By Parija Kavilanz, CNN Business Yeezy Gap has postponed the launch of its Balenciaga collection following the deadly shooting at a Texas elementary school. The company posted a message on its website Wednesday morning: “In light of the tragedy in Uvalde, Texas, we are postponing the Yeezy Gap Engineered by Balenciaga launch until Friday, May
Continue Reading
By Michelle Toh, CNN Business Luckin Coffee, the Chinese startup that became mired in a fraud scandal and was kicked off Wall Street two years ago, is making a comeback. The coffee chain on Tuesday posted first quarter earnings showing a jump of almost 90% in revenue and its first ever profit, despite challenging Covid
Continue Reading
By Jessie Yeung, CNN Business China’s cabinet held an emergency meeting with more than 100,000 participants on Wednesday, according to state media, as top leaders urged new measures to stabilize an economy battered by the country’s stringent Covid-19 restrictions. The unexpected video teleconference by the State Council was attended by officials across provincial, city and
Continue Reading
By Diksha Madhok, CNN Business India has decided to restrict the sale of sugar on international markets, just days after it banned wheat exports. In a statement on Wednesday, the Indian government said it will limit sugar exports to 10 million tons for the marketing season that runs through September to keep prices in check.
Continue Reading
By Rhea Mogul, CNN A court in southern India on Tuesday sentenced a man to 10 years in prison in a ruling that found he abused his wife over their wedding dowry, leading to her death by suicide. The district court in Kerala state found Kiran Kumar guilty under India’s “dowry death” law, which allows
Continue Reading By Jeanne Sahadi, CNN Business Russia’s invasion of Ukraine may have marked the start of “a third world war,” and Russian President Vladimir Putin must be defeated “as soon as possible” if the world wants to preserve civilization. That was the stark message that Hungarian-born billionaire and philanthropist George Soros delivered on Tuesday to attendees
Continue Reading
By Julia Horowitz, CNN Business When Ukrainian President Volodymyr Zelensky spoke by video to a packed room at the World Economic Forum in Davos, Switzerland, he thanked the West for its solidarity against Russia. But he also issued a warning to political leaders and business executives: Don’t lose your nerve. “I would only wish you
Continue Reading
By Paul R. La Monica, CNN Business This summer has long been forecast as a potential boom time for the travel industry. Retailers and economists have been talking a lot about how consumers are starting to buy less stuff and are instead spending more on vacations and other experiences. But that’s not the story the
Continue Reading
By Danielle Wiener-Bronner, CNN Business First Coca-Cola cut Tab, Odwalla and Zico coconut water. Now, Honest Tea is getting axed. “The Honest teas product line will be phased out of The Coca-Cola Company’s beverage portfolio at the end of 2022,” the company said in a statement Monday, noting that the Honest Kids line, which is
Continue Reading
By Anna Bahney, CNN Business The double punch of high home prices and rising mortgage rates took a toll on sales of newly constructed homes in April. New home sales fell by 16.6% in April from March and were down 26.9% from a year ago, according to a joint report from the US Department of
Continue Reading
By Brian Stelter, CNN Business “It’s like the O.J. Simpson trial but with technology.” That’s what Autumn Witbeck, a stay-at-home mother in Utah, told the Wall Street Journal while explaining the public’s fascination with the Johnny Depp-Amber Heard trial. The Journal wrote an entire story about the hairstyles on display in the courtroom — which
Continue Reading
By Kathryn Vasel, CNN Business Millions of employees started working remotely after the pandemic first took hold in 2020. But now, more people are returning to the office — and they’re being greeted by much higher prices for just about everything. Food. Commuting. Daycare. Rising gas prices and soaring inflation have made going back to
Continue Reading
By Paul R. La Monica, CNN Business Wall Street was not in a particularly social mood Tuesday. Social media stocks plummeted following an ominous earnings warning from Snapchat’s parent company. Shares of Snap plunged more than 40% Tuesday and hit their lowest level since March 2020, just after the Covid-19 pandemic hit the United States.
Continue Reading
By Anna Cooban, CNN Business Brits are bracing for another huge hike in their energy bills, and pressure is mounting on the UK government to impose a windfall tax on big suppliers to offset some of the pain. The head of Ofgem, the United Kingdom’s energy regulator, said on Tuesday that annual bills for millions
Continue Reading
By Brian Fung, CNN Key parts of a Florida law restricting social media platforms’ ability to moderate content likely violate the First Amendment, a federal appeals court ruled Monday, in a victory for the tech industry amid a wider battle over digital speech. The opinion by a three-judge panel in the Eleventh Circuit Court of
Continue Reading By Brian Fung, CNN Key parts of a Florida law restricting social media platforms’ ability to moderate content likely violate the First Amendment, a federal appeals court ruled Monday, in a victory for the tech industry amid a wider battle over digital speech. The opinion by a three-judge panel in the Eleventh Circuit Court of
Continue Reading
Opinion by Mark Wolfe for CNN Business Perspectives In March, the US Department of Commerce opened an investigation to determine if four countries that supply the US with solar panels — Cambodia, Malaysia, Thailand and Vietnam — have been using components made in China that should be subject to US tariffs. If the Commerce Department
Continue Reading
By Allison Morrow, CNN Business One of the many buzzwords percolating around Davos this week is “fragmentation,” the force economists there warned could have “devastating human consequences.” By “fragmentation,” they are referring to a breakdown of the kind of free-wheeling, border-crossing trade and investment that’s defined the global economic order over the past three decades.
Continue Reading
By Rachel Metz, CNN Business Cher Scarlett, a software engineer, has a history of being misidentified by face-scanning technology, including one instance that may have surfaced a distant ancestor in a photo. So when she was introduced to an online facial-recognition tool she hadn’t heard of, she wanted to see whether it would mistake photos
Continue Reading By Rachel Metz, CNN Business Cher Scarlett, a software engineer, has a history of being misidentified by face-scanning technology, including one instance that may have surfaced a distant ancestor in a photo. So when she was introduced to an online facial-recognition tool she hadn’t heard of, she wanted to see whether it would mistake photos
Continue Reading