By Chris Isidore, CNN Tesla shares plunged more than 12% in trading Tuesday, as weaker than expected global sales caused the company’s massive slide in its share price that began last year to continue. Tesla reported record 2022 sales of 1.3 million vehicles, up 40% from the 2021 total, but well below the 50% growth
Continue Reading By Hanna Ziady, CNN Brits are facing another week of travel chaos as rail strikes drag into the new year, disrupting the return to workplaces following the holidays and dealing another blow to retail and hospitality businesses. Some 40,000 rail workers began five days of strike action over pay on Tuesday, shutting down rail services
Continue Reading By Jordan Valinsky, CNN It’s three days into Dry January for those who observe, but that doesn’t mean you can’t touch the vodka. Tito’s Handmade Vodka has enlisted Martha Stewart for a cheeky campaign that helps people who have temporarily abstained from alcohol with some ideas for what to do with their vodka — besides
Continue Reading By Nicole Goodkind, CNN Business Welcome to the first trading day of 2023. Markets are pushing higher but don’t get comfortable just yet — if last year taught us anything it’s to expect the unexpected. On the first trading day of 2022, the S&P 500 and Dow hit record-highs. Later that week, minutes from the
Continue Reading By Kara Scannell, CNN Sam Bankman-Fried, the founder of bankrupt crypto exchange FTX, pleaded not guilty to criminal charges, setting up a high-stakes legal battle that pits him against two of his closest former business partners. The 30-year-old entrepreneur, who is out on a $250 million bond, was arraigned in federal court in Manhattan on
Continue Reading By Anna Cooban, CNN European and Asian stocks pushed higher on the first major trading day of 2023 as investors try to look beyond a gloomy outlook for the world economy, China’s worst Covid outbreak and stubbornly high inflation in Europe. But after a positive start, Wall Street succumbed to fear again. US stocks opened
Continue Reading By Wayne Chang and Juliana Liu, CNN Production at the world’s biggest iPhone factory, disrupted since October by China’s Covid-19 restrictions and worker protests, is now running at nearly full capacity, according to a Chinese state media report. The sprawling campus in central China, owned by Apple supplier Foxconn, was running at 90% of planned
Continue Reading By Tami Luhby, CNN Workers who stick with the same employers are enjoying the biggest raises in nearly a quarter century. In November, the median wage growth over the past year for job stayers was 5.5%, according to the Federal Reserve Bank of Atlanta, which began keeping records in 1997. (Job switchers have had it
Continue Reading By Donie O’Sullivan, CNN Facebook’s parent company Meta is considering whether to allow former President Donald Trump back on to its platforms and is due to announce its decision in the coming weeks, a company spokesperson told CNN on Monday. The decision, likely to be one of the most consequential in the company’s history, is
Continue Reading By David Goldman, CNN Tesla delivered a record number of cars last year, as sales continued to grow by percentages any other major automaker would dream about. But Tesla still managed to disappoint Wall Street throughout 2022 — and the last quarter was no different. The electric automaker delivered 1.3 million vehicles in 2022, up
Continue Reading By Matt Egan, CNN Last year was dominated by scary headlines about crushing inflation, super-sized interest rate hikes and mounting recession fears. It was a brutal period for the stock market, with roughly one-fifth of the value of the S&P 500 vanishing and the Nasdaq dropping by more than one-third. All three major US markets
Continue Reading By David Goldman, CNN Elon Musk’s wealth destruction has become historic. The CEO of Tesla, SpaceX and Twitter is worth $137 billion, according to the Bloomberg Billionaires Index, good enough for second place on the list of the world’s richest behind LVMH Chairman Bernard Arnault. But at its peak in November 2021, Musk’s net worth
Continue Reading By David Goldman, CNN Elon Musk’s wealth destruction has become historic. The CEO of Tesla, SpaceX and Twitter is worth $137 billion, according to the Bloomberg Billionaires Index, good enough for second place on the list of the world’s richest behind LVMH Chairman Bernard Arnault. But at its peak in November 2021, Musk’s net worth
Continue Reading By Anna Cooban and Mostafa Salem, CNN Dubai has scrapped a 30% tax on alcohol and will no longer charge tourists or expats for permits to buy alcoholic drinks as the emirate tries to attract more foreign workers and visitors in the face of growing regional competition. Two major retailers in the city, located in
Continue Reading By Anna Cooban and Mostafa Salem, CNN Dubai has scrapped a 30% tax on alcohol and will no longer charge tourists or expats for permits to buy alcoholic drinks as the emirate tries to attract more foreign workers and visitors in the face of growing regional competition. Two major retailers in the city, located in
Continue Reading By Diksha Madhok, CNN This year is going to be tougher on the global economy than the one we have left behind, the International Monetary Fund’s (IMF) chief Kristalina Georgieva has warned. “Why? Because the three big economies, US, EU, China, are all slowing down simultaneously,” she said in an interview that aired on CBS
Continue Reading By Laura He, CNN China’s economy grew at least 4.4% in 2022, according to leader Xi Jinping, a figure much stronger than many economists had expected. But the current Covid wave may hobble growth in the months ahead. China’s annual GDP is expected to have exceeded 120 trillion yuan ($17.4 trillion) last year, Xi said
Continue Reading By Celina Tebor, Liam Reilly and Alaa Elassar, CNN Nearly 4,000 union nurses at NewYork-Presbyterian Hospital have reached a tentative agreement on a contract, while approximately 12,000 nurses at seven other hospitals will move forward with their intention to strike beginning January 9. New York State Nurses Association members at NewYork-Presbyterian reached a tentative deal
Continue Reading By Andrew Millman, CNN TikTok is an addictive drug China’s government is providing to Americans, says the incoming chairman of a new House select committee on China. GOP Rep. Mike Gallagher of Wisconsin told NBC’s “Meet The Press” in an interview that aired Sunday that he calls TikTok “digital fentanyl” because “it’s highly addictive and
Continue Reading By Chris Isidore, CNN Canada in 2023 is closing its doors to foreign investors who want to purchase homes. A new Canadian law took effect January 1 that essentially bans foreign buyers from buying residential properties as investments for two years. The law was passed because of a spike in Canadian home prices since the
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