The escalating trade war between Washington and Beijing dominated discussions at the G-7 gathering in France.Politicsread more
The latest round of tariff announcements in the last few days means that by the end of the year, essentially all Chinese goods exported to the U.S. will be subject to duties.China Economyread more
Futures fell after Trump said the U.S. will raise tariffs on more than $500 billion worth of Chinese imports, increasing trade tensions.Marketsread more
Tensions stemming from the U.S.-China trade war escalated sharply over the last few days, with much happening as Asian markets were shut down for the weekend.China Economyread 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
Neither the U.S. nor China wants to be seen as the party that derailed trade talks, says William Reinsch of Center for Strategic and International Studies.World Economyread more
China said Friday it will be resuming 25% duties on U.S. autos, and a further 5% on auto parts and components.Asia Marketsread more
World leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires.World Newsread more
Education Minister Ong Ye Kung says the Singapore government has been preparing for the challenge of an aging workforce "for the past 20 years."Employmentread more
Megvii is known for its facial recognition technology and while revenue grew over 350% in 2018, its losses have widened.Technologyread more
Stocks in Asia fell Monday afternoon following an escalation in the U.S.-China trade war late last week.Asia Marketsread more
Leslie Seidman, General Electric board director and chair of the company's audit committee, told CNBC on Thursday that a report from Madoff whistleblower Harry Markopolos accusing GE of fraud is "full of misleading, inaccurate and inflammatory statements."
"That report does not reflect the GE that I know," Seidman said on "Closing Bell. "
Markopolos called it a "a bigger fraud than Enron" after having analyzed the company's accounting for the past seven months. He believes that GE has a long history of accounting fraud which adds up to $38 billion.
Seidman addressed the allegations of fraud and said, "Fraud is such a strong and inflammatory word, meaning intent to willfully deceive. That is not the GE that I know. We are in full compliance with accounting standards in the U.S."
One of the areas that the report focuses on is GE's long-term care insurance unit, where the company had to increase reserves by $15 billion last year. Markopolos claims GE is hiding massive losses and has filed false statements to regulators of the unit.
In response to this accusation, Seidman said: "As part of our normal course of operations, we are going to be performing a current loss recognition test in the third quarter, which is a normal part of GAAP accounting. I think we do have our arms around the accounting. I think that the amount at which we state the reserves currently is fair and in accordance with GAAP."
The board director also added, "I'm not sure the author of the report really understands the accounting in this area."
"I stand behind the financial reporting of this company."
GE's CEO, Larry Culp, also told CNBC that the accusations from Markopolos were false and driven by market manipulation.
Culp also said that Markopolos never talked to company officials before releasing the report, which "goes to show that he is not interested in accurate financial analysis, but solely in generating downward volatility in GE stock so that he and his undisclosed hedge fund partner can personally profit."
As a result of these allegations, GE's shares dropped more than 11% on Thursday.