CNN – Business/Consumer

By Matt Egan, CNN Business Kyle Bass, the hedge fund manager and outspoken critic of Beijing, says the timing of China’s crackdown on ride-hailing app Didi is no coincidence. “The Chinese believe deeply in symbolism and numerology,” Bass told CNN Business on Wednesday. “Banning an IPO that just went public in the US — with

By Paul R. La Monica, CNN Business It’s been something of a roller coaster ride for the stock market and economy during the past year because of Covid-19. But now that it’s getting back to business as usual in the United States, companies that own actual roller coasters are enjoying a rapid rebound. Shares of

By Moira Ritter, CNN Business Bloomingdale’s may need to stock up on little brown bags. The luxury department chain announced Wednesday that it will open the first location of its new, smaller, concept store, Bloomie’s, August 26 in Fairfax, Virgina. The new location will be a “highly curated, ever-evolving store concept” offering men’s and women’s

By Allison Morrow, CNN Business Bill Gates and Melinda French Gates are giving themselves a two-year trial period to see if they can co-parent the massive charitable foundation that they have treated as another one of their children. When the couple announced their divorce two months ago, they said they would both stay on as

By Charles Riley, CNN Business Talk about buyer’s remorse. On Tuesday, shares in Didi crashed 20% after Chinese authorities opened an investigation into the ride-hailing giant that raised $4.4 billion last week in a massive IPO in New York. The botched IPO is bad news for investors. It’s also bad for the New York Stock

By Nectar Gan and Yong Xiong, CNN Business WeChat has deleted more than a dozen LGBT accounts run by university students, sparking fears that safe spaces for China’s sexual and gender minorities are going to shrink even further. On social media Tuesday, LGBT rights supporters protested the abrupt closure of these accounts by the Tencent-owned

By Hanna Ziady, CNN Business The Ever Given has begun its journey out of the Suez Canal more than three months after it ran aground, clogging up one of the world’s most vital trade arteries and disrupting global supply chains. The quarter-mile long container ship, which blocked the Suez Canal for six days in March

By Oliver Darcy, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. The New York Times published its explosive story regarding disparaging comments Rachel Nichols made about colleague Maria Taylor on Sunday. On Tuesday night, the fallout was visible on ABC. Instead

By Jessie Yeung and Kocha Olarn, CNN Business Crowded factories in Asia’s manufacturing hubs seemed curiously immune to coronavirus as it spread through most of the world last year. By the end of 2020, Thailand and Vietnam had reported fewer than 200 deaths between them, and Cambodia and Laos didn’t report any at all. But

By Allison Morrow, CNN Business Editor’s Note: A version of this story appeared in CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. Welcome back to a four-day workweek, aka what every week should be. Let’s get into it. THE HANGOVER If you’re feeling a little sluggish today after

By Frank Pallotta, CNN Business Universal Pictures and Peacock announced that new films from the studio will head exclusively to NBCUniversal’s nascent streaming service after they play in theaters. Under a new licensing agreement, which starts with the 2022 theatrical slate, Universal’s movies will be available exclusively on Peacock no later than four months after

By Danielle Wiener-Bronner, CNN Business After years of declining sales, Subway is hoping to reintroduce itself to customers and convince them to give its sandwiches a shot. Next week, Subway restaurants across the country will unveil an updated menu designed to improve items across the board. The chain says the move is the biggest menu

By Anneken Tappe, CNN Business Wall Street has been on fire the past several weeks, with the S&P 500 setting seven consecutive record highs through Friday’s close. That streak came to an end Tuesday. The Dow fell 209 points, or 0.6%. The index had been down by as much as 427 points at one point

By Paul R. La Monica, CNN Business Many investors are still betting against top momentum and Reddit meme stocks — despite getting burned in the process. Richard Branson’s space tourism company Virgin Galactic is one of the most heavily shorted stocks among customers of online broker TradeZero America. Shares of Virgin Galactic have nearly doubled

By Michelle Toh, CNN Business Didi shares plunged almost 20% Tuesday in New York as fallout continued over news of the company’s troubles in China. The company’s stock, which made its US debut only last week, closed down 19.6% on Tuesday at $12.49, well below its closing price of $15.53 on Friday. Tuesday was the

Didi shares plunged as much as 22% in premarket trading as fallout continued over news of the company’s troubles in China. CNN’s David Culver reports.