By Jennifer Korn Binance, which describes itself as the largest crypto exchange by trading volume, is the latest company to be impacted by a major theft this year. A Binance-linked blockchain was involved in a $570 million hack late Thursday, a company spokesperson confirmed to CNN Business on Friday. Binance temporarily suspended its blockchain network,
Continue Reading By Matt McFarland, CNN Business Tesla CEO Elon Musk said Thursday that production of its Semi truck has begun, and deliveries to one customer, Pepsi, will occur in December. Pepsi said in a statement Friday that the trucks will support its Frito-Lay plant in Modesto California, and its Pepsi beverage plant in Sacramento. Neither Musk
Continue Reading By Anna Cooban, CNN Business Germany is bracing itself for a rough winter as soaring energy prices threaten to leave permanent scars on its manufacturing sector, a key engine of its economy. Industrial production fell by 0.8% in August from the month before, according preliminary data released by the country’s statistics office on Friday. Supply
Continue Reading By Alicia Wallace, CNN Business The fever hasn’t broken yet for America’s employment market, but the temperature is coming down. The economy added 263,000 jobs in September, the Bureau of Labor Statistics reported Friday, slightly more than economists had estimated. While still robust, the headline number marks the second consecutive month of falling totals. That, coupled with job openings showing
Continue Reading By Chris Isidore and Christine Romans, CNN US factories are humming, and manufacturers are scrambling to find workers as the pace of hiring hits levels not seen in decades. Friday’s September jobs report showed US manufacturers added another 22,000 workers in September, increasing employment in the sector by nearly 500,000 over the course of the
Continue Reading By Chris Isidore, CNN Business Homeowners could be hit with as much as $17 billion in uninsured losses due to flooding from Hurricane Ian due to the latest estimate on damage caused by the storm. The damage estimate comes from CoreLogic, a leading research firm that tracks and estimates the cost of damages from natural
Continue Reading By Jordan Valinsky, CNN Business Adidas is reviewing its partnership with Kanye West after the artist lambasted the company and wore a “White Lives Matter” T-shirt in public. “After repeated efforts to privately resolve the situation, we have taken the decision to place the partnership under review,” the apparel maker said in a statement. “We
Continue Reading By Matt Egan, CNN Business OPEC+’s decision to slash oil production has set off bipartisan fury in Washington directed at the Saudi Arabia-led group, raising calls for a hard-hitting US response. Within minutes of the OPEC+ announcement, the White House warned it will “consult with Congress on additional tools and authorities” designed to curb OPEC’s
Continue Reading Opinion by Gad Levanon for CNN Business Perspectives To many economists and analysts, the US economy has represented a paradox this year. On the one hand, GDP growth has slowed significantly, and some argue, even entered a recession. On the other hand, overall employment growth has been much stronger than normal. While GDP declined at
Continue Reading By Hanna Ziady, CNN Business The UK government could award oil and gas companies more than 100 new licenses to drill in the North Sea, as it looks for ways to bolster energy security amid a global supply crunch. Launched Friday, the licensing round won’t lead to new UK production for several years. And when
Continue Reading By Alicia Wallace, CNN Business The fever hasn’t broken yet for America’s employment market, but the temperature is coming down. The economy added 263,000 jobs in September, the Bureau of Labor Statistics reported Friday, slightly more than economists had estimated. While still robust, the headline number marks the second consecutive month of falling totals. That, coupled with job openings showing
Continue Reading By Nicole Goodkind, CNN Business The White House isn’t very happy with OPEC’s decision to slash oil production by 2 million barrels per day. Consumers won’t be big fans either, as the move will likely send gas prices higher. But there’s one big winner coming out of the ordeal: Oil stocks. What’s happening: The cartel
Continue Reading By Julia Horowitz, CNN Business Credit Suisse said it will buy back up to $3 billion in its own bonds to save money on debt servicing costs while taking advantage of low prices. The announcement on Friday comes after investors displayed concerns about the financial position of the troubled Swiss bank before it announces its
Continue Reading By Michelle Toh, CNN Business Hong Kong’s flagship airline Cathay Pacific is facing “unprecedented” staff shortages and may not be ready to handle a surge in demand, as the city winds up its strict Covid policy and reopens for international travel. A top local union warned Thursday of “a record number of resignations from the
Continue Reading By Michelle Toh, CNN Business Hong Kong’s flagship airline Cathay Pacific is facing “unprecedented” staff shortages and may not be ready to handle a surge in demand, as the city winds up its strict Covid policy and reopens for international travel. A top local union warned Thursday of “a record number of resignations from the
Continue Reading By Oliver Darcy, CNN Business Nationwide protests have gripped Iran for weeks following the death of 22-year-old Mahsa Amini after she was taken into custody by the government’s morality police for apparently not wearing her hijab properly. Her death has sparked violent clashes between demonstrators and authorities, reportedly leaving scores dead. The uprising has received
Continue Reading By Oliver Darcy, CNN Business Nationwide protests have gripped Iran for weeks following the death of 22-year-old Mahsa Amini after she was taken into custody by the government’s morality police for apparently not wearing her hijab properly. Her death has sparked violent clashes between demonstrators and authorities, reportedly leaving scores dead. The uprising has received
Continue Reading By Julia Horowitz, CNN Business Credit Suisse said it will buy back up to $3 billion in its own bonds to save money on debt servicing costs while taking advantage of low prices. The announcement on Friday comes after investors displayed concerns about the financial position of the troubled Swiss bank before it announces its
Continue Reading By Paul LeBlanc, CNN Former US Treasury Secretary Larry Summers said Thursday it’s “more likely than not” the US will enter a recession, calling it a consequence of the “excesses the economy has been through.” “Historical experience suggests that the kind of inflation we have rarely returns to normal levels — target levels of around
Continue Reading by Matt Egan, CNN Republican Sen. Chuck Grassley on Thursday called for punishing OPEC for its production cut by passing legislation that would hold foreign oil producers accountable for colluding to fix prices. Grassley, a longtime backer of so-called NOPEC legislation, announced in a statement obtained first by CNN that he plans to file his
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