By Laura He, CNN Business Chinese stocks slumped deeper into a bear market Tuesday and the yuan traded near a 17-month low as investors grow increasingly pessimistic about the impact of Covid-19 lockdowns on the world’s second biggest economy. The Chinese currency traded at 6.57 to the US dollar in offshore trade, after plunging to
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By Laura He, CNN Business China is about to embark on a new infrastructure spending spree in a bid to fix an economy nearing breaking point because of Covid lockdowns. President Xi Jinping told a meeting of senior economic officials Tuesday that “all out efforts” must be made to boost construction to increase domestic demand
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By Sara Ashley O’Brien and Clare Duffy, CNN Business Four years ago, Twitter cofounder and then-CEO Jack Dorsey laid out four key focus areas that would propel the company’s growth. Among them: promoting “healthy conversation” on the platform. After years of criticism for Twitter’s apparent failures to prevent its platform from turning toxic, Dorsey acknowledged
Continue Reading By Sara Ashley O’Brien and Clare Duffy, CNN Business Four years ago, Twitter cofounder and then-CEO Jack Dorsey laid out four key focus areas that would propel the company’s growth. Among them: promoting “healthy conversation” on the platform. After years of criticism for Twitter’s apparent failures to prevent its platform from turning toxic, Dorsey acknowledged
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By Nicole Goodkind, CNN Business The US Senate has retirement on the brain, and it’s not because the average age of the legislative body is 64. A group of new bills that could change the way Americans save for retirement have landed on lawmakers’ desks this spring. The proposals have broad, bipartisan support and a
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By Clare Duffy and Donie O’Sullivan, CNN Business Elon Musk is officially set to buy Twitter, and the company’s employees have questions. At an all-hands meeting Monday afternoon with CEO Parag Agrawal and Board Chair Bret Taylor, Twitter employees raised questions about everything from what the deal would mean for their compensation to whether former
Continue Reading By Clare Duffy and Donie O’Sullivan, CNN Business Elon Musk is officially set to buy Twitter, and the company’s employees have questions. At an all-hands meeting Monday afternoon with CEO Parag Agrawal and Board Chair Bret Taylor, Twitter employees raised questions about everything from what the deal would mean for their compensation to whether former
Continue Reading By Sara Ashley O’Brien and Clare Duffy, CNN Business Four years ago, Twitter cofounder and then-CEO Jack Dorsey laid out four key focus areas that would propel the company’s growth. Among them: promoting “healthy conversation” on the platform. After years of criticism for Twitter’s apparent failures to prevent its platform from turning toxic, Dorsey acknowledged
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By Clare Duffy, CNN Business Twitter said Monday it has agreed to sell itself to Elon Musk in a roughly $44 billion deal that has the potential to expand the billionaire’s business empire and put the world’s richest man in charge of one of the world’s most influential social networks. The deal, which will take
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By Ramishah Maruf, CNN Business The National Labor Relations Board petitioned in federal court to force Starbucks to rehire three workers who claimed the coffee chain retaliated against them for attempting to unionize. An Arizona-based regional director for the NLRB filed for an injunction asking the court to require Starbucks to reinstate the employees with
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By Matt Egan, CNN Business Stock markets are turbulent and Morgan Stanley is warning clients the ride is about to get even bumpier. Investors have “very few places to hide” in markets right now, with even defensive stocks succumbing to the pressure in recent days, Morgan Stanley equity strategists led by Mike Wilson wrote on
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By Matt Egan, CNN Business Elon Musk’s quest to become a social media mogul is dealing a blow to Donald Trump’s social venture. Shares of Digital World Acquisition Corporation, the controversial blank-check firm that plans to merge with Trump Media & Technology Group, fell 13% on Monday to close at $35.71. That’s the lowest level
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By Amy Cassidy and Anna Cooban, CNN Business Norwegian police arrested seven Greenpeace activists on Monday after they chained themselves to a Russian oil tanker to try to prevent it docking at a port in Norway operated by Exxon. The Ust Luga — loaded with Russian jet fuel worth $116 million — was on its
Continue Reading By Amy Cassidy and Anna Cooban, CNN Business Norwegian police arrested seven Greenpeace activists on Monday after they chained themselves to a Russian oil tanker to try to prevent it docking at a port in Norway operated by Exxon. The Ust Luga — loaded with Russian jet fuel worth $116 million — was on its
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By Peter Valdes-Dapena, CNN Business General Motors will produce a fully electric Chevrolet Corvette, GM President Mark Reuss announced in a LinkedIn post Monday morning. Reuss didn’t say when the electric Corvette would come, but he hinted that a hybrid model could come relatively soon. “We will offer an electrified Corvette as early as next
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By Rachel Metz, CNN Business The parent company of Facebook and Instagram is taking on a new role as a brick-and-mortar retailer. On Monday, Meta announced the Meta Store, which will be the company’s first attempt at selling its physical products — including the Quest 2 virtual reality headset and Portal video calling device —
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By Paul R. La Monica, CNN Business With lots of worries out there — inflation, Covid, interest rates, Ukraine, stock volatility — consumers are willing to pay a premium when seeking comfort in the form of sweet treats like Coca-Cola. And investors are seeking a safe haven in the company’s stock. Coca-Cola reported first quarter
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By Anna Bahney, CNN Business Anyone looking for a place to live right now is navigating one of the toughest and most expensive housing markets in recent history. The pandemic boom in housing pushed home prices to an all-time high of $375,300 in March, 34% higher than the median price of $280,600 in March 2020,
Continue Reading By Anna Bahney, CNN Business Anyone looking for a place to live right now is navigating one of the toughest and most expensive housing markets in recent history. The pandemic boom in housing pushed home prices to an all-time high of $375,300 in March, 34% higher than the median price of $280,600 in March 2020,
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By Jackie Wattles and Jennifer Korn, CNN The first all-private mission to the International Space Station finally made its way home Monday, making a splash down landing off the coast of Florida and concluding a mission that has lasted a week longer than expected. This mission was brokered by the Houston, Texas-based startup Axiom Space.
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