Government and politics

Former President Donald Trump and his allies on the Republican National Committee want to convince Tesla and SpaceX CEO Elon Musk to speak at the GOP convention in July, people familiar with the matter told CNBC.Republican leaders believe that giving Musk a speaking slot at the convention could lead to some of his fans boosting what has been the party's historically lagging support among young adult voters on Election Day, said a source with knowledge of that belief.Trump is expected to be confirmed at the Milwaukee,…

The Starlink photo is seen on a mobile device with Ukraine on a map in the background in this illustration photo in Warsaw, Poland on 21 September, 2022.STR | Nurphoto | Getty ImagesHouse Democrats Robert Garcia, D-Calif. and Jamie Raskin, D-Md, sent a letter to SpaceX demanding transparency from the defense contractor following reports of potentially illegal purchases and use of Starlink satellite internet equipment by Russia in occupied territories of Ukraine. The congressmen also announced a probe of SpaceX by the…

President Joe Biden speaks during an event at the National Institutes of Health in Bethesda, Maryland, Dec. 14, 2023.Chris Kleponis | Bloomberg | Getty ImagesPresident Joe Biden on Wednesday said the federal Medicare program should negotiate prices for at least 50 prescription drugs each year, up from the current target of 20 medicines. That's one of several new health-care policy proposals that Biden will outline during his State of the Union address Thursday, according to a fact sheet released by the White House on…

A mega-yacht seized by U.S. authorities from a Russian oligarch is costing the government nearly $1 million a month to maintain, according to new court filings.The U.S. Department of Justice is seeking permission to sell a 348-foot yacht called Amadea, which it seized in 2022, alleging that it was owned by sanctioned Russian billionaire Suleiman Kerimov. The government said it wants to sell the $230 million yacht due to the "excessive costs" of maintenance and crew, which it said could total $922,000 a month."It is…

U.S. President Joe Biden joins striking members of the United Auto Workers (UAW) on the picket line outside the GM's Willow Run Distribution Center, in Bellville, Wayne County, Michigan, U.S., September 26, 2023. Evelyn Hockstein | ReutersThe United Auto Workers union is endorsing President Joe Biden for reelection this year, UAW President Shawn Fain announced Wednesday at a union conference in Washington, D.C."Today, I'm proud to stand up here with your International Executive Board and announce that the UAW is endorsing…

A cargo ship crosses the Suez Canal, one of the most critical human-made waterways, in Ismailia, Egypt on December 29, 2023. (Photo by Fareed Kotb/Anadolu via Getty Images)Anadolu | Getty ImagesThe threat to global trade in the Red Sea remains high, even with efforts to protect commercial vessels from attacks by Iranian-backed Houthi militants based in Yemen.Danish shipping giant Maersk's decision on Tuesday to pause Red Sea and Gulf of Aden transits until further notice underscores the difficulty for the U.S.-led…

The Hamburg flag flies in front of Hapag-Lloyd containers on the Hapag-Lloyd containership "Berlin Express" at Burchardkai in the Port of Hamburg.Marcus Brandt | Picture Alliance | Getty ImagesTwo shipping giants, Hapag-Lloyd and Maersk, are pausing their travel through the Red Sea and the Bab el-Mandeb Strait in the Middle East following a series of attacks on their vessels by Iranian-backed Houthi militants from Yemen.Maersk, the world's second largest container shipping company, moves 14.8% of the world's trade. It…

President Joe Biden speaks about protecting Social Security, Medicare, and lowering prescription drug costs, during a visit to OB Johnson Park and Community Center, in Hallandale Beach, Florida, on Nov. 1, 2022.Kevin Lamarque | ReutersThe Biden administration on Thursday asserted its authority to seize the patents of certain costly medications in a new push to slash high drug prices and promote more pharmaceutical competition.The administration unveiled a framework outlining the factors federal agencies should consider in…

The social media app will be developed by Trump Media and Technology Group (TMTG).Rafael Henrique | LightRocket | Getty ImagesShares of Digital World Acquisition Corp. — the shell company seeking to take former President Donald Trump's social media platform public — soared more than 50% on Friday following the company's announcement that it had settled fraud charges with the Securities and Exchange Commission for $18 million.This surge brought DWAC's stock to roughly $20, still a far cry from its highs above $95 in March…

Pavlo Gonchar | LightRocket | Getty ImagesJohnson & Johnson on Tuesday sued the Biden administration over Medicare's new powers to slash drug prices, making it the third pharmaceutical company to challenge the controversial provision of the Inflation Reduction Act.  The lawsuit filed in federal district court in New Jersey argues the Medicare negotiations violate the First and Fifth Amendments of the U.S. Constitution.Earlier suits brought separately by Merck and Bristol Myers Squibb, as well as by the U.S. Chamber of…