By Diksha Madhok, CNN Business Shares of Chinese tech companies soared on Friday after Beijing signaled that it may throw the beleagured industry a lifeline and promised again to minimize the impact of Covid-19 on the economy. Hong Kong’s Hang Seng index jumped 4%, while the Shanghai Composite was up 2.4%, after Chinese state media
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By Brian Fung, CNN The president of the Amazon Labor Union warned Sen. Lindsey Graham on Thursday that he risks ignoring the concerns of workers at his own political peril. At the opening of a Senate Banking Committee hearing focused on Amazon (AMZN), in which Graham used his initial remarks to blast the “demonization of
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By Chris Isidore, CNN Business ExxonMobil took at $3.4 billion charge for exiting its business in Russia in the first quarter, but it still posted sharply higher profits on high oil prices Revenue at ExxonMobil soared 53% to $90.5 billion. Even with the charge for exiting Russia, net income doubled to $5.4 billion. And excluding
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By Mark Thompson, CNN Business The European economy slowed in the first three months of the year due to a combination of soaring inflation and early fallout from the war in Ukraine. Preliminary first quarter data published Friday showed GDP grew by 0.2% across the 19 countries that use the euro, over the previous quarter.
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By Laura He, CNN Business Just three months ago, Apple became the top-selling smartphone brand in China for the first time in six years. Now it’s fallen back behind its Chinese rivals after suffering more than others from a first quarter slump in sales. Two research reports published this week showed Apple slipping to third
Continue Reading By Laura He, CNN Business Just three months ago, Apple became the top-selling smartphone brand in China for the first time in six years. Now it’s fallen back behind its Chinese rivals after suffering more than others from a first quarter slump in sales. Two research reports published this week showed Apple slipping to third
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By Chris Isidore, CNN Business Tesla CEO Elon Musk sold $8.5 billion of the electric automaker’s stock in the three days after the Twitter board agreed to sell the company to him. Musk sold 3.7 million shares of Tesla stock on Tuesday, for a total of $3.3 billion, and another 735,000 shares on Wednesday, bringing
Continue Reading By Chris Isidore, CNN Business Tesla CEO Elon Musk sold $8.5 billion of the electric automaker’s stock in the three days after the Twitter board agreed to sell the company to him. Musk sold 3.7 million shares of Tesla stock on Tuesday, for a total of $3.3 billion, and another 735,000 shares on Wednesday, bringing
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By Sara Ashley O’Brien, CNN Business Airbnb won’t require most staffers to return to the office — ever. The company told employees Thursday that they can permanently work remotely and can relocate anywhere within the country they currently work. Doing so won’t negatively impact compensation, the company said, meaning it will not adjust salaries downward
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By Samantha Murphy Kelly, CNN Business Apple topped Wall Street’s estimates in its latest quarter and reported one of the strongest three-month periods in its history on Thursday thanks to record revenues for its services business and strong iPhone sales. However, the company warned that new Covid-related restrictions in China could hurt the current quarter.
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By Reuters Weibo, China’s equivalent of Twitter, told users on Thursday it would start to publish their IP locations on their account pages and when they post comments, in a bid to combat “bad behavior” online. The move, posted on Weibo’s official account, garnered over 200 million views and was widely discussed, with some users
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By Allison Morrow, CNN Business Nearly two months after losing his spot among the world’s 10 richest rich people, Mark Zuckerberg is clawing his way back. Shares of Meta, the parent company of Facebook and Instagram, shot up more than 17% Thursday, making Zuckerberg nearly $11 billion wealthier in a single day. The stock had
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By Catherine Thorbecke, CNN Business Amazon is ending its Covid-19 paid sick leave policy starting on Monday, the company said in a memo to employees this weekend that was shared with CNN Business. The return to pre-pandemic sick leave policies means that all US employees will now get up to five days of excused, unpaid
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By Rishi Iyengar, CNN Business Amazon’s stock plummeted after the company reported on Thursday slowing growth and higher costs in its latest quarter and offered a disappointing revenue outlook. The tech giant said revenue grew 7% from the same period last year to $116.4 billion, slightly beating analyst forecasts but slower than the 9% growth
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By Jeanne Sahadi, CNN Business Warnings of a potential recession aren’t surprising given how many tripwires there are in today’s economy. A push by the Federal Reserve to raise interest rates and combat high inflation. Supply chain shortages. An ongoing global health crisis. And of course, the geopolitical earthquake caused by Russia’s invasion of Ukraine,
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By Nicole Goodkind, CNN Business When war breaks out, defense companies tend to make money. That means aerospace and defense stocks can serve as safe havens for investor cash during geopolitical unrest. But so far, that has not been the case following Russia’s invasion of Ukraine. Global military spending grew by 0.7% and topped $2
Continue Reading By Nicole Goodkind, CNN Business When war breaks out, defense companies tend to make money. That means aerospace and defense stocks can serve as safe havens for investor cash during geopolitical unrest. But so far, that has not been the case following Russia’s invasion of Ukraine. Global military spending grew by 0.7% and topped $2
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By Clare Duffy, CNN Business Elon Musk has raised just over $7 billion in additional equity financing to help fund his purchase of Twitter. The new investors include Oracle founder Larry Ellison, cryptocurrency platform Binance and venture capital firm Sequoia Capital, according to a new Securities and Exchange Commission disclosure Musk filed Wednesday. Musk last
Continue Reading Catherine Thorbecke, CNN Business Elon Musk said Twitter might soon charge fees for certain users, as the billionaire continues to tease how he might change the platform as its new owner. Musk, who struck a roughly $44 billion deal to buy Twitter last week, said in a tweet the platform will “always be free for
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By Brian Fung, CNN As the public combs through Elon Musk’s Twitter feed for clues on how the billionaire entrepreneur intends to run the social media platform he’s buying for $44 billion, one mysterious line stands out: “authenticate all real humans.” That cryptic proposal is vague enough to keep people guessing about what Musk has
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