By Matt McFarland, CNN Business Tesla opened its third assembly plant near Berlin, Germany, and made the first deliveries of its Model Y sedan there Tuesday. The world’s most valuable automaker will reportedly produce as many as 500,000 vehicles a year at the plant and plans to hire as many as 12,000 workers. The capacity
Continue Reading
By Jennifer Korn, CNN Business BuzzFeed News announced on Tuesday that its editor in chief is stepping down and the company is offering buyouts to eligible staffers that could turn into layoffs. Editor in Chief Mark Schoofs, who replaced Ben Smith in 2020, announced his decision to the newsroom Tuesday. Samantha Henig, BuzzFeed’s vice president
Continue Reading
By Danielle Wiener-Bronner, CNN Business A few weeks after Russian President Vladimir Putin began his assault on Ukraine, American restaurants said they would pull out of Russia. But many of them remain open. McDonald’s, Starbucks, Papa Johns and the owner of Burger King, among others, have said that they would either shut down operations in
Continue Reading
By Rebecca Wright and Olha Konovalova, CNN The parents of Ukrainian journalist Oleksandra “Sasha” Kuvshynova say the death of their daughter, killed while reporting on the war in their homeland, has helped them to discover a lot more about her life. Her father, Andriy Kuvshynov, told CNN they always knew Sasha was a “talented girl”
Continue Reading
By Brian Fung, CNN Business The attorney general of Washington, D.C. announced Monday he is suing Grubhub, alleging that the company harmed consumers during the pandemic by charging hidden fees and by misleading consumers about them using so-called “dark patterns” — along with a battery of other claims. The food-delivery service, which grew in prominence
Continue Reading
By Frank Pallotta, CNN Business Disney employees staged a walkout Tuesday in protest of the company’s response to Florida’s controversial Parental Rights in Education law, which critics have dubbed the “Don’t Say Gay” bill. While many employees at Disney headquarters in Burbank, California, did protest, it did not appear to be a massive showing across
Continue Reading
By Matt Egan, CNN Business Former Trump national security adviser H.R. McMaster is calling on Congress to swiftly fund investments in American computer chip manufacturing, a plan championed by the Biden administration to address global semiconductor shortages. “It’s absolutely critical,” McMaster, a retired Army lieutenant general, told CNN in a phone interview. “If China has
Continue Reading Opinion by Gina Cummings for CNN Business Perspectives With inflation hitting a 40-year high in the United States, working families are swimming ever faster in the effort to stay afloat. But the water just keeps rising, as mostly stagnant wages are also rapidly losing value. The federal minimum wage has lost at least 21% of
Continue Reading
By Paul R. La Monica, CNN Business Alibaba has a message for investors nervous about its slowing growth and geopolitical uncertainty: We think our stock is cheap and we’re putting our money where our mouth is. Shares of Alibaba rose more than 11% Tuesday after the Chinese e-commerce and cloud giant announced it was boosting
Continue Reading
By Eoin McSweeney and Niamh Kennedy, CNN Business The Russian journalist who won last year’s Nobel Peace Prize says he will auction off his medal to support Ukrainian refugees. Novaya Gazeta editor Dmitry Muratov was compelled to sell his medal by the sight of “wounded and sick children” requiring “urgent treatment” following Russia’s invasion of
Continue Reading
By Peter Valdes-Dapena, CNN Business Maserati unveiled its new Grecale SUV Tuesday. It’s only the second SUV in the Italian luxury brand’s history and the first that will be available in an all-electric version. It’s an early step toward making the Italian luxury car brand fully electric by 2030. In the meantime, all Maserati models
Continue Reading
By Samantha Murphy Kelly, CNN Business When a mother in Washington state learned her teenage daughter was on Discord, a popular social media platform, she felt reasonably comfortable with the idea of her using it to communicate with members of her high school marching band. But in September, the mother discovered the 16-year-old was also
Continue Reading By Peter Valdes-Dapena, CNN Business Maserati unveiled its new Grecale SUV Tuesday. It’s only the second SUV in the Italian luxury brand’s history and the first that will be available in an all-electric version. It’s an early step toward making the Italian luxury car brand fully electric by 2030. In the meantime, all Maserati models
Continue Reading
By Charles Riley, CNN Business Jerome Powell is trying to hike interest rates without damaging the economy. Getting it wrong means recession, and he knows it. The chairman of the Federal Reserve said Monday that the central bank is prepared to repeatedly hike interest rates — and by 0.5 percentage points if necessary— in order
Continue Reading
By Frank Pallotta, CNN Business Disney’s controversial response to Florida’s “Don’t Say Gay” bill underscores the company’s complicated history with the LGBTQ+ community — a complex relationship in which Disney has played both champion and punching bag. Earlier this month, Disney CEO Bob Chapek spoke out about — but did not condemn — Florida’s controversial
Continue Reading
By Laura He, CNN Business Banks have seized $2 billion in cash from Evergrande, the ailing Chinese real estate developer said Tuesday as it announced a delay to the publication of its annual earnings. Evergrande said that it won’t be able to meet the March 31 deadline for publishing audited results for 2021, a year
Continue Reading
By Nathaniel Meyersohn, CNN Business You’re probably not too happy with your grocery bills these days. But there are strategies to help you shop without breaking the bank. Food prices rose 1% in February, the largest monthly increase since April 2020. Over the past 12 months, overall food prices increased 7.9%, the biggest jump since
Continue Reading
By Matt Egan, CNN Oil prices rose sharply on Monday as Europe considers whether to match America’s ban on Russian oil. US crude soared 7% to settle at $112.12 a barrel. Brent crude, the world benchmark, also rallied 7% to $115.62 a barrel. The rally will cast further doubt on how much gasoline prices will
Continue Reading
By Sara Ashley O’Brien, CNN Business Google has reached a settlement with six engineers who alleged the company unlawfully retaliated against them over their workplace organizing efforts. The settlement, first reported by Vice News Monday, was confirmed by labor attorney Laurie Burgess, who represented the workers, as well as in a court filing Friday. The
Continue Reading
By Anneken Tappe and Paul R. La Monica, CNN Business The Federal Reserve needs to move quickly to raise interest rates and normalize its monetary policy, according to Fed Chairman Jerome Powell. Between a strong job market and soaring inflation, “there is an obvious need to move expeditiously to return the stance of monetary policy
Continue Reading