By Gregory Wallace, Pete Muntean and Jordan Valinsky, CNN Phil Washington, the White House’s pick to lead the Federal Aviation Administration, is going to face tough questions in his confirmation hearing about his ability to lead an agency facing the challenges the agency faces. Among those challenges: a series of close-call plane accidents in the
Continue Reading By Chris Isidore, CNN Shares of upstart EV maker Rivian plunged more than 16% Wednesday after ithe company reported disappointing revenue and gave 2023 delivery guidance that fell short of Wall Street hopes. The company reported a loss excluding special items of $1.6 billion in the fourth quarter, up from $1.2 billion in the year-earlier
Continue Reading By Paul R. La Monica, CNN Novavax, which makes the Nuvaxovid vaccine used to treat Covid-19, posted huge sales gains for the past three years during the height of the pandemic. But the company is now facing serious financial challenges — and has even warned it may not be able to survive. The Gaithersburg, Maryland-based
Continue Reading By Nathaniel Meyersohn, CNN As consumers pulled back on their holiday spending amid biting inflation, it seems that Kohl’s dropped off many shoppers’ lists. Sales at Kohl’s stores open for at least one year dropped 6.6% during the holiday quarter, the company said Wednesday. The retailer also lost $302 million during the quarter. The losses
Continue Reading By Anna Cooban, CNN One of Europe’s biggest media groups has warned journalists that artificial intelligence (AI) could steal their jobs, and has provided tips for how reporters can avoid the chop. The chief executive of Axel Springer — which owns Insider, Politico and German tabloid newspaper Bild — told employees in a memo Tuesday
Continue Reading By Oliver Darcy, CNN Business The Fox Corporation board has a huge mess on its hands — and it needs to work quickly to clean it up. That’s according to Jeffrey A Sonnenfeld, the renowned professor and senior associate dean for leadership studies at the Yale School of Management. Sonnenfeld told CNN on Tuesday that
Continue Reading By Oliver Darcy, CNN Business Former House Speaker Paul Ryan was grilled last week over his decision to remain on the board of directors of Fox News’ parent company after damning court documents showed that the right-wing network knowingly peddled election lies to its audience. In the interview, conducted by conservative commentator Charlie Sykes at
Continue Reading By Chris Isidore and Peter Valdes-Dapena, CNN General Motors is cutting an unspecified number of white-collar jobs globally, part of its announced efforts to slash costs to remain competitive in the shift to electric vehicles. “We are looking at all the ways of addressing efficiency and performance,” said Arden Hoffman, the company’s chief people officer,
Continue Reading By Jordan Valinsky, CNN Business As sales of canned cocktails and of tequila soar, High Noon is looking to capitalize on that combo. The top-selling adult beverage is introducing a tequila seltzer to its portfolio, marking the four-year-old brand’s first extension beyond its popular vodka lineup. High Noon Tequila Seltzer hits shelves Wednesday in the
Continue Reading By Jordan Valinsky, CNN Kentucky Fried Chicken is bringing back a legend after a nearly a decade. The “KFC Double Down” is coming back for a limited time, as of March 6. The instantly recognizable creation replaces the bread that’s found in a typical sandwich and uses two fried chicken filets as the bun. In
Continue Reading By Nicole Goodkind, CNN The next generation of traders has blown the doors off an elitist Wall Street ritual, with Goldman Sachs, Chevron and Tesla all holding glitzy and widely publicized “investor days” this week in place of an intimate conference with shareholders. While Tesla’s investor day on Wednesday marks the first such presentation for
Continue Reading By Hanna Ziady, CNN UK house prices last month saw their biggest annual decline since November 2012, in the latest sign of the lasting pain that the ill-fated “mini” budget conceived by former Prime Minister Liz Truss inflicted on Britain’s property market. The average price of a house fell 1.1% to £257,406 ($310,000) in February
Continue Reading By Julia Horowitz, CNN Russian oil is still finding its way to buyers around the world. But even those who spend their days tracking its movement across oceans struggle to work out exactly who is ferrying it. As Western sanctions against Russia have escalated over its invasion of Ukraine, more ships have joined an existing
Continue Reading By Julia Horowitz, CNN Russian oil is still finding its way to buyers around the world. But even those who spend their days tracking its movement across oceans struggle to work out exactly who is ferrying it. As Western sanctions against Russia have escalated over its invasion of Ukraine, more ships have joined an existing
Continue Reading By Laura He, CNN The team of Communist Party officials running China’s economy is about to get a major makeover. Party elites have just finalized nominations for key government positions ahead of the annual gathering of the National People’s Congress, the country’s rubber-stamp legislature, which starts on Sunday. They include the four men tapped to
Continue Reading By Heather Chen, CNN Nestlé has announced that it will close its sole factory and head office in Yangon, Myanmar’s largest city, as it switches to a more “sustainable” business model amid ongoing turmoil in the country. Myanmar has been rocked by violence and instability since 2021 when a military coup ousted democratically elected leader
Continue Reading By Laura He, CNN China’s factory activity has expanded at the fastest pace in more than a decade, as the world’s second largest economy staged what economists are calling a “very rapid” rebound after reopening from zero-Covid. The government’s official purchasing managers’ index (PMI) for the manufacturing industry hit 52.6 in February, the highest level
Continue Reading By Peter Valdes-Dapena, CNN Business Nissan is recalling more than 700,000 Rogue and Rogue Sport compact SUVs because they can be shut off accidentally while driving. Some model year 2016 through 2020 Nissan Rogue and 2017 through 2022 Rogue Sports, have jackknife-style keys — the type in which the metal blade of the key flips
Continue Reading By Kara Scannell, CNN A former top executive of failed cryptocurrency trading platform FTX pleaded guilty and is cooperating with federal prosecutors investigating the alleged billion-dollar fraud at the now collapsed exchange. Nishad Singh, the former director of engineering at FTX, pleaded guilty to six conspiracy charges, including conspiracy to commit wire fraud, conspiracy to
Continue Reading By Allison Morrow, CNN Fox Chairman Rupert Murdoch said under oath that he made a business decision when allowing a conspiracy theorist to promote election lies on Fox News. “It is not red or blue; it is green,” he told lawyers in a deposition made public Monday. But spreading falsehoods about the 2020 presidential election
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