Business

Manhattan apartment sales rose 29% in the first quarter, according to real estate companies.
The total value of apartment sales in the city reached $5.7 billion, up 56% over the same quarter last year.
The strength has largely been driven by the high end of the market and luxury properties, as the wealthy sought a safe investment.

People walk by a view of residential luxury towers along nicknamed Billionaires Row, a stretch of 57th Street that holds the majority of Manhattan’s supertall luxury towers on May 16, 2022 in New York City. 
Spencer Platt | Getty Images News | Getty Images

Manhattan apartment sales jumped 29% in the first quarter from the same period a year ago, as the wealthy sought refuge from volatile stocks to buy real estate, according to new reports.
There were 2,560 closed sales in the quarter, up from 1,988 a year ago, according to a report from real estate appraiser Miller Samuel and brokerage Douglas Elliman. The total value of apartment sales increased even more, reaching $5.7 billion, up 56% over the same quarter last year.

The strength has largely been driven by the high end of the market and luxury properties. Sales of apartments priced at over $5 million soared by 49% compared with a year ago, according to brokerage Compass. The ultra-high-end, or properties priced at $20 million or more, had its best first quarter since 2019, Compass said.
“Largely insulated by mortgage-rate fluctuations and driven by portfolio diversification strategies, this highlights renewed confidence among luxury buyers and underscores the broader generational wealth underway,” Compass said.
Since the ultra-wealthy tend to buy apartments in cash, without needing a mortgage, they have been less deterred by continually high interest rates. Fully 58% of the sales in the quarter were all cash, with the more expensive apartments (over $3 million) seeing 90% of sales from all-cash buyers.
The weakest segment of the market was what brokers consider the “mid-market” of Manhattan real estate, or properties priced between $1 million and $3 million. Signed contracts for those properties declined by 10%, according to Compass, while properties at the lower end, priced between $500,000 to $1 million performed better.
Brokers say the renewed strength of Manhattan real estate is being driven by both macro and micro forces.

While Manhattan’s real estate market has long been linked to the stock market, given the city’s reliance on financial markets for jobs and wealth, apartment sales decoupled from the volatile performance of stocks in the first quarter. Brokers say the uncertain outlook for stocks makes real estate and hard assets more attractive, especially in prime wealth markets like Manhattan.
They also say back-to-office mandates from big banks and other companies are bringing affluent buyers back to the city on a more permanent basis. The emergence of the “boomerang wealthy” — those who moved to spots like Florida during the pandemic and are now moving back to New York — is also boosting sales.

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“There’s a noticeable movement of people returning from Florida and relocating from Los Angeles,” said real estate agent Charlie Attias of Compass.
The “great wealth transfer” is also driving sales. With trillions of dollars starting to pass from baby boomers to their children and relatives, brokers say a growing number of buyers are the children of wealthy parents buying with funds from a trust or family office.
“We’re seeing a notable increase in activity from family offices, many of which are acquiring real estate as long-term legacy assets,” said real estate agent Cindy Scholz of Compass.
Granted, sales that closed in the first quarter were typically signed and negotiated months earlier, so the March uncertainty around markets and the economy may not be reflected in the numbers.
The first quarter of 2024 was unusually slow, making the first quarter of 2025 by comparison look more attractive, according to Jonathan Miller, CEO of Miller Samuel. Despite the 29% increase in sales, the sales total was just 1.1% better than the historical average for the past decade, he said.
Still, signed contracts in March, which are a predictor of sales in the coming quarters, were also strong, especially for luxury. Signed contracts for apartments priced over $10 million tripled in March, according to Douglas Elliman.
“It’s clear that Manhattan’s market is not just holding steady — it’s thriving,” said Pamela Liebman, president and CEO of Corcoran. More

Boeing CEO Kelly Ortberg is set to testify before the Senate Commerce Committee on Wednesday at 10 a.m. ET.
The hearing comes as the plane maker has faced manufacturing and safety crises in its commercial and defense units.
Ortberg has said the company’s turned a corner in improving its manufacturing processes.

Kelly Ortberg, CEO of Boeing, speaking on CNBC’s Squawk Box on Jan. 28th, 2025.

Boeing CEO Kelly Ortberg on Wednesday will outline to Congress the company’s progress on improving its manufacturing and safety standards after years of crises in both its commercial and defense units, including a 2024 near-catastrophic midair door plug blowout on one of its planes that left Boeing’s factory without key bolts installed.
“Boeing has made serious missteps in recent years — and it is unacceptable. In response, we have made sweeping changes to the people, processes, and overall structure of our company,” Ortberg said in written testimony, which was seen by CNBC ahead of the Senate Commerce Committee hearing. “While there is still work ahead of us, these profound changes are underpinned by the deep commitment from all of us to the safety of our products and services.”

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Ortberg and other Boeing executives have outlined improvements across the manufacturer’s production lines in recent months, as well as wins like a contract worth more than $20 billion to build the United States’ next generation fighter jet. But lawmakers and regulators have maintained heightened scrutiny on the company, a top U.S. exporter.
“Boeing has been a great American manufacturer and all of us should want to see it thrive,” Sen. Ted Cruz, a Texas Republican and chairman of the committee, said in a statement in February announcing the hearing. “Given Boeing’s past missteps and problems, the flying public deserves to hear what changes are being made to rehabilitate the company’s tarnished reputation.”
The Federal Aviation Administration last year capped Boeing’s production of its 737 Max planes at 38 a month following the January 2024 door plug blowout. The agency plans to keep that limit in place, though Boeing is producing below that level.
Acting FAA Administrator Chris Rocheleau said at a Senate hearing last week that the agency’s oversight of the company “extends to ongoing monitoring of Boeing’s manufacturing practices, maintenance procedures, and software updates.”
Correction: Chris Rocheleau is acting FAA administrator. An earlier version misstated his title.

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QVC Group will host the first ever 24/7 live shopping streams in the U.S. on social media platform TiKTok beginning Wednesday.
The move comes as QVC, which sells products through its cable TV, streaming and online platforms, has been working to turn around its business after facing significant challenges.
CEO David Rawlinson II has been tasked with the transformation — and social media is at the forefront of QVC Group’s strategy.

FILE PHOTO: Signage is displayed at the entrance to the QVC Studio Park in West Chester, Pennsylvania, U.S., June 4, 2018. 
Brendan McDermid | Reuters

QVC Group is launching the first-ever nonstop live shopping streams on TikTok in the U.S. in a bid to revive its business and broaden its audience.
Beginning Wednesday, hosts from QVC’s TV networks will also be featured on the app in addition to TikTok creators.

QVC is best known for its live shopping TV networks QVC and HSN (formerly Home Shopping Network) that once captured a large swath of viewers and consumers. It also offers streaming and online retail options. But as the company looks to broaden its audience and turn around its business, it’s shifting its focus to social media.
While live shopping on social media, namely TikTok, has exploded in China, it’s been slow to take off in the U.S. And the partnership comes as TikTok’s future in the U.S. is uncertain.
Still, the partnership announced Wednesday builds on QVC’s earlier team up with TikTok. It also gives TikTok Shop its first constant, live stream of shoppable content. QVC products have been available through the TikTok Shop since August, nearly a year after the app introduced the live, shoppable experience to its users in the U.S.
Since launching on the TikTok Shop, the company said more than 74,000 TikTok creators have featured QVC products on their shoppable videos and livestreams. Wednesday’s announcement is sure to expand that, said David Rawlinson II, president and CEO of QVC Group Inc.
“Everybody’s been talking about this being the next big thing in retail for five or 10 years but it never quite has hit,” Rawlinson said. “I think this is the start of it really hitting. And that’s the TikTok bet. That’s our bet.”

Arrows pointing outwards

QVC on TikTok.
Courtesy: QVC Group Inc.

Business revamp

QVC Group — which is part of QVC Group Inc. and controlled by media mogul John Malone — is aiming to do more than bring its longstanding business of constant live shopping from TV to social media.
The deal comes as the company recently concluded a turnaround plan, known as Project Athens, after what Rawlinson referred to as a “perfect storm” of issues.
At the height of the pandemic, QVC’s businesses saw a surge in sales and viewership, like many retailers and media companies. But the drop-off was steep as stay-at-home orders lifted and consumers started spending on live events and travel rather than retail.
QVC’s problems were then amplified. More consumers cut the cord and fled the pay TV bundle, weighing on the company’s TV networks. The retail industry also had to contend with supply chain issues and heightened competition in online shopping from the rise of Temu and others.
Things worsened for the company in December 2021, months after Rawlinson took the helm of QVC Group Inc. A deadly fire ripped through the company’s North Carolina fulfillment center. QVC lost a half a billion dollars in inventory, Rawlinson said.
“I sort of felt like I was hired to transform the company, but because of this perfect storm of events, the first job turned out to be saving the company,” Rawlinson said.
Through a series of cost-cutting measures, QVC saw its profitability improve and its debt load ease. Still, the transformation is far from complete. Rawlinson noted during a February investor call that QVC has yet to “achieve stable revenue,” and that will be its main focus moving forward.
The drop-off in TV viewership has been pronounced. When comparing 2024 to 2018, QVC’s and HSN’s main channels reached 44% and 47% fewer homes, respectively, Rawlinson said on February’s call.
Last week, the company said it would lay off about 900 employees and consolidate its operations in its West Chester, Pennsylvania, headquarters.
The partnership with TikTok comes days after the company released its annual report to shareholders, which noted its focus on social media and efforts to shift the business.
“As traditional TV declines and a mix of video platforms takes a greater share of customer attention, we must hurry our expansion beyond TV to find growth. Our strategy is to transform QVC Group into a live social shopping company,” QVC Group Inc. wrote in a letter to shareholders in March.
In the letter, QVC said it would “intensify” its efforts in social media and streaming to notch $1.5 billion in run-rate revenue from these platforms in the next three years.
“Social is just the natural evolution of what we’ve always done,” Rawlinson said.
QVC’s audience and shoppers typically skew female and over 50. Last year, CNBC reported that the company signed a deal to add USA Pickleball to its platforms to capitalize on that audience and find new avenues to transform its business.

Ticking clock

TikTok has officially launched its e-commerce service TikTok Shop in the US. 
Costfoto | Nurphoto | Getty Images

TikTok has seen explosive growth in the U.S., and the company said it has 170 million users. But its fate in the country remains unclear.
The Chinese-owned social media app is once again staring down at a deadline that could see it effectively banned on April 5, stemming from a national security law originally signed by former President Joe Biden that requires parent company ByteDance to divest its American operations.
The original deadline was Jan. 19, but President Donald Trump signed an executive order that granted ByteDance 75 more days to divest the U.S. portion of its business.
Although the future remains uncertain, creators appear to be cautiously optimistic this time around that TikTok will remain in the U.S., CNBC reported Tuesday. Trump has since said he may reduce tariffs on China in order to help move forward a deal in which ByteDance exits U.S. operations.
Even with the possibility of a ban in the U.S., Rawlinson said moving forward with the partnership on TikTok Shop was the best bet for QVC’s business.
“TikTok has a very widely penetrated user base in the U.S. We know a lot of our customers, and our future customers, are there, and we know that shopping is developing and growing very quickly in really interesting ways there,” Rawlinson said.
“So we felt like that’s the right way to try to change how shopping is done in the U.S. That’s the full calculus for us. We didn’t try to guess the future of TikTok,” he added.
— CNBC’s Jonathan Vanian contributed to this article.

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United Airlines is adding service to Vietnam and Thailand in October.
The carrier is also beginning nonstop service from San Francisco to Adelaide, Australia, in December.
It’s part of the airline’s ongoing effort to add far-flung destinations not served by its rivals.

A Boeing 787 Dreamliner operated by United Airlines takes off at Los Angeles International Airport (LAX) on January 9, 2013 in Los Angeles, California.
David McNew | Getty Images

United Airlines plans to add daily flights to Vietnam and Thailand in October, further expanding the network for the U.S. carrier that already has the most Asia service.
In the expansion, United is using a tactic that’s unusual in its network: Its airplanes from Los Angeles and San Francisco that are headed for Hong Kong will then go on to the two new destinations. The Bangkok, Thailand, and Ho Chi Minh City, Vietnam, service is set to begin on Oct. 26.

On Oct. 25, United plans to add a second daily nonstop flight from San Francisco to Manila, Philippines, and on Dec. 11, it will launch nonstops from San Francisco to Adelaide, Australia, which will operate three days a week.

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The carrier has aggressively been adding far-flung destinations not served by rivals to its routes, like Nuuk, Greenland, and Bilbao, Spain, which start later this year. Getting the mix right is especially important as carriers seek to grow their lucrative loyalty programs and need attractive destinations to keep customers spending.
Bangkok, in particular, “is in even more demand now given the popularity of ‘White Lotus,'” Patrick Quayle, United’s senior vice president of network and global alliances, said of the HBO show.
He said the carrier isn’t planning on cutting any international routes for its upcoming winter schedule. More

Mixed martial arts league UFC has reached a multimillion-dollar, multiple-year sponsorship deal with technology company Meta, UFC told CNBC.
The deal is wide ranging and will integrate UFC with Meta across its products and platforms.
UFC CEO Dana White is on the board of Meta.

UFC CEO Dana White, left, and Meta CEO Mark Zuckerberg attend the UFC 300 event at T-Mobile Arena in Las Vegas, Nevada, April 13, 2024.
Jeff Bottari | Ufc | Getty Images

TKO Group’s UFC has struck a multimillion-dollar, multiple-year partnership deal with Meta that will bring the mixed martial arts league closer to Mark Zuckerberg’s technology company, UFC told CNBC.
UFC’s integration with Meta will span the company’s portfolio, including Meta AI, Meta Glasses, Meta Quest, Facebook, Instagram, WhatsApp and Threads. Specific financial terms weren’t disclosed.

Meta will become the “official fan technology partner” of UFC and will have its branding featured in UFC’s Octagon ring for pay-per-view and “Fight Night” events.
“Mark and his team at Meta are going to do things that will blow away UFC fans,” UFC President and CEO Dana White said in a statement to CNBC.
The partnership with Meta is separate from the UFC’s media rights discussions, which are set to kick off later in April. UFC’s exclusive negotiating window with its current partner ESPN ends April 15. ESPN doesn’t plan to renew its deal before the window’s expiration, CNBC has previously reported.
The companies first started working on a sponsorship deal in the second half of 2024, according to Grant Norris-Jones, TKO’s head of global partnerships. UFC held discussions with a number of potential partners in different business units and realized Meta could provide the league with much of what it wanted, Norris-Jones said in an interview.
“Meta will be our official marketing partner, our official AI glasses partner, our official wearable partner, an official social media partner,” said Norris-Jones. “They’re making a significant investment into our ecosystem.”

Meta’s Threads will feature exclusive UFC content and will be referenced in live UFC broadcasts, Norris-Jones said. Both companies are already working on a series of follow-on announcements to come in the next three to nine months, including more details around a new UFC fighter rankings system that will draw on Meta technology, he said.

Zuckerberg’s MMA love

While White and Zuckerberg, Meta’s founder and CEO, didn’t personally hammer out terms of the deal, it’s “nice to have the air cover” of the executives’ close relationship, Norris-Jones said. White joined the Meta board in January.
“I love this sport and I’m looking forward to working with UFC to let fans experience it in new ways,” Zuckerberg said in the statement to CNBC.
The Meta CEO has attended a number of UFC events and personally participates in mixed martial arts.

U.S. President Donald Trump and Meta CEO Mark Zuckerberg.
Cheney Orr | Manuel Orbegozo | Reuters

Zuckerberg said on Joe Rogan’s podcast in January that corporate culture would benefit from more “masculine energy.” The Meta CEO said in July that President Donald Trump’s reaction after getting shot in the ear was “badass.” Trump is also friendly with White, who endorsed Trump and spoke at the 2024 Republican National Convention.
“Having a culture that celebrates the aggression a bit more has its own merits,” Zuckerberg said on the Rogan podcast.
Meta noted Zuckerberg’s love of combat sports in its annual report as a potential risk factor.
“We currently depend on the continued services and performance of our key personnel, including Mark Zuckerberg,” the company said in a corporate filing. “Mr. Zuckerberg and certain other members of management participate in various high-risk activities, such as combat sports, extreme sports, and recreational aviation, which carry the risk of serious injury and death. If Mr. Zuckerberg were to become unavailable for any reason, there could be a material adverse impact on our operations.” More

Colorado-based Suerte Tequila said it will absorb all tariff costs.
In 2024, the U.S. imported $5.2 billion worth of tequila and $93 million worth of mezcal from Mexico, according to the Distilled Spirits Council of the U.S.
Factory ownership and low agave prices are giving Suerte an advantage in the competitive tequila market, its CEO told CNBC.

Suerte Tequila’s dedicated factory and agave farm in Jalisco Mexico.
Courtesy: Suerte Tequila

While some tequila makers have warned they might have to implement price hikes to offset tariffs, Colorado-based Suerte Tequila said it has been able to keep overhead prices low enough that it will absorb the levies if necessary.
The Jalisco-made tequila label will not pass costs on to customers.

“Absorbing the cost of the tariff goes right along with our philosophy and the way that we were setting up and designing and growing our business,” said Laurence Spiewak, Suerte Tequila CEO.
Suerte Tequila is a small-batch, single-estate, handcrafted tequila that launched in 2012. One year into operation, Suerte acquired majority ownership of its factory in Mexico from the distiller’s family, Spiewak told CNBC.
Along with its distillery, Suerte is one of a few registered tequila brands that owns its agave fields and has long-term partnerships with growers, which Spiewak said give it an edge against the competition.
“99% of brands our size do not own their own factory in Mexico and are co-packing or co-manufacturing with a whole different price structure,” Spiewak said.
Another reason Spiewak said he doesn’t understand the industry bracing consumers for price hikes is that agave prices have been falling. “Agave prices are down tremendously, so why would we raise prices?” he asked.

IWSR in its 2024 analysis of agave noted that prices hit a record 32 pesos (USD $2) per kilogram in 2022, but by February 2024, prices fell to 5 pesos (USD $0.30) per kilogram.
“Tequila margins are stronger than ever,” Spiewak added.
Spiewak’s tone is a shift in departure from larger industry players like Jose Cuervo tequila-maker Becle and Don Julio producer Diageo, which have warned about possible price hikes.
Becle previously said it could face an $80 million impact to its balance sheet this year if President Donald Trump moved forward with tariffs on Mexican products. A Jefferies analyst estimated Diageo, meanwhile, could see group sales decline by as much as 1.5%.
“I completely understand why [larger brands] are up in arms about a 25% tax on business,” Spiewak said. “Our whole cost structure and pricing, I mean everything when it comes to manufacturing, packaging and then exporting from Mexico into the U.S. and importing here is completely different.”
While Spiewak said owning the land allows his company to control overhead production costs that keep prices low, Brian Rosen, chairman at adult beverage investment firm InvestBev, said Suerte’s real competitive advantage is its independence.
“Any of these forward-facing companies that have shareholders and boards of directors are getting hammered because the shelf pull is slowing down, while at the same time the price is going up and at the same time as Americans are drinking less,” Rosen said. “Someone’s got to take a bullet and these smaller companies don’t have any of that kind of pressure.”
Compared with the broader spirits industry in 2024, tequila and mezcal were the only spirits category that saw sales growth, with the U.S. importing $5.2 billion worth of tequila and $93 million worth of mezcal from Mexico, according to the Distilled Spirits Council of the U.S.
Suerte’s tequila shipments grew 55.8% in 2024 compared with the year prior. That’s continued in 2025, growing 43% year-over-year through February, Spiewak said.
“The key to our success is maintaining focus in a very noisy space,” Spiewak said. “Raising prices on consumers already looking to spend doesn’t make sense for us right now.” More

GM and other automakers are reporting notable increases in their first-quarter U.S. vehicle sales, as the automotive industry braces for the impacts of President Donald Trump’s auto tariffs.
GM reported a 16.7% jump in U.S. sales compared with the first quarter of 2024, led by incremental gains in sales of new EVs and notable gains in full-size SUVs.
The sales results come ahead of tariffs ordered by Trump taking effect this week, including 25% on imported vehicles.

SUVs at a Chevrolet dealership in Oshawa, ON.
Rene Johnston | Toronto Star | Getty Images

General Motors and other automakers reported notable increases in their first-quarter U.S. vehicle sales, as the automotive industry braces for the impacts of President Donald Trump’s auto tariffs that are set to take effect this week.
GM on Tuesday reported a 16.7% jump in new vehicle sales compared with the first quarter of 2024, led by incremental gains in sales of new all-electric vehicles such as the Cadillac Escalade IQ and Cadillac Optiq, as well as notable increases in entry-level crossovers and full-size SUVs.

The Detroit automaker is expected to have significantly outpaced overall industry sales for the first quarter, which appear to be more robust than expected. Auto analysts originally had forecast roughly 1% or less year-over-year sales growth.
South Korean automakers Hyundai Motor and Kia Motors also reported double-digit sales gains of roughly 10% and 11%, respectively, compared with the first quarter of 2024. Nissan Motor, meanwhile, reported a 5.7% increase during the first quarter, followed by a 5.3% jump for Honda Motor and roughly 1% quarterly year-over-year gain for Toyota Motor.
Outliers for first quarter sales included Chrysler parent Stellantis, down roughly 12% amid a company turnaround plan, and Ford Motor, which reported a 1.3% sales decline largely due to the discontinuation last year of its Ford Edge SUV.
The sales results come ahead of tariffs ordered by Trump taking effect this week, including 25% levies on imported vehicles starting Thursday. The auto industry is also awaiting announcements of potential additional “reciprocal” tariffs that could affect automakers on Wednesday.

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J.D. Power last week forecast robust industry sales for March as consumers flocked to dealerships to purchase a new vehicle to avoid any potential increase in prices due to tariffs.

“The 13% year-over-year retail sales increase is particularly strong, enabled by consumers accelerating purchases to avoid potential tariff-related price increases,” Thomas King, president of the data and analytics division at J.D. Power, said in a release. “While the tariff situation remains both fluid and uncertain, the prospect of tariffs is already beginning to affect the industry.”
Hyundai Motor North America CEO Randy Parker said the South Korean automaker’s Hyundai and Genesis brands experienced a significant increase in dealership traffic and sales at the end of the month, amid Trump’s confirmation last week that widespread 25% tariffs would be taking effect for vehicles assembled outside of the U.S.
“The last week, and including this past weekend, was by far the best weekend that I’ve seen in a very long time,” he said Tuesday during a media call. “I’ve been doing this now for a very, very long time. So lots of people, I think, rushed in this weekend, especially, to try and beat the tariffs.”
It was a similar experience at other automakers such as Ford. While the Detroit automaker’s overall sales experienced a slight decline in the quarter, the automaker reports its retail sales, which exclude its fleet business, were up 5% year over year. The retail sales were driven by a 19% increase in March, Ford said.
Ford’s move to end production of the Edge, which was produced in Canada, was unrelated to Trump’s tariffs.
The 25% tariffs, set to take effect Thursday, are expected to include all vehicles that are not made in the U.S. The White House last week said the tariffs, which will be paid by companies, are expected to result in more than $100 billion of new annual revenue to the U.S.
There are major concerns regarding the tariffs when it comes to companies’ earnings, as well as the potential of higher prices on new vehicles, which are already hovering around $48,000, according to Cox Automotive.
Hyundai’s Parker said the company has not yet decided if it will raise vehicle prices due to tariffs, but he alluded to now being a great time to purchase a vehicle ahead of any potential changes.
“We continue to evaluate all of the scenarios,” Parker said. “But what I would say to our customers is that, just like all things in life, tomorrow is never guaranteed. And if you’re interested in buying a car, right now is a great time to buy a car, because as of today, we haven’t rose prices.”
Hyundai, like most major automakers, produces vehicles in the U.S. but also imports a substantial amount from outside of the country. Hyundai, including its sibling Kia carmaker, is currently ramping up vehicle production at a new multibillion-dollar assembly plant in Georgia.
The automaker said Tuesday about 40% of its Hyundai and Genesis vehicles sold in the U.S. were built at its manufacturing facility in Alabama. That number, the company said, will increase this year with the addition of the Metaplant in Savannah, Georgia.
S&P Global Mobility expects U.S. light-vehicle sales could migrate to between 14.5 million and 15 million units annually in the coming years, if the tariffs remain in effect. That compares with roughly 16 million vehicles sold in 2024.

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“THE GOLDEN age of America begins right now,” intoned Donald Trump at the start of his inaugural address on January 20th. The business world bought the glittering talk, in anticipation of lower taxes, less red tape and buoyant American consumers. Between election day in November and the swearing-in, the Russell 3000 index, which covers most of America’s public companies, rose by 5%. The resulting $2.4trn in new shareholder value was equivalent to the entire Indian stockmarket with two Mexican bourses thrown in. America was first. No one came remotely close. More