By Nathaniel Meyersohn, CNN Business Amazon’s rise has been relentless for more than a decade, with regulators and rivals alike failing to slow it. But now Amazon has taken a hit from a pair of immovable forces: snarled supply chains and worker shortages. The company’s third-quarter earnings and sales fell well short of Wall Street’s
Continue Reading
By Chris Isidore, CNN Business Profits soared at the nation’s two largest oil companies, as ExxonMobil and Chevron both benefited from the recent run-up in oil prices. ExxonMobil, America’s largest oil company, posted net income of $6.8 billion, swinging to a profit after a $680 million loss a year ago. Oil prices got crushed in
Continue Reading
Walé Azeez, CNN Business The United Kingdom is pushing ahead with legislation that will force more than 1,300 of its largest companies to disclose climate risks. Announcing the move ahead of the COP26 climate talks that start in Glasgow on Sunday, the UK government said it plans to be the first major economy to require
Continue Reading By Matt Egan, CNN Business Oil prices are unlikely to stay elevated for long, Chevron’s chief financial officer told CNN. “This feels more cyclical than structural,” Pierre Breber, the CFO of Chevron, the No. 2 US oil company, said in a phone interview. “We view these prices as above mid-cycle and above what our price
Continue Reading By Chris Isidore, CNN Business Profits soared at the nation’s two largest oil companies, as ExxonMobil and Chevron both benefited from the recent run-up in oil prices. ExxonMobil, America’s largest oil company, posted net income of $6.8 billion, swinging to a profit after a $680 million loss a year ago. Oil prices got crushed in
Continue Reading By Chris Isidore, CNN Business Profits soared at the nation’s two largest oil companies, as ExxonMobil and Chevron both benefited from the recent run-up in oil prices. ExxonMobil, America’s largest oil company, posted net income of $6.8 billion, swinging to a profit after a $680 million loss a year ago. Oil prices got crushed in
Continue Reading
By Hannah Ritchie and Esha Mitra, CNN Indian actor Puneeth Rajkumar has died aged 46 after suffering cardiac arrest on Friday, according to a statement from Vikram Hospital in the city of Bangalore. “Mr. Puneet Rajkumar, aged 46 years was brought to Vikram Hospital on 29/10/21 with a diagnosis of heart attack with ECG done
Continue Reading
By Julia Horowitz, CNN Business What will dominate this holiday shopping season: Huge demand, as shoppers use pent-up savings to splurge, or supply chain problems leading to empty shelves and presents on back order? Apple’s latest earnings report is amping up fears that production and shipping complications will steal the spotlight. What’s happening: The company
Continue Reading By Laura He, CNN Business For the second time this month, China’s most indebted developer Evergrande has reportedly managed to avoid default at the last minute. The debt-stricken firm paid interest on a dollar-denominated bond that was due in late September, just as a 30-day grace period expired, according to the New York Times and
Continue Reading By Anna Bahney, CNN Business Waiting for the wild housing market to calm down before buying a place? Don’t bother, said Barbara Corcoran, the founder of the Corcoran Group real estate firm and star of “Shark Tank,” during a CNN Business Foreseeable Future discussion on the current housing market madness. “I don’t think it is
Continue Reading
By Marshall Cohen A January 6 rioter who downplayed the insurrection in a Fox News interview one day after she was sentenced to probation for storming the Capitol was “played by Laura Ingraham” and manipulated into whitewashing the attack, her lawyer said Thursday. Anna Morgan-Lloyd received national attention in June for becoming the first Capitol
Continue Reading
By Amir Vera, CNN News of Facebook’s new company name, Meta, quickly attracted the scorn of the internet. “The only meta we acknowledge,” tweeted writer Mitchell Clark, who posted a picture of former NBA player Meta World Peace (formerly known as Ron Artest). “‘Meta’ is short for ‘I meta girl in high school who I
Continue Reading
By Moira Ritter, CNN Business Whole Foods shoppers may have received a shock this week if they noticed a new $9.95 delivery fee on orders placed through Amazon Prime. Amazon, which acquired Whole Foods in 2017, had previously offered free two-hour delivery for Prime members, but warned shoppers last month a new charge was coming.
Continue Reading
By Matt Egan, CNN In the wake of the revelations in the Facebook Papers, Patagonia CEO Ryan Gellert on Thursday called for companies to join the brand in pressuring Facebook to fix its platforms. “We believe Facebook has a responsibility to make sure its products do no harm, and until they do, Patagonia will continue
Continue Reading By Amir Vera, CNN News of Facebook’s new company name, Meta, quickly attracted the scorn of the internet. “The only meta we acknowledge,” tweeted writer Mitchell Clark, who posted a picture of former NBA player Meta World Peace (formerly known as Ron Artest). “‘Meta’ is short for ‘I meta girl in high school who I
Continue Reading By Anna Bahney, CNN Business Waiting for the wild housing market to calm down before buying a place? Don’t bother, said Barbara Corcoran, the founder of the Corcoran Group real estate firm and star of “Shark Tank,” during a CNN Business Foreseeable Future discussion on the current housing market madness. “I don’t think it is
Continue Reading By Anna Bahney, CNN Business Waiting for the wild housing market to calm down before buying a place? Don’t bother, said Barbara Corcoran, the founder of the Corcoran Group real estate firm and star of “Shark Tank,” during a CNN Business Foreseeable Future discussion on the current housing market madness. “I don’t think it is
Continue Reading
By Matt Egan, CNN Business Citigroup told staff Thursday that US-based employees will be required to get fully vaccinated if they want to stay employed. In a post on LinkedIn, Citi’s head of human resources Sara Wechter partially cited the Biden administration’s vaccine order for federal contractors, noting the US government is a “large and
Continue Reading
By Oliver Darcy, CNN Business Is Rupert Murdoch a 1/6 or election truther? The conservative media mogul hasn’t weighed in directly on the conspiracy that the 2020 election was stolen or the insurrection that took place at the US Capitol earlier this year, and his spokesperson didn’t respond to a request for comment Thursday morning
Continue Reading
By Paul R. La Monica, CNN Business Fintech giants Square and PayPal are taking Main Street by storm. More consumers, especially younger ones, are using services like Square’s Cash App and PayPal’s Venmo for mobile payments. But banks and other traditional financial services firms are fighting back — and investors have taken notice. Goldman Sachs
Continue Reading