Money

Amazon founder Jeff Bezos will officially step down from his role as chief executive on July 5, he announced during the company’s annual shareholder meeting Wednesday. Bezos will hand the reins to Andy Jassy, who currently runs Amazon Web Services, after a nearly three-decade run leading the internet giant that made him one of the

A Dutch court has ruled that Royal Dutch Shell must dramatically reduce its carbon emissions in a landmark climate decision that could have far reaching consequences for oil companies. The company must slash its CO2 emissions by 45% by 2030 from 2019 levels, according to a judgment from a district court in The Hague on

A hedge fund that’s criticized ExxonMobil’s climate strategy won enough shareholder support to oust at least two directors from the oil giant’s board, a major loss for the once-mighty company. For the first time in modern history, America’s largest oil company faced a credible challenge from an activist investor, Engine No. 1. Upset with Exxon’s

Jamie Dimon acknowledged the housing boom may be getting out of hand, but the JPMorgan Chase CEO isn’t worried about a repeat of the Great Recession. Dimon acknowledged during a Senate hearing on Wednesday that there “is a little bit of a bubble in housing prices.” But, he added, “unlike in ’08 and ’09, when

Russia and Iran are the top two sources of coordinated fake activity on Facebook, according to a new report released by the company. Facebook’s report, published Wednesday, shows how foreign and domestic covert influence operators have shifted their tactics and grown more sophisticated in response to efforts by social media companies to crack down on

Bitcoin miner Marathon Digital Holdings held a call Sunday with Elon Musk about the potential to make mining greener. Musk’s announcement about the call — on Twitter, of course — sent bitcoin surging earlier this week. Prior to the call, Tesla reversed its position on bitcoin, saying it would no longer accept crypto for car

James Bond, meet Jeff Bezos. Amazon is investing even more heavily in growing its position in the entertainment world. The company announced Wednesday that it made a deal to acquire MGM, the home of James Bond and one of the most iconic movie studios in Hollywood. The deal, which is valued at $8.45 billion, gives

A hedge fund that’s criticized ExxonMobil’s climate strategy won enough shareholder support to oust two directors from the oil giant’s board, a major loss for the once-mighty company. For the first time in modern history, America’s largest oil company faced a credible challenge from an activist investor, Engine No. 1. Upset with Exxon’s financial performance

Ford is doubling down on electric vehicle development, announcing Wednesday it will invest $30 billion in electrification efforts by 2025. The automaker also pledged that 40% of its vehicles sold by 2030 will be electric. Ford had previously announced plans to spend $22 billion on electrification efforts and had recently revealed plans to build two

MGM, a classic Hollywood brand synonymous with “The Wizard of Oz” and Leo the roaring lion, was purchased for $8.45 billion on Wednesday by Amazon, a company currently valued at nearly $1.7 trillion. Being gobbled up by a tech behemoth is a fitting finale for a studio that has been whittled down over the last

Shares of Walgreens, CVS and Rite Aid dropped Wednesday following a report that Amazon is considering opening brick-and-mortar pharmacies in the United States. Walgreens dropped 4%, CVS fell 2% and Rite Aid was off 3% during mid-morning trading. Business Insider reported early Wednesday that Amazon is eying opening physical stores in a “handful” of locations,

WhatsApp has sued the Indian government in a bid to block new rules it says would lead to “mass surveillance” by forcing social media platforms to hand over private information about their users. The company confirmed Wednesday that such a complaint has been filed with the Delhi High Court. CNN Business has asked for a

Fans eager for the “BTS Meal” at McDonald’s will be excited to hear that collaboration goes beyond nuggets. McDonald’s is dropping a limited-edition merchandise line Wednesday that is inspired by group’s purple colors and fast food chain’s logo. The collection is a “perfect representation of an iconic partnership between two fan-favorite brands,” the fast food

Ford is doubling down on electric vehicle development, announcing Wednesday it will invest $30 billion in electrification efforts by 2025. The automaker also pledged that 40% of its vehicles sold by 2030 will be electric. Ford had previously announced plans to spend $22 billion on electrification efforts and had recently revealed plans to build two

A leading newspaper in Japan that is sponsoring the Olympic Games in July has published an editorial calling for the event to be canceled as the country remains in the grip of the pandemic. Asahi Shimbun accused Prime Minister Yoshihide Suga of holding the Olympics “against the will of the public” in its editorial on

ExxonMobil’s response to the climate crisis could very well be decided on Wednesday. For the first time in modern history, America’s largest oil company is facing a credible challenge from an activist investor. Upset with Exxon’s financial performance and its foot-dragging on the climate, hedge fund Engine No. 1 is seeking to oust four directors