By Nicole Goodkind, CNN Business US markets took a beating on Thursday as big bank earnings delivered disappointing results. Markets and the economy have endured three turbulent months. The Federal Reserve’s rate rise regime and Russia’s invasion of Ukraine have slammed investor and borrower sentiment. The financial sector is hurting, too. Analysts expect earnings to
Continue Reading By Laura He, CNN Business China’s economy has recorded its worst quarterly performance in over two years, after months of harsh Covid lockdowns wreaked havoc across the country. Gross domestic product in the world’s second largest economy expanded by just 0.4% in the three months to June 30, compared with the same period last year,
Continue Reading By Sara Ashley O’Brien, CNN Business Five more passengers are suing Uber over alleged sexual assault incidents that occurred in recent months at the hands of drivers on its platform. The lawsuit is the latest reminder of the flood of lawsuits that Uber and competitor Lyft face as they work to combat well-known safety issues
Continue Reading By Clare Duffy, CNN Business Facebook is testing an option for users to create multiple profiles from a single account, amid a bid by the platform to reignite user growth. The feature is aimed at helping users “tailor their experience based on interests and relationships,” Facebook spokesperson Leonard Lam told CNN Business in a statement.
Continue Reading By Clare Duffy, CNN Business The Securities and Exchange Commission has continued to examine Elon Musk’s investment in and $44 billion deal to buy Twitter. A letter sent by the SEC to Musk on June 2 includes questions about the billionaire’s use of Twitter to discuss the deal, including his tweets about the deal being
Continue Reading By Jeanne Sahadi, CNN Business US employers say they expect the average raise to be 4.1% in 2023, which would be the largest hike in 15 years, according to a survey of more than 1,400 organizations from advisory firm Willis Towers Watson. But that extra money may not go far. That 4.1% is less than
Continue Reading By Brian Fung, CNN Amazon has offered to change its business practices in Europe to resolve two ongoing antitrust investigations targeting the company in the EU, according to European Commission officials. Under the proposed changes affecting the EU market, Amazon has offered not to use data gathered from third-party sellers for its own retail decisions,
Continue Reading By Brian Fung, CNN Amazon has offered to change its business practices in Europe to resolve two ongoing antitrust investigations targeting the company in the EU, according to European Commission officials. Under the proposed changes affecting the EU market, Amazon has offered not to use data gathered from third-party sellers for its own retail decisions,
Continue Reading By Catherine Thorbecke, CNN Business If you’ve ever wanted to high-five someone in your group texts, you may soon be in luck. A new “Pushing Hand” gesture that looks like a high-five is on the shortlist of potential new emojis to be released later this year. Also included: a shaking face, a knob of ginger,
Continue Reading By Clare Duffy, CNN Business Even the world’s most valuable tech company isn’t immune to the more challenging global economic climate. Apple on Thursday reported its profits declined by nearly 11% in the three months ending in June from the same period a year ago as the company works through an economic downturn and supply
Continue Reading By Jordan Valinsky, CNN Business Wordle is jumping from the P-H-O-N-E to the B-O-A-R-D. Hasbro is partnering with the New York Times, which owns the popular online word puzzle, to create “Wordle: The Party Game.” The new board game “delivers classic Wordle gameplay, but now in an all new way,” the companies said in a
Continue Reading By Jordan Valinsky, CNN Business Wordle is jumping from the P-H-O-N-E to the B-O-A-R-D. Hasbro is partnering with the New York Times, which owns the popular online word puzzle, to create “Wordle: The Party Game.” The new board game “delivers classic Wordle gameplay, but now in an all new way,” the companies said in a
Continue Reading By Peter Valdes-Dapena, CNN Business BMW is now offering British drivers the option of enjoying a heated seat on a monthly subscription basis. Of course, you can still get heated seats the regular way — just buy them as an option when you purchase the car — but for those who didn’t do that, or
Continue Reading By Julia Horowitz, CNN Business If a recession were to arrive in the United States, there would normally be evidence of pain at America’s biggest lenders. But so far, top banks aren’t seeing major signs of weakness, even as they admit they’re bracing for tougher times ahead. What’s happening: Results from JPMorgan Chase, Wells Fargo
Continue Reading By Matt McFarland, CNN Business Andrej Karpathy, Tesla’s director of artificial intelligence, announced Wednesday he’s leaving the company only months before its anticipated release of its long-delayed “full self-driving” software to 1 million people. Tesla’s driver-assist features made significant advances in his tenure, but also have drawn increased scrutiny from regulators over their safety record.
Continue Reading By Brian Fung, CNN Amazon’s smart-doorbell company, Ring, has provided surveillance footage to law enforcement without a warrant or the consent of doorbell-owners 11 times this year alone, according to a letter Amazon (AMZN) sent to Congress earlier this month. The disclosure highlights the degree of Amazon’s control over data generated by the doorbells’ cameras
Continue Reading By Brian Fung, CNN Amazon’s smart-doorbell company, Ring, has provided surveillance footage to law enforcement without a warrant or the consent of doorbell-owners 11 times this year alone, according to a letter Amazon (AMZN) sent to Congress earlier this month. The disclosure highlights the degree of Amazon’s control over data generated by the doorbells’ cameras
Continue Reading By Anna Bahney, CNN Business Mortgage rates are on the rise again after a dramatic drop last week. The 30-year fixed-rate mortgage averaged 5.51% in the week ending July 14, up from 5.3% the week before, according to Freddie Mac. That is significantly higher than this time last year when it was 2.88%. Rates rose
Continue Reading By Clare Duffy, CNN Business It’s not every day that a major corporate lawsuit features a poop emoji, but then again it’s not every day that one of the world’s most influential social media platforms sues the world’s richest man to make him buy it. Twitter on Tuesday filed a lengthy and colorful lawsuit against
Continue Reading By Jennifer Korn Twitter’s turbulent week continues. Twitter was briefly hit by a significant outage on Thursday morning, with tens of thousands of users reporting issues using the social media site, according to Down Detector. The reports of service interruptions appeared to begin spiking around 8:00 a.m. ET, according to Down Detector, which tracks internet
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