By Brian Fung, CNN Business With Republicans projected to take control of the House as a result of the midterm elections, tech giants such as Amazon, Google and Meta, who’ve been in the crosshairs of Democrats in recent years, are soon set to face a very different — but no less hostile — political climate
Continue Reading By Jeanne Sahadi, CNN Business Stocks and bonds have been turning in volatile, bearish performances this year in an economy marked by high inflation and rising interest rates. But that hasn’t deterred most retirement savers, especially the youngest ones. 401(k) participants have held relatively steady in their savings contribution rates and in their portfolio allocations,
Continue Reading By Anna Cooban and Diksha Madhok, CNN Business Indian billionaire Gautam Adani’s business empire is planning to raise nearly $2.5 billion in a new share offering as it pushes to expand into new areas. Adani Enterprises, the flagship company of the Adani Group, said in a stock exchange filing on Friday that its board had
Continue Reading By Jordan Valinsky, CNN Business Senator Amy Klobuchar criticized Ticketmaster in an open letter to its CEO, saying she has “serious concerns” about the company’s operations following a service meltdown Tuesday that left Taylor Swift fans irate. In the letter to CEO Michael Rapino, the Democrat from Minnesota and chair of the Senate Judiciary Subcommittee
Continue Reading By Rachel Metz, CNN Business Elon Musk has been saying for months that he wants to stamp out spam and fake accounts on Twitter, but a subtle change he’s planning to make to the platform could complicate that goal. In a tweet this week, Musk said Twitter will stop showing notations such as “Twitter for
Continue Reading By Nicole Goodkind, CNN Business American shoppers continue to defy gravity against the backdrop of persistently elevated inflation. Retail sales surged by 1.3% in October. That’s the biggest monthly gain since February and better than the 1% economists had expected. But a look under the hood tells a different story. Both Walmart (WMT) and Target
Continue Reading By Parija Kavilanz, CNN Business Parents shopping for their kids this holiday season need to be alert and carefully examine toys before they buy them because recalled and counterfeit toys are being sold online, a consumer report said Thursday. The 37th annual “Trouble in Toyland” toy safety report by Denver-based US Public Interest Research Group
Continue Reading By Chris Isidore, CNN Business More than 2,000 employees at 112 Starbucks locations are set to go on a one-day strike Thursday, according to the union which has been organizing stores for the last year. The union says it is striking to protest the retaliation taken against union supporters nationwide. It is also protesting what
Continue Reading By Diksha Madhok, CNN Business Singapore has become the latest backer of crypto exchange FTX to admit being burned by its spectacular collapse. In a statement on Thursday, state-owned investment company Temasek said it had decided to write down the value of its full investment in the exchange to zero, “irrespective of the outcome of
Continue Reading By Allison Morrow, CNN Business A new court filing about Sam Bankman-Fried’s bankrupt companies reveals a crypto empire that was colossally mismanaged and potentially fraudulent — a “complete failure of corporate controls” that eclipses even that of Enron. “Never in my career have I seen such a complete failure of corporate controls and such a
Continue Reading By Michelle Toh, CNN Business The UK government has ordered a Chinese-owned company to unwind its takeover of Britain’s biggest chipmaker, citing national security concerns. Nexperia, a Dutch subsidiary of Shanghai-listed semiconductor maker Wingtech, was told to sell “at least 86%” of its stake in Newport Wafer Fab by UK Secretary of State for Business,
Continue Reading By Peter Valdes-Dapena, CNN Business If you want to go off-road in Porsche, the German brand can offer you a couple of different SUVs for that. But if you want to take a 911 sports car off-road, Porsche has officially unveiled just the car for you. The new 911 Dakar, named after the Paris-Dakar off-road
Continue Reading By Peter Valdes-Dapena, CNN Business If you want to go off-road in Porsche, the German brand can offer you a couple of different SUVs for that. But if you want to take a 911 sports car off-road, Porsche has officially unveiled just the car for you. The new 911 Dakar, named after the Paris-Dakar off-road
Continue Reading By Oliver Darcy, CNN Business “PBS NewsHour” is ready to turn the page. The iconic nightly news program announced Wednesday that legendary anchor and managing editor Judy Woodruff will sign off from the anchor desk on Friday, December 30. Woodruff, 75, will pivot to a two-year project aimed at understanding polarization in America and how
Continue Reading By Zenebou Sylla, CNN The cost of a New York City taxi ride is expected to increase by nearly 23% by the end of 2022, marking the first taxi fare increase in a decade, according to a unanimous vote held Tuesday by the NYC Taxi and Limousine Commission. Additionally, the base rate for New York
Continue Reading By Chris Isidore, CNN Business Taylor Swift fans’ outrage over Ticketmaster’s service meltdown Tuesday has shined a spotlight on a common and recurring criticism about the ticketing company: It has practically no competition. For many, buyers there’s no avoiding Ticketmaster if you want to attend an event. Tuesday’s meltdown brought calls by lawmakers to break
Continue Reading By Frank Pallotta, CNN Business Ticketmaster apologized to Taylor Swift and her fans late Friday night after a ticketing debacle this week that made it difficult for consumers to buy tickets to the pop star’s new tour. “We want to apologize to Taylor and all of her fans — especially those who had a terrible
Continue Reading By Alison Kosik, CNN Business White collar workers would be hit harder than blue collar workers if the United States enters a recession soon, according to one economist, who said businesses have undergone a dramatic restructuring after the pandemic. “Covid shifted things around,” said William Lee, chief economist at the Milken Institute. The pandemic has
Continue Reading By Paul R. La Monica, CNN Business Many investors are still nursing losses for the year. But stocks have come roaring back to life in the past few weeks thanks to hopes that inflation might be really peaking and that the Federal Reserve will soon reduce or slow down its interest rate increases as a
Continue Reading By Jeanne Sahadi, CNN Business Employers may be pushing for more workers to return to the office. But that’s proving to be an uphill battle, especially as the cold and flu season gets underway. A triple whammy of the flu, respiratory syncytial virus (RSV) and new Covid variants is already taking hold and forcing some
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