By Peter Valdes-Dapena, CNN Business The Michigan-based arm of the international automaker Stellantis has pleaded guilty and agreed to pay $300 million in penalties to settle an investigation into alleged cheating on emissions tests for some of its diesel-powered vehicles. The vehicles in question are more than 100,000 diesel-powered Jeep Grand Cherokee SUVs and Ram
Continue Reading By Catherine Thorbecke, CNN Business Dave Clark, Amazon’s Worldwide Consumer CEO, is resigning after 23 years at the e-commerce giant. Amazon announced Clark’s resignation, effective July 1, in a regulatory filing with the US Securities and Exchange Commission Friday. In a tweet, Clark said: “I’ve had an incredible time at Amazon but it’s time for
Continue Reading The pandemic pushed over 2.6 million more people into retirement than projected, according to the Federal Reserve Bank of St. Louis. The reasons for the early exits varied: some workers saw an unexpected financial boost from the strong stock market and high home prices, others were laid off or left their jobs over health and
Continue Reading Opinion by Kara Alaimo for CNN Business Perspectives Earlier this week, Tesla CEO Elon Musk sent emails announcing that the company’s employees all have to be in the office full time — or else. “Anyone who wishes to do remote work must be in the office for a minimum (and I mean *minimum*) of 40
Continue Reading By Julia Horowitz, CNN Business In recent years, when a company announced it was splitting its stock, Wall Street went wild. When Tesla revealed such plans in 2020, its shares immediately shot up. They climbed 66% over the following 12 months. But as concerns about the Federal Reserve, inflation and the economy plague investors, those
Continue Reading By Peter Valdes-Dapena, CNN Business A Jeep Wrangler tipped over onto its side during a crash test by the Insurance Institute for Highway Safety. This is the second time a Wrangler flipped onto its side during this type of crash test by the IIHS, and it comes after engineers said they had worked to fix
Continue Reading By Danielle Wiener-Bronner, CNN Business Starbucks is reopening in Shanghai, a sign of hope as the city slowly emerges from its strict Covid restrictions. Shanghai lifted its two-month lockdown on Wednesday. So far the coffee chain has reopened about 600 of its 940 stores in the city, according to Starbucks spokesperson Jaime Riley. Employees “are
Continue Reading By Jordan Valinsky, CNN Business Tesla reportedly paid a consultancy firm to monitor employees’ Facebook interactions when some workers wanted to form a union at the company’s factory in Fremont, California. CNBC cited invoices and “other documents” that reportedly showed MWW PR monitored employees’ discussions on the platform regarding the company’s labor practices and a
Continue Reading By Kathryn Vasel, CNN Business The strong labor market has given us near record low unemployment, higher wages — and an unfortunate uptick in the number of reports of job seekers getting scammed. “We are definitely seeing job scams,” said Rhonda Perkins, attorney and chief of staff of the Federal Trade Commission’s division of marketing
Continue Reading By Jordan Valinsky, CNN Business LeBron James is a billionaire, marking the first time an active NBA player has achieved that milestone, according to one calculation. Forbes said that the Los Angeles Lakers star has “maximized his business,” generating more than $1.2 billion in pretax earnings. His NBA salary from three different teams during the
Continue Reading By Rishi Iyengar, CNN Business Russia has spent months either driving out American tech firms or watching them leave of their own accord over its war in Ukraine. But the country now finds itself stuck in a stalemate with one big tech company: Google. Many of Google’s services, including search, maps, Gmail and, perhaps most
Continue Reading By Julia Horowitz, CNN Business Fears about whether America could fall into a recession are dominating conversations among investors and pose a risk to the Biden administration ahead of midterm elections this fall. In the meantime, the US economy is humming along — though there are signs it is sliding into a lower gear. That
Continue Reading By Chris Isidore, CNN Business US employers added 390,000 jobs in May, representing a robust but slower pace of hiring, according to the Bureau of Labor Statistics’ monthly jobs report released Friday. The unemployment rate stayed at 3.6%, slightly higher than the half-century low recorded in February 2020, before the pandemic hit. While the number
Continue Reading By Michelle Toh, CNN Business Amazon is shutting down its Kindle bookstore in China, marking another retreat by a Western tech giant in the world’s second biggest economy. The company announced Thursday that starting July 2023, Kindle users will not be able to buy online books in the country. Existing customers will be able to
Continue Reading By Matt Egan, CNN Business The world is grappling with gravity-defying energy price spikes on everything from gasoline and natural gas to coal. Some fear this may just be the beginning. Current and former energy officials tell CNN they worry that Russia’s invasion of Ukraine in the wake of years of underinvestment in the energy
Continue Reading By Rishi Iyengar, CNN Business Microsoft is leaving the door open to employees who want to form or join a union. The tech giant will “respect” the right of its workers to organize and is “committed to creative and collaborative approaches” to work with unions, according to Microsoft’s president and vice chair, Brad Smith. “Recent
Continue Reading By Brian Stelter, CNN Business The obituaries for the shooting victims of Robb Elementary took up three full pages in the Uvalde Leader-News on Thursday. The rest of the paper contains haunting questions about why they died. The newest edition of the paper makes clear that many Uvalde-area officials are steadfastly declining to comment, even
Continue Reading Catherine Thorbecke, CNN Business For much of her first decade at Facebook, Sheryl Sandberg’s public stature grew alongside the size and influence of the company she helped run. As second-in-command to Facebook cofounder Mark Zuckerberg, she oversaw the massive growth of its core advertising business while positioning herself as an icon of corporate feminism. When
Continue Reading By Oliver Darcy, CNN Business Three companies tied to the far-right conspiracy theorist Alex Jones, including the fringe media organization Infowars, are moving to exit bankruptcy, according to a Wednesday court document. In a widely decried move, Infowars, Prison Planet, and Infowars Health sought bankruptcy protection after Jones was found legally responsible for damages in
Continue Reading By Chris Isidore, CNN Business Soaring gas prices have done little to slow US drivers’ purchases at the pump. But they could start to spend less on other goods and services, which would be a strong headwind for an increasingly shaky US economy, experts say. In the week ending this past Saturday, there was a
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