By Diksha Madhok, Irene Nasser, Arnaud Siad and CNN’s Beijing Bureau One of Apple’s largest suppliers is trying to strike a delicate balance in China. Foxconn has to comply with some of the harshest Covid rules in the world while ensuring that Apple’s shipments are not severely disrupted just before the key holiday season begins.
Continue Reading By Frank Pallotta, CNN Business “Top Gun: Maverick” was never going to be an easy sell. Sure, the film starred Tom Cruise — arguably one of Hollywood’s most iconic movie stars — and it would be the sequel to “Top Gun,” one of the biggest blockbusters of all time. But the original “Top Gun” was
Continue Reading By Frank Pallotta, CNN Business “Top Gun: Maverick” was never going to be an easy sell. Sure, the film starred Tom Cruise — arguably one of Hollywood’s most iconic movie stars — and it would be the sequel to “Top Gun,” one of the biggest blockbusters of all time. But the original “Top Gun” was
Continue Reading By Michelle Toh, CNN Business The founder of Mamee Monster, the iconic Southeast Asian noodle snack brand, has died, the company confirmed Tuesday. Mamee-Double Decker Group, a Malaysian food manufacturer, told CNN Business that Pang Chin Hin died on Saturday at the age of 92. Local media had given his age as 96, reflecting a
Continue Reading By Sahar Akbarzai and Lauren Kent, CNN Two British-Iranian journalists working in the United Kingdom have been warned by police of a “credible” plot by Iran to kill them, according to their employer, London-based news channel Iran International. In a statement Monday, the Farsi-language broadcaster said it was “shocked and deeply concerned” by the alleged
Continue Reading By Michelle Toh, CNN Business Taiwan’s latest entrant to Wall Street has had a rough ride since it went public a week ago. Shares of Perfect Corp., a software company that allows users to virtually try on makeup or jewelry from brands such as Estée Lauder, LVMH and Shiseido, have fallen more than 40% from
Continue Reading By Tara Subramaniam, CNN It’s not unusual for temperatures in India’s Thar Desert to reach 48 degrees Celsius (118 degrees Fahrenheit). Even when they drop, hot winds sweep across the bare plains. The soil here is infertile, water is scarce. This place is near unlivable for humans — but it’s ideal for one of the
Continue Reading By Matt Egan, CNN Business The stock market under President Biden started with a boom, but it heads into the midterm elections looking more like a bust. As of Monday, the S&P 500 has fallen by 1.2% since Biden took office in January 2021. That marks the second-worst performance during a president’s first 656 calendar
Continue Reading By Jennifer Korn Shares of used car marketplace Carvana continued to plummet Monday, falling over 50% over the past two trading days, following a volatile downward trend that began after the company shared third-quarter results Thursday. Shares dropped 15% Monday to close the day at $7.39 a share, continuing a downward trajectory that began on
Continue Reading By Alicia Wallace, CNN Business American consumers borrowed another $25 billion in September, according to newly released Federal Reserve data, as higher costs led to further dependence on credit cards and other loans. Economists were anticipating monthly growth of $30 billion, according to Refinitiv consensus estimates. The data isn’t adjusted for inflation. Consumer borrowing in
Continue Reading By Samantha Murphy Kelly, CNN Business Apple reportedly wants to put an end to “Hey.” The company is said to be training its voice assistant Siri to pick up on commands without needing the first half of the prompt phrase “Hey Siri.” The trigger phrase is used to launch Siri on various products, including the
Continue Reading By Paul R. La Monica, CNN Business The stock market has been on a roller coaster ride, largely because of Wall Street’s shifting expectations about whether the Federal Reserve is going to slow down the pace and size of its interest rate hikes. The Fed briefly excited investors last week when it acknowledged in its
Continue Reading By Catherine Thorbecke, CNN Business Facebook parent company Meta on Wednesday said it is laying off 11,000 employees, marking the most significant job cuts in the tech giant’s history. The job cuts come as Meta confronts a range of challenges to its core business and makes an uncertain and costly bet on pivoting to the
Continue Reading By Catherine Thorbecke, CNN Business Facebook-parent Meta is planning the first significant layoffs in its history as the company grapples with a shrinking business and fears of a looming recession, according to the Wall Street Journal. The job cuts are expected to impact thousands of workers and could begin as early as this week, the
Continue Reading By Jennifer Korn, CNN Business Airbnb on Monday said it plans to make the total cost of rental properties, including all fees, clearer to customers as they search for places to stay, addressing what is arguably one of the biggest pet peeves about the platform. The company said it will introduce an option next month
Continue Reading By Matt Egan, CNN Business While investors, business leaders and some economic models continue to warn a recession is imminent, Wall Street’s most powerful investment bank remains cautiously optimistic. Goldman Sachs told clients on Monday it still sees a 35% chance of a US recession in the next 12 months. While that is double the
Continue Reading By Hanna Ziady, CNN Business Three years ago, a hurricane devastated the Bahamas, claiming dozens of lives. Today, the country is building what it claims to be the world’s first carbon-negative housing community to reduce the likelihood of future climate disasters and to ease the shortage of homes caused by the storm. Rick Fox, a
Continue Reading By Nicole Goodkind, CNN Business Friday’s jobs report came in strong: the US economy added 261,000 new jobs in October, blowing away analyst expectations of 200,000, even as unemployment ticked up to 3.7%. But don’t let the jobs boom lull you into a false sense of employment security. Job cuts and pauses on hiring are
Continue Reading By Hanna Ziady, CNN Business Ryanair carried a record number of passengers over the summer and says its budget friendly airfares will attract even more customers as Europe falls into a recession. The low-cost carrier posted its highest ever half-year profit on Monday, earning €1.37 billion ($1.36 billion) for the six months through September. That
Continue Reading By Brian Fung, CNN Business For years, Twitter has been a leader in countering misinformation and protecting elections. It was often ahead of its peers in creating and enforcing new policies, and it was the first major platform to ban former President Donald Trump after the Capitol insurrection, pushing others to follow suit. But concerns
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