By Matt McFarland, CNN Business Amazon and Ford reported this week they lost a combined $12.3 billion in the last three months due to their investments in electric vehicle company Rivian. The losses dampened hopes that any electric vehicle company will inevitably turn into gold. Even Rivian, which many automotive experts view as the most
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By Nicole Goodkind, CNN Business US stocks plunged on Friday, with the Nasdaq marking its worst month since October 2008 and the S&P notching its worst month since March 2020 at the onset of the Covid pandemic. The tech-heavy Nasdaq fell 4.2% on Friday, dragged down by Amazon, which dropped nearly 15% after it missed
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By Tami Luhby, CNN Skyrocketing inflation is robbing Americans of their raises. Total compensation costs for civilian workers declined 3.7% over the past 12 months ending in March, after accounting for inflation, according to the Employment Cost Index report published Friday. It’s the largest decline since the Bureau of Labor Statistics began inflation-adjusted records in
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By David Goldman, CNN Business Russian President Vladimir Putin’s efforts to support the ruble continue to pay off — and then some. Russia’s currency hit a two-year high against the US dollar Friday. The ruble gained ground after the country said it managed to pay back creditors with dollars as Russia tries to avoid a
Continue Reading By David Goldman, CNN Business Russian President Vladimir Putin’s efforts to support the ruble continue to pay off — and then some. Russia’s currency hit a two-year high against the US dollar Friday. The ruble gained ground after the country said it managed to pay back creditors with dollars as Russia tries to avoid a
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By Sara Ashley O’Brien, CNN Business Some Apple employees are pushing back on the tech giant’s return to office pilot program, which will soon require most of its corporate workers to be in the office at least three days per week. The employees, organizing under a newly-formed group known as Apple Together that advocates for
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By Kathryn Vasel, CNN Business You’ve made it through the interviews and now a potential employer is asking for references. But if you’re a recent graduate who doesn’t have a lot of work experience, who do you ask? First, consider what an employer is actually looking for. While your resume already shows your work history,
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By Anneken Tappe, CNN Business Americans had to reach deeper into their pockets in March, as yet another key inflation index showed prices hit a fresh 40-year high. The Personal Consumption Expenditures price index increased by 6.6% for the year ended in March, the Commerce Department reported Friday. It was the highest rate since the
Continue Reading By Anneken Tappe, CNN Business Americans had to reach deeper into their pockets in March, as yet another key inflation index showed prices hit a fresh 40-year high. The Personal Consumption Expenditures price index increased by 6.6% for the year ended in March, the Commerce Department reported Friday. It was the highest rate since the
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By Paul R. La Monica and Nicole Goodkind, CNN Business Berkshire Hathaway investors are set to descend on Omaha, Nebraska, for the company’s first annual meeting with shareholders present since 2019. It should be a victory lap for CEO Warren Buffett. Shares of Berkshire Hathaway are up 10% this year and not far from a
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By Kristin Fisher It didn’t take long for the crew of the first all-private mission to the International Space Station to experience the unique dependency that US astronauts and Russian cosmonauts share in orbit. “We had one day when the toilet was down for a couple hours,” Larry Connor, the pilot of Axiom Space’s AX-1
Continue Reading By Kristin Fisher It didn’t take long for the crew of the first all-private mission to the International Space Station to experience the unique dependency that US astronauts and Russian cosmonauts share in orbit. “We had one day when the toilet was down for a couple hours,” Larry Connor, the pilot of Axiom Space’s AX-1
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By Diksha Madhok, CNN Business Shares of Chinese tech companies soared on Friday after Beijing signaled that it may throw the beleagured industry a lifeline and promised again to minimize the impact of Covid-19 on the economy. Hong Kong’s Hang Seng index jumped 4%, while the Shanghai Composite was up 2.4%, after Chinese state media
Continue Reading By Diksha Madhok, CNN Business Shares of Chinese tech companies soared on Friday after Beijing signaled that it may throw the beleagured industry a lifeline and promised again to minimize the impact of Covid-19 on the economy. Hong Kong’s Hang Seng index jumped 4%, while the Shanghai Composite was up 2.4%, after Chinese state media
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By Brian Fung, CNN The president of the Amazon Labor Union warned Sen. Lindsey Graham on Thursday that he risks ignoring the concerns of workers at his own political peril. At the opening of a Senate Banking Committee hearing focused on Amazon (AMZN), in which Graham used his initial remarks to blast the “demonization of
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By Chris Isidore, CNN Business ExxonMobil took at $3.4 billion charge for exiting its business in Russia in the first quarter, but it still posted sharply higher profits on high oil prices Revenue at ExxonMobil soared 53% to $90.5 billion. Even with the charge for exiting Russia, net income doubled to $5.4 billion. And excluding
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By Mark Thompson, CNN Business The European economy slowed in the first three months of the year due to a combination of soaring inflation and early fallout from the war in Ukraine. Preliminary first quarter data published Friday showed GDP grew by 0.2% across the 19 countries that use the euro, over the previous quarter.
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By Laura He, CNN Business Just three months ago, Apple became the top-selling smartphone brand in China for the first time in six years. Now it’s fallen back behind its Chinese rivals after suffering more than others from a first quarter slump in sales. Two research reports published this week showed Apple slipping to third
Continue Reading By Laura He, CNN Business Just three months ago, Apple became the top-selling smartphone brand in China for the first time in six years. Now it’s fallen back behind its Chinese rivals after suffering more than others from a first quarter slump in sales. Two research reports published this week showed Apple slipping to third
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By Chris Isidore, CNN Business Tesla CEO Elon Musk sold $8.5 billion of the electric automaker’s stock in the three days after the Twitter board agreed to sell the company to him. Musk sold 3.7 million shares of Tesla stock on Tuesday, for a total of $3.3 billion, and another 735,000 shares on Wednesday, bringing
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