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
Continue Reading By Anna Cooban, CNN Business For Rebeca Blázquez, the past few weeks have been a “nightmare.” Based in Madrid but hoping to find work in London before starting her master’s degree, the 22-year-old university graduate spent a month searching online for a room to rent in London on a £900 budget ($1,070). She sent dozens
Continue Reading By Chris Isidore and Vanessa Yurkevich, CNN Business America faces a growing risk of a crippling national freight rail strike in two weeks. The rank-and-file members of the nation’s largest rail union, which represents the industry’s conductors, rejected a tentative labor deal with freight railroads, the union announced Monday. The nation’s second-largest rail union, which
Continue Reading By Larry Madowo, CNN Laid-off employees at Twitter’s Africa headquarters are accusing Twitter of “deliberately and recklessly flouting the laws of Ghana” and trying to “silence and intimidate” them after they were fired. The team has hired a lawyer and sent a letter to the company demanding it comply with the West African nation’s labor
Continue Reading By Nicole Goodkind, CNN Business Investors appear to have traded in their fleece vests for crystal balls — everyone on Wall Street seems to have a recession prediction. But lately, shouts of recession have become a bit quieter, and a growing group of economists say that any downturn will likely be mild. So can the
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 Laura He, CNN Business China has locked down a major transportation hub in the south, as the country grapples with its largest nationwide Covid outbreak since April. The lockdown also follows rising cases in Beijing, which reported the country’s first Covid deaths in nearly six months. In recent days, China had begun to ease
Continue Reading By Laura He, CNN Business China has locked down a major transportation hub in the south, as the country grapples with its largest nationwide Covid outbreak since April. The lockdown also follows rising cases in Beijing, which reported the country’s first Covid deaths in nearly six months. In recent days, China had begun to ease
Continue Reading By Wayne Chang and Diksha Madhok, CNN Taiwan Semiconductor Manufacturing Company plans to bring its most advanced technology to Arizona, the founder of the chip giant said Monday. TSMC’s plans come as tensions between Washington and Beijing are rising over chips, with President Joe Biden imposing a sweeping set of controls on the sale of
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