The Labour Party will introduce a windfall tax on oil businesses if it wins the U.K.’s upcoming general election, it said Thursday. “We will introduce a windfall tax on oil companies, so that the companies that knowingly damaged our climate will help cover the costs,” it stated. Labour said it wanted to build 2,000 new onshore wind turbines; 7,000 new offshore wind turbines; and “enough solar panels to cover 22,000 football pitches.” The party added that new nuclear power “needed for energy secu

Bottles of the 2016 vintage Beaujolais Nouveau wine are displayed at a countdown event in Tokyo on November 17, 2016. WASHINGTON — Every year on the third Thursday of November, at exactly 12:01 a.m., the French release their celebrated first wine of the harvest — the crisp and fruity Beaujolais Nouveau. Last month, the Trump administration slapped retaliatory tariffs on French wine, Italian cheese, single-malt Scotch whisky and hundreds of other European products. Here is where thin-skinned mage

Honoree Michael Bloomberg speaks onstage during the Hudson River Park Annual Gala at Cipriani South Street on October 17, 2019 in New York City. Billionaire and former New York Mayor Mike Bloomberg filed official paperwork to run for president in the 2020 Democratic primary. It’s Bloomberg’s latest maneuver toward a likely run for president. Bloomberg’s team has previously said that he plans to spend over $100 million if he runs for president. Apart from his ambitions to run for president, Bloom

Liberty Media CEO Greg Maffei believes the company is well positioned to capitalize on the growing popularity of podcasts and other audio content. Maffei, who joined CNBC’s David Faber from Liberty’s investor day in New York on Thursday, said that while there is competition for audio content, exclusive agreements should prove lucrative over time. “We have an exclusive with Marvel, we have an exclusive now with Lebron James called ‘Uninterrupted,'” he continued. I think there’s an opportunity to

Chinese deities statue ready for export to China are waiting in Sagyin (“marble”) village located near the white marble Sagyin quarries. White marble is extracted from Sagyin quarries for centuries. The best-performing stock in the world just lost nearly all its value in the blink of an eye. ArtGo Holdings, a Chinese marble miner, saw its stock crash 98% in Hong Kong trading overnight after MSCI decided not to add it to its foray of indexes. The WSJ noted that there was no upitck in demand for m

Financial advisors who hold their clients’ assets at TD Ameritrade are about to face a shake-up. Charles Schwab is in talks to purchase TD Ameritrade for $25 billion, and a deal could be announced as early as Thursday, a source told CNBC. The merger would combine approximately $3.8 trillion in assets from Schwab and $1.3 trillion from TD Ameritrade and create a massive custodian in an industry that already provides less choice for registered investment advisors or RIAs. In the RIA world, there a

Many workers don’t need experts to tell them they aren’t putting enough away for their golden years — they apparently already know it. More than half of U.S. adults (52%) say they are behind where they should be when it comes to saving for retirement, according to a new survey from Bankrate.com. Among pre-retirees, the lag is more pronounced: 57% of younger baby boomers (age 55 to 64) and 63% of Generation X (age 39 to 54) say they’re behind. “If you look at the economy, you might say it’s great

That’s far below rival UPS and the S&P 500, which have gained more than 21% and 24%, respectively. The S&P 500 gained 4.4% over the same period. A month after the controversy, FedEx gained 6.1%, again underperforming the S&P 500, which rose 7.7%. The result: A week after the lawsuit, FedEx shares fell 0.7%, slight below the lower market that fell 0.29%. A month later, FedEx stock was 6.45% higher far outperforming the S &P 500 that gained 2.34%.

Macy’s said its stores at weaker U.S. shopping malls were hurt by slower foot traffic during the latest quarter, leading to a steeper-than-expected sales decline. The trouble, however, is at the so-called C- and D-rated shopping malls, which bring in less sales per square foot than an A-rated mall. But the weaker mall owners, such as CBL, have more encumbered balance sheets, and some of their centers are seen as deteriorating. Most of Macy’s stores are located in so-called A malls, like Macerich

Volkswagen Group said Thursday that, together with its Chinese partners, it will invest around 4 billion euros ($4.43 billion) in China next year, with almost half of the cash to be spent on developing e-mobility. VW claims that the German firm now accounts for almost every fifth car sold in China. The CEO of Volkswagen Group China, Stephan Wollenstein, said in a statement Thursday that success in e-mobility “will be a key driver for reaching our sustainability target, becoming net carbon neutra

Seventeen Chicago McDonald’s workers are suing the company, alleging that the fast-food chain has failed to address violence in the workplace. In May, McDonald’s workers filed a complaint with the U.S. Occupational Safety and Health Administration, asking the agency to investigate a pattern of violence in the restaurants. In the company’s home city of Chicago, on an average day, 911 receives more than 20 calls from McDonald’s restaurants, according to the lawsuit. The suit argues that McDonald’s

Victoria’s Secret has yet to stem its sales declines, but the company is hopeful that new products will win back customers. At Victoria’s Secret same-store sales were down 7% during the quarter, and same-store sales growth has declined for the past six quarters. He said there never was a material financial impact after the show, though it nonetheless helped build the Victoria’s Secret brand. The brand, however, has seen slowing same-store sales growth, and some analysts, including Konik have bee

Macy’s online business is struggling. The company didn’t break out the exact growth rate for its online sales during the fiscal third quarter, when for the past few quarters it has highlighted double-digit growth. So it remains to be seen whether this can be a boon to online sales. Looking to the fourth and holiday quarter, Macy’s CEO Jeff Gennette said Macy’s is planning to be competitive with its deals, when it “didn’t chase some of [its] competitor’s promotions” during the third quarter. “We

Another 118 people have fallen ill and five more have died from a lethal vaping lung disease, the Centers for Disease Control and Prevention said Thursday. Known as EVALI — short for e-cigarette, or vaping, product use associated lung injury — the deadly disease hospitalizes nearly all patients. Most patients report vaping THC, according to the CDC. A minority of patients say they used just nicotine, though some doctors say people can be reluctant to admit what exactly they are actually using. T

Liberty Media Chairman John Malone took issue with SoftBank CEO Masayoshi Son’s investment approach in light of the botched WeWork IPO. He’s got a balance sheet no one can understand,” Malone told CNBC’s David Faber in an exclusive interview Thursday. WeWork pulled its IPO filing in September after investors balked at its mounting losses and unusual corporate governance structure. “I look at each one of these deep-loss businesses … you’ve got to have to have an argument that the scale will imp

An exclusive partnership with Cheesecake Factory and deals to deliver for Chipotle Mexican Grill, Five Guys and other local restaurants made DoorDash the leader in U.S. meal delivery last month. According to data from consumer analytics firm Second Measure, DoorDash has 35% of the meal delivery market. Analysts say meal delivery has even more room to grow. Last week, Morgan Stanley published research showing meal delivery services only address 6% of the $350 billion dollar quick-service restaura

Ellen J. Kullman, former Chairman and CEO of DuPont, and President and CEO of Carbon. Former DuPont Chairman and CEO Ellen Kullman is taking the reins as President and CEO of Carbon, a 3-D printing tech venture best known for its manufacturing partnerships with Adidas, Ford and Ikea. Carbon’s founding CEO Joseph DeSimone is stepping into the role of Executive Chairman of the board. Kullman, who has served on the board of directors at Carbon since 2016, told CNBC she views her appointment as a pa

Microsoft chief product officer Panos Panay said on Twitter that the company’s AirPods competitor, called Surface Earbuds, are delayed until the spring. That means they’ll miss the holiday season where they had a chance to compete against Amazon’s Echo Buds, Apple AirPods and Apple’s new AirPods Pro. I had a chance to try the Surface Earbuds in October, and they weren’t very good. Microsoft’s Surface Earbuds weren’t very comfortable, felt cheap and didn’t always register when I tried tapping for

Restaurants becoming individualized eateries: Uncle Jack’s Steakhouse CEOWillie Degel, Uncle Jack’s Steakhouse CEO, joins ‘The Exchange’ to discuss the state of the restaurant industry, how restaurants are saving on costs, The New York Times’s blistering review of the Peter Luger steakhouse and whether he would start selling fake meat.

L Brands — L Brands shares jumped more than 6% after the Victoria’s Secret parent company delivered quarterly results that largely met expectations. L Brands posted an adjusted profit of 2 cents per share on revenue of $2.68 billion, matching Refinitiv estimates. The company reported a smaller-than-expected loss of 8 cents per share, and revenue also came in ahead of estimates. La-Z-Boy – Shares of LaZBoy dropped over 12% after the company missed Wall Street’s expectations for its second-quarter