By Jeremy Diamond and Arlette Saenz, CNN President Joe Biden is meeting with business executives and labor leaders to highlight recent progress in combating inflation and steadying the economy, a White House official told CNN. Biden is sitting down in person and virtually with the top executives of such companies as Ford, Kaiser Permanente and
Continue Reading By Swati Gupta and Diksha Madhok, CNN Business Indian startup Skyroot Aerospace launched the country’s first privately developed rocket, Vikram-S, into space on Friday with support from the Indian Space Research Organisation (ISRO). Until now, the country’s space industry has been dominated by the state-run ISRO, but Skyroot Aerospace has opened up the sector to
Continue Reading By Michelle Toh and CNN’s Beijing bureau, CNN Business More than 100,000 people have signed up for a massive recruitment drive by Apple’s supplier Foxconn for the largest iPhone factory in China, according to Chinese state media. The hiring spree comes at a time when Apple is facing significant supply chain constraints at the assembly
Continue Reading By Oliver Darcy, CNN Business Death is in the air on Twitter. On the platform Thursday evening, where #RIPTwitter was the top trend worldwide, users wrote what they feared might be their last posts, offering apprehensive goodbyes and listing the other (more stable) social media platforms where they can still be found. They were reacting
Continue Reading By Oliver Darcy, CNN Business Death is in the air on Twitter. On the platform Thursday evening, where #RIPTwitter was the top trend worldwide, users wrote what they feared might be their last posts, offering apprehensive goodbyes and listing the other (more stable) social media platforms where they can still be found. They were reacting
Continue Reading By Chris Isidore, Vanessa Yurkevich and Matt Egan, CNN Business So once again the nation and its economy is facing the risk of a massive freight railroad strike, this one as soon as Dec. 9. But about the only thing you don’t need to worry about it is whether it will affect your holiday shopping
Continue Reading By Catherine Thorbecke, CNN Business Amazon CEO Andy Jassy said job cuts at the e-commerce giant would continue into early next year, in his first public remarks since the company began widespread layoffs earlier this week. “Our annual planning process extends into the new year, which means there will be more role reductions as leaders
Continue Reading By Catherine Thorbecke, CNN Business Amazon CEO Andy Jassy said job cuts at the e-commerce giant would continue into early next year, in his first public remarks since the company began widespread layoffs earlier this week. “Our annual planning process extends into the new year, which means there will be more role reductions as leaders
Continue Reading By Matt McFarland, CNN Business The Tesla board of directors that created the largest compensation package in history for CEO Elon Musk was stocked with friends of Musk, according to court testimony this week. “Yes we’re friends,” former Tesla board member Antonio Gracias said after a long line of questions about his relationships with Elon
Continue Reading By Matt McFarland, CNN Business The Tesla board of directors that created the largest compensation package in history for CEO Elon Musk was stocked with friends of Musk, according to court testimony this week. “Yes we’re friends,” former Tesla board member Antonio Gracias said after a long line of questions about his relationships with Elon
Continue Reading By Chris Isidore and Vanessa Yurkevich, CNN Business The trade group representing the nation’s freight railroads is confident that a strike by more than 100,000 union members can be avoided, even after rank-and-file members rejected the tentative labor deals reached earlier this fall. So far three rail unions have rejected the proposed agreements and are
Continue Reading By Clare Duffy and Oliver Darcy, CNN Business Another employee exodus appears to be underway at Twitter as many workers rejected Elon Musk’s terms for staying with the company, choosing instead to depart, according to multiple current and former employees. As the deadline approached for Twitter employees to respond to Elon Musk’s ultimatum to commit
Continue Reading By Clare Duffy and Oliver Darcy, CNN Business Another employee exodus appears to be underway at Twitter as many workers rejected Elon Musk’s terms for staying with the company, choosing instead to depart, according to multiple current and former employees. As the deadline approached for Twitter employees to respond to Elon Musk’s ultimatum to commit
Continue Reading By Anna Bahney, CNN Business Mortgage rates dropped sharply last week following a series of economic reports that indicated inflation may finally be easing. The 30-year fixed-rate mortgage averaged 6.61% in the week ending November 17, down from 7.08% the week before, according to Freddie Mac, the largest weekly drop since 1981. A year ago,
Continue Reading By Alicia Wallace, CNN Business Thanks to inflation, your “True Love” will have to spend a pretty (expensive) penny when showering you with turtle doves, golden rings, and a dozen drummers this holiday season. The cost for the dozen items outlined in the “Twelve Days of Christmas” song hit a record high this year of
Continue Reading By Paul R. La Monica, CNN Business Wall Street cares only about one thing right now…and it’s not earnings, the state of the job market, resilient consumer spending or the spectacular FTX/crypto meltdown. Investors are laser-focused on the Federal Reserve and what central bankers are saying about inflation and rates. Just look at what stocks
Continue Reading By Samantha Murphy Kelly, CNN Business If you haven’t ordered one of the higher-end iPhone 14 models by now, it may be harder than usual to get one before the holidays. The wait time for the 14 Pro and 14 Pro Max in the United States is now 34 days, up from seven days last
Continue Reading By Jordan Valinsky and Frank Pallotta, CNN Anyone looking to buy a ticket to Taylor Swift’s new tour may be out of luck. Ticketmaster said on Thursday that “due to extraordinarily high demands on ticketing systems and insufficient remaining ticket inventory to meet that demand,” Friday’s public ticket sales for Swift’s Eras Tour has been
Continue Reading By Catherine Thorbecke, CNN Business After years of seemingly unstoppable growth, the tech industry is now facing the “ultimate reality check” as it confronts broader economic uncertainty and waves of layoffs, Airbnb CEO Brian Chesky told CNN on Thursday. “It’s like we’re all in a nightclub and the lights just came on,” Chesky said in
Continue Reading By Catherine Thorbecke, CNN Business After years of seemingly unstoppable growth, the tech industry is now facing the “ultimate reality check” as it confronts broader economic uncertainty and waves of layoffs, Airbnb CEO Brian Chesky told CNN on Thursday. “It’s like we’re all in a nightclub and the lights just came on,” Chesky said in
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