By Matt Egan, CNN Business Wall Street is waiting for the results of Tuesday’s midterm election like the rest of the world, but traders say this week’s inflation report may prove to be far more consequential to markets. “Obviously this midterm election — because democracy is on the ballot — is a big deal in
Continue Reading By Brian Fung, CNN Business The European Union is taking a closer look at Microsoft’s proposed $68.7 billion purchase of video game giant Activision Blizzard, citing concerns the deal could hurt competition in the video game industry. A preliminary review of the deal found that Microsoft could try to withhold the games it’s acquiring from
Continue Reading By Paul R. La Monica, CNN Business #RedWave? #VoteBlue? Wall Street saw green on this midterm Election Day. Stocks ended Tuesday with solid gains, extending Wall Street’s winning streak to a third straight day. The Dow finished up almost 335 points, or 1%. The Nasdaq and S&P 500 rose 0.5% and 0.6% respectively. The Dow
Continue Reading By Peter Valdes-Dapena, CNN Business California has long been a leader among states, and even countries, in promoting a shift to electric cars, including with its plans to ban the sale of purely gas-powered cars by 2035. But California voters appear to have rejected a ballot proposal that, its proponents claimed, what have helped accelerate
Continue Reading By Hanna Ziady, CNN Business Three years ago, a hurricane devastated the Bahamas, claiming dozens of lives. Today, the country is building what it claims to be the world’s first carbon-negative housing community to reduce the likelihood of future climate disasters and to ease the shortage of homes caused by the storm. Rick Fox, a
Continue Reading By Paul R. La Monica, CNN Business Many political experts are predicting big Republican wins in the midterm elections that could give the GOP control of at least one, if not both, chambers of Congress. Investors have taken notice too. The blank check firm that might merge with former President Donald Trump’s media company has
Continue Reading By Allison Morrow, CNN Business In an unexpected twist, the cryptocurrency exchange Binance said it is buying its smaller rival FTX after the firm faced a liquidity crisis that rattled digital assets and sparked contagion fears. “This afternoon, FTX asked for our help,” tweeted Zhao “CZ” Changpeng on Tuesday. “There is a significant liquidity crunch.
Continue Reading By Jeanne Sahadi, CNN Business The abrupt and unceremonious way that thousands of Twitter employees got laid off last week was a spectacle. But it was also a helpful reminder that while employers can get rid of many workers at will (and with zero graciousness), employees are not without rights when they are laid off
Continue Reading By Rachel Metz and Catherine Thorbecke, CNN A federal judge has denied Elizabeth Holmes’ request for a new trial, according to court filings on Monday, paving the way for the founder of failed blood testing startup Theranos to be sentenced later this month. The decision comes weeks after an October 17 hearing held in San
Continue Reading By Frank Pallotta, CNN Business “Top Gun: Maverick” was never going to be an easy sell. Sure, the film starred Tom Cruise — arguably one of Hollywood’s most iconic movie stars — and it would be the sequel to “Top Gun,” one of the biggest blockbusters of all time. But the original “Top Gun” was
Continue Reading By Danielle Wiener-Bronner, CNN Business It’s Election Day in America, and some companies are offering deals and freebies to mark the occasion, while others are giving employees time off to vote. Election Day is not a national holiday, though it is a public holiday in some states, so some government offices may be closed. Less
Continue Reading By Danielle Wiener-Bronner, CNN Business It’s Election Day in America, and some companies are offering deals and freebies to mark the occasion, while others are giving employees time off to vote. Election Day is not a national holiday, though it is a public holiday in some states, so some government offices may be closed. Less
Continue Reading By Hanna Ziady, CNN Business Adidas has appointed the head of Puma to succeed outgoing CEO Kasper Rorsted, betting on his ability to replicate its crosstown rival’s comeback. Norwegian Bjørn Gulden, 57, will become CEO of Adidas on January 1, 2023, the German sportswear brand said in a statement on Tuesday. Shares of the company
Continue Reading By Alexandra Peers CNN Business Samuel Roe, regional sales manager for Terlato Wines, had business associates visiting a few weeks ago and called a friend at one of the most expensive rooftop eateries in New York to ask if his group could get a table. He got a reservation, he said, but also a request:
Continue Reading By Julia Horowitz, CNN Business A woman maneuvers her car onto a street called “Wits’ End.” The sky is an ominous red, and strange things are happening. Mailboxes are spitting out letters. Umbrellas aren’t rain-proof. A radio announcer warns of a “crisis on the horizon” and “another tough year.” Arriving home, the woman — carrying
Continue Reading By Rachel Metz, CNN Business If you’ve heard the word “mastodon” a lot since Elon Musk took over Twitter in late October, here’s why: The extinct mammal is also the name of a relatively small, formerly little-known social network that has skyrocketed in popularity, as many Twitter users try it out as an alternative for
Continue Reading By Nicole Goodkind, CNN Business Tuesday’s midterm elections come at a time of economic vulnerability for the United States. Recession predictions have largely turned to “when” not “if” and inflation remains stubbornly elevated. Americans are feeling the pain of rising interest rates and are facing a winter filled with geopolitical tension. The results of Tuesday’s
Continue Reading By Nathaniel Meyersohn, CNN Business If residents of Alabama, Utah, Alaska, Hawaii or Nevada wanted a chance to win this week’s record Powerball jackpot, they had to travel to another state to buy a ticket. These five states do not offer government-operated lotteries or participate in interstate drawings with rollover jackpots such as Powerball or
Continue Reading By Nathaniel Meyersohn, CNN Business The latest Powerball lottery jackpot topped $2 billion, making it the largest lotto prize ever. But in 1987 when Lotto America, the precursor to Powerball, was introduced, organizers prohibited jackpots of more than $80 million. “There were concerns about what you could do with that money — like buy a
Continue Reading By Diksha Madhok, Irene Nasser, Arnaud Siad and CNN’s Beijing Bureau One of Apple’s largest suppliers is trying to strike a delicate balance in China. Foxconn has to comply with some of the harshest Covid rules in the world while ensuring that Apple’s shipments are not severely disrupted just before the key holiday season begins.
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