to 17.15%, while PAT margin expanded from 7.69% to 10.19% for the same period. Wiring harnesses remain the core revenue driver, contributing Rs 2,687 crore, or 78% of FY25 revenue, and Rs 2,505.42 crore, or 77.15%, for the nine months ended December 31, 2025. IPO lead managers Axis Capital Limited, Jefferies India Private Limited, Kotak Mahindra Capital Company Limited, Nomura Financial Advisory and Securities (India) Private Limited, SBI Capital Markets Limited and 360 ONE WAM Limited are the bankers to the issue. (Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. 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