By Jordan Valinsky, CNN Business The FBI is revealing new details about a $31.8 million counterfeit coupon scheme that landed a Virginia Beach couple in prison for nearly 20 years, combined. In a press release last week, the agency said that investigators found fake coupons in “every crevice” of the house belonging to Lori Ann
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By Matt Egan, CNN Business The Biden administration’s Covid-19 vaccine mandate for federal contractors will further disrupt already stressed-out supply chains, Raytheon Technologies warned Tuesday. Raytheon, a conglomerate that makes jet engines, missiles and drones, joins a growing list of business groups expressing concern about the December 8 deadline for employees of federal contractors to
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By Matt Egan, CNN Business Extreme port congestion has become a major nuisance that just won’t go away this year. Unfortunately, it could be one of the biggest problems of 2022, too. Backlogs and elevated shipping costs are likely to persist “at least” through the middle of next year, Goldman Sachs warned clients in a
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By Matt Egan, CNN Business The oil rally hit another milestone Monday, with crude topping $85 a barrel for the first time in seven years. US oil jumped another 1.2% to trade as high as $85.07 a barrel. It’s the first intraday trade above $85 since October 2014. The rebound has intensified in recent weeks
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By Chris Isidore, CNN Business Hertz is betting big on electric vehicles. It’s buying 100,000 Teslas, the largest-ever order by a single buyer. The purchase also represents the biggest move into EVs by a rental car company, by far. “Electric vehicles are now mainstream, and we’ve only just begun to see rising global demand and
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By Ramishah Maruf, CNN Business As more of Facebook’s internal documents are revealed, Facebook Oversight Board member and PEN America CEO Suzanne Nossel emphasized that the platform must do a better job with transparency. The Oversight Board’s first report, released last week, revealed that the group of independent content moderators prompted Facebook to restore more
Continue Reading By Ramishah Maruf, CNN Business As more of Facebook’s internal documents are revealed, Facebook Oversight Board member and PEN America CEO Suzanne Nossel emphasized that the platform must do a better job with transparency. The Oversight Board’s first report, released last week, revealed that the group of independent content moderators prompted Facebook to restore more
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By Julia Horowitz, CNN Business As Wall Street watches the debate over President Joe Biden’s flagship infrastructure, climate and social spending plans in Washington, it has one major question: Will corporations pay more in tax to fund the programs? This week, investors could get an answer, as Democrats race to finalize a package and get
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By Julia Horowitz, CNN Business As Wall Street watches the debate over President Joe Biden’s flagship infrastructure, climate and social spending plans in Washington, it has one major question: Will corporations pay more in tax to fund the programs? This week, investors could get an answer, as Democrats race to finalize a package and get
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By Eliza Mackintosh, CNN Facebook employees repeatedly sounded the alarm on the company’s failure to curb the spread of posts inciting violence in “at risk” countries like Ethiopia, where a civil war has raged for the past year, internal documents seen by CNN show. The social media giant ranks Ethiopia in its highest priority tier
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By Diksha Madhok, CNN Business PayPal is not looking to buy Pinterest, the digital payments company said Sunday, following reports that it was exploring yet another big-ticket acquisition. In a succinct statement made “in response to market rumors,” PayPal said it’s “not pursuing an acquisition of Pinterest at this time.” Shares in PayPal gained 6.7%
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By Laura He, CNN Business Evergrande is starting to pay off its overdue debts and restart stalled real estate projects. Now the embattled Chinese developer is reportedly signaling that it wants to move away from housing and focus on cars. Chairman Xu Jiayin, also known as Hui Ka Yan in Cantonese, said Friday that the
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By Diksha Madhok, CNN Business The parody cryptocurrency shiba inu coin just climbed to an all-time high and is one of the biggest digital currencies by market value. Shiba coin — which appears to be inspired by dogecoin, itself a meme currency — is up more than 40% over the last seven days, according to
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By Helen Regan, CNN Business China plans to cut its reliance on fossil fuels to below 20% by 2060, according to a cabinet document published in state media Sunday. While the document detailed new measures on how the world’s biggest polluter will decarbonize, the country is not updating its pledge to reduce emissions. The guidelines
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By Anneken Tappe, CNN Business America’s worker shortage is alive and well, much to the misfortune of US companies that need staff to keep up with demand. The National Association of Business Economics (NABE) found that nearly half — 47% — of respondents to its Business Conditions Survey reported a shortage of skilled workers in
Continue Reading By Frank Pallotta, CNN Business “Dune” — the science fiction epic from Warner Bros. — took in an estimated $40.1 million at the North American box office this weekend. The total exceeded expectations that had the film earning about $30 million. It was also the largest opening for Warner Bros. this year and capped off
Continue Reading By Frank Pallotta, CNN Business “Dune” — the science fiction epic from Warner Bros. — took in an estimated $40.1 million at the North American box office this weekend. The total exceeded expectations that had the film earning about $30 million. It was also the largest opening for Warner Bros. this year and capped off
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By Stefano Pozzebon When Beatriz Porras was studying agronomy at university in Tunja, Colombia, she thought her career would lead to growing coffee, like her parents, or flowers, the traditional agricultural staples for the country’s export market. Back then, growing marijuana was illegal, and security forces targeted plantations with forced eradication campaigns aimed at stemming
Continue Reading Opinion by Bill Carter for CNN Business Perspectives I don’t know what people expected from “The Sopranos” prequel movie, “The Many Saints of Newark,” but many of the reactions have been along the lines of, “It’s good; but not as good as the TV show.” (That happens to be mine, as well.) Meanwhile, some of
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By Julia Horowitz, CNN Business You’ve already noticed prices going up at the supermarket and the drugstore. Unfortunately, more sticker shock could be around the corner. What’s happening: Companies that make consumer goods are announcing price increases left and right. Faced with persistent higher costs, they don’t expect the situation to moderate any time soon.
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