By Allison Morrow, CNN Business The full extent of FTX’s financial disarray is becoming clearer as the failed crypto exchange’s new management combs for cash as part of the bankruptcy process. In the company’s first Chapter 11 hearing in Delaware Tuesday, restructuring attorney James Bromley said that a “substantial amount” of assets have been stolen
Continue Reading By Chris Isidore and Vanessa Yurkevich, CNN With a crippling freight rail strike looming in two weeks, leaders of four railroad unions and management of the major US freight railroads are due back at the negotiating table Tuesday afternoon. It will be the first joint negotiating session for the four unions whose rank-and-file members rejected
Continue Reading By Frank Pallotta, CNN Business Bob Iger, who shocked the media world when he returned as CEO of Disney on Sunday, will once again be among the highest-paid executives in Hollywood. Iger will earn a $1 million base salary as he takes over Disney, according to a company filing with Securities and Exchange Commission. However,
Continue Reading By Jordan Valinsky, CNN Business Qatar’s last-minute decision to ban alcohol at World Cup stadiums has left Budweiser with loads of beer left on its hands. The company has an innovative solution to offload it. Budweiser will ship the unsold Buds to the country that wins the tournament, the company said in a tweet. The
Continue Reading By Jordan Valinsky, CNN Business Qatar’s last-minute decision to ban alcohol at World Cup stadiums has left Budweiser with loads of beer left on its hands. The company has an innovative solution to offload it. Budweiser will ship the unsold Buds to the country that wins the tournament, the company said in a tweet. The
Continue Reading By Julia Horowitz, CNN Business The story of financial markets and the global economy this year has been written in part by the dramatic rise of the US dollar, whose inexorable ascent has sent shockwaves around the world. At last, however, its breakneck rally could be coming to an end. What’s happening: The dollar has
Continue Reading By Hanna Ziady, CNN Business Global growth will slow further in the coming year but the world will likely avoid a recession thanks to Asia’s biggest economies. Global GDP is projected to grow by 3.1% this year, and by just 2.2% in 2023, according to the latest forecast from the Organization for Economic Cooperation and
Continue Reading By Peter Valdes-Dapena, CNN Business Rivian CEO Robert Joseph Scaringe, better known as RJ, is living his lifelong dream. Getting here though has required dedication to a vision that once seemed nearly impossible. Even now, as the company’s assembly lines have started churning out its electric vehicles, success still isn’t assured. Rivian’s off-road-capable trucks and
Continue Reading By Peter Valdes-Dapena, CNN Business Rivian CEO Robert Joseph Scaringe, better known as RJ, is living his lifelong dream. Getting here though has required dedication to a vision that once seemed nearly impossible. Even now, as the company’s assembly lines have started churning out its electric vehicles, success still isn’t assured. Rivian’s off-road-capable trucks and
Continue Reading By Michelle Toh, CNN Business Singapore’s central bank has responded to criticism of its treatment of two of the world’s largest crypto exchanges, explaining why Binance was on an investor watch list while FTX, which has filed for bankruptcy, was not. In a statement Monday, the Monetary Authority of Singapore (MAS) said it wanted to
Continue Reading By Oliver Darcy, CNN Business One day after the shock announcement of Bob Iger’s return to Disney, and the resulting ouster of his successor-turned-predecessor Bob Chapek, an astonished Hollywood is grappling with what exactly the move will mean for the entertainment behemoth’s short-term and long-term future. But while there is no shortage of questions that
Continue Reading By Ramishah Maruf, CNN Business Paramount has ended its agreement to sell Simon & Schuster to Penguin Random House and will not appeal the recent federal court ruling blocking the merger of the publishing companies. Penguin, a subsidiary of German media giant Bertelsmann, is obligated to pay Paramount, Simon & Schuster’s parent company, a $200
Continue Reading By Matt Egan, CNN Business Carrier CEO David Gitlin has noticed a shift in the jobs market in recent months as the Federal Reserve slams the brakes on the economy and recession fears mount. “It’s become easier to recruit and retain talent than a year ago,” Gitlin told CNN on Friday by phone after meeting
Continue Reading By Ramishah Maruf, CNN Bob Chapek was initially silent on Florida’s controversial bill barring discussions of gender identity in school classrooms. Now he’s saying “Goodbye, Disney.” Chapek’s rocky two-and-a-half year tenure at the head of the entertainment giant had a few wins. He navigated the Covid-19 pandemic, which shuttered theme parks around the world and
Continue Reading By Frank Pallotta, CNN Business Bob Iger is returning to Disney as CEO, retaking the reins of a company that’s very different from the one he led when he stepped down as chief executive in February 2020. With $1.5 billion in streaming losses last quarter alone, park fans unhappy, sinking cable networks like ESPN dealing
Continue Reading By Catherine Thorbecke, CNN Business While much of Silicon Valley is grappling with hiring freezes and job cuts, at least one social media company is still planning to keep hiring: TikTok. The short-form video app remains committed to its goal of hiring nearly 1,000 engineers at its Mountain View office, a person familiar with the
Continue Reading By Brian Fung, CNN Business Meta has been fined roughly $275 million by Ireland’s data privacy regulator for failing to prevent hackers from siphoning off personal information from more than 500 million Facebook users in a 2019 data leak. Monday’s announcement marked the fourth time in about a year that Facebook’s parent company has been
Continue Reading By Matt Egan, CNN Business The nation’s leading retailers warned Monday that Congress may need to step in to avert a devastating freight rail strike they fear could spoil food, interrupt the delivery of goods bought online and worsen inflation. The Retail Industry Leaders Association, a trade group whose members include Walmart, Target, Best Buy,
Continue Reading By Brian Fung, CNN Conspiracy theorist Alex Jones won’t be returning to Twitter and will remain banned from the platform, according to its new owner, Elon Musk. Musk declared on Friday that Jones’ account will not be restored, in spite of some users’ requests, and spent the weekend defending the decision even as Twitter moved
Continue Reading By Brian Fung, CNN Conspiracy theorist Alex Jones won’t be returning to Twitter and will remain banned from the platform, according to its new owner, Elon Musk. Musk declared on Friday that Jones’ account will not be restored, in spite of some users’ requests, and spent the weekend defending the decision even as Twitter moved
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