Money

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

By Amy Woodyatt, CNN Business Trials of a shorter working week in Iceland have been hailed as an “overwhelming success” by researchers. Public sector employees taking part in two large trials between 2015 and 2019 worked 35-36 hours per week, with no reduction in pay. Many participants had previously worked 40 hours a week. The

By Jordan Valinsky, CNN Business Former Xerox CEO Ursula Burns has been named chairwoman of Teneo, the embattled consulting firm that is still dealing with the fallout from the resignation of its CEO, reportedly over drunken behavior at a party. Burns’ appointment is effective immediately, according to a company statement. She’s not a stranger to

By Frank Pallotta, CNN Business AMC, the largest theater chain in the world, announced Tuesday that it is ditching plans to sell 25 million additional shares of its stock. The company said in a filing with the Securities and Exchange Commission that it has withdrawn the proposal from the agenda for its annual shareholder meeting,

By Charles Riley, CNN Business As the global economy kicks into high gear following the pandemic, demand for certain consumer goods and tech components has outstripped supply, leading to shortages of everything from cars to household appliances. Shortages are not something consumers in developed economies are used to dealing with. They are annoying. But they

By Charles Riley and Chris Liakos, CNN Business Oil prices soared on Tuesday after major producers, including Saudi Arabia and the United Arab Emirates, fell out over plans to increase production in the face of rising global demand. The price of Brent crude, the global benchmark that has surged roughly 50% this year, rose above

By Diksha Madhok, CNN Business India has been hobbled by an economic slump and a brutal wave of coronavirus that new research shows pushed millions of people into poverty. But as these Indians struggle to live on a few dollars a day, the country’s ultra-wealthy have gotten even richer and more influential, as their combined

By Alex Marquardt The ransomware group REvil has demanded a $70 million payment in Bitcoin for a decryptor tool following its attack on the software vendor Kaseya, cyber researchers say. The offer of a universal tool reflects the “logistical nightmare” REvil is now facing with thousands of potential victims to negotiate with, researcher Allan Liska

By Hanna Ziady, CNN Business Morrisons has become a takeover target for three major American private equity groups amid strong investor appetite for UK assets that could spark a bidding war for Britain’s fourth biggest supermarket chain. In a statement on Saturday, Morrisons said that its board would recommend a sale to investors led by

By Matt Egan, CNN Business OPEC and its allies are mired in a stalemate. American drivers could pay the price. For the second straight day, OPEC+ surprised observers Friday by failing to reach an agreement on whether to add more barrels to an oil market screaming for more supply. The group said it will try

OPEC+ plans to meet for the third straight day in order to reach an agreement about adding more barrels to an oil market that needs more supply. CNN’s Anna Stewart reports.

By Chauncey Alcorn, CNN Business Bill Cosby may be out of prison, but most major networks still aren’t showing reruns of “The Cosby Show.” Amazon Prime is the only major streaming service offering the 1980s sitcom for free to its subscribers. Amazon did not respond to multiple requests for comment about whether it will continue

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. ROBINHOOD’S GOING PUBLIC Big week for our friends over at Robinhood. Yesterday they got slapped with a record $70 million FINRA fine. Today, they’re jetting toward