By Laura He and CNN’s Beijing Bureau, CNN Business China has abruptly delayed the publication of key economic data, one day before its scheduled release, as the ruling Communist Party gathers at a major political meeting against the backdrop of a faltering economy. The country’s National Bureau of Statistics updated its schedule on Monday, with
Continue Reading By Laura He and CNN’s Beijing Bureau, CNN Business China has abruptly delayed the publication of key economic data, one day before its scheduled release, as the ruling Communist Party gathers at a major political meeting against the backdrop of a faltering economy. The country’s National Bureau of Statistics updated its schedule on Monday, with
Continue Reading By Jorge Engels, Luke McGee and Jessie Yeung, CNN British Prime Minister Liz Truss on Monday apologized for her controversial mini-budget that crashed the country’s currency, rattled financial markets and led to her firing her finance minister and closest political ally. In an exclusive interview with the BBC, Truss insisted she would lead her Conservative
Continue Reading By Michelle Toh, CNN Business Europe’s gas crisis will be “a catalyst” for Mercedes-Benz to push deeper into clean energy, says its CEO. In an interview Sunday, Ola Källenius told CNN Business that the automaker had been leaning more toward wind energy for its operations due to the long-running power crunch, which has weighed on
Continue Reading By Christian Edwards, CNN Wind and solar power have made up a record 24% of the European Union’s electricity mix since Russia launched its war on Ukraine, a new report says, a boost that has also helped the bloc battle soaring inflation. The growth in renewable power capacity has saved the 27-nation bloc €99 billion
Continue Reading By David Goldman and Matt Egan, CNN Business A former executive at Donald Trump’s media company claims the former President retaliated against a board member who refused to give Melania Trump shares of the company, according to a report from The Washington Post. According to the Washington Post, Will Wilkerson filed in August a whistleblower
Continue Reading By David Goldman and Matt Egan, CNN Business A former executive at Donald Trump’s media company claims the former President retaliated against a board member who refused to give Melania Trump shares of the company, according to a report from The Washington Post. According to the Washington Post, Will Wilkerson filed in August a whistleblower
Continue Reading By Matt McFarland, CNN Business Tesla’s Autopilot was involved in a third fatal motorcycle crash this summer, raising questions about the driver-assist system’s ability to operate safely. The National Highway Traffic Safety Administration has already launched investigations into the first two crashes and gathered information on the third crash. More details of the latest crash
Continue Reading By Nathaniel Meyersohn, CNN Business In a mega-deal that could have a huge impact on grocery shopping in America, Kroger and Albertsons announced Friday plans to merge. If approved by regulators, the nearly $25 billion deal would be one of the biggest in US retail history. The proposed merger, which the companies expect to complete
Continue Reading By Joseph Ataman, Marguerite Lacroix and Natacha Bracken French President Emmanuel Macron called a crisis meeting with senior ministers on Monday to address crippling strikes at gas refineries that has caused fuel pumps to run dry. Macron declared Monday his desire for a solution “as quickly as possible” to the protests, promising to “do his
Continue Reading By Paul R. La Monica, CNN Business Stocks rallied sharply Monday, thanks to more strong earnings from big banks and a sigh of relief about new plans by the United Kingdom to scrap a controversial tax cut plan. The Dow gained more than 550 points, or 1.9%, and moved back above 30,000. Solid results from
Continue Reading By Clare Duffy, CNN Business Google may be the giant in the digital advertising world, but even it is not immune to the impact that the economic downturn and recession fears are having on the online ad market. Google parent company Alphabet on Tuesday reported earnings results for the third quarter that fell short of
Continue Reading By Samantha Murphy Kelly, CNN Business When Google unveiled its new Pixel 7 smartphone lineup earlier this month, the devices looked largely the same as the year prior. But there was at least one subtle change: the colors. Whereas the Pixel 6 had come in sorta seafoam (a light blue) and kinda coral (a pale
Continue Reading By Nicole Goodkind, CNN Business The largest US banks reported relatively solid third-quarter earnings on Friday. But within those reports, investors found ominous clues about the future of the housing market, underscoring fears of an upcoming crisis. What’s happening: JPMorgan reported that third-quarter home lending revenue plunged 34% from a year ago, and Wells Fargo
Continue Reading By Sean Lyngaas and Clare Duffy, CNN Business When Peiter Zatko joined Twitter as head of security in late 2020 at the urging of founder and then-CEO Jack Dorsey, he was surprised by what he discovered. Twitter, a social network with hundreds of millions of users, “was over a decade behind industry security standards,” he
Continue Reading By Brian Fung, CNN Business Kanye West is acquiring Parler, the alternative social media platform favored by many conservatives. Parler’s parent company announced the deal on Monday morning, saying West had made “a groundbreaking move into the free speech media space and will never have to fear being removed from social media again.” The acquisition
Continue Reading By Julia Horowitz, CNN Business Britain’s new finance minister announced a comprehensive retreat on the UK government’s tax-and-spending plans on Monday in a frantic effort to calm jittery markets and restore the government’s credibility. Just four days into the job, Jeremy Hunt said he would reverse “almost all” tax measures announced three weeks ago by
Continue Reading By Laura He, CNN Business Even though China’s economy is beset by problems ranging from a real estate crisis to youth unemployment, Xi Jinping did not offer any grand ideas to set the country back on track during his two-hour opening speech at the Communist Party Congress on Sunday. The Chinese leader is expected to
Continue Reading By Laura He, CNN Business Even though China’s economy is beset by problems ranging from a real estate crisis to youth unemployment, Xi Jinping did not offer any grand ideas to set the country back on track during his two-hour opening speech at the Communist Party Congress on Sunday. The Chinese leader is expected to
Continue Reading By Parija Kavilanz, CNN Business Walmart announced Monday that its customers can for the first time buy over-the-counter hearing aids without a prescription and medical exam by a doctor. The move comes shortly after the US Food and Drug Administration announced a long-awaited rule change in August pertaining to hearing aids. Instead of getting a
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