By Laura He, CNN Business China’s economy expanded 8.1% last year, far exceeding the government’s own targets. But weakening growth in the closing months of 2021 suggests that trouble is still on the horizon as the country contends with a deepening real estate crisis, renewed Covid outbreaks and Beijing’s strict no-tolerance approach to controlling the
Continue Reading
By Laura He, CNN Business Evergrande’s international creditors are losing patience. A group of the company’s overseas bondholders are threatening to take legal action over its “opaque” debt restructuring process, the latest sign of trouble for the embattled Chinese developer. They said in a statement Thursday they’ve had to “seriously consider enforcement actions” after Evergrande
Continue Reading
By Paul R. La Monica, CNN Business The stock market is like that old slogan for Timex watches. It takes a licking but keeps on ticking. Sure, it’s been a rocky start to the year on Wall Street following a stellar 2021. The Dow is down about 1% and the S&P 500 has fallen 2%.
Continue Reading
By Julia Horowitz, CNN Business Unilever is willing to pay big money for the company that makes products like Advil, Tums and Aquafresh toothpaste as it tries to revive its sluggish stock and ramp up its focus on health products. GlaxoSmithKline said over the weekend that it had received three “unsolicited” proposals from Unilever to
Continue Reading
By Jordan Valinsky, CNN Business US airlines have canceled more than 1,200 flights Monday as a powerful winter storm packing rain, sleet and snow slammed the East Coast on the holiday weekend and made travel difficult. On Sunday, roughly 3,000 flights were canceled. Charlotte Douglas International Airport in North Carolina, an American Airlines hub, continues
Continue Reading By Jordan Valinsky, CNN Business US airlines have canceled more than 1,200 flights Monday as a powerful winter storm packing rain, sleet and snow slammed the East Coast on the holiday weekend and made travel difficult. On Sunday, roughly 3,000 flights were canceled. Charlotte Douglas International Airport in North Carolina, an American Airlines hub, continues
Continue Reading
By Frank Pallotta, CNN Business “We’re in the middle of a cold, dark winter,” James Austin Johnson as President Joe Biden said kicking off this weekend’s “Saturday Night Live.” “This winter is so dark, Republicans don’t think it should vote.” Johnson’s Biden then explained this virus has disrupted our lives, the holidays, gender reveal parties
Continue Reading
By Michelle Toh and Charles Riley, CNN Business Novak Djokovic has departed Australia after authorities canceled his visa for a second time. Now, one of his sponsors wants a word. Lacoste said Monday that it wants to review events that sparked a nearly two-week legal battle and prevented the unvaccinated Serbian from defending his Australian
Continue Reading By Michelle Toh and Charles Riley, CNN Business Novak Djokovic has departed Australia after authorities canceled his visa for a second time. Now, one of his sponsors wants a word. Lacoste said Monday that it wants to review events that sparked a nearly two-week legal battle and prevented the unvaccinated Serbian from defending his Australian
Continue Reading
By Michelle Toh, CNN Business The chairman of Credit Suisse has resigned following an investigation commissioned by the Swiss bank’s board that reportedly looked at claims that he broke Covid-19 rules. António Horta-Osório said in a statement issued by Credit Suisse on Monday that “a number of my personal actions have led to difficulties for
Continue Reading By Michelle Toh, CNN Business The chairman of Credit Suisse has resigned following an investigation commissioned by the Swiss bank’s board that reportedly looked at claims that he broke Covid-19 rules. António Horta-Osório said in a statement issued by Credit Suisse on Monday that “a number of my personal actions have led to difficulties for
Continue Reading
By Nectar Gan, CNN Business China’s birth rate plummeted for a fifth consecutive year to hit a new record low in 2021, despite government efforts to encourage couples to have more children in the face of a looming demographic crisis. The world’s most populous country recorded 10.62 million births last year, or only 7.5 births
Continue Reading By Laura He, CNN Business China’s economy expanded 8.1% last year, far exceeding the government’s own targets. But weakening growth in the closing months of 2021 suggests that trouble is still on the horizon as the country contends with a deepening real estate crisis, renewed Covid outbreaks and Beijing’s strict no-tolerance approach to controlling the
Continue Reading
By Anna Cooban, CNN Business Billionaires added $5 trillion to their fortunes during the pandemic, according to Oxfam, exacerbating economic inequality as the pandemic pushed millions of people around the world into poverty. Using data compiled by Forbes, Oxfam says in a new report that the total wealth of billionaires jumped from $8.6 trillion in
Continue Reading
By Brian Stelter, CNN Business NewsGuard, a four-year-old startup that scans the web and rates the reliability of news sources, says its own business is reliable enough to turn a profit. The company more than doubled its revenue in 2021 versus the year before, thanks to licensing deals with advertisers and other firms that use
Continue Reading By Brian Stelter, CNN Business NewsGuard, a four-year-old startup that scans the web and rates the reliability of news sources, says its own business is reliable enough to turn a profit. The company more than doubled its revenue in 2021 versus the year before, thanks to licensing deals with advertisers and other firms that use
Continue Reading
By Ramishah Maruf, CNN Business Dr. Mehmet Oz has gone from one of the country’s most recognizable TV personalities to a polarizing Republican Senate candidate — and his primary campaign is exclusively targeted to Fox viewers. CNN research found that Oz has done 12 Fox interviews since announcing his candidacy for an open Senate seat
Continue Reading By Ramishah Maruf, CNN Business Dr. Mehmet Oz has gone from one of the country’s most recognizable TV personalities to a polarizing Republican Senate candidate — and his primary campaign is exclusively targeted to Fox viewers. CNN research found that Oz has done 12 Fox interviews since announcing his candidacy for an open Senate seat
Continue Reading
By Frank Pallotta, CNN Business Even Spider-Man isn’t safe from Ghostface. Paramount’s “Scream” — the fifth installment in the long running slasher franchise — notched an estimated $30.6 million at the North American box office this weekend, according to the studio. That number exceeded industry expectations, which had projected the film to make closer to
Continue Reading
By Ramishah Maruf, CNN Business Martin Luther King, Jr. Day on Monday, Jan. 17, is a national holiday — which means some institutions and businesses may be closed. The national holiday observes the birthday of civil rights leader Reverend Martin Luther King Jr.,who won the Nobel Peace Prize in 1964. He was assassinated four years
Continue Reading